Badger Meter Reports Strong Q1 2025 Results; EPS Up 31%

Badger Meter, Inc. announced solid first quarter 2025 financial results, with total sales reaching $222.2 million, a 13% year-over-year increase. Operating earnings rose 35% to $49.5 million, and earnings per share grew 31% to $1.30 from $0.99 a year earlier. Operating margins expanded to 22.2% from 18.6%.

The company attributed the performance to steady demand for its smart water solutions, particularly in its utility water segment, which grew 16%, including contributions from its recent SmartCover acquisition. Flow instrumentation sales declined 5%, though they improved sequentially from Q4 2024.

Badger Meter emphasized that SmartCover’s stormwater monitoring capabilities enhance its BlueEdge® suite, and early integration progress has been positive. Despite facing tough comparisons in Q2, the company reaffirmed its long-term revenue growth outlook in the high single digits.

The company will maintain its normalized gross margin range of 38–40%, citing uncertainty around tariffs. Cash and cash equivalents declined to $131.4 million, mainly due to the $184.9 million SmartCover acquisition.