BADGER METER INC
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 17, 2026
BMI$157.58-1.0%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
Consolidated Statem ents of Cash Flows
| Years ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (In thousands) | |||
| Operating activities: | |||
| Net earnings | $141,634 | $124,942 | $92,598 |
| Adjustments to reconcile net earnings to net cash provided by operations: | |||
| Depreciation | 11,103 | 11,103 | 10,937 |
| Amortization | 23,481 | 21,082 | 17,173 |
| Deferred income taxes | (854) | (11,074) | (9,650) |
| Noncurrent employee benefits | 136 | (153) | (338) |
| Stock-based compensation expense | 9,190 | 6,182 | 5,188 |
| Changes in: | |||
| Receivables | (20,115) | (1,444) | (6,351) |
| Inventories | (987) | 10,320 | (32,467) |
| Payables | 14,399 | (12,161) | 8,506 |
| Prepaid expenses and other assets | (3,804) | (15,312) | (7,012) |
| Other liabilities | 9,515 | 21,549 | 31,533 |
| Total adjustments | 42,064 | 30,092 | 17,519 |
| Net cash provided by operations | 183,698 | 155,034 | 110,117 |
| Investing activities: | |||
| Property, plant and equipment expenditures | (14,026) | (12,818) | (12,003) |
| Acquisitions, net of cash acquired | (184,024) | (3,000) | (17,127) |
| Net cash used for investing activities | (198,050) | (15,818) | (29,130) |
| Financing activities: | |||
| Dividends paid | (43,529) | (35,847) | (29,052) |
| Proceeds from exercise of stock options | 554 | 751 | 967 |
| Repurchase of common stock for treasury stock | (15,002) | - | - |
| Net cash used for financing activities | (57,977) | (35,096) | (28,085) |
| Effect of foreign exchange rates on cash | 3,040 | (597) | 828 |
| (Decrease) increase in cash and cash equivalents | (69,289) | 103,523 | 53,730 |
| Cash and cash equivalents – beginning of period | 295,305 | 191,782 | 138,052 |
| Cash and cash equivalents – end of period | $226,016 | $295,305 | $191,782 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the year for: | |||
| Income taxes | $48,753 | $56,043 | $38,934 |
| Interest | - | - | - |
| Property, plant and equipment acquired through operating lease | 5,526 | 2,297 | 830 |
| Property, plant and equipment accrued and unpaid | - | 364 | 450 |
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