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ITRI

Itron, Inc.

ITRI

Itron, Inc. • NASDAQ
$99.04 ▲ 0.49% (+0.48)
Market Cap $4.54 B
52w High $142.00
52w Low $90.11
Dividend Yield 0%
P/E 17.78
Volume 385.22K
Outstanding Shares 45.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $581.625M ▼ $137.762M ▼ $65.613M ▼ 11.281% ▲ $1.43 ▼ $108.387M ▲
Q2-2025 $606.761M ▼ $147.205M ▲ $68.34M ▲ 11.263% ▲ $1.5 ▲ $89.178M ▲
Q1-2025 $607.151M ▼ $141.006M ▼ $65.474M ▲ 10.784% ▲ $1.44 ▲ $87.237M ▲
Q4-2024 $612.864M ▼ $151.15M ▲ $58.107M ▼ 9.481% ▼ $1.29 ▼ $80.123M ▼
Q3-2024 $615.462M $135.665M $77.959M 12.667% $1.73 $88.062M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.332B ▲ $3.711B ▲ $1.997B ▲ $1.693B ▲
Q2-2025 $1.224B ▲ $3.624B ▲ $1.989B ▼ $1.613B ▲
Q1-2025 $1.123B ▲ $3.503B ▲ $1.994B ▼ $1.488B ▲
Q4-2024 $1.051B ▲ $3.408B ▲ $1.996B ▼ $1.391B ▲
Q3-2024 $982.507M $3.365B $1.997B $1.348B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $65.613M ▼ $115.8M ▲ $-6.143M ▼ $-885K ▼ $107.687M ▲ $111.379M ▲
Q2-2025 $68.752M ▲ $96.685M ▲ $-6.017M ▼ $2.99M ▲ $100.99M ▲ $90.668M ▲
Q1-2025 $65.35M ▲ $72.117M ▼ $-4.634M ▲ $1.761M ▼ $72.03M ▲ $67.478M ▼
Q4-2024 $58.567M ▼ $79.849M ▲ $-9.025M ▼ $3.488M ▲ $68.73M ▲ $70.165M ▼
Q3-2024 $79.518M $65.301M $-6.567M $-754K $61.868M $79.556M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $530.00M ▲$520.00M ▼$520.00M ▲$490.00M ▼
Service
Service
 $80.00M ▲$80.00M ▲$90.00M ▲$90.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Over the last few years, Itron’s income statement shows a clear recovery story. Revenue dipped earlier in the period but has grown back and now sits above prior peaks, suggesting demand for its solutions is healthy again. Profitability has improved even more than revenue: gross profit has widened, and operating results have moved from small losses to solid profits. Net income has turned from repeated losses into consistent earnings, with each of the last two years showing better results than the one before. Overall, the trend is one of a successful turnaround, with healthier margins and more predictable profits, though still exposed to swings in large project timing and utility spending cycles.

Balance Sheet

Balance Sheet Itron’s balance sheet has strengthened meaningfully. Total assets have expanded, and shareholders’ equity has steadily built up over the past several years, reflecting the move back to profitability and retained earnings. Cash on hand has risen sharply most recently, giving the company more financial flexibility and a larger buffer against shocks. At the same time, debt has also increased, so the company is using more borrowing alongside its stronger cash position. Taken together, the balance sheet now looks more robust than it did a few years ago, but it does rely more on leverage and will need continued solid cash generation to keep that risk in check.

Cash Flow

Cash Flow Cash flow has shifted from being a concern to becoming a support for the story. Operating cash flow was weak and uneven earlier in the period but has become consistently positive and has grown in recent years, in line with better earnings quality. Free cash flow has stayed positive throughout, but it was modest until recently; now it is stronger and more comfortably covers the company’s needs. Capital spending has been relatively low and stable, suggesting the business does not require heavy ongoing investment just to stand still. This profile—improving operating cash and steady, positive free cash—gives Itron more room to fund innovation, manage debt, and navigate any downturns in new project awards.

Competitive Edge

Competitive Edge Itron occupies a strong niche at the intersection of utilities, smart meters, and grid management technology. Its large installed base of devices and networks at power and water utilities creates meaningful switching costs and long-term customer relationships; utilities are reluctant to change core infrastructure partners once deployed. The company offers end‑to‑end solutions—from hardware in the field to analytics and software services—which simplifies life for customers and reinforces its position as a strategic partner rather than just a component supplier. Extensive patents, decades of domain expertise, and collaborations with well-known industry and technology partners deepen its moat. However, it still faces capable competitors in metering and smart grid solutions, as well as potential pressure from large cloud and software providers expanding into grid analytics, so maintaining differentiation and execution quality remains critical.

Innovation and R&D

Innovation and R&D Innovation is central to Itron’s identity and strategy. The company has committed substantial resources to research and development, focusing on grid‑edge intelligence, distributed intelligence (applications running directly on meters and devices), and advanced metering platforms. Its open platform approach, which lets third parties build applications on top of Itron’s devices and networks, can amplify innovation beyond what the company can create on its own and helps embed Itron more deeply in utility workflows. Partnerships to bring artificial intelligence and machine learning to the grid edge, plus smart city and smart water initiatives, are aimed at moving the business toward higher‑value, software‑rich and analytics‑driven offerings. The upside is the potential for more recurring, higher‑margin revenue; the uncertainty lies in the pace of customer adoption, regulatory approvals, and competitive responses in these emerging areas.

Summary

Itron today looks like a company that has moved from a difficult, transition-heavy period into a more stable growth and profitability phase. Revenues have recovered, margins have improved, and earnings and cash flow now provide a firmer foundation than several years ago. The balance sheet is stronger, with more cash and higher equity, though also more gross debt, which puts a premium on sustaining current cash generation trends. Strategically, Itron is well positioned in smart metering, grid intelligence, and smart infrastructure, with a notable edge in distributed intelligence and an open ecosystem that can attract partners and developers. At the same time, its fortunes are tied to long, complex utility procurement cycles, regulatory environments, and the need to stay ahead of both traditional infrastructure rivals and digital-platform competitors. Future performance will largely depend on how effectively it scales its software and “Outcomes” businesses, executes large deployments, and converts its innovation pipeline—especially grid‑edge AI and smart city and water solutions—into durable, high‑quality earnings.

NEWS

November 19, 2025 · 6:00 PM UTC

Itron and Connected Lighting Solutions Work Together to Expand Smart Lighting Infrastructure in Australia

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November 18, 2025 · 8:45 AM UTC

Itron Expands Presence in United Kingdom Water Sector with New Cyble™ 5 Contract

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October 31, 2025 · 8:30 AM UTC

Itron Announces Third Quarter 2025 Financial Results

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October 30, 2025 · 8:30 AM UTC

Itron Announces Third Quarter 2025 Financial Results

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October 27, 2025 · 8:45 AM UTC

Itron Report Reveals 81% of North American Utilities Already Use AI

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