# EDGAR Filing Document

**Accession Number:** 0000009092
**File Stem:** 0001193125-26-160389
**Filing Date:** 2026-4
**Character Count:** 17403
**Document Hash:** ac84826693739cc7b9da2fd4c199f7a3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-160389.hdr.sgml**: 20260417

**ACCESSION NUMBER**: 0001193125-26-160389

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20260417

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260417

**DATE AS OF CHANGE**: 20260417

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BADGER METER INC
- **CENTRAL INDEX KEY:** 0000009092
- **STANDARD INDUSTRIAL CLASSIFICATION:** TOTALIZING FLUID METERS & COUNTING DEVICES [3824]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 390143280
- **STATE OF INCORPORATION:** WI
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-06706
- **FILM NUMBER:** 26869520

**BUSINESS ADDRESS:**
- **STREET 1:** 4545 WEST BROWN DEER ROAD
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53223
- **BUSINESS PHONE:** 4143715702

**MAIL ADDRESS:**
- **STREET 1:** 4545 W BROWN DEER RD
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53223

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BADGER METER MANUFACTURING CO
- **DATE OF NAME CHANGE:** 19710729

?xml version='1.0' encoding='ASCII'? 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

_______________________

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| | |
|:---|:---|
| Date of Report |  |
| (Date of earliest event reported) | April 17, 2026 |

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Badger Meter, Inc.

(Exact name of registrant as specified in its charter)

<u>Wisconsin</u> 1-6706 39-0143280 <br> (State or otherjurisdiction ofincorporation) (Commission FileNumber) (IRS EmployerIdentification No.)

4545 W. Brown Deer Rd.<u>,</u> Milwaukee<u>,</u> Wisconsin 53223

(Address of principal executive offices, including zip code)

<u>(</u>414<u>)</u> 355-0400

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

_______________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock | &nbsp;&nbsp;BMI | &nbsp;&nbsp;New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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<u>Item 2.02</u> <u>Results of Operations and Financial Condition</u> .

On April 17, 2026, Badger Meter, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended March 31, 2026.

A copy of the press release issued by the Company announcing the foregoing is furnished herewith as Exhibit 99.1.

<u>Item 9.01</u> <u>Financial Statements and Exhibits</u> .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

(d) <u>Exhibits</u>. The exhibit furnished herewith is as listed in the accompanying Exhibit Index.

**EXHIBIT INDEX**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| (99.1) | [<u>Badger Meter, Inc. Press Release, dated April 17, 2026.</u>](bmi-ex99_pressrelease.htm) |

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **BADGER METER, INC.** | **BADGER METER, INC.** |
| Date: April 17, 2026 | By: | /s/ Daniel R. Weltzien |
|  |  | Daniel R. Weltzien |
|  |  | Vice President – Chief Financial Officer and Treasurer |

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## Ex-99.Pressrelease

![img201408244_0.jpg](img201408244_0.jpg)

**Exhibit 99.1**

Badger Meter News Release

Barbara Noverini, CFA<br>(414) 371-8144<br>bnoverini@badgermeter.com

**<u>BADGER METER REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS</u>**

**Milwaukee, WI,** April 17, 2026 - Badger Meter, Inc. (NYSE: BMI) today reported results for the first quarter ended March 31, 2026.

<u>First Quarter 2026 Highlights</u>

• Total sales of $202.3 million, 9% lower than the prior year's $222.2 million.

• Operating earnings of $35.2 million, with an operating profit margin of 17.4%, compared to operating earnings of $49.4 million and an operating margin of 22.2% in the prior year.

• Diluted earnings per share (EPS) of $0.93, down from $1.30 in the first quarter of 2025.

• Entered into a definitive agreement to acquire UDlive, which will close at the end of April 2026.

"Entering 2026, we expected project pacing dynamics to favor the back half of the year," said Kenneth C. Bockhorst, Chairman, President and Chief Executive Officer. "Our first quarter results were consistent with that expectation, reflecting comparisons to the prior-year period, when several since completed projects were still in active deployment. Additionally, we experienced weaker than anticipated short-cycle order rates in the first quarter of 2026.

