Badger Meter misses quarterly targets as water project lulls stall growth

Badger Meter (NYSE:BMI) reported fourth-quarter results on Wednesday that failed to meet Wall Street’s expectations, marking a rare stumbling block in what was otherwise a record-breaking year for the water-technology specialist.

The company posted net income of $33.6 million, or $1.14 per share, narrowly missing the $1.15 consensus estimate.

Revenue for the period came in at $220.7 million, trailing the $230.8 million anticipated by analysts.

The quarterly miss was largely attributed to the timing of major utility infrastructure rollouts.

While the company has seen sustained demand for its BlueEdge smart water portfolio, management noted that a lull in large-scale turnkey project deployments—often "lumpy" by nature—impacted the final months of the year.

Despite the fourth-quarter softness, Badger Meter achieved record full-year results, with total revenue hitting $916.7 million and net income reaching $141.6 million, or $4.79 per share.

The company’s focus on high-margin software-as-a-service (SaaS) and ultrasonic metering technology helped maintain a solid floor for profitability even as volumes slowed.

During the quarter, Badger Meter continued to integrate its SmartCover acquisition, which expanded its reach into wastewater and lift-station monitoring—a key growth area for 2026.