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Itron
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Latest analysis
Updated Jul 28, 2026
Itron posts record gross margin and raises EPS outlook in Q2 2026, proving structural earnings improvement on flat revenue.
Itron's Q2 2026 results demonstrate that the company's operating model transformation is complete: record adjusted gross margin of 41.4% — up 460 basis points year-over-year — and adjusted EBITDA growth of 8% were delivered on revenue that declined year-over-year, driven by Networked Solutions deployment timing. Management raised full-year non-GAAP EPS guidance to $6.30–$6.50 (a 7% increase from the February outlook) while narrowing revenue guidance to $2.37–$2.41 billion. The gas distribution refresh opportunity, mid-market Platform-as-a-Service penetration, and a record pipeline position Itron for accelerating bookings in 2H 2026 and into 2027.
Tone: bullishRevenue
$2.4B
ITRI 10-K · FY 2025
Revenue FY2024
$2.4B
Headquarters
Liberty Lake, WA
Profile
ITRI 10-K Item 1 · Feb 17, 2026Itron is a technology, solutions, and services company and a leader in the Industrial Internet of Things (IIoT), providing smart network, software, device, and analytics solutions to utilities and municipalities globally. Its offerings enable customers to manage critical energy, water, and gas infrastructure, reduce operational costs, and improve resource efficiency. The company operates across four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions.
Read filing description ↓ Collapse description ↑
We are a technology, solutions, and service company, and we are a leader in the Industrial Internet of Things (IIoT). We offer solutions that enable utilities and municipalities to safely, securely, and reliably operate their critical infrastructure. Our solutions include the deployment of smart networks, software, services, devices, sensors, and data analytics that allow our customers to manage assets, secure revenue, lower operational costs, improve customer service, improve safety, and enable efficient management of valuable resources. Our comprehensive solutions and data analytics address the unique challenges facing the energy, water, and municipality sectors, including increasing demand on resources, non-technical loss, leak detection, environmental and regulatory compliance, and improved operational reliability. We operate under the Itron brand worldwide and manage and report under four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions. Resiliency Solutions is a new reportable segment starting in the fourth quarter of 2025. Device Solutions primarily includes hardware products used for measurement, control, or sensing. Networked Solutions primarily includes communicating endpoints, network infrastructure, network design services, and associated headend management and application software. Outcomes primarily includes value-added, enhanced software and services utilizing distributed compute, artificial intelligence, machine learning, statistical modeling, and other analytics. Resiliency Solutions primarily includes software and services focused on worker safety, emergency preparedness and response, and damage prevention for critical infrastructure providers and their supporting contractors.
Primary products
- standard electricity, gas, and water meters
- heat and allocation products
- communicating meters
- smart meters
- modules
- endpoints
Business segments
End markets
Named customers
Revenue commentary · FY 2025
Total revenues were $2.4 billion in both 2025 and 2024, with product revenues declining partially offset by growth in service revenues.
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