Itron, Inc. (ITRI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$1.29	$1.59	+23.3%	—	—	—
Q2 26	$1.24	$1.49	+20.2%	—	—	—
Q1 26	$2.19	$2.46	+12.3%	—	—	—
Q4 25	$1.33	$1.62	+21.8%	—	—	—
Q3 25	$1.32	$1.52	+15.2%	—	—	—
Q2 25	$1.05	$1.35	+28.6%	—	—	—
Q1 25	$1.13	$1.84	+62.8%	—	—	—
Q4 24	$0.96	$1.21	+26.0%	—	—	—
Q3 24	$0.84	$1.24	+47.6%	—	—	—
Q2 24	$0.75	$1.23	+64.0%	—	—	—
Q1 24	$0.51	$0.98	+92.2%	—	—	—
Q4 23	$0.31	$0.65	+109.7%	—	—	—
Q3 23	$0.11	$0.49	+345.5%	—	—	—
Q2 23	$0.09	$0.71	+688.9%	—	—	—
Q1 23	$0.22	$0.23	+4.5%	—	—	—
Q4 22	$0.23	$0.07	-69.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.62	—	—	$2.4B	—
FY24	—	$5.27	—	—	$2.4B	—
FY23	—	$2.13	—	—	$2.2B	—
FY22	—	-$0.22	—	—	$1.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2B	$2B	$2.4B	$2.5B	$2.2B	$2B	$1.8B	$2.2B	$2.4B	$2.4B
YoY change	+6.88%	+0.25%	+17.7%	+5.32%	-13.2%	-8.82%	-9.39%	+21.1%	+12.3%	-3.02%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2B	2B	2.4B	2.5B	2.2B	2B	1.8B	2.2B	2.4B	2.4B
Cost of revenue	1.4B	1.3B	1.6B	1.8B	1.6B	1.4B	1.3B	1.5B	1.6B	1.5B
Gross profit	662.5M	676.8M	730.3M	752.3M	602.2M	573.2M	522.2M	713.9M	839.3M	892.1M
Gross margin	32.9%	33.5%	30.7%	30.1%	27.7%	28.9%	29.1%	32.8%	34.4%	37.7%
Research & development	167.8M	169.4M	207.9M	202.2M	194.1M	197.2M	185.1M	208.7M	215M	207M
Selling, general & administrative	319.6M	325.3M	423.2M	346.9M	276.9M	300.5M	290.5M	312.8M	339.1M	353M
Operating expenses	487.3M	494.7M	631.1M	549.1M	471M	497.8M	475.6M	521.5M	554.1M	560M
Operating income	150.1M	161.3M	27.5M	139M	86.4M	39.6M	20.9M	173.5M	267.4M	314.1M
Operating margin	7.45%	7.99%	1.16%	5.55%	3.98%	2%	1.17%	7.98%	11%	13.3%
Non-operating income, net	-52.8M	-15M	-80.6M	-15.3M	-102.1M	-136.3M	-32.6M	-47.1M	-2.1M	2.3M
Pretax income	84.6M	134.6M	-109.2M	73M	-56.6M	-123.8M	-15.7M	127.4M	284.5M	342.3M
Income tax	49.6M	74.3M	-12.6M	20.6M	238K	-45.5M	-6.2M	29.1M	43.4M	38.9M
Net income	35.1M	60.2M	-96.6M	52.4M	-56.9M	-78.3M	-9.5M	98.3M	241.1M	303.3M
Net margin	1.74%	2.99%	-4.06%	2.09%	-2.62%	-3.95%	-0.53%	4.52%	9.88%	12.8%
EBITDA	215.6M	218.1M	148.7M	246.2M	181.5M	107.9M	86.1M	236.2M	359.5M	415.2M
EPS	0.83	1.48	-2.53	1.24	-1.44	-1.83	-0.22	2.13	5.27	6.62
Diluted EPS	0.82	1.45	-2.53	1.23	-1.44	-1.83	-0.22	2.11	5.18	6.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	560.8M	577.2M	603.4M	609.1M	615.5M	612.9M	607.2M	606.8M	581.6M	571.7M	587M	—
Cost of revenue	373.6M	380.8M	398.1M	398.6M	405.9M	399M	389.9M	383.1M	362.1M	339.9M	350.7M	—
Gross profit	187.2M	196.4M	205.4M	210.5M	209.6M	213.9M	217.2M	223.6M	219.5M	231.7M	236.3M	—
Gross margin	33.4%	34%	34%	34.6%	34.1%	34.9%	35.8%	36.9%	37.7%	40.5%	40.3%	—
Research & development	51.6M	53.9M	52.4M	53.1M	51.2M	58.3M	50.1M	53.8M	50M	53.1M	55M	—
Selling, general & administrative	76.6M	81.6M	86M	88.4M	79.6M	85M	86.9M	87.6M	83.1M	95.3M	105.4M	—
