Badger Meter

Q2 FY2026 EarningsBMI Q2 FY26 results were in-line with consensus on the top-line but slightly beat on the bottom-line, with revenue of $222.3M (vs. $221.1M expected) and GAAP EPS of $1.02 (vs. $1.01 expected). Despite the slight beat, total revenue declined 6.6% YoY due to uneven AMI project pacing in the Utility Water segment. Gross margin of 40.8% exceeded the 40.4% consensus, helping to mitigate a 12.2% YoY decline in operating earnings. Management highlighted increased BEACON SaaS revenue and the acquisition of UDlive as positive drivers amidst a temporary slowdown in large-scale metering projects.