Revenue: As of FY2026 Q2, the actual value is USD 222.32 M, beating the estimate of USD 221.06 M.

EPS: As of FY2026 Q2, the actual value is USD 1.02, beating the estimate of USD 1.0138.

EBIT: As of FY2026 Q2, the actual value is USD 39.72 M.

Second Quarter 2026 Financial Highlights

Revenue

Badger Meter, Inc. reported total sales of $222.3 million for the second quarter ended June 30, 2026, which increased 10% sequentially from the first quarter but were 7% lower than the prior year’s $238.1 million. Base sales, excluding the UDlive acquisition, were $220.3 million.

For the six months ended June 30, 2026, net sales were $424.598 million, compared to $460.306 million in the prior year.

Segment Revenue

Utility water sales declined 8% year-over-year. Excluding the UDlive acquisition, utility water sales increased 8% sequentially from the first quarter, but were down 9% year-over-year. Sales of flow instrumentation products increased 6% year-over-year.

Operational Metrics

Operating earnings for the second quarter declined 12% year-over-year to $39.4 million. The operating profit margin was 17.7%, down from 18.8% in the prior year comparable quarter. Base operating earnings were $40.6 million, a 9% decrease year-over-year, with Base operating profit margins of 18.4%. Gross margin was 40.8%, which was 30 basis points lower than the prior year’s 41.1%. Selling, Engineering and Administration (SEA) expenses were $51.4 million, a decrease of $1.6 million year-over-year. Base SEA expenses declined $3.4 million or 6% year-over-year to $49.6 million, while the UDlive acquisition added $1.8 million to year-over-year expenses. Net earnings for the second quarter were $29.72 million, down from $34.584 million in the prior year.

For the six months ended June 30, 2026, gross margin was $175.100 million, down from $193.247 million in the prior year. Operating earnings for the six months were $74.548 million, down from $94.288 million in the prior year. Net earnings for the six months were $57.055 million, compared to $72.982 million in the prior year.

Cash Flow

Net cash provided by operating activities for the second quarter was $26.711 million, down from $44.586 million in the prior year. For the six months ended June 30, 2026, net cash provided by operations was $60.604 million, compared to $77.613 million in the prior year. Property, plant and equipment expenditures were - $4.839 million for the second quarter and - $9.266 million for the six months ended June 30, 2026. Acquisitions, net of cash acquired, resulted in - $94.375 million cash outflow for both the second quarter and the six months ended June 30, 2026.

Unique Metrics

Badger Meter, Inc. completed the acquisition of UDlive Limited (UDlive) effective May 1, 2026. The company renewed its undrawn credit facility of $150 million.

Outlook / Guidance

Badger Meter, Inc. anticipates an improvement in revenue run-rate in the second half of 2026, with full-year revenue, excluding acquisitions, expected to be flat versus 2025. The company reiterated its long-term financial framework of high-single digit growth for the forward five-year period. Management remains focused on cost management and leverages solid cash flow and credit availability for capital allocation priorities including growth investments, shareholder returns, and accretive acquisitions.