)
Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Badger Meter
Badger Meter (BMI) investor relations material
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 $221 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 Q4.
Record free cash flow for FY 2025 reached $170 million, up 19% year-over-year, with FCF/earnings at 120%.
SmartCover acquisition in early 2025 expanded the product suite and contributed $40 million in sales, with improved profitability.
Financial highlights
Q4 gross margin improved 180 bps to 42.1%, driven by favorable product mix and SmartCover sales.
Base operating profit margins for the year increased 200 bps to 21.1%.
SaaS/software revenue, including SmartCover, reached $74 million, representing 8% of total sales and growing at a 28% CAGR over five years.
Q4 operating income was $43.0 million, up 9.7% year-over-year; EBITDA for Q4 was $51.9 million, up 9.7%.
SEA expenses rose to $49.9 million in Q4, mainly due to SmartCover integration and related amortization.
Outlook and guidance
High single-digit sales growth, annual operating margin expansion, and free cash flow conversion above 100% of earnings are expected over the next five years.
Project pacing will result in lower growth in the first half of 2026, with higher growth expected in the second half as new projects ramp.
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 normalized range remains 39%-42%.
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?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Badger Meter earnings date
Q1 202616 Apr, 2026
Badger Meter
Next Badger Meter earnings date
Q1 202616 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
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.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage