Badger Meter reported robust Q3 2025 results, achieving 13% year-over-year sales growth and record free cash flows, driven by strong demand for its smart water management solutions despite ongoing economic challenges.

• Total sales reached $236 million, a 13% increase year-over-year with 8% base sales growth, supported by higher ultrasonic meter volumes.
• Operating earnings rose 13% to $46.1 million, representing stable operating margins of 19.6%.
• Gross margins improved to 40.7%, shifting the normalized range to 39%-42% in light of effective pricing strategies against cost pressures.
• Record free cash flow of $48.2 million, driven by reduced cash taxes from recent tax law changes.
• Confident outlook for continued high single-digit annual growth driven by ongoing demand for modular smart water solutions.