Badger Meter, Inc. (NYSE: BMI) announced today its third‑quarter 2025 financial results, reporting net sales of $235.651 million for the nine‑month period ending September 30, 2025, a 14% year‑over‑year increase in utility water sales and a 4% rise in flow‑instrumentation sales.
Operating earnings climbed 13% year‑over‑year to $46.1 million, with an operating margin of 19.6%—a 10‑basis‑point improvement over the prior year. Base operating earnings of $46.6 million grew 15% YoY, expanding the base operating margin by 120 basis points.
Gross margin for the quarter reached 40.7%, up 50 basis points from 40.2% in the same period a year earlier, reflecting a favorable sales mix and successful price increases that offset tariff‑related cost pressures. Selling, engineering and administration expenses rose $6.5 million to $49.8 million, raising the SEA ratio to 21.1% of sales.
The company’s diluted earnings per share were $1.19, a 10% increase from $1.08 in the prior year’s third quarter, supported by the integration of the SmartCover acquisition and continued demand for its BlueEdge™ smart‑water solutions. The tax rate for the quarter was 26.1%, slightly higher than the 25.3% rate in the previous year.
These results demonstrate robust operating leverage and margin resilience amid macroeconomic headwinds, underscoring BMI’s strong market position and reinforcing investor confidence in its growth trajectory.
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