Badger Meter sees high single-digit sales growth, 10%-15% EPS growth over next five years

Q2 2026 sales were $222.3 million, down 7% year over year and up 10% sequentially.

Operating income fell 12% to $39.4 million. EPS declined to $1.02 from $1.17, and free cash flow dropped to $21.9 million.

Utility water sales fell 8% year over year.

Badger Meter reiterated a forward five-year outlook for high single-digit sales growth, 10%-15% EPS growth and 100%+ free cash flow conversion.

The company said its long-term demand outlook remains intact despite a temporary working-capital increase and project pacing that it described as a key swing factor.