ITRI · Itron, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $586.98M | - | $581.63M | $606.76M | $607.15M | - | $615.46M | $609.07M | $603.44M | - |
| Cost of Revenue | $350.66M | - | $362.08M | $383.14M | $389.93M | - | $405.86M | $398.61M | $398.06M | - |
| Gross Profit | $236.32M | - | $219.54M | $223.62M | $217.22M | - | $209.60M | $210.46M | $205.38M | - |
| R&D | $55.00M | - | $50.03M | $53.81M | $50.09M | - | $51.24M | $53.05M | $52.40M | - |
| SG&A | $105.36M | - | $83.14M | $87.61M | $86.91M | - | $79.64M | $88.41M | $85.97M | - |
| Total Operating Expenses | $168.74M | - | $137.76M | $147.21M | $141.01M | - | $135.66M | $145.81M | $142.58M | - |
| D&A | $18.54M | - | $12.04M | $12.11M | $12.07M | - | $14.72M | $13.52M | $12.74M | - |
| Operating Income | $67.58M | - | $81.78M | $76.41M | $76.21M | - | $73.93M | $64.65M | $62.80M | - |
| Interest Expense | $5.81M | - | $5.61M | $5.65M | $1.89M | - | $5.61M | $2.29M | $1.89M | - |
| Income Tax | $13.61M | - | $24.48M | $14.73M | $16.93M | - | $3.52M | $15.18M | $13.43M | - |
| Net Income | $53.46M | - | $65.61M | $68.34M | $65.47M | - | $77.96M | $51.32M | $51.72M | - |
| EPS - Basic | $1.20 | - | $1.43 | $1.50 | $1.44 | - | $1.73 | $1.12 | $1.13 | - |
| EPS - Diluted | $1.18 | - | $1.41 | $1.47 | $1.42 | - | $1.70 | $1.10 | $1.12 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $712.85M | $1.02B | $1.33B | $1.22B | $1.12B | $1.05B | $982.51M | $920.64M | $300.61M | $302.05M |
| Accounts Receivable | $362.79M | $342.49M | $335.83M | $311.74M | $316.43M | $295.34M | $307.70M | $288.57M | $310.62M | $272.89M |
| Inventory | $239.89M | $242.89M | $255.28M | $283.30M | $281.88M | $270.73M | $276.62M | $291.78M | $287.22M | $283.69M |
| Accounts Payable | $172.92M | $156.29M | $145.32M | $123.13M | $164.42M | $144.93M | $152.51M | $184.78M | $223.57M | $199.52M |
| Current Assets | $1.52B | $1.82B | $2.14B | $1.99B | $1.90B | $1.82B | $1.75B | $1.69B | $1.10B | $1.05B |
| Total Assets | $3.98B | $3.72B | $3.71B | $3.62B | $3.50B | $3.41B | $3.37B | $3.28B | $2.68B | $2.60B |
| Current Liabilities | $573.62M | $1.01B | $987.37M | $973.06M | $983.42M | $528.26M | $521.47M | $535.19M | $578.32M | $537.24M |
| Long-term Debt | $1.57B | $788.80M | $787.91M | $787.02M | $786.14M | $1.24B | $1.24B | $1.24B | $455.40M | $454.83M |
| Total Liabilities | $2.35B | $1.98B | $2.00B | $1.99B | $1.99B | $2.00B | $2.00B | $2.02B | $1.29B | $1.27B |
| Stockholders' Equity | $1.61B | $1.72B | $1.69B | $1.61B | $1.49B | $1.39B | $1.35B | $1.24B | $1.36B | $1.31B |
| Retained Earnings | $165.21M | $111.75M | $10.12M | ($55.49M) | ($123.83M) | ($189.30M) | ($247.41M) | ($325.37M) | ($376.69M) | ($428.41M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $85.50M | - | - | - | $72.12M | - | - | - | $41.31M | - |
| Investing Cash Flow | ($521.57M) | - | - | - | ($4.63M) | - | - | - | ($41.15M) | - |
| Financing Cash Flow | $131.42M | - | - | - | $1.76M | - | - | - | $1.08M | - |
| CapEx | $6.53M | - | - | - | $4.64M | - | - | - | $7.14M | - |
| Free Cash Flow | $78.97M | - | - | - | $67.48M | - | - | - | $34.16M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 40.3% | - | 37.7% | 36.9% | 35.8% | - | 34.1% | 34.6% | 34.0% | - |
| Operating margin | 11.5% | - | 14.1% | 12.6% | 12.6% | - | 12.0% | 10.6% | 10.4% | - |
| EBITDA margin | 14.7% | - | 16.1% | 14.6% | 14.5% | - | 14.4% | 12.8% | 12.5% | - |
| Net margin | 9.1% | - | 11.3% | 11.3% | 10.8% | - | 12.7% | 8.4% | 8.6% | - |
| Free cash flow margin | 13.5% | - | - | - | 11.1% | - | - | - | 5.7% | - |
| FCF / Net income | 1.48 | - | - | - | 1.03 | - | - | - | 0.66 | - |
| R&D / Revenue | 9.4% | - | 8.6% | 8.9% | 8.3% | - | 8.3% | 8.7% | 8.7% | - |
