Filing Flows › Badger Meter (BMI) › Q4 2025
Badger Meter (BMI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Badger Meter (BMI) reported revenue of $221M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and -6% from the quarter before. Operating margin was 19.5%, net earnings $33.6M (15.2% of revenue).
Badger Meter, Q4 2025: revenue $221M (+8% year over year), operating margin 19.5%, net earnings $33.6M, operating cash flow $54.8M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $221M | -6% | +8% |
| Gross profit | $93.0M | -3% | +12% |
| Operating profit | $43.0M | -7% | +10% |
| Net earnings | $33.6M | -4% | +9% |
| Operating cash flow | $54.8M | +7% | +5% |
| Free cash flow | $50.8M | +5% | +7% |
What changed
Revenue was $220.7M in Q4 2025, up 8% year over year and down 6% from the previous quarter.
Gross margin was 42.1%, up 1.8 points from a year earlier. Operating profit was $43.0M, a 19.5% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 25% reached operating profit, above the 19% margin then. Operating expenses grew 15% against revenue growth of 8%. Net earnings were $33.6M, up 9% year over year. The effective tax rate was 24.8%.
Operating cash flow was $54.8M (up 5% year over year), 163% of net earnings. Non-cash charges added back $17.5M of depreciation and amortization and $2.7M of share-based compensation. Capital expenditures of $4.0M left free cash flow of $50.8M.
Questions
What was Badger Meter's revenue in the fourth quarter 2025?
Badger Meter (BMI) reported revenue of $221M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and -6% from the quarter before.
Was Badger Meter profitable in the fourth quarter 2025?
Operating profit was $43.0M (19.5% of revenue) and net earnings $33.6M.
Source: Badger Meter 10-K on SEC EDGAR.