916.7 million USD net sales
Badger Meter's net sales rose 10.9% to $916.7 million in 2025 from $826.6 million in 2024.
Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025)816.1 million USD (Badger Meter utility water sales)
Badger Meter's sales into the utility water market were $816.1 million in 2025, up 12.5% from $725.5 million in 2024.
Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025)725.5 million USD (Badger Meter utility water sales)
Badger Meter's 2024 sales into the utility water market were $725.5 million, up 20.3% from $603.1 million in 2023.
Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025)Source: Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025)
Why this market is moving now
- Around 40% of US installed water meters are already AMI, so the remaining base is a replacement and upgrade market.
- Meter replacement and new technology drive most smart water sales, not housing starts.
- AMI project timing is uneven: Badger's utility water sales fell 5.9% in the first nine months of 2026 after 12.5% growth in 2025.
Key figures
Each figure links to the page it came from.
| Figure | Value | Year | Source |
|---|---|---|---|
| Badger Meter estimates that approximately 40% of water meters installed in the United States have been converted to AMI systems. | 40 % of installed US water meters (company estimate) | 2025 | Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025) |
| Badger Meter's net sales rose 10.9% to $916.7 million in 2025 from $826.6 million in 2024. | 916.7 million USD net sales | 2025 | Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025) |
| Badger Meter's sales into the utility water market were $816.1 million in 2025, up 12.5% from $725.5 million in 2024. | 816.1 million USD (Badger Meter utility water sales) | 2025 | Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025) |
| Badger Meter's 2024 sales into the utility water market were $725.5 million, up 20.3% from $603.1 million in 2023. | 725.5 million USD (Badger Meter utility water sales) | 2024 | Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025) |
| Badger Meter's net sales for the nine months ended 30 September 2026 were $660.5 million, down 5.1% from $696.0 million a year earlier. | 660.5 million USD net sales (nine months to 30 Sep 2026) | 2026 | Badger Meter, Inc. (SEC Form 10-Q, quarter ended 30 September 2026) |
| Badger Meter's nine-month 2026 sales into the utility water market fell 5.9% to $582.3 million, which it attributes to uneven AMI project pacing. | 582.3 million USD (Badger Meter utility water sales, nine months to 30 Sep 2026) | 2026 | Badger Meter, Inc. (SEC Form 10-Q, quarter ended 30 September 2026) |
| Badger Meter says water meter replacement and adoption of new technologies make up the majority of smart water product sales, and housing starts have only a minimal impact on annual sales. | Majority of sales from meter replacement demand driver | 2025 | Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025) |
| Badger Meter's 10-K names seven competitor groups in utility water: Sensus (Xylem), Neptune (Roper), Hach (Veralto), Itron, Aclara (Hubbell), Mueller Water Products and Kamstrup. | 7 named competitor groups | 2025 | Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025) |
Companies to watch
Badger Meter
US maker of ORION cellular AMI endpoints and BEACON software; 2025 net sales were $916.7 million.
Xylem (Sensus)
Named by Badger Meter as a competitor in utility water metering through its Sensus brand.
Roper Technologies (Neptune)
Named by Badger Meter as a competitor through its Neptune brand.
Itron
Named by Badger Meter as a competitor with select hardware, communication and software solutions.
Mueller Water Products
Named by Badger Meter as a competitor with select elements of competing solutions.
What the full report covers
- 1
Executive summary
The answer on two pages: size, growth and what drives it.
- 2
Market size and outlook
History, the current year and a five-year view with base, low and high cases.
- 3
Segments and regions
Splits by product, buyer and geography across the US, Europe and MEA.
- 4
Company profiles
The main players, how they compete and where they are investing.
- 5
Data and method
Every figure in Excel, with the sources and assumptions behind it.
- 01Executive summary
The answer in one page: size, direction and what moves it - 02Market definition and scope
What is in and out of the United States market - 03Market size, 2021 to 2025
Historical series and growth rates - 04Outlook to 2031
Base, low and high scenarios with stated assumptions - 05Rules, policy and deadlines
Regulation and programmes that change demand - 06Drivers and barriers
What accelerates or slows adoption, by customer segment - 07Prices, costs and margins
Unit economics where public data allows - 08Competitive landscape
8 to 12 company profiles with recent moves - 09Opportunities and risks
For new entrants, suppliers and investors - 10Method and sources
Every assumption and source, listed
Included with the full report
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- Excel data pack
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- Method note and assumptions
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Frequently asked questions
How much of the US water meter base is smart?
Badger Meter estimates about 40% of water meters installed in the United States have been converted to AMI systems. This is a company estimate in its 2025 Form 10-K, not a government statistic.
How big is the US smart water meter market?
There is no official market size. For scale, Badger Meter, one leading supplier, had $816.1 million of utility water sales in 2025 and $916.7 million of total net sales.
Who are the main smart water meter companies?
Badger Meter's 10-K names Sensus (Xylem), Neptune (Roper), Itron, Aclara (Hubbell), Mueller Water Products, Hach (Veralto) and Kamstrup as competitors with select competing elements.
Is smart water meter demand growing?
Badger's utility water sales grew from $603.1 million in 2023 to $816.1 million in 2025, then fell 5.9% in the first nine months of 2026 on uneven AMI project pacing.
What drives smart water meter sales?
Badger Meter says meter replacement and adoption of new technologies make up most smart water product sales. Housing starts have only a minimal impact on its annual sales.
Sources and method
The figures on this page come from the public sources listed below. Read how we work.
- Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025): Badger Meter, Inc. Form 10-K for the year ended December 31, 2025 (2026-02-17)
The Company estimates that approximately 40% of water meters installed in the United States have been converted to AMI systems.
- Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025): Badger Meter, Inc. Form 10-K for the year ended December 31, 2025 (2026-02-17)
Net sales in 2025 increased $90.1 million, or 10.9%, to $916.7 million from $826.6 million in 2024.
- Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025): Badger Meter, Inc. Form 10-K for the year ended December 31, 2025 (2026-02-17)
Sales into the utility water market were $816.1 million, an increase of 12.5% over the prior year’s $725.5 million.
- Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025): Badger Meter, Inc. Form 10-K for the year ended December 31, 2025 (2026-02-17)
Sales into the utility water market were $725.5 million, an increase of 20.3% over the prior year’s $603.1 million.
- Badger Meter, Inc. (SEC Form 10-Q, quarter ended 30 September 2026): Badger Meter, Inc. Form 10-Q for the quarter ended September 30, 2026 (2026-10-23)
net sales for the nine months ended September 30, 2026 were $660.5 million, a decrease of 5.1%
- Badger Meter, Inc. (SEC Form 10-Q, quarter ended 30 September 2026): Badger Meter, Inc. Form 10-Q for the quarter ended September 30, 2026 (2026-10-23)
Sales into the utility water market were $582.3 million, a decrease of 5.9% from the prior year’s $618.7 million due to uneven AMI project pacing
- Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025): Badger Meter, Inc. Form 10-K for the year ended December 31, 2025 (2026-02-17)
Water meter replacement and the adoption and deployment of new technologies comprise the majority of smart water product sales, including radio products.
- Badger Meter, Inc. (SEC Form 10-K, fiscal year 2025): Badger Meter, Inc. Form 10-K for the year ended December 31, 2025 (2026-02-17)
Sensus (Xylem Inc.), Neptune (Roper Technologies, Inc.), Hach (Veralto Corp.), Itron Inc., Aclara (Hubbell Inc.), Mueller Water Products Inc., Kamstrup
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