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Sep 30
Badger Meter Q3 2025 Earnings Report
Badger Meter delivered strong top-line and bottom-line growth in Q3 2025.
Key Takeaways
Badger Meter posted a solid quarter with double-digit growth in revenue and earnings, fueled by demand for smart water technology and successful integration of the SmartCover acquisition.
Revenue reached $235.7M, up from $208.4M last year
EPS rose to $1.19 from $1.08 year-over-year
Operating income increased to $46.1M
Robust free cash flow generation of $51.3M
Badger Meter
Badger Meter
Badger Meter Revenue by Segment
Revenue by Segment
Municipal Water Revenue
CapyFin.comFlow Instrumentation Revenue
CapyFin.com Forward Guidance
The company expects continued top-line growth driven by smart water technology adoption, with margin improvement and investment in innovation.
Positive Outlook
- Raised normalized gross margin target to 39-42%
- Continued customer adoption of digital water solutions
- Strong opportunity pipeline from planning to deployment
- On track to realize synergies from SmartCover acquisition
- Healthy free cash flow supports investment and M&A
Challenges Ahead
- Fewer operating days expected in Q4 due to holidays
- Ongoing macroeconomic, trade, and policy headwinds
- Impact from already-implemented tariffs persists
- Higher tax rate versus prior year
- Decreased interest income due to capital deployment
Revenue & Expenses
Visualization of income flow from segment revenue to net income