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Stock research / United States / ITRI · Instruments For Meas & Testing Of Electricity & Elec Signals · Nasdaq

Itron, Inc. (ITRI)

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Itron, Inc. (ITRI) reported revenue of $563 million for Q2 FY2026, the quarter ended 30 June 2026, down 7.2% on the same quarter a year earlier. Net income was $53 million, down 22.0% on the year, and diluted earnings per share $1.19. The figures are the company's own, from the 10-Q it filed with the SEC on 28 July 2026.

Revenue$563 milliondown 7.2%
Net income$53 milliondown 22.0%
Diluted EPS$1.19
QuarterQ2 FY2026ended 30 June 2026

Itron (ITRI) in brief

Itron (ITRI) reported revenue of $2.4 billion for fiscal 2025, the year ended 31 December 2025, down 3.0% on the year before.
Read moreNet income was $301 million and diluted earnings per share $6.50. Revenue was $2.4 billion in fiscal 2024, $2.2 billion in fiscal 2023, $1.8 billion in fiscal 2022 and $2.0 billion in fiscal 2021. Net income in the same years was $239 million, $97 million, a loss of $10 million and a loss of $81 million. Over the twelve months to 30 June 2026, Itron reported revenue of $2.3 billion and net income of $274 million. Revenue grew 1.7% a year, compounded, over the five years to fiscal 2025. Itron had 44 million shares outstanding at the latest filed count. At 30 June 2026 it carried $1.6 billion of debt and $745 million of cash. At the close of 9 October 2026 the market cap of Itron was $3.7 billion, 14.3 times its earnings over the last twelve months.

Ratios

From the filings

ROE17.0%
ROCE9.4%
Operating margin13.2%
Net margin11.9%
FCF margin16.7%
Interest cover13.34
Debt to equity1.00
Cash conversion1.50
Share count, 1 year-4.2%
Sales CAGR, 3 years9.7%
Profit CAGR, 3 yearsn/a
EPS, TTM$5.99

At the close of 9 October 2026

Price$85.61
Market cap$3.7 billion
Stock P/E14.29
Price to book2.32
EV / EBITDA12.58
Dividend yieldn/a
Market cap / sales1.63
52-week high$138.18
52-week low$78.02
Price, 1 year-32.4%
Price CAGR, 3 years13.3%
Price CAGR, 5 years3.5%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Itron, Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
ITRIgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ITRI

