Badger Meter Inc income statement

In fiscal 2025, Badger Meter Inc reported revenue of $917m, up 10.9% on the year before, operating income of $183m (a 20.0% margin) and net income of $142m, or $4.79 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.

Income statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Badger Meter Inc: income statement, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Revenue	250	277	263	320	334	365	378	394	402	434	425	426	505	566	704	827	917	881
Cost of revenue	153	174	173	197	217	234	242	243	247	271	261	257	300	346	427	497	535	514
Gross profit	97	103	90	122	117	131	136	151	156	162	164	168	205	220	276	329	382	367
Research and development	—	7	8	10	11	10	11	11	11	11	12	12	15	16	19	19	22	—
Selling, general and administrative	55	58	62	78	78	85	93	98	99	105	101	103	127	133	158	171	199	202
Operating income	42	45	28	44	39	46	42	53	57	57	62	65	79	87	118	158	183	165
Net interest income	0	−0	−0	−1	−1	−1	−1	−1	−1	−1	−0	−0	0	1	4	9	5	3
Income before tax	42	44	27	43	38	45	41	50	55	36	62	65	79	88	122	167	189	169
Income tax	16	16	8	15	13	15	15	18	20	8	14	16	18	21	29	42	47	42
Net income	34	29	19	28	25	30	26	32	35	28	47	49	61	66	93	125	142	127
Diluted EPS	$1.14	$0.95	$0.64	—	—	—	—	$1.11	$1.19	$0.95	$1.61	$1.69	$2.08	$2.26	$3.14	$4.23	$4.79	$4.33
Diluted shares (average)	30m	30m	30m	29m	29m	29m	29m	29m	29m	29m	29m	29m	29m	29m	29m	30m	30m	29m
EBITDA	49	52	35	52	48	55	52	63	69	68	74	77	90	98	129	169	195	176

US$ millions unless shown otherwise. Fiscal quarters.

Badger Meter Inc: income statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Revenue	205	222	238	236	221	202	222	236
Cost of revenue	122	127	140	140	128	118	132	137
Gross profit	83	95	98	96	93	84	91	99
Selling, general and administrative	44	46	53	50	50	49	51	51
Operating income	39	49	45	46	43	35	39	48
Net interest income	3	1	1	1	2	1	0	0
Income before tax	42	51	46	47	45	36	40	48
Income tax	11	12	11	12	11	9	10	12
Net income	31	38	35	35	34	27	30	36
Diluted EPS	$1.04	$1.30	$1.17	$1.19	$1.14	$0.93	$1.02	$1.24
EBITDA	42	52	48	49	46	38	42	50

EBITDA is operating income plus depreciation and amortisation. EPS and share counts are restated for stock splits. A dash means the company did not report the line for that period; expense lines are shown as reported, so they need not add up to the totals when a company reports other items between them.

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Figures from Badger Meter Inc's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Badger Meter Inc.