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Badger Meter Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Jan, 2026
Executive summary
Achieved record full-year sales of $916.7 million, up 11% year-over-year, and Q4 sales of $220.7 million, up 8%, driven by robust demand for cellular AMI solutions and SmartCover integration.
Operating earnings for the year rose 16% to $183.4 million, with operating profit margins expanding to 20.0% and Q4 margin at 19.5%.
EPS increased 13% year-over-year to $4.79 for the full year and 10% to $1.14 for the quarter.
Record free cash flow of $170 million for FY 2025, up 19% year-over-year, with FCF/earnings at 120%.
Major multi-year AMI project awarded by PRASA in Puerto Rico, one of the largest global deployments, with shipments expected to begin in 2026.
Financial highlights
Q4 2025 sales reached $220.7 million, up 8% year-over-year; full year sales were $916.7 million, up 11%.
Q4 gross margin improved 180 bps to 42.1% on higher volumes and favorable sales mix.
SaaS revenue, including SmartCover, exceeded $74 million, representing 8% of total sales and growing at a 28% CAGR over five years.
SmartCover delivered $40 million in 2025 sales, with profitability improving post-integration.
Utility water product line sales increased 9% year-over-year (2% base); flow instrumentation sales were flat.
Outlook and guidance
Management projects high single-digit sales growth, annual operating margin expansion, and free cash flow conversion above 100% of earnings over the next five years.
Expect lower growth in the first half of 2026, with higher growth in the second half as new projects ramp up.
Several large AMI projects, including the PRASA contract in Puerto Rico, are expected to drive future growth.
Gross margin headwinds anticipated in 2026 from elevated copper and component costs, but structural mix remains a positive driver.
Recurring SaaS revenue base and strong bid pipeline underpin growth expectations.
SmartCover full-year operating loss drivers
Project pacing impact on H1 2026 Base revenue
Drivers for increased normalized gross margin range
PRASA project scale vs. annual shipments?
H1 vs H2 2026 growth rate drivers?
2026 gross margin headwinds and tailwinds?
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Next Badger Meter earnings date
Q1 202616 Apr, 2026
Badger Meter
Next Badger Meter earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Badger Meter, Inc., together with its subsidiaries, manufactures and markets mechanical and electronic water measurement products and systems worldwide. The company provides badger utility products, including magnetic rotary positive displacement (MR/PD) meters, which are used to measure bulk potable water, as well as commercial and residential metering applications; Displacement meters, such as large-diameter MR/PD meters that measure bulk non-potable industrial water; and Positive displacement meters that offer precise measurement of irrigation, chemical management, petroleum distribution, lubricants, floor cleaning fluids, fuels, food processing ingredients, broths, decorative fountains and ponds.
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