BADGER METER, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $916.7M | $826.6M | $703.6M | $565.6M | $505.2M | $425.5M | $424.6M | $433.7M |
| Cost of Revenue | $534.6M | $497.4M | $427.2M | $345.6M | $299.7M | $257.3M | $261.1M | $271.4M |
| Gross Profit | $382.1M | $329.2M | $276.4M | $220.0M | $205.5M | $168.2M | $163.5M | $162.3M |
| Gross Margin | 41.7% | 39.8% | 39.3% | 38.9% | 40.7% | 39.5% | 38.5% | 37.4% |
| Operating Expenses | ||||||||
| Research & Development | $21.6M | $19.2M | $19.0M | $15.8M | $14.7M | $11.6M | $11.9M | $11.1M |
| SG&A Expense | $198.6M | $171.2M | $158.4M | $132.7M | $126.8M | $103.1M | $101.4M | $105.5M |
| Operating Income | $183.4M | $157.9M | $118.0M | $87.3M | $78.7M | $65.2M | $62.1M | $56.9M |
| Operating Margin | 20.0% | 19.1% | 16.8% | 15.4% | 15.6% | 15.3% | 14.6% | 13.1% |
| Interest Expense | — | — | — | — | — | — | — | — |
| Pretax Income | $188.7M | $166.5M | $122.0M | $87.7M | $78.6M | $65.0M | $61.6M | $35.9M |
| Income Tax Expense | $47.0M | $41.6M | $29.4M | $21.2M | $17.7M | $15.6M | $14.4M | $8.1M |
| Net Income | $141.6M | $124.9M | $92.6M | $66.5M | $60.9M | $49.3M | $47.2M | $27.8M |
| Net Margin | 15.5% | 15.1% | 13.2% | 11.8% | 12.1% | 11.6% | 11.1% | 6.4% |
| EPS (Basic) | $4.82 | $4.26 | $3.16 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| EPS (Diluted) | $4.79 | $4.23 | $3.14 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 29.4M | 29.4M | 29.3M | 29.3M | 29.2M | 29.1M | 29.1M | 29.1M |
| Shares Outstanding (Diluted) | 29.6M | 29.5M | 29.5M | 29.5M | 29.4M | 29.3M | 29.3M | 29.3M |
| Dividends Per Share | $1.48 | $1.22 | $0.99 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |