Itron Inc

Latest Results (04.04.2026):

Itron, Inc. — Fourth Quarter 2025: Itron reported Q4 2025 revenue of $572 million (down 7% year‑over‑year) and full‑year 2025 revenue of $2.4 billion (down 3%). Despite lower revenue, the company delivered higher profitability and cash flow: Q4 GAAP net income was $102 million ($2.21 GAAP diluted EPS) and non‑GAAP diluted EPS was $2.46. Adjusted EBITDA and free cash flow rose materially year‑over‑year. Management highlighted strong Outcomes growth and completed strategic software acquisitions during the quarter.

Quarter snapshot

Q4 2025 revenue: $572M (-7% vs. Q4 2024). GAAP net income: $102M (+$44M). GAAP diluted EPS: $2.21 (+$0.95). Non‑GAAP diluted EPS: $2.46 (+$1.11). Adjusted EBITDA: $99M (+21%). Free cash flow: $112M (+$41M).

Full‑year performance

FY 2025 revenue: $2.4B (-3% vs. FY 2024). GAAP net income: $301M (+$62M). GAAP diluted EPS: $6.50 (+$1.32). Non‑GAAP diluted EPS: $7.13 (+$1.51). Adjusted EBITDA: $374M (+16%). Free cash flow: $383M (+$175M).

Segments and revenue drivers

Outcomes revenue grew 23% (driven by delivery services and recurring revenue). Device Solutions fell ~3% (7% in constant currency) due to portfolio optimization and lower legacy electricity product sales; Networked Solutions declined 15% due to project timing. Resiliency Solutions contributed $3M (Urbint revenue after the Nov 3, 2025 acquisition).

Profitability and margins

Total GAAP gross margin improved to 40.5%, up 560 basis points year‑over‑year. GAAP operating income was $79M (+$16M); non‑GAAP operating income was $91M (+$20M). The net income uplift was supported by higher operating profit and a quarter‑specific tax benefit.

Cash flow, backlog and bookings

Q4 net cash from operations: $119M (vs. $80M prior year). Q4 free cash flow: $112M. Total backlog at quarter end: $4.5B (vs. $4.7B prior year). Bookings in Q4: $0.7B; full‑year bookings: $2.1B.

Outlook for 2026

Q1 2026 guidance: revenue $565–$575M; non‑GAAP diluted EPS $1.20–$1.30. Full‑year 2026 guidance: revenue $2.35–$2.45B; non‑GAAP diluted EPS $5.75–$6.25. Company did not provide a GAAP reconciliation for forward‑looking non‑GAAP EPS due to uncertainties around restructuring costs.

Acquisitions and strategic moves

Itron announced acquisitions of Urbint (closed Nov 3, 2025) and Locusview (signed Nov 17, 2025; $525M purchase price funded with cash; closed January 2026). Management said these deals expand AI‑enhanced software, recurring revenue and grid resiliency capabilities.