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How BADGER METER, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$917M · 100%Cost of revenue$535M · 58%Gross profit$382M · 42%Operating income$183M · 20%Income before tax$189M · 21%Income tax$47M · 5%Net income$142M · 15%As of 2025-12-31 · 2 SEC filing sourcesBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$917M100%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
Cost of revenue$535M58%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
$382M42%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
$183M20%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
Income before tax$189M21%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
Income tax$47M5%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
$142M15%
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001193125-26-054739 · filed Feb 17, 2026
· event Dec 31, 2025 · retrieved Oct 17, 2026 · annual-row source set
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