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BADGER METER INC

CIK:0000009092|SEC Filings

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 222,321	$ 238,095	$ 424,598	$ 460,306
Cost of sales	131,548	140,285	249,498	267,059
Gross margin	90,773	97,810	175,100	193,247
Selling, engineering and administration	51,396	52,947	100,552	98,959
Operating earnings	39,377	44,863	74,548	94,288
Interest income, net	(319)	(895)	(1,457)	(2,229)
Other pension and postretirement income	(28)	(28)	(56)	(56)
Earnings before income taxes	39,724	45,786	76,061	96,573
Provision for income taxes	10,004	11,202	19,006	23,591
Net earnings	$ 29,720	$ 34,584	$ 57,055	$ 72,982
Earnings per share:
Basic	$ 1.02	$ 1.18	$ 1.96	$ 2.48
Diluted	1.02	1.17	1.95	2.47
Dividends declared per common share	$ 0.4	$ 0.34	$ 0.8	$ 0.68
Shares used in computation of earnings per share:
Basic	29,038,125	29,414,457	29,126,348	29,396,805
Impact of dilutive securities	103,866	170,883	127,239	178,595
Diluted	29,141,991	29,585,340	29,253,587	29,575,400

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net earnings	$ 57,055	$ 72,982
Adjustments to reconcile net earnings to net cash provided by operations:
Depreciation	5,661	5,719
Amortization	13,249	11,358
Noncurrent employee benefits	14	5
Stock-based compensation expense	5,347	4,404
Changes in:
Receivables	(8,562)	(25,306)
Inventories	(21,210)	4,019
Payables	23,995	16,222
Prepaid expenses and other assets	(7,685)	(3,088)
Other liabilities	(7,260)	(8,702)
Total adjustments	3,549	4,631
Net cash provided by operations	60,604	77,613
Investing activities:
Property, plant and equipment expenditures	(9,266)	(6,904)
Acquisitions, net of cash acquired	(94,375)	(184,024)
Net cash used for investing activities	(103,641)	(190,928)
Financing activities:
Dividends paid	(23,302)	(20,021)
Proceeds from exercise of stock options	140	554
Repurchase of common stock for treasury stock	(63,467)	0
Net cash used for financing activities	(86,629)	(19,467)
Effect of foreign exchange rates on cash	(617)	2,685
(Decrease) increase in cash and cash equivalents	(130,283)	(130,097)
Cash and cash equivalents - beginning of period	226,016	295,305
Cash and cash equivalents - end of period	$ 95,733	$ 165,208

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 95,733	$ 226,016
Receivables, net of allowance for doubtful accounts	121,234	112,356
Inventories:
Finished goods	18,927	23,087
Work in process	32,560	29,244
Raw materials	126,604	99,604
Total inventories	178,091	151,935
Prepaid expenses and other current assets	21,147	16,770
Total current assets	416,205	507,077
Property, plant and equipment, at cost	256,564	248,450
Less accumulated depreciation	(173,127)	(168,814)
Net property, plant and equipment	83,437	79,636
Intangible assets, at cost less accumulated amortization	162,540	118,496
Other assets	19,269	18,653
Deferred income taxes	14,109	14,140
Goodwill	302,609	235,575
Total assets	998,169	973,577
Current liabilities:
Payables	97,827	72,299
Accrued compensation and employee benefits	18,734	37,619
Warranty and after-sale costs, current	8,960	8,466
Other current liabilities	46,351	32,332
Total current liabilities	171,872	150,716
Long-term deferred revenue	78,784	72,771
Deferred income taxes	16,692	3,477
Accrued non-pension postretirement benefits	2,501	2,499
Other accrued employee benefits	7,225	6,658
Warranty and after-sale costs, long-term	14,737	13,108
Other long-term liabilities	23,478	11,054
Commitments and contingencies (Note 5)
Total long-term liabilities	143,417	109,567
Shareholders’ equity:
Common stock, $1 par, authorized 80,000,000, issued 37,221,098 shares in 2026 and 2025	37,221	37,221
Capital in excess of par value	80,123	75,290
Reinvested earnings	679,651	645,876
Accumulated other comprehensive income	265	6,474
Less: Treasury stock, at cost, 8,234,251 shares in 2026 and 7,834,360 in 2025	(114,380)	(51,567)
Total shareholders’ equity	682,880	713,294
Total liabilities and shareholders’ equity	$ 998,169	$ 973,577