BADGER METER INC (BMI) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — BMI

Balance Sheet

(in millions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	--	--	--	--	--	--	--	--	--	--	--	--	--	89.22	67.04	57.36	51.40
Accounts Receivable	121.23	110.29	115.06	117.67	111.86	93.43	106.23	92.29	89.06	84.02	84.25	83.49	77.25	78.15	73.75	63.95	61.64
Inventory	178.09	175.19	152.63	147.26	149.41	158.52	161.27	160.44	147.79	144.75	132.34	113.61	111.44	103.02	91.82	90.79	84.25
Total Current Assets	416.21	508.30	494.59	448.28	411.58	529.30	509.22	470.60	422.95	388.59	360.84	325.63	303.92	281.28	245.69	219.31	204.11
Property, Plant & Equipment	83.44	80.83	78.36	77.94	75.69	73.28	72.45	72.93	74.44	74.71	74.53	72.37	74.04	76.07	79.94	81.58	82.08
Goodwill	302.61	234.65	236.65	235.70	231.54	115.00	113.36	113.47	112.70	113.80	113.77	99.10	101.21	103.29	104.73	105.63	104.84
Intangible Assets	162.54	114.40	122.06	126.11	131.09	48.96	50.18	52.47	54.63	57.51	59.51	54.31	57.77	61.25	67.08	70.18	72.12
Total Non-current Assets*	581.96	462.51	483.68	488.15	488.02	273.57	272.04	272.88	266.81	270.67	272.56	248.75	256.11	264.66	273.33	279.70	282.18
Total Assets	998.17	970.81	978.27	936.42	899.60	802.86	781.26	743.47	689.76	659.25	633.40	574.37	560.03	545.94	519.03	499.02	486.30
Accounts Payable	97.83	106.49	69.79	74.13	73.79	77.38	96.01	90.62	85.00	81.10	79.55	65.46	61.60	52.44	42.41	41.25	40.01
Total Current Liabilities	171.87	169.42	153.42	138.71	141.02	129.16	138.12	135.09	128.78	118.91	115.79	101.79	97.34	88.51	79.83	72.31	71.77
Total Non-current Liabilities*	143.42	110.96	122.34	120.12	116.89	82.51	80.00	72.81	68.27	64.75	59.58	49.73	46.51	47.55	47.37	44.86	44.68
Total Liabilities*	315.29	280.38	275.76	258.83	257.91	211.68	218.12	207.91	197.05	183.66	175.37	151.51	143.85	136.06	127.20	117.17	116.45
Retained Earnings	679.65	661.54	624.05	600.76	576.20	527.08	505.04	479.93	441.92	423.88	407.98	384.21	372.86	362.05	342.05	332.10	323.38
Total Stockholder Equity	682.88	690.43	702.51	677.59	641.69	591.18	563.14	535.57	492.71	475.59	458.04	422.86	416.18	409.88	391.82	381.85	369.85

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	222.32	202.28	220.71	695.96	238.10	222.21	205.18	208.44	216.66	196.28	182.44	186.19	175.86	159.10	147.32	148.01	137.83	132.40	135.75	128.74
Cost of Revenue	131.55	117.95	127.72	139.82	140.29	126.77	122.42	124.56	131.29	119.10	110.98	113.47	106.42	96.29	90.36	90.49	83.07	81.68	80.91	77.55
Gross Profit	90.77	84.33	92.99	95.84	97.81	95.44	82.76	83.88	85.37	77.18	71.47	72.72	69.43	62.82	56.97	57.52	54.76	50.72	54.84	51.18
Selling, General & Admin	51.40	49.16	49.94	49.75	52.95	46.01	43.54	43.26	43.86	40.60	39.39	41.30	39.93	37.77	34.49	33.65	32.67	31.86	31.98	31.74
Total Operating Expenses	51.40	49.16	49.94	49.75	52.95	46.01	43.54	43.26	43.86	40.60	39.39	41.30	39.93	37.77	34.49	33.65	32.67	31.86	31.98	31.74
Operating Income	39.38	35.17	43.05	46.08	44.86	49.43	39.22	40.62	41.51	36.58	32.08	31.42	29.50	25.05	22.47	23.87	22.09	18.86	22.86	19.44
Pretax Income	39.72	36.34	44.64	47.44	45.79	50.79	42.14	42.91	43.36	38.09	33.44	32.59	30.30	25.64	22.91	23.95	22.05	18.82	22.88	19.40
Tax Provision	10.00	9.00	11.07	12.37	11.20	12.39	11.42	10.87	10.31	8.96	8.72	6.62	7.80	6.22	5.37	6.01	5.38	4.46	5.60	3.54
Net Income	29.72	27.34	33.58	35.08	34.58	38.40	30.72	32.04	33.06	29.13	24.72	25.97	22.49	19.42	17.54	17.93	16.66	14.36	17.28	15.86
Basic EPS	1.02	0.94	1.14	1.19	1.18	1.31	1.05	1.09	1.13	0.99	0.84	0.89	0.77	0.66	0.61	0.61	0.57	0.49	0.60	0.54
Diluted EPS	1.02	0.93	1.13	1.19	1.17	1.30	1.04	1.08	1.12	0.99	0.84	0.88	0.76	0.66	0.59	0.61	0.57	0.49	0.59	0.54

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	26.71	33.89	54.80	51.28	44.59	33.03	52.07	45.09	36.42	21.46	37.95	31.43	22.77	17.97	29.71	23.83	19.66	9.25	24.75	17.69
Capital Expenditures	4.84	4.43	4.03	3.09	3.94	2.97	4.67	3.13	2.34	2.68	2.05	3.01	2.66	4.27	1.20	1.92	1.63	1.14	(1.42)	3.79
Free Cash Flow*	21.87	29.47	50.77	48.20	40.65	30.06	47.40	41.96	34.08	18.78	35.89	28.42	20.11	13.70	28.51	21.91	18.03	8.11	26.17	13.90
Investing Cash Flow	(99.21)	(4.43)	(4.03)	(3.09)	(3.02)	(187.90)	(4.67)	(3.13)	(2.34)	(5.68)	(2.05)	(3.01)	(2.74)	(21.32)	(1.20)	(1.92)	(1.63)	(1.14)	1.42	(3.96)
Financing Cash Flow	(36.85)	(49.78)	(26.74)	(11.77)	(9.52)	(9.95)	(9.98)	(9.99)	(7.41)	(7.71)	(7.92)	(7.01)	(6.59)	(6.57)	(5.95)	(6.52)	(6.27)	(5.87)	(5.84)	(4.15)

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Dividends Per Share	0.40	0.40	0.40	0.40	0.34	0.34	0.34	0.34	0.27	0.27	0.26	0.27	0.23	0.23	0.22	0.23	0.20	0.20	0.20	0.20