The EPS and revenue miss vs consensus is the headline, but the underlying operating metrics (margin expansion, dividend increase, buyback) are solid. The stock may trade off modestly on the top-line miss, but the margin story and guidance for sequential improvement provide a floor. Watch Q4 for confirmation of the guided revenue ramp.
Price Chart
Executive Summary
Badger Meter reported Q3 2026 EPS of $1.24 on revenue of $235.9M, a slight miss vs consensus estimates of $1.27 and $245.6M. Revenue was essentially flat YoY (+0.1%), while EPS grew 4% YoY. Operating margins improved 60bps to 20.2%, and the company increased its dividend by 10%. Management guided for sequential and YoY base revenue improvement in Q4 and into 2027.
Key Financial Metrics
Key Facts
- Q3 2026 EPS of $1.24 missed consensus of $1.27 by 2.4%
- Revenue of $235.9M was essentially flat YoY and missed consensus of $245.6M
- Operating earnings increased 4% YoY to $47.7M; operating margin improved 60bps to 20.2%
- Gross margin expanded 120bps YoY to 41.9%
- Annual dividend rate increased 10% to $1.76/share — 34th consecutive year of growth
- Repurchased ~$55M of shares during the quarter
- Management expects sequential and YoY base revenue improvement in Q4 and into 2027
Financial Impact
EPS miss of ~$0.03 vs consensus; revenue miss of ~$9.7M vs consensus
Risk Factors
- Uneven AMI project pacing continues to weigh on utility water sales (down 3% ex-acquisition YoY)
- Electronics supply chain cost pressures remain a headwind
- Full-year revenue ex-acquisitions expected flattish vs 2025 — no growth catalyst near-term
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-428396 |
| Document: bmi-20261022.htm | 0001193125-26-428396 |
| Document: 0001193125-26-428396-index-headers.html | 0001193125-26-428396 |
| Document: 0001193125-26-428396-index.html | 0001193125-26-428396 |
| Document: 0001193125-26-428396.txt | 0001193125-26-428396 |
| 8-K Data (Synthetic) | 0001193125-26-428396 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $149.64 $151.24 | ▲ +1.07% | ▲ +1.59% | $151.75 (+1.41%) |
Aug 3, 2026 12w ago | Institutional Cluster | $136.95 $140.26 | ▲ +2.42% | ▲ +0.61% | $151.75 (+10.81%) |
Jul 22, 2026 13w ago | 8-K | $126.67 $123.20 | ▲ +2.74% | ▲ +1.50% | $151.75 (−19.80%) |
Jun 11, 2026 19w ago | 8-K | $130.52 $131.73 | ▲ +0.93% | ▲ +0.39% | $151.75 (+16.27%) |
May 21, 2026 22w ago | 8-K | $119.84 $125.84 | ▲ +5.01% | ▲ +4.56% | $151.75 (+26.63%) |
Apr 28, 2026 26w ago | 8-K | $117.47 $120.51 | ▲ +2.59% | ▲ +1.56% | $151.75 (+29.18%) |
Apr 21, 2026 27w ago | Insider Cluster | $120.89 $123.56 | ▲ +2.21% | ▲ +1.19% | $151.75 (+25.53%) |
Apr 21, 2026 27w ago | Insider Cluster | $120.89 $123.56 | ▲ +2.21% | ▲ +1.19% | $151.75 (+25.53%) |
Apr 21, 2026 27w ago | Insider Cluster | $120.89 $123.56 | ▲ +2.21% | ▲ +1.19% | $151.75 (+25.53%) |
Apr 17, 2026 27w ago | 8-K | $115.54 $113.41 | ▲ +1.84% | ▲ +1.65% | $151.75 (−31.34%) |
US Market Status
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