Badger Meter (BMI) r&d spend was $22M in FY2025 (+12% YoY). The tables below show the complete quarterly and annual r&d spend history, sourced from SEC EDGAR 10-K and 10-Q filings.
Annual R&D Spend
Fiscal Year
R&D Spend
YoY
2025
$22M
+12%
2024
$19M
+1%
2023
$19M
+20%
2022
$16M
+7%
2021
$15M
+27%
2020
$12M
-3%
2019
$12M
+7%
2018
$11M
+5%
2017
$11M
+0%
2016
$11M
+0%
2015
$11M
+12%
2014
$10M
-10%
2013
$10M
+9%
2012
$10M
+19%
2011
$8M
+12%
2010
$7M
Recent Quarterly R&D Spend
Quarter
R&D Spend
Q4 2025
$22M
Q4 2024
$19M
Q4 2023
$19M
Q4 2022
$16M
Q4 2021
$15M
Q4 2020
$12M
Q4 2019
$12M
Q4 2018
$11M
Q4 2017
$11M
Q4 2016
$11M
Q4 2015
$11M
Q4 2014
$10M
Source: BMI on EDGAR. Data from SEC EDGAR 10-K and 10-Q filings. Updated quarterly.