ITRON, INC. (ITRI) Form 10-Q — Oct 27, 2026
Itron reported Q3 2026 revenue of $599.3 million, up 3% year-over-year, with gross margin expanding to 40.9% from 37.7% and GAAP diluted EPS of $1.61 versus $1.41. Non-GAAP results were stronger still, with non-GAAP diluted EPS of $1.94 (up $0.40) and adjusted EBITDA of $114.5 million (up 18%). Annual recurring revenue grew 25% to $423 million and total backlog held at $4.3 billion. Nine-month revenue declined 3% to $1.75 billion on lower product sales, but service revenue grew 26% in Q3, reflecting the mix shift toward software and recurring offerings including the Locusview ($546.4M) and Urbint acquisitions.
Key figures
- Eps
- 1.61
- Revenue
- 599333000
- Net Income
- 71369000
- Total Debt
- 1610000000
- Revenue Yoy
- 3% increase (Q3); 3% decrease ($46.3M) for nine months
- Total Assets
- 4117027000
- Cash Position
- 840323000
- Shares Outstanding
- 43860429
- Arr
- $423M vs $339M
- Total backlog
- $4.3B; twelve-month backlog $1.7B
- Q3 gross margin
- 40.9% vs 37.7% prior year
- Adjusted ebitda q3
- $114.5M vs $97.2M
- 2026 convertible notes
- $805M, 0% coupon, maturity March 15, 2032, conversion price ~$123.77
- Stock repurchases 2026
- $152.2M (1,050,309 shares for $100M in Feb; 644,188 shares for $52.2M in Q2)
- Non gaap diluted eps q3
- $1.94 vs $1.54
- Urbint acquisition price
- $330.6M
- Locusview acquisition price
- $546.4M
- New repurchase authorization
- $200M over 18 months (May 2026)
- Operating cash flow nine months
- $275.5M
AI analysis
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