Earnings Releases·Oct 27, 2026, 8:35 AM ET

Itron — Third Quarter 2026 Earnings Summary

Total revenue increased 3% year-over-year to $599 million, while annual recurring revenue surged 25% to $423 million; GAAP diluted EPS rose to $1.61 and non-GAAP diluted EPS reached $1.94.
Adjusted EBITDA grew 18% to $115 million and adjusted gross margin expanded 350 basis points to 41.3%, though free cash flow declined 16% to $96 million due to working capital changes and higher tax payments.
Full-year 2026 revenue guidance is set between $2.37 billion and $2.385 billion, with non-GAAP diluted EPS forecast between $6.72 and $6.82.
Outcomes revenue grew 9% driven by services, while Device Solutions and Networked Solutions revenues declined 2% and 1% respectively; total backlog stands at $4.3 billion.
Operating expenses increased due to the Urbint and Locusview acquisitions, which management cites as supporting the expanding software and services portfolio.