| SG&A / Revenue | 17.9% | - | 14.3% | 14.4% | 14.3% | - | 12.9% | 14.5% | 14.2% | - |
| Effective tax rate | 20.3% | - | 27.2% | 17.7% | 20.5% | - | 4.3% | 22.8% | 20.6% | - |
| Return on assets | 1.3% | - | 1.8% | 1.9% | 1.9% | - | 2.3% | 1.6% | 1.9% | - |
| Return on equity | 3.3% | - | 3.9% | 4.2% | 4.4% | - | 5.8% | 4.1% | 3.8% | - |
| Return on invested capital | 1.7% | - | 2.4% | 2.6% | 2.7% | - | 2.7% | 2.0% | 2.7% | - |
| Liquidity | ||||||||||
| Current ratio | 2.66 | 1.80 | 2.17 | 2.04 | 1.93 | 3.44 | 3.36 | 3.16 | 1.90 | 1.95 |
| Quick ratio | 2.24 | 1.56 | 1.91 | 1.75 | 1.65 | 2.92 | 2.83 | 2.61 | 1.40 | 1.43 |
| Cash ratio | 1.24 | 1.01 | 1.35 | 1.26 | 1.14 | 1.99 | 1.88 | 1.72 | 0.52 | 0.56 |
| Leverage | ||||||||||
| Debt / Equity | 0.98 | 0.46 | 0.47 | 0.49 | 0.53 | 0.89 | 0.92 | 1.00 | 0.33 | 0.35 |
| Debt / Assets | 0.40 | 0.21 | 0.21 | 0.22 | 0.22 | 0.36 | 0.37 | 0.38 | 0.17 | 0.17 |
| Debt / EBITDA | 18.28 | - | 8.40 | 8.89 | 8.90 | - | 14.00 | 15.86 | 6.03 | - |
| Interest coverage | 11.6x | - | 14.6x | 13.5x | 40.3x | - | 13.2x | 28.2x | 33.2x | - |
| Equity multiplier | 2.48 | 2.17 | 2.19 | 2.25 | 2.35 | 2.45 | 2.50 | 2.65 | 1.96 | 1.99 |
| Liabilities / Assets | 0.59 | 0.53 | 0.54 | 0.55 | 0.57 | 0.59 | 0.59 | 0.62 | 0.48 | 0.49 |
| Efficiency | ||||||||||
| Asset turnover | 0.15 | - | 0.16 | 0.17 | 0.17 | - | 0.18 | 0.19 | 0.23 | - |
| Inventory turnover | 1.46 | - | 1.42 | 1.35 | 1.38 | - | 1.47 | 1.37 | 1.39 | - |
| Days sales outstanding | 226d | - | 211d | 188d | 190d | - | 182d | 173d | 188d | - |
| Days inventory outstanding | 250d | - | 257d | 270d | 264d | - | 249d | 267d | 263d | - |
| Days payable outstanding | 180d | - | 146d | 117d | 154d | - | 137d | 169d | 205d | - |
| Cash conversion cycle | 295d | - | 322d | 340d | 300d | - | 294d | 271d | 246d | - |
| Valuation | ||||||||||
| P / E | 76.0x | - | 88.3x | 89.5x | 73.8x | - | 62.8x | 90.0x | 82.6x | - |
| P / B | 2.5x | - | 3.4x | 3.8x | 3.2x | - | 3.6x | 3.7x | 3.1x | - |
| P / S | 6.9x | - | 10.0x | 10.1x | 8.0x | - | 8.0x | 7.6x | 7.1x | - |
| EV / EBITDA | 57.3x | - | 56.1x | 64.0x | 51.0x | - | 58.1x | 63.0x | 58.8x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -3.3% | - | -5.5% | -0.4% | 0.6% | - | 9.8% | 12.6% | 22.0% | - |
| Revenue CAGR (3y) | 5.9% | - | 11.4% | 12.0% | 8.5% | - | 8.1% | 7.6% | 5.1% | - |
| Revenue CAGR (5y) | 2.5% | - | 1.5% | 3.6% | 0.3% | - | -0.3% | -0.8% | -0.4% | - |
| Gross profit growth (YoY) | 8.8% | - | 4.7% | 6.3% | 5.8% | - | 12.0% | 21.0% | 31.3% | - |
| Operating income growth (YoY) | -11.3% | - | 10.6% | 18.2% | 21.4% | - | 34.7% | 84.2% | - | - |
| Net income growth (YoY) | -18.4% | - | -15.8% | 33.2% | 26.6% | - | 94.1% | 112.0% | - | - |
| EPS growth (YoY) | -16.9% | - | -17.1% | 33.6% | 26.8% | - | 95.4% | 107.5% | - | - |
| EPS CAGR (3y) | - | - | 150.2% | - | 314.1% | - | - | - | 55.1% | - |
| EPS CAGR (5y) | 31.5% | - | - | - | 46.6% | - | 32.3% | 17.6% | - | - |
| FCF growth (YoY) | 17.0% | - | - | - | 97.5% | - | - | - | - | - |
| FCF CAGR (5y) | 15.4% | - | - | - | 60.7% | - | - | - | 20.4% | - |
| Book value growth (YoY) | 8.0% | 23.4% | 25.6% | 30.2% | 9.1% | 6.1% | 8.9% | 2.9% | 16.5% | 12.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.37B totalNetworked Solutions Segment$1.56B · 65.8%
Device Solutions$447.08M · 18.9%
Outcomes Segment$359.74M · 15.2%
Resiliency Solutions$3.05M · 0.1%
Product / service
$2.37B totalProduct$2.01B · 84.9%
Service$358.22M · 15.1%
Geographic
$2.37B totalUnited States And Canada$1.93B · 81.4%
EMEA$318.51M · 13.5%
Asia Pacific$121.21M · 5.1%
Peer comparison
Same SIC group: Instruments For Meas & Testing of Electricity & Elec Signals
Comparing ITRON against the 5 most active filers in the same SIC group.