Operating expenses	128.2M	135.5M	138.4M	141.5M	130.9M	143.4M	137M	141.4M	133.2M	148.4M	160.4M	—
Operating income	54.3M	56.4M	63M	64.5M	73.9M	66M	75.7M	77.7M	82M	78.7M	67.8M	—
Operating margin	9.69%	9.77%	10.4%	10.6%	12%	10.8%	12.5%	12.8%	14.1%	13.8%	11.5%	—
Non-operating income, net	1.2M	-8.4M	242K	-281K	702K	-2.7M	423K	-823K	808K	1.9M	-447K	—
Pretax income	55.7M	49.5M	65.2M	67M	82.4M	69.8M	82.3M	83.5M	90.7M	85.8M	67.2M	—
Income tax	15.4M	4.6M	13.4M	15.2M	3.5M	11.3M	16.9M	14.7M	24.5M	-17.2M	13.6M	—
Net income	40.3M	44.9M	51.8M	51.9M	78.9M	58.6M	65.3M	68.8M	66.2M	103M	53.6M	—
Net margin	7.19%	7.78%	8.58%	8.51%	12.8%	9.56%	10.8%	11.3%	11.4%	18%	9.13%	—
EBITDA	71.3M	72.2M	80.1M	82.7M	102.7M	94M	99.5M	102.5M	108.6M	104.7M	91.8M	—
EPS	0.88	0.98	1.13	1.12	1.73	1.29	1.44	1.5	1.43	2.25	1.2	1.21
Diluted EPS	0.87	0.96	1.12	1.1	1.7	1.26	1.42	1.47	1.41	2.21	1.18	1.19

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.4B	2.6B	1.9B	3.3B	3.9B	—	2.3B	3.4B	4.9B	4.2B	4.5B
Enterprise value	2.6B	3.1B	2.8B	4.2B	4.6B	—	2.6B	3.6B	5.1B	4.5B	5.3B
Shares outstanding	38.2M	38.7M	39.2M	39.6M	40.3M	44.3M	45.1M	45.4M	45.4M	45.5M	45.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	68.5	43.8	—	63.4	—	—	—	34.9	20.4	13.9	17.8
P/S	1.19	1.31	0.78	1.33	1.78	—	1.27	1.58	2.02	1.78	2.02
P/B	3.69	3.27	2.53	4.15	4.59	—	1.92	2.58	3.49	2.43	2.93
EV/EBITDA	11.9	14.1	18.5	16.9	25.6	—	30	15.3	14.3	10.8	14.7
EV/Sales	1.28	1.52	1.16	1.67	2.14	—	1.44	1.66	2.11	1.89	2.3
Earnings yield	1.46%	2.29%	—	1.58%	—	—	—	2.87%	4.89%	7.18%	5.63%
FCF yield	3.01%	5.38%	2.68%	3.38%	1.64%	—	0.21%	2.86%	4.21%	9.07%	6.56%
PEG	—	—	—	—	—	—	—	—	—	—	-0.92

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	32.9%	33.5%	30.7%	30.1%	27.7%	28.9%	29.1%	32.8%	34.4%	37.7%	38.8%
Operating margin	7.45%	7.99%	1.16%	5.55%	3.98%	2%	1.17%	7.98%	11%	13.3%	13.5%
Net margin	1.74%	2.99%	-4.06%	2.09%	-2.62%	-3.95%	-0.53%	4.52%	9.88%	12.8%	11.9%
ROE	5.39%	7.48%	-13.2%	6.55%	-6.77%	-6.85%	-0.8%	7.38%	17.1%	17.5%	16.9%
ROA	2.22%	2.86%	-3.7%	1.94%	-2.18%	-3.27%	-0.4%	3.78%	7.08%	8.15%	4.99%
ROIC	7.57%	5.81%	1.69%	6.04%	5.33%	2.66%	1.41%	8.83%	13.9%	14%	10.8%
Return on tangible assets	6.63%	7.49%	69.4%	40.4%	-73.6%	-726.2%	-5.59%	24.2%	19.8%	35.1%	859.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.77	1.67	1.37	1.49	1.69	1.5	1.66	1.95	3.44	1.8	2.75
Quick ratio	1.38	1.29	1.03	1.15	1.36	1.17	1.21	1.43	2.92	1.56	2.24
Debt / equity	0.47	0.76	1.38	1.25	1.18	0.44	0.42	0.37	0.9	0.73	0.98
Debt / assets	0.19	0.29	0.39	0.37	0.38	0.21	0.21	0.19	0.37	0.34	0.4
Net debt / EBITDA	0.79	2	6.03	3.46	4.3	3.2	3.42	0.79	0.6	0.6	2.18
Interest coverage	7.26	10.7	-0.88	2.39	-0.29	-3.32	-1.34	16.3	19.5	16.2	15.4
