Sep 2026 (Q3 FY26) — Oct 22, 2026
Badger Meter Q3 FY26 — Strong Operating Profitability and Project Ramping
Read the full callBadger Meter earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 236 | +0.1% YoY | Quarterly, as filed | Quarter to Sep 2026 | Revenue from operations as filed. |
| Operating margin | 20.2 | +0.7 pts YoY | Operating profit / revenue | Quarter to Sep 2026 | For the quarter; a change is in percentage points. |
| Net profit | 35.9 | +2.4% YoY | Quarterly, as filed | Quarter to Sep 2026 | Profit after tax as filed. |
Guidance
1 of 1 judged target kept · 5 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Sequential revenue growth | growth in Q3 over Q2 | Jun 2026 | Excluding the solid revenue contribution of the UDlive acquisition, third quarter base sales increased 5% sequentially from the second quarter. | Achieved |
| Full year organic revenue growth | roughly flattish with 2025 levels | Jun 2026 | Full year, down low single digits. | Revised Down |
| Base sales growth | year-over-year and sequential quarterly growth | Sep 2026 | We expect both year-over-year and sequential quarterly base sales growth in the fourth quarter of 2026, despite fewer total operating days given the holidays, which is a standard annual dynamic. | New |
5 of BADGER METER INC's 6 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 3 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: $182.6 on 22 Oct 2025 → $151.24. High $187.87 (7 Nov 2025), low $113.41 (20 Apr 2026).
Overview
Guidance
1 of 1 judged target kept · 5 open · verdicts reflect calls analysed to Sep 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Sequential revenue growth | growth in Q3 over Q2 | Jun 2026 | Excluding the solid revenue contribution of the UDlive acquisition, third quarter base sales increased 5% sequentially from the second quarter. | Achieved |
| Full year organic revenue growth | roughly flattish with 2025 levels | Jun 2026 | Full year, down low single digits. | Revised Down |
| Base sales growth | year-over-year and sequential quarterly growth | Sep 2026 | We expect both year-over-year and sequential quarterly base sales growth in the fourth quarter of 2026, despite fewer total operating days given the holidays, which is a standard annual dynamic. | New |
Claimed
Qualified
The full ledger
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Call summaries
Badger Meter Q3 FY26 — Strong Operating Profitability and Project Ramping
Read the full callBadger Meter Q2 FY26 — AMI Project Ramps Drive Sequential Revenue Improvement
Read the full callEvery analysed call
Financials
Net profit, year on year: +2% (quarter to sep 2026 against sep 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 205 | 222 | 238 | 236 | 221 | 202 | 222 | 236 |
| Operating profit | 39 | 49 | 45 | 46 | 43 | 35 | 39 | 48 |
| Operating margin | 19.1% | 22.2% | 18.8% | 19.6% | 19.5% | 17.4% | 17.7% | 20.2% |
| Profit before tax | 42 | 51 | 46 | 47 | 45 | 36 | 40 | 48 |
| Tax rate | 27.1% | 24.4% | 24.5% | 26.1% | 24.8% | 24.8% | 25.2% | 25.1% |
| Net profit | 31 | 38 | 35 | 35 | 34 | 27 | 30 | 36 |
| EPS ($ per share) | 1.05 | 1.31 | 1.18 | 1.19 | 1.14 | 0.94 | 1.02 | 1.25 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 37 |
| Reserves | 257 | 286 | 315 | 354 | 395 | 459 | 548 | 646 |
| Total liabilities | 89 | 91 | 110 | 128 | 161 | 200 | 210 | 260 |
| Fixed assets | 90 | 86 | 83 | 78 | 74 | 74 | 74 | 80 |
| Total assets | 393 | 422 | 471 | 531 | 603 | 717 | 816 | 974 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 60 | 81 | 90 | 88 | 82 | 110 | 155 | 184 |
| Cash from investing | -17 | -7 | -38 | -51 | -6 | -29 | -16 | -198 |
| Cash from financing | -42 | -38 | -28 | -21 | -25 | -28 | -35 | -58 |
| Net cash flow | 2 | 36 | 23 | 15 | 51 | 54 | 104 | -69 |
| Capital expenditure | -9 | -7 | -9 | -7 | -6 | -12 | -13 | -14 |
| Free cash flow | 52 | 73 | 81 | 81 | 77 | 98 | 142 | 170 |
70 filings between Feb 5, 2026 and Jul 30, 2026.
Purchases
$2.13M
9 purchases by 5 insiders
Sales
$596.0K
4 sales by 2 insiders
Also filed: 2 I filings.
| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bockhorst Kenneth | $761.6K | — | Apr 21, 2026 |
| Htwe Richard | $698.6K | — | Apr 21, 2026 |
| Wrocklage Robert | $373.7K | — | Apr 23, 2026 |
| Begale Fred J | — | $309.6K | Mar 4, 2026 |
| Stoll Kimberly K | — | $286.4K | Mar 6, 2026 |
| Callahan Edward F. | $201.4K | — | Jul 30, 2026 |
| Tarantino Christina M. | $99.0K | — | Apr 21, 2026 |
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Jul 30, 2026 | Callahan Edward F. VP-Engineering | Purchase | 751 | $101.6K |
| Apr 27, 2026 | Myers Tessa M. Director | Award | 952 | $117.1K |
| Apr 27, 2026 | STERN JAMES F Director | Award | 952 | $117.1K |
| Apr 27, 2026 | Cook Melanie K. Director | Award | 952 | $117.1K |
| Apr 27, 2026 | McGill James W Director | Award | 952 | $117.1K |
| Apr 27, 2026 | Brooks Henry F Director | Award | 952 | $117.1K |
| Apr 27, 2026 | TELLOCK GLEN E Director | Award | 952 | $117.1K |
| Apr 23, 2026 | Wrocklage Robert EVP-N.A. Muncipal Utility | Purchase | 1,000 | $122.3K |
| Apr 21, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Code I | 1,414 | $175.0K |
| Apr 21, 2026 | Htwe Richard VP-Global Operations | Purchase | 1,700 | $197.4K |
| Apr 21, 2026 | Callahan Edward F. VP-Engineering | Purchase | 858 | $99.8K |
| Apr 21, 2026 | Tarantino Christina M. VP-Controller | Purchase | 870 | $99.0K |
| Apr 21, 2026 | Bockhorst Kenneth Chairman, President & CEO | Purchase | 2,200 | $258.6K |
| Mar 6, 2026 | Hopkins Sheryl VP - Human Resources | Award | 369 | — |
| Mar 6, 2026 | Htwe Richard VP-Global Operations | Tax withheld | 41 | $6.1K |
| Mar 6, 2026 | Bockhorst Kenneth Chairman, President & CEO | Tax withheld | 450 | $67.0K |
| Mar 6, 2026 | Callahan Edward F. VP-Engineering | Award | 328 | — |
| Mar 6, 2026 | Begale Fred J VP-Utility NPD | Tax withheld | 36 | $5.4K |
| Mar 6, 2026 | Tarantino Christina M. VP-Controller | Award | 246 | — |
| Mar 6, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Award | 369 | — |
| Mar 6, 2026 | Stoll Kimberly K VP-Cust Serv & GM SmartCover | Sale | 143 | $20.7K |
| Mar 6, 2026 | Stuyvenberg Matthew L EVP-SaaS Intl Utility & Comm'l | Award | 451 | — |
| Mar 6, 2026 | Stoll Kimberly K VP-Cust Serv & GM SmartCover | Award | 410 | — |
| Mar 6, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Tax withheld | 46 | $6.8K |
| Mar 6, 2026 | Weltzien Daniel R VP-CFO & Treasurer | Award | 738 | — |
| Mar 6, 2026 | Hopkins Sheryl VP - Human Resources | Tax withheld | 46 | $6.8K |
| Mar 6, 2026 | Weltzien Daniel R VP-CFO & Treasurer | Tax withheld | 41 | $6.1K |
| Mar 6, 2026 | Wrocklage Robert EVP-N.A. Muncipal Utility | Tax withheld | 210 | $31.3K |
| Mar 6, 2026 | Wrocklage Robert EVP-N.A. Muncipal Utility | Award | 1,312 | — |
| Mar 6, 2026 | Htwe Richard VP-Global Operations | Award | 369 | — |
| Mar 4, 2026 | Begale Fred J VP-Utility NPD | Sale | 2,064 | $309.6K |
| Mar 4, 2026 | Begale Fred J VP-Utility NPD | Option exercise | 2,064 | $70.1K |
| Mar 3, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Tax withheld | 982 | $146.1K |
| Mar 3, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Option exercise | 2,064 | $70.1K |
| Mar 3, 2026 | Stoll Kimberly K VP-Cust Serv & GM SmartCover | Sale | 1,634 | $243.5K |
| Mar 3, 2026 | Weltzien Daniel R VP-CFO & Treasurer | Tax withheld | 449 | $66.8K |
| Mar 3, 2026 | Begale Fred J VP-Utility NPD | Tax withheld | 449 | $66.8K |
| Mar 3, 2026 | Bockhorst Kenneth Chairman, President & CEO | Tax withheld | 10,685 | $1.59M |
| Mar 3, 2026 | Htwe Richard VP-Global Operations | Tax withheld | 449 | $66.8K |
| Mar 3, 2026 | Wrocklage Robert EVP-N.A. Muncipal Utility | Tax withheld | 1,728 | $257.1K |
| Mar 3, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Tax withheld | 420 | $62.5K |
| Mar 3, 2026 | Hopkins Sheryl VP - Human Resources | Tax withheld | 449 | $66.8K |
| Feb 27, 2026 | Weltzien Daniel R VP-CFO & Treasurer | Tax withheld | 47 | $7.2K |
| Feb 27, 2026 | Begale Fred J VP-Utility NPD | Tax withheld | 41 | $6.2K |
| Feb 27, 2026 | Bockhorst Kenneth Chairman, President & CEO | Tax withheld | 548 | $83.5K |
| Feb 27, 2026 | Htwe Richard VP-Global Operations | Tax withheld | 54 | $8.2K |
| Feb 27, 2026 | Stoll Kimberly K VP-Cust Serv & GM SmartCover | Sale | 148 | $22.3K |
| Feb 27, 2026 | Wrocklage Robert EVP-N.A. Muncipal Utility | Tax withheld | 172 | $26.2K |
| Feb 27, 2026 | BERGUM WILLIAM R A VP-Gen. Counsel and Secretary | Tax withheld | 47 | $7.2K |
| Feb 27, 2026 | Hopkins Sheryl VP - Human Resources | Tax withheld | 54 | $8.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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