"In our view, the year-over-year decline in revenue and associated operating leverage are related to variability in project timing and short-cycle customer order patterns and do not reflect a change in underlying demand, our competitive position, or the long-term market drivers for our business. We have a strong pipeline of awarded projects scheduled to launch in the second half of 2026, and our broader multi-year opportunity funnel remains robust.

"Against this near-term variability, we remain focused on advancing our strategy in ways that will strengthen our business for the long-term. In concert with that approach, we announced a definitive agreement to acquire UDlive, a UK-based provider of hardware-enabled software solutions for sewer line monitoring.

"UDlive complements SmartCover<sup>®</sup> by extending our sewer line monitoring capabilities across a broader range of use cases, network conditions and geographies. Together, SmartCover and UDlive elevate Badger Meter's leadership position in a growing global market driven by aging infrastructure, evolving regulatory requirements and climate-related risks. UDlive also enhances our BlueEdge<sup>®</sup> suite of solutions, enabling utilities to access actionable intelligence across the water cycle. These solutions expand Badger Meter's participation across the full water cycle and support the growth of higher-margin, recurring software revenue streams over time." <br>

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<u>First Quarter 2026 Operating Results</u>

Utility water sales declined 10% year-over-year, reflecting project timing and softer short-cycle municipal customer ordering, partially offset by SaaS, SmartCover, water quality and network monitoring performance.

Sales of flow instrumentation products decreased 4%, with modest growth in water-related markets more than offset by lower demand in the de-emphasized array of market applications.

Gross margin of 41.7% was near the upper end of our normalized range of 39-42%, compared to a record 42.9% in the prior-year quarter.

Selling, Engineering and Administration (SEA) expenses declined sequentially, but increased year-over-year by $3.1 million, inclusive of acquisition costs and an additional month of SmartCover SEA expense to $49.2 million, representing 24.3% of sales.

Operating margin of 17.4% primarily reflected the year-over-year decline in sales combined with the increase in SEA expenses.

The effective tax rate for the first quarter of 2026 was 24.8%, compared to 24.4% in the prior year. Net earnings were $27.3 million, resulting in diluted earnings per share of $0.93.

<u>Outlook</u>

Bockhorst concluded, "Our focus remains on disciplined execution while continuing to advance our long-term strategic initiatives. Our strong balance sheet provides us the ability to continue to invest in our business, return cash to shareholders and acquire businesses in our attractive M&A funnel. This balanced approach positions us to manage near-term variability, while building momentum throughout the year and creating durable value for our stakeholders.

"As awarded projects advance into deployment, we expect revenue to improve sequentially. Increasing project activity and a more normalized mix will support a stronger revenue run-rate as we exit 2026, with full-year revenue, excluding acquisitions, relatively flat versus 2025. The uneven nature of project timing and order patterns does not diminish our positive view of long-term demand and our competitive advantages within the North American smart water market."<br>

<u>Conference Call and Webcast Information</u>

Badger Meter management will hold a conference call to discuss the Company's first quarter 2026 results today, Friday, April 17, 2026 at 10:00 AM Central/11:00 AM Eastern time. A live listen-only webcast and the related presentation will be available on the Events & Presentations section of the Company's investor relations website. Those wishing to actively participate in the conference call must pre-register using the following link: https://events.q4inc.com/analyst/462611018?pwd=u9LwCqog

<u>Safe Harbor Statement</u>

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Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (the "Company") or its employees, may contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those statements. The Company's results are subject to general economic conditions, variation in demand from customers, continued market acceptance of new products, the successful integration of acquisitions, competitive pricing and operating efficiencies, supply chain risk, material and labor cost increases, tax reform and foreign currency risk. See the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission for further information regarding risk factors, which are incorporated herein by reference. Badger Meter disclaims any obligation to publicly update or revise any forward-looking statements as a result of new information, future events or any other reason.

<u>About Badger Meter</u> <br> With more than a century of water technology innovation, Badger Meter provides comprehensive water management solutions through its BlueEdge<sup>®</sup> suite. This tailorable portfolio of smart measurement hardware, reliable communications, data visualization and analytics software and ongoing support and industry expertise give customers the edge in optimizing their operations and contributing to the sustainable use and protection of the world's most precious resource. For more information, visit www.badgermeter.com.

