Short answer
BADGER METER INC (BMI) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $917M (+10.9% year over year) and net income of $142M.
- Top risk flagged: Exposure to U.S. federal funding timing and size impacting municipal water utility customer purchases
FY2025 key financial metrics · XBRL
- Revenue
- $917M
- +10.9% YoY
- Net income
- $142M
- +13.4% YoY
- Operating margin
- 20.0%
- +0.9 pp YoY
- Gross margin
- 41.7%
- +1.9 pp YoY
- EPS (diluted)
- $4.79
- +13.2% YoY
- ROE
- 19.9%
- −0.8 pp YoY
- Operating cash flow
- $184M
- +18.5% YoY
Source: XBRL data from the BADGER METER INC (BMI) FY2025 10-K on SEC EDGAR. USD.
BADGER METER INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on water measurement and control technologies
- No new products, services, or business segments introduced or emphasized this year
- Continued adherence to corporate governance with emphasis on Code of Conduct for Financial Executives
- Proxy Statement integration for executive compensation and ownership details, no standalone disclosures here
- Disclosure compliance maintained via website postings, but website content not incorporated by reference into 10-K
Management Discussion & Analysis
- Revenue $916.7M in 2025, up 10.9% YoY from $826.6M in 2024; utility water sales up 12.5% to $816.1M
- Operating margin 20.0% vs 19.1% in 2024; gross margin 41.7% vs 39.8%, SEA expenses 21.7% vs 20.7% of sales
- Best segment utility water: $816.1M sales, 12.5% growth; worst segment global flow instrumentation: $100.6M, down 0.5%
- Cash from operations $183.7M in 2025, up from $155.0M; capex $14.0M; dividends $43.5M; $184.0M spent on SmartCover acquisition
- 2026 capex guidance $15-19M; tariff impacts mitigated by price increases and trade agreements; continuing AMI and smart water solutions growth focus
Risk Factors
- Exposure to U.S. federal funding timing and size impacting municipal water utility customer purchases
- Single supplier dependency for certain castings risking short-term operational disruption despite alternate sources
- Increasing North American competition in static water metering from new entrants lacking brand recognition
- Economic downturns and international conflicts affecting ability of customers to finance product purchases
- Raw material cost volatility (copper, brass, aluminum) influenced by unpredictable supply-demand factors
Generated from the filing text; verify against the original. How to read a 10-K
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