Focus on H2 2026 project deployments and order rates to validate the guided flattish revenue trajectory. The sequential step-up in Q2 and cost controls are incremental positives, but the YoY declines and uneven AMI phasing warrant caution. Monitor Q3 results for evidence of sustained improvement.
Price Chart
Executive Summary
Badger Meter reported Q2 2026 revenue of $222.3M (down 7% YoY but up 10% sequentially) and diluted EPS of $1.02 (down 13% YoY), both in line with consensus estimates. Management maintained its outlook for flattish full-year revenue excluding acquisitions, citing uneven AMI project timing but expecting H2 ramp.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $222.3M, down 7% YoY from $238.1M; in line with $221.1M consensus
- Diluted EPS $1.02, down from $1.17 YoY; in line with consensus
- Operating earnings $39.4M (17.7% margin), down 12% YoY
- Gross margin 40.8%, down 30 bps YoY, within normalized 39-42% range
- Base (ex-UDlive) revenue $220.3M, down 9% YoY
- Completed UDlive acquisition for ~$94.4M net cash, adding $2.0M revenue but -$1.2M operating loss in Q2
- Repurchased $25.3M of stock in Q2; $63.5M YTD
- Operating cash flow $26.7M in Q2, $60.6M YTD
- Maintained full-year revenue guidance: flattish YoY excluding acquisitions
Financial Impact
YoY revenue declined 7% ($15.8M) and EPS dropped 13% ($0.15), but sequential improvement and in-line results with consensus temper downside.
Risk Factors
- Further delays in AMI project ramps could extend revenue pressure into H2
- Integration of UDlive may weigh on margins near-term
- Macro or municipal budget constraints could slow short-cycle orders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-311374 |
| Document: bmi-20260722.htm | 0001193125-26-311374 |
| Document: 0001193125-26-311374-index-headers.html | 0001193125-26-311374 |
| Document: 0001193125-26-311374-index.html | 0001193125-26-311374 |
| Document: 0001193125-26-311374.txt | 0001193125-26-311374 |
| 8-K Data (Synthetic) | 0001193125-26-311374 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | Institutional Cluster | $136.95 $135.47 | ▼ −1.08% | ▼ −2.32% | $128.05 (−6.50%) |
Jul 27, 2026 9w ago | Press Release | $134.58 $136.36 | ▼ −1.32% | ▲ +2.06% | $128.05 (+4.85%) |
Jul 22, 2026 10w ago | 8-K | $126.67 $130.94 | ▼ −3.37% | ▼ −0.47% | $128.05 (−1.09%) |
Jun 11, 2026 16w ago | 8-K | $130.52 $144.97 | ▲ +11.07% | ▲ +9.18% | $128.05 (−1.89%) |
May 21, 2026 19w ago | 8-K | $119.84 $135.32 | ▲ +12.91% | ▲ +12.58% | $128.05 (+6.85%) |
Apr 28, 2026 22w ago | 8-K | $117.47 $124.74 | ▲ +6.19% | ▲ +0.14% | $128.05 (+9.01%) |
Apr 21, 2026 23w ago | Insider Cluster | $120.89 $118.96 | ▼ −1.60% | ▼ −6.51% | $128.05 (+5.93%) |
Apr 21, 2026 23w ago | Insider Cluster | $120.89 $118.96 | ▼ −1.60% | ▼ −6.51% | $128.05 (+5.93%) |
Apr 21, 2026 23w ago | Insider Cluster | $120.89 $118.96 | ▼ −1.60% | ▼ −6.51% | $128.05 (+5.93%) |
Apr 17, 2026 24w ago | 8-K | $115.54 $117.54 | ▼ −1.73% | ▲ +3.64% | $128.05 (−10.83%) |
US Market Status
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