Filings18 in twelve months: 10 current reports (8-K), about 5 other events; 4 results of operations; 2 material agreement; 1 shareholder vote; 1 new financial obligation
Planned insider sales76 Form 144 notices in twelve months, $15.0 million; latest 3 September 2026
Options tapeput/call 0.14 by open interest at the 9 October 2026 close; the straddle prices a 4.3% move to 16 October 2026
13F holders8 of the followed funds hold it; largest Geode Capital Management; 4 Schedule 13D or 13G filings in twelve months
Insider trading81 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest6.0 million shares short, 8.85 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue561577603609615613607607582572587563
Cost of revenue374381398399406399390383362340351332
Gross profit187196205210210214217224220232236231
Gross margin33%34%34%35%34%35%36%37%38%41%40%41%
R&D51.653.952.453.151.258.350.153.850.053.155.056.1
SG&A76.681.686.088.479.685.086.987.683.195.310589.7
Operating income54.949.362.864.673.962.776.276.481.878.767.676.1
Operating margin10%9%10%11%12%10%13%13%14%14%12%14%
Interest expense2.41.91.92.35.65.65.65.65.65.65.85.8
Pre-tax income55.749.565.267.082.469.882.383.590.785.867.280.2
Tax rate28%9%21%23%4%16%21%18%27%-20%20%33%
Net income40.244.451.751.378.058.165.568.365.610253.553.3
Net margin7%8%9%8%13%9%11%11%11%18%9%9%
Diluted EPS$0.87$0.96$1.12$1.10$1.70$1.26$1.42$1.47$1.41$2.21$1.18$1.19
Operating cash flow34.147.941.351.765.379.872.196.711811985.588.1
Capital expenditure5.88.67.17.16.69.74.66.04.47.86.56.6
Free cash flow28.339.334.244.658.770.267.590.711311279.081.5
Buybacks0.00.0n/an/a0.0n/a0.00.00.010010052.2
Shares outstanding45m46m46m45m45m45m46m46m46m45m44m44m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,9481,8842,0132,0182,3762,5022,1731,9821,7962,1742,4412,3672,303
Cost of revenue1,3341,3271,3531,3431,6461,7501,5711,4081,2731,4601,6021,4751,385
Gross profit614557663677730752602573522714839892918
Gross margin31.5%29.6%32.9%33.5%30.7%30.1%27.7%28.9%29.1%32.8%34.4%37.7%39.9%
Research and development176162168169208202194197185209215207214
Selling, general and administrativen/an/a320325423347277301290313339353374
Operating income0.552.8101155-49.7133-10.4-79.3-7.4129264313304
Operating margin0.0%2.8%5.0%7.7%-2.1%5.3%-0.5%-4.0%-0.4%5.9%10.8%13.2%13.2%
Interest expense11.612.313.513.858.252.544.028.66.78.315.422.522.8
Pre-tax income-18.337.184.6135-10973.0-56.6-124-15.7127285342324
Income tax4.022.149.674.3-12.620.60.2-45.5-6.229.143.438.947.6
Effective tax raten/a59.6%58.6%55.2%n/a28.2%n/an/an/a22.8%15.3%11.4%14.7%
Net income-23.712.731.857.3-99.249.0-58.0-81.3-9.796.9239301274
Net margin-1.2%0.7%1.6%2.8%-4.2%2.0%-2.7%-4.1%-0.5%4.5%9.8%12.7%11.9%
Diluted EPS-$0.60$0.33$0.82$1.45-$2.53$1.23-$1.44-$1.83-$0.22$2.11$5.18$6.50$5.99
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Networked Solutions1,4501,6501,55765.8%
Device Solutions45647744718.9%
Outcomes26831436015.2%
Resiliency Solutionsn/an/a3.00.1%
Networked SolutionsDevice SolutionsOutcomesResiliency Solutions
2,174FY20232,441FY20242,367FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Product revenues1,8632,1312,00984.9%
Service revenues31030935815.1%
Product revenuesService revenues
2,174FY20232,441FY20242,367FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States and Canada1,7342,0071,92781.4%
Europe, Middle East, and Africa34133931913.5%
Asia Pacific99.194.81215.1%
United States and CanadaEurope, Middle East, and AfricaAsia Pacific
2,174FY20232,441FY20242,367FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow13373.311619111017311015524.5125238406411
Capital expenditure44.543.943.549.560.060.746.234.719.726.930.622.925.4
Free cash flow88.529.472.314249.811263.31204.898.1208383385
Free cash flow margin4.5%1.6%3.6%7.0%2.1%4.5%2.9%6.1%0.3%4.5%8.5%16.2%16.7%
Cash from investingn/an/an/a-148-863-48.2-41.0-34.940.5-23.3-63.4-350-864
Cash from financingn/an/an/a302396-97.5-11.6-153-18.7-3.5580-97.5-22.3
Depreciation and amortisation98.176.068.363.212211497.384.266.855.856.349.562.5
Share-based compensation17.914.118.021.431.327.025.123.621.928.443.962.461.4
Buybacks39.738.30.00.00.025.00.08.017.00.0100100252
Diluted shares, weighted39m39m39m39m39m40m40m44m45m46m46m46m45m
Shares outstanding at period end39m38m38m39m39m40m40m45m45m46m45m45m44m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015FY2016 †FY2017 †FY2018 †FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity6816056327867137778171,1161,1681,3111,3911,7171,616
Non-controlling interest17.517.918.719.221.424.323.726.723.120.520.821.621.9
Debt3243713053196389509364604604601,2651,2651,610
Operating lease liabilitiesn/an/an/an/a0.068.966.857.344.432.725.419.626.1
Other liabilities7296876229811,237888764734682780706698719
Total liabilities and equity1,7521,6811,5782,1062,6092,7082,6072,3942,3782,6043,4083,7213,994
Owned
Fixed assets207190176201227233208163140129115112122
Goodwill5014684525561,1171,1041,1321,0991,0391,0531,0521,3451,691
Intangible assets14010272.295.225818513392.564.946.343.183.3266
Cash and equivalents1121311341761221502071632023021,0511,020745
Receivables321299300369417416318261250273295342316
Inventory155190163194221228182166229284271243259
Other assets316301280515249392427450454518580574595
Total assets1,7521,6811,5782,1062,6092,7082,6072,3942,3782,6043,4083,7213,994
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded2.3%1.7%9.7%-5.7%
Profit growth, compounded37.3%n/an/a1.5%
Return on equity, average3.2%6.8%14.0%17.5%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Itron's revenue in fiscal 2025?

Itron (ITRI) reported revenue of $2.4 billion for fiscal 2025, the year ended 31 December 2025, down 3.0% on the year before.

How much did Itron earn in fiscal 2025?

Net income was $301 million for fiscal 2025, and diluted earnings per share $6.50.

What is Itron's P/E ratio?

At the close of 9 October 2026, Itron traded at 14.3 times its earnings over the twelve months to 30 June 2026.

What is Itron's market cap?

The market cap of Itron was $3.7 billion at the close of 9 October 2026.

How much debt does Itron have?

At 30 June 2026 Itron carried $1.6 billion of debt and $745 million of cash.

Peers: Measuring and Control Equipment

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TTM
Debt to equityDiv. yield
Teradyne, Inc. TER$63.0 billion55.2433.5%30.2%57.9%0.000.1%
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Trimble Inc. TRMB$14.0 billionn/a-2.0%17.0%5.8%0.29n/a
Avantor, Inc. AVTR$10.7 billionn/a-10.3%-4.6%-1.6%0.66n/a
Cognex Corp. CGNX$10.6 billion61.0910.7%21.9%17.1%0.000.5%
Bio-Rad Laboratories, Inc. BIO$9.8 billion44.413.1%2.1%1.4%0.17n/a
Bruker Corp. BRKR$9.0 billionn/a-3.0%-0.9%1.6%0.760.3%
Ralliant Corp. RAL$8.1 billionn/a-80.4%-53.3%6.6%0.750.1%
Sensata Technologies Holding plc ST$6.2 billion70.503.0%7.5%0.8%0.820.8%
Vontier Corp. VNT$4.4 billion13.3829.2%18.8%0.9%1.340.3%
Itron, Inc. ITRI$3.7 billion14.2917.0%13.2%-5.7%1.00n/a
Cohu Inc. COHU$3.4 billionn/a-5.0%-6.9%32.7%0.370.1%
All 30 in Measuring and Control Equipment
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TTM
Debt to equityDiv. yield
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Thermo Fisher Scientific Inc. TMO$243.2 billion35.3913.2%17.6%7.2%0.800.3%
Danaher Corp. DHR$154.5 billion39.047.6%20.4%4.6%0.51n/a
Trane Technologies plc TT$104.9 billion36.1234.2%17.9%7.0%0.460.8%
Keysight Technologies, Inc. KEYS$65.2 billion52.4219.2%20.3%25.5%0.38n/a
Teradyne, Inc. TER$63.0 billion55.2433.5%30.2%57.9%0.000.1%
Coherent Corp. COHR$61.2 billion76.077.4%11.9%22.5%0.30n/a
AMETEK Inc. AME$57.0 billion36.3214.0%25.9%12.7%0.090.2%
Agilent Technologies, Inc. A$48.1 billion33.5519.6%22.2%8.6%0.490.6%
Rockwell Automation, Inc. ROK$48.0 billion40.5334.4%22.7%11.3%0.741.2%
Waters Corp. WAT$42.6 billion108.151.1%7.1%52.5%0.32n/a
Illumina, Inc. ILMN$42.0 billion51.8829.1%19.7%4.9%0.53n/a
Roper Technologies Inc. ROP$36.0 billion15.0813.4%28.0%10.9%0.570.9%
Mettler Toledo International Inc. MTD$33.6 billion34.917,062.4%n/a6.9%164.70n/a
Veralto Corp. VLTO$23.7 billion24.4731.9%22.7%6.2%1.09n/a
MKS Inc. MKSI$17.9 billion42.1714.7%15.7%16.3%0.850.4%
Fortive Corp. FTV$17.3 billion33.888.8%18.2%5.6%0.580.5%
Revvity, Inc. RVTY$17.2 billion73.373.3%12.3%4.1%0.450.2%
Onto Innovation Inc. ONTO$14.4 billion93.788.1%13.8%8.0%0.00n/a
Trimble Inc. TRMB$14.0 billionn/a-2.0%17.0%5.8%0.29n/a
Avantor, Inc. AVTR$10.7 billionn/a-10.3%-4.6%-1.6%0.66n/a
Cognex Corp. CGNX$10.6 billion61.0910.7%21.9%17.1%0.000.5%
Bio-Rad Laboratories, Inc. BIO$9.8 billion44.413.1%2.1%1.4%0.17n/a
Bruker Corp. BRKR$9.0 billionn/a-3.0%-0.9%1.6%0.760.3%
Ralliant Corp. RAL$8.1 billionn/a-80.4%-53.3%6.6%0.750.1%
Sensata Technologies Holding plc ST$6.2 billion70.503.0%7.5%0.8%0.820.8%
Vontier Corp. VNT$4.4 billion13.3829.2%18.8%0.9%1.340.3%
Itron, Inc. ITRI$3.7 billion14.2917.0%13.2%-5.7%1.00n/a
Cohu Inc. COHU$3.4 billionn/a-5.0%-6.9%32.7%0.370.1%
Mirion Technologies, Inc. MIR$312 million172.741.3%5.3%15.7%0.66n/a
3 companies share its SEC industry code (Instruments For Meas & Testing Of Electricity & Elec Signals); the rest are the names nearest in size in its wider industry, Measuring and Control Equipment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202628 July 2026EDGAR
10-Q31 March 202628 April 2026EDGAR
10-K31 December 202517 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202425 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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