Badger Meter (BMI) Earnings: Q3 2026 Results and Next Report Date

The quarter ended September 30, 2026 and Badger Meter published the results on October 22, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Badger Meter reports one segment. The product line split is from its 10-Q, which rounds to $0.1 million.
• Badger Meter's non-GAAP Base measures exclude UDlive, a UK sewer line monitoring business acquired May 1, 2026 for $94.4 million net of cash. UDlive added $5.6 million of Q3 2026 sales. Badger Meter reports no adjusted EPS.

Source: Badger Meter Q3 2026 results, October 22, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Badger Meter splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Badger Meter's Utility water revenue was $209 million in Q3 2026, flat on $209 million in Q3 2025, 89% of total revenue.
• Badger Meter's Flow instrumentation revenue was $27.0 million in Q3 2026, up 2% from $26.5 million in Q3 2025, 11% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

Badger Meter gives no numeric revenue or EPS outlook. Its release carries this qualitative statement from the CEO. Base revenue excludes UDlive, acquired May 1, 2026.

In its Q3 2026 release (Kenneth C. Bockhorst, Chairman, President and CEO), Badger Meter said:

“As we enter the final quarter of 2026, we continue to anticipate both sequential and year-over-year Base revenue improvement, inclusive of the fewer operating days typical for the fourth fiscal quarter, and expect to sustain this growth momentum into 2027.”

Source: Badger Meter Q3 2026 release, Oct 22, 2026.

This is the company's own guidance as of Oct 22, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the BMI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP net sales and diluted EPS, each as first reported in that quarter's release.

Badger Meter's next report is expected around January 28, 2027, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q3 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 22, 2026

Badger Meter's net sales were $235.9 million in Q3 2026, against $235.7 million a year earlier, and up 6% from the second quarter. Utility water, the meters, radio endpoints and software that water utilities use to measure and bill for water, brought in $208.9 million. Flow instrumentation products sold to commercial and industrial customers brought in $27.0 million, up 2.1%. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026; Badger Meter Form 10-Q for the quarter ended September 30, 2026, Oct 23, 2026)

Utility water sales were flat, including $5.6 million from UDlive, a sewer line monitoring business Badger Meter bought on May 1, 2026. Without UDlive, utility water sales fell 3% from a year earlier, which Badger Meter put down to uneven pacing of AMI (advanced metering infrastructure) projects, partly offset by higher BEACON SaaS revenue. Base sales, which exclude UDlive, were $230.3 million. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026; Badger Meter Form 10-Q for the quarter ended September 30, 2026, Oct 23, 2026)

Software is a growing share of Badger Meter's sales. Revenue recognized over time, mostly SaaS such as BEACON and Active Site Monitoring, was $26.0 million, or 11.0% of the total, against 10.3% a year earlier. Sales of utility and flow instrumentation products, recognized at a point in time, made up the other 89.0%. (Badger Meter Form 10-Q for the quarter ended September 30, 2026, Oct 23, 2026)

Gross margin was 41.9%, up 120 basis points from 40.7%, on higher sales and what Badger Meter called structural mix benefits. UDlive's gross margin was held down by amortization of the inventory fair-value step-up, $0.5 million in the quarter. North America, mainly the United States, is Badger Meter's largest market. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026; Badger Meter Form 10-Q for the quarter ended September 30, 2026, Oct 23, 2026)

Badger Meter earned $35.9 million in Q3 2026, or $1.24 per diluted share, up 4% from $1.19. Operating earnings rose 4% to $47.7 million, a 20.2% margin, against 19.6% a year earlier. Badger Meter reports no adjusted EPS. Its Base measures exclude UDlive, which posted an operating loss of $0.3 million, so Base operating earnings were $48.0 million, a 20.9% margin. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026)

Selling, engineering and administration expenses were $51.1 million, $1.3 million more than a year earlier. UDlive and its intangible asset amortization added $2.3 million, while Base SEA expenses fell $0.9 million on spending controls and lower incentive compensation. The effective tax rate was 25.1%, against 26.1%. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026)

Badger Meter repurchased $55.5 million of stock in Q3 2026 and $119.0 million in the first nine months, against none a year earlier, and diluted shares fell to 28,871,187 from 29,583,384. It raised its annual dividend rate 10% to $1.76 per share, its 34th consecutive year of dividend growth. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Badger Meter does not publish numeric revenue or EPS guidance. In the Q3 2026 release CEO Kenneth C. Bockhorst said it expects Base revenue to rise both sequentially and year over year in the fourth quarter, despite the fewer operating days typical of that quarter, and expects that growth to continue into 2027. He also cited cost actions to offset the uneven 2026 sales cadence and material cost pressure from the electronics supply chain. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026)

Badger Meter said Q3 2026 sales reflected the ongoing ramp of awarded utility water projects, in line with its expectations. It also launched OneNetwork, a real-time network monitoring and analysis software platform, as part of its BlueEdge portfolio. (Badger Meter Q3 2026 earnings release (Form 8-K, Exhibit 99.1), Oct 22, 2026)

A consensus figure is the average of the models published by the analysts who cover Badger Meter, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Badger Meter's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning BMI is on is BMI a buy or a sell?, what analysts expect next is on the BMI forecast, and what the company does is on the Badger Meter (BMI) stock page.

Every number on this page can be traced to a document Badger Meter published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.