Effective tax rate	58.6%	55.2%	0%	28.2%	0%	0%	0%	22.8%	15.3%	11.4%	10.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	52.7	52.2	60.5	63.3	54	44.7	39.8	47.9	53.8	52	51.2
EPS (basic)	0.83	1.48	-2.53	1.24	-1.44	-1.83	-0.22	2.13	5.27	6.62	6.62
EPS (diluted)	0.82	1.45	-2.53	1.23	-1.44	-1.83	-0.22	2.11	5.18	6.5	5.98
Book value per share	17	20.8	18.7	20.2	20.9	25.8	26.4	29.3	31.1	38.2	36.3
FCF per share	1.89	3.67	1.27	2.83	1.57	2.71	0.11	2.16	4.58	8.42	8.68
Cash per share	3.5	4.56	3.06	3.79	5.14	3.67	4.48	6.65	23.2	22.4	17
Capex per share	1.14	1.28	1.53	1.54	1.15	0.78	0.44	0.59	0.67	—	0.54

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.16%	2.45%	2.52%	2.43%	2.13%	1.75%	1.1%	1.24%	1.25%	—	1.06%
Capex / operating cash flow	40.3%	26.1%	50.2%	42.8%	54.8%	69.9%	463.1%	33.8%	13.1%	—	5.86%
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$560.8M	$577.2M	$603.4M	$609.1M	$615.5M	$612.9M	$607.2M	$606.8M	$581.6M	$571.7M	$587M	—
YoY change	+33.2%	+23.5%	+22%	+12.6%	+9.75%	+6.18%	+0.61%	-0.38%	-5.5%	-6.72%	-3.32%	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	133.6M	176.3M	120.2M	149.9M	206.9M	162.6M	202M	302M	1.1B	1B
Receivables	299.9M	369M	416.5M	415.9M	318.3M	261.1M	249.8M	272.9M	295.3M	342.5M
Inventory	163M	193.8M	220.7M	227.9M	182.4M	165.8M	228.7M	283.7M	270.7M	242.9M
Total current assets	732.5M	849.7M	896.1M	997.3M	930.3M	749.9M	829.6M	1B	1.8B	1.8B
Property, plant & equipment	53.8M	65.2M	80.5M	163.5M	128.4M	96.9M	62.6M	44M	29M	34.3M
Goodwill & intangibles	1B	1.3B	2.7B	2.6B	2.5B	2.4B	2.2B	2.2B	2.2B	2.9B
Total assets	1.6B	2.1B	2.6B	2.7B	2.6B	2.4B	2.4B	2.6B	3.4B	3.7B
Accounts payable	172.7M	262.2M	310M	328.1M	215.6M	193.1M	237.2M	199.5M	144.9M	156.3M
Short-term debt	14.1M	19.7M	28.4M	—	18.4M	—	—	—	—	459.5M
Total current liabilities	413M	507.8M	652.7M	671.4M	549.9M	501.3M	498.6M	537.2M	528.3M	1B
Long-term debt	290.5M	593.6M	988.2M	1B	969.4M	507.5M	496.9M	487.5M	1.3B	808.4M
Total liabilities	927.5M	1.3B	1.9B	1.9B	1.8B	1.3B	1.2B	1.3B	2B	2B
Shareholders' equity	650.4M	805.6M	734M	800.8M	840.3M	1.1B	1.2B	1.3B	1.4B	1.7B
Total debt	304.5M	613.3M	1B	1B	987.8M	507.5M	496.9M	487.5M	1.3B	1.3B
Net debt	171M	437M	896.4M	851.5M	780.8M	345M	294.9M	185.4M	216.5M	247.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Cash & short-term investments	232.8M	254.8M	302M	300.6M	920.6M	982.5M	1.1B	1.1B	1.2B	1.3B	1B	712.9M
Receivables	284.6M	289.6M	272.9M	310.6M	288.6M	307.7M	295.3M	316.4M	311.7M	335.8M	342.5M	362.8M
Inventory	267M	276.1M	283.7M	287.2M	291.8M	276.6M	270.7M	281.9M	283.3M	255.3M	242.9M	239.9M
Total current assets	970M	1B	1B	1.1B	1.7B	1.8B	1.8B	1.9B	2B	2.1B	1.8B	1.5B
Property, plant & equipment	46M	41.2M	44M	41.6M	35.6M	33.6M	29M	36.7M	45.3M	38.3M	34.3M	53.9M
Goodwill & intangibles	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.2B	2.9B	3.9B
Total assets	2.5B	2.5B	2.6B	2.7B	3.3B	3.4B	3.4B	3.5B	3.6B	3.7B	3.7B	4B
