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Badger Meter (BMI) investor relations material
Badger Meter Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary22 Jul, 2025
Executive summary
Achieved record Q2 2025 sales of $238.1M, up 10% year-over-year, driven by strong demand for digital water solutions and SmartCover integration.
Operating earnings increased 8% to $44.9M; diluted EPS rose 4% to $1.17.
Gross margin improved by 170 bps to 41.1%, supported by SaaS growth and favorable product mix.
Free cash flow rose 19% year-over-year to $40.6M, with robust cash from operations supporting innovation and acquisitions.
SmartCover contributed over $10M in Q2 sales and is expected to be EPS dilutive in year one, with accretion in subsequent years.
Financial highlights
Net sales reached $238.1M, up 10% year-over-year; utility water sales grew 11% (6% organic), flow instrumentation sales were flat.
Operating margin was 18.8%, down 40 bps year-over-year; EBITDA reached $53.7M.
EPS was $1.17, up from $1.12 in the prior year quarter.
Gross margin expanded to 41.1% from 39.4% year-over-year.
Free cash flow for Q2 was $40.6M; cash and cash equivalents at quarter-end were $165.2M.
Outlook and guidance
Sequential sales decline expected in Q3 2025 due to AMI project timing, but year-over-year growth (excluding SmartCover) still anticipated.
High single-digit long-term revenue growth expected, supported by strong industry fundamentals and customer demand.
Normalized gross margin range of 38%-40% maintained amid ongoing trade and tariff uncertainties.
Focus on innovation, disciplined acquisitions, and managing cost pressures from tariffs and supply chain.
Strong order rates and SaaS revenue base highlighted as growth drivers.
Assess SmartCover's integration progress.
Explain the flat flow instrumentation sales.
Detail SEA expenses increase, excluding SmartCover.
Assess SmartCover's long-term growth potential.
Explain the sequential decline in gross margin.
Detail the impact of potential EPA budget cuts.
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Next Badger Meter earnings date
Q3 202521 Oct, 2025
Next Badger Meter earnings date
Q3 202521 Oct, 2025
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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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