The financials
Badger Meter, Inc. by the numbers
Badger Meter, Inc. (BMI) reported revenue of $202M in Q1 2026 (quarter ended Mar 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 Jun 2026 was United States at $200M, 90% of the disclosed total, well ahead of Europe at 5.8%.
| 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 |
|---|---|---|
| United States | $200M | 90% |
| Europe | $13M | 5.8% |
| Canada | $3.5M | 1.6% |
| Asia | $3.5M | 1.6% |
| Mexico | $824K | 0.4% |
| Middle East | $813K | 0.4% |
| Other Geographical Areas | $325K | 0.1% |
Business Segments
Revenue split by geographic segment, from SEC XBRL filings.
Latest period: Jun 2026Total $222.3M (+9.9%)
Mexico grew +39% year on yearMiddle East -69% year on year
Segment Latestquarter on quarteryear on year
- United States$200.4M$200.4MQoQ +12%year on year -6.5%+12%-6.5%
- Europe$13.0M$13.0MQoQ +12%year on year +15%+12%+15%
- Canada$3.5M$3.5MQoQ +12%year on year -16%+12%-16%
- Asia$3.5M$3.5MQoQ -17%year on year -15%-17%-15%
- Mexico$824.0K$824.0KQoQ +2.9%year on year +39%+2.9%+39%
- Middle East$813.0K$813.0KQoQ -75%year on year -69%-75%-69%
- Other Geographical Areas$325.0K$325.0KQoQ -53%year on year -67%-53%-67%
Scientific & Technical Instruments
Ranks #4 of 10 by Smart Score