Accounts payable	234.9M	224.3M	199.5M	223.6M	184.8M	152.5M	144.9M	164.4M	123.1M	145.3M	156.3M	172.9M
Short-term debt	—	—	—	—	—	—	—	457.7M	458.3M	458.9M	459.5M	—
Total current liabilities	559.9M	555.9M	537.2M	578.3M	535.2M	521.5M	528.3M	983.4M	973.1M	987.4M	1B	573.6M
Long-term debt	489.6M	487.3M	487.5M	487.1M	1.3B	1.3B	1.3B	808.5M	814.1M	810.8M	808.4M	1.6B
Total liabilities	1.3B	1.3B	1.3B	1.3B	2B	2B	2B	2B	2B	2B	2B	2.3B
Shareholders' equity	1.2B	1.3B	1.3B	1.4B	1.3B	1.4B	1.4B	1.5B	1.6B	1.7B	1.7B	1.6B
Total debt	489.6M	487.3M	487.5M	487.1M	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.6B
Net debt	256.8M	232.5M	185.4M	186.5M	347.6M	287.3M	216.5M	142.9M	48.2M	-62.2M	247.6M	889.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	35.1M	60.2M	-96.6M	52.4M	-56.9M	-78.3M	-9.5M	98.3M	241.1M	303.3M
Depreciation & amortization	68.3M	63.2M	122.5M	114.4M	97.3M	84.2M	66.8M	55.8M	56.3M	49.5M
Stock-based compensation	18M	21.4M	31.3M	27M	25.1M	23.6M	21.9M	28.4M	43.9M	62.4M
Change in working capital	-39.7M	-8.6M	71.9M	-70.1M	-6.8M	58.7M	-73M	-88.5M	-93.7M	-72.5M
Operating cash flow	108M	189.4M	119.3M	142M	84.4M	49.6M	4.3M	79.6M	233.8M	406M
Capital expenditure	-43.5M	-49.5M	-60M	-60.7M	-46.2M	-34.7M	-19.7M	-26.9M	-30.6M	—
Investing cash flow	-47.5M	-148.2M	-862.7M	-48.2M	-41M	-34.9M	40.5M	-23.3M	-63.4M	-326.8M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	-25M	0	-8M	-17M	0	-100M	-100M
Financing cash flow	-63M	302M	395.8M	-97.5M	-11.6M	-198.2M	-18.7M	-3.5M	579.6M	-97.5M
Net change in cash	-2.5M	343.2M	-347.5M	-3.7M	31.7M	-183.5M	26M	52.8M	750M	-18.3M
Free cash flow	72.3M	141.9M	49.8M	112.1M	63.3M	120.1M	4.8M	98.1M	207.6M	383.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26
Net income	25.1M	40.3M	44.9M	51.8M	51.9M	78.9M	58.6M	65.3M	68.8M	66.2M	103M	53.6M
Depreciation & amortization	13.9M	13.6M	13.8M	12.7M	13.5M	14.7M	15.3M	12.1M	12.1M	12M	13.3M	18.5M
Stock-based compensation	6.8M	6.8M	7.8M	11.4M	10.4M	10.2M	11.8M	16.6M	16.8M	14.4M	14.6M	20.1M
Change in working capital	-33.2M	-44.4M	-14.1M	3.3M	-33.3M	-46.6M	-17.1M	27.9M	-15.3M	-42.1M	-42.9M	17.5M
Operating cash flow	19M	25.7M	20.6M	81.8M	39.9M	53.9M	58.1M	120.7M	82.9M	117.8M	119.3M	85.5M
Capital expenditure	-5.6M	-5.8M	-8.6M	-7.1M	-7.1M	-6.6M	-9.7M	-4.6M	-6M	—	—	—
Investing cash flow	-5.6M	-5.8M	-4.3M	-41.1M	-6.7M	-6.6M	-9M	-4.6M	-6M	-1.7M	-325M	-515M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	—	—	0	0	—	0	0	-100M	-100M
Financing cash flow	865K	-3.4M	-869K	1.1M	-129.2M	-754K	3.5M	1.8M	3M	-2.9M	-99.3M	131.4M
Net change in cash	14.3M	16.5M	15.4M	41.8M	-96M	46.6M	52.6M	117.9M	79.8M	113.2M	-305M	-298.1M
Free cash flow	36M	28.3M	39.3M	34.2M	44.6M	58.7M	70.2M	67.5M	90.7M	113.4M	111.5M	79M

Itron, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement