The financials
Badger Meter, Inc. by the numbers
Badger Meter, Inc. (BMI) reported revenue of $202M in Q1 2026 (quarter ended March 31, 2026), down 9.0% from the same quarter a year earlier. That came with a gross margin of 42% and net income of $27M (14% of revenue). For the full year FY2025, revenue was $917M (+11% year on year) and net income $142M. Its largest region in 2026-Q1 was US at $179M, 88% of the disclosed total, just ahead of Europe at 5.7%.
| Income statement | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Revenue | $202M | $222M | −9.0% |
| Gross profit | $84M | $95M | −12% |
| Operating income | $35M | $49M | −29% |
| Net income | $27M | $38M | −29% |
| Diluted EPS | $0.93 | $1.30 | −28% |
| Geographic | Revenue | Share |
|---|---|---|
| US | $179M | 88% |
| Europe | $12M | 5.7% |
| Asia | $4.2M | 2.1% |
| Middle East | $3.2M | 1.6% |
| CA | $3.1M | 1.5% |
| MX | $801K | 0.4% |
| Other Geographical Areas | $689K | 0.3% |
Business Segments
Revenue split by geographic segment, from SEC XBRL filings.
Latest period: Q1 2026Total $202.3M (-14%)
MX grew +68% year on yearCA -21% year on year
Segment Latestquarter on quarteryear on year
- US$178.6M$178.6MQoQ -15%year on year -12%-15%-12%
- Europe$11.6M$11.6MQoQ +0.49%year on year +22%+0.49%+22%
- Asia$4.2M$4.2MQoQ +9.9%year on year +35%+9.9%+35%
- Middle East$3.2M$3.2MQoQ -4.8%year on year +30%-4.8%+30%
- CA$3.1M$3.1MQoQ -31%year on year -21%-31%-21%
- MX$801.0K$801.0KQoQ +18%year on year +68%+18%+68%
- Other Geographical Areas$689.0K$689.0KQoQ -29%year on year +1.8%-29%+1.8%
Scientific & Technical Instruments
Ranks #8 of 16 by Smart Score