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Badger Meter Reports Fourth Quarter and Full Year 2025 Financial Results

BMI
  • Badger Meter reported fourth quarter 2025 total sales of $220.7 million, an 8% increase year-over-year, with base sales of $208.9 million rising 2%.
  • Full year 2025 sales reached a record $916.7 million, up 11% year-over-year, driven by a 6% increase in base sales to $877.0 million.
  • SmartCover acquisition contributed approximately $40.0 million in sales for the 11 months since acquisition in January 2025.
  • Fourth quarter operating earnings increased 10% to $43.0 million with operating margins of 19.5%, while full year operating earnings rose 16% to $183.4 million with margins of 20.0%.
  • Diluted earnings per share for the fourth quarter increased 10% to $1.14, and for the full year rose 13% to $4.79.
  • Software as a Service (SaaS) sales reached approximately $74 million for the full year, reflecting a 27% year-over-year increase.
  • Cash provided by operations totaled $54.8 million for the fourth quarter and a record $183.7 million for the full year 2025.
  • The company acquired SmartCover in early 2025 to expand its BlueEdge portfolio to include sewer monitoring & stormwater management capabilities.
  • Puerto Rico Aqueduct & Sewer Authority selected Badger Meter's cellular AMI solutions for a major project to modernize infrastructure for 1.6 million service connections.
  • Badger Meter provided 2026 guidance targeting high single-digit sales growth, operating profit margin expansion, & free cash flow conversion exceeding 100% of earnings.
  • Management noted that Base revenue growth in the second half of 2025 was lower than the five-year outlook due to concluding AMI turnkey projects, with expected recovery in the second half of 2026.
  • The company increased its normalized gross margin range for 2025 to 39-42% to reflect structural mix benefits from expanding software-enabled solutions.
  • Consolidated balance sheet assets grew to $973.6 million as of December 31, 2025, from $816.4 million in 2024, with goodwill increasing to $235.6 million.