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| | | |
|:---|:---|:---|
| BADGER METER, INC. | BADGER METER, INC. | BADGER METER, INC. |
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS |
| (in thousands, except share and earnings per share data) | (in thousands, except share and earnings per share data) | (in thousands, except share and earnings per share data) |
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2026 | 2025 |
|  | (Unaudited) | (Unaudited) |
| Net sales | $202277 | $222211 |
| Cost of sales | 117950 | 126774 |
| Gross margin | 84327 | 95437 |
| Selling, engineering and administration | 49156 | 46012 |
| Operating earnings | 35171 | 49425 |
| Interest income, net | (1138) | (1334) |
| Other pension and postretirement income | (28) | (28) |
| Earnings before income taxes | 36337 | 50787 |
| Provision for income taxes | 9002 | 12389 |
| Net earnings | $27335 | $38398 |
| Earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | $0.94 | $1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | $0.93 | $1.30 |
| Shares used in computation of earnings per share: | Shares used in computation of earnings per share: | Shares used in computation of earnings per share: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 29214558 | 29378491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 29365170 | 29564797 |

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| | | |
|:---|:---|:---|
| BADGER METER, INC. | BADGER METER, INC. | BADGER METER, INC. |
| CONSOLIDATED CONDENSED BALANCE SHEETS | CONSOLIDATED CONDENSED BALANCE SHEETS | CONSOLIDATED CONDENSED BALANCE SHEETS |
| (in thousands) | (in thousands) | (in thousands) |
| <u>Assets</u> | March 31, | December 31, |
|  | 2026 | 2025 |
|  | (Unaudited) |  |
| Cash and cash equivalents | $205453 | $226016 |
| Receivables | 110290 | 112356 |
| Inventories | 175193 | 151935 |
| Other current assets | 17365 | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 508301 | 507077 |
| Net property, plant and equipment | 80834 | 79636 |
| Intangible assets, at cost less accumulated amortization | 114395 | 118496 |
| Other long-term assets | 32625 | 32793 |
| Goodwill | 234653 | 235575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | $970808 | $973577 |
| <u>Liabilities and Shareholders' Equity</u> |  |  |
| Payables | $106490 | $72299 |
| Accrued compensation and employee benefits | 15663 | 37619 |
| Other current liabilities | 47266 | 40798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 169419 | 150716 |
| Deferred income taxes | 3359 | 3477 |
| Long-term deferred revenue, employee benefits and other | 107599 | 106090 |
| Shareholders' equity | 690431 | 713294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $970808 | $973577 |

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| | | |
|:---|:---|:---|
| BADGER METER, INC. | BADGER METER, INC. | BADGER METER, INC. |
| CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS | CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS |
| (in thousands) | (in thousands) | (in thousands) |
|  | Three Months Ended March 31, | Three Months Ended March 31, |
|  | 2026 | 2025 |
|  | (Unaudited) | (Unaudited) |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | $27335 | $38398 |
| &nbsp;&nbsp;Adjustments to reconcile net earnings to net cash provided by operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation | 2820 | 2804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization | 6235 | 5478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noncurrent employee benefits | 5 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock-based compensation expense | 2168 | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables | 1795 | (20497) |
| &nbsp;&nbsp;&nbsp;&nbsp; Inventories | (23695) | (120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Payables | 34263 | 16294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | (3199) | (4107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | (13834) | (7088) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 6558 | (5371) |
| Net cash provided by operations | 33893 | 33027 |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment expenditures | (4427) | (2966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | - | (184937) |
| Net cash used for investing activities | (4427) | (187903) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid | (11709) | (10017) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 140 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock for treasury stock | (38213) | - |
| Net cash used for financing activities | (49782) | (9949) |
| Effect of foreign exchange rates on cash | (247) | 878 |
| Decrease in cash and cash equivalents | (20563) | (163947) |
| Cash and cash equivalents - beginning of period | 226016 | 295305 |
| Cash and cash equivalents - end of period | $205453 | $131358 |

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