Itron Announces Third Quarter 2026 Financial Results
Itron reported Q3 2026 revenue of $599 million, up 3% year-over-year, with GAAP diluted EPS of $1.61 and non-GAAP diluted EPS of $1.94, up from $1.41 and $1.54 a year ago. Adjusted EBITDA hit a record $115 million, up 18%, adjusted gross margin expanded 350 bps to 41.3%, and annual recurring revenue grew 25% to $423 million. Backlog stands at $4.3 billion with Q3 bookings of $482 million. Free cash flow declined $18 million to $96 million on working-capital timing, higher cash taxes, and lower interest income.
Key figures
- Eps
- $1.61 GAAP diluted / $1.94 non-GAAP diluted
- Revenue
- $599 million
- Guidance
- Q4 2026 revenue $621-$636 million, non-GAAP diluted EPS $1.70-$1.80; FY2026 revenue $2.37-$2.385 billion, non-GAAP diluted EPS $6.72-$6.82
- Revenue Yoy
- 3%
- Arr
- $423 million (+25%)
- Backlog
- $4.3 billion
- Q3 bookings
- $482 million
- Free cash flow
- $96 million (down $18 million YoY)
- Adjusted ebitda
- $115 million
- Gaap net income
- $71 million
- Adjusted gross margin
- 41.3% (+350 bps)
AI analysis
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