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Itron (ITRI) Financials

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$97.53 -1.74 (-1.75%)
As of 08/28/2026 04:00 PM Eastern
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Annual Income Statements for Itron

Annual Income Statements for Itron

This table shows Itron's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 13 32 57 -99 49 -58 -81 -9.73 97 239 301
Consolidated Net Income / (Loss)		 15 35 60 -97 52 -57 -78 -9.55 98 241 303
Net Income / (Loss) Continuing Operations		 15 35 60 -97 52 -57 -78 -9.55 98 241 303
Total Pre-Tax Income 		37 85 135 -109 73 -57 -124 -16 127 285 342
Total Operating Income		 53 101 155 -50 133 -10 -79 -7.44 129 264 313
Total Gross Profit		 557 663 677 730 752 602 573 522 714 839 892
Total Revenue		 1,884 2,013 2,018 2,376 2,502 2,173 1,982 1,796 2,174 2,441 2,367
Operating Revenue		 1,884 2,013 2,018 2,376 2,502 2,173 1,982 1,796 2,174 2,441 2,367
Total Cost of Revenue		 1,327 1,351 1,341 1,646 1,750 1,571 1,408 1,273 1,460 1,602 1,475
Operating Cost of Revenue		 1,327 1,351 1,341 1,646 1,750 1,571 1,408 1,273 1,460 1,602 1,475
Total Operating Expenses		 504 562 522 780 620 613 652 530 585 575 579
Selling, General & Admin Expense		 156 320 325 423 347 277 301 290 313 339 353
Research & Development Expense		 162 168 169 208 202 194 197 185 209 215 207
Amortization Expense		 32 25 21 72 64 45 36 26 19 18 18
Restructuring Charge		 -7.26 49 6.42 77 6.28 37 55 -14 44 2.68 0.93
Other Special Charges / (Income)		 - - - 0.00 0.00 60 64 3.51 0.67 0.60 0.08
Total Other Income / (Expense), net		 -16 -16 -20 -59 -60 -46 -45 -8.30 -1.48 20 29
Interest Expense		 12 14 14 58 52 44 29 6.72 8.35 15 22
Interest & Investment Income		 0.76 0.87 2.13 2.15 1.85 3.00 1.56 2.63 9.31 35 48
Other Income / (Expense), net		 -4.22 -3.71 -8.58 -3.41 -9.05 -5.24 -17 -4.21 -2.45 1.22 3.27
Income Tax Expense		 22 50 74 -13 21 0.24 -46 -6.20 29 43 39
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.33 3.28 2.95 2.67 3.41 1.08 2.96 0.19 1.40 2.02 2.28
Basic Earnings per Share		 $0.33 $0.83 $1.48 ($2.53) $1.24 ($1.44) ($1.83) ($0.22) $2.13 $5.27 $6.62
Weighted Average Basic Shares Outstanding		 38.22M 38.21M 38.66M 39.24M 39.56M 40.25M 44.30M 45.10M 45.42M 45.37M 45.49M
Diluted Earnings per Share		 $0.33 $0.82 $1.45 ($2.53) $1.23 ($1.44) ($1.83) ($0.22) $2.11 $5.18 $6.50
Weighted Average Diluted Shares Outstanding		 38.51M 38.64M 39.39M 39.24M 39.98M 40.25M 44.30M 45.10M 45.84M 46.19M 46.32M
Weighted Average Basic & Diluted Shares Outstanding		 -27M 38.30M 38.70M 39.20M 39.96M 40.46M 45.01M 45.29M 45.58M 45.18M 44.94M

Quarterly Income Statements for Itron

This table shows Itron's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 44 52 51 78 58 65 68 66 102 53 53
Consolidated Net Income / (Loss)		 45 52 52 79 59 65 69 66 103 54 53
Net Income / (Loss) Continuing Operations		 45 52 52 79 59 65 69 66 103 54 53
Total Pre-Tax Income 		49 65 67 82 70 82 83 91 86 67 80
Total Operating Income		 49 63 65 74 63 76 76 82 79 68 76
Total Gross Profit		 196 205 210 210 214 217 224 220 232 236 231
Total Revenue		 577 603 609 615 613 607 607 582 572 587 563
Operating Revenue		 577 603 609 615 613 607 607 582 572 587 563
Total Cost of Revenue		 381 398 399 406 399 390 383 362 340 351 332
Operating Cost of Revenue		 381 398 399 406 399 390 383 362 340 351 332
Total Operating Expenses		 147 143 146 136 151 141 147 138 153 169 155
Selling, General & Admin Expense		 82 86 88 80 85 87 88 83 95 105 90
Research & Development Expense		 54 52 53 51 58 50 54 50 53 55 56
Amortization Expense		 4.49 3.99 4.51 4.81 4.52 4.48 4.54 4.40 4.61 8.17 8.48
Restructuring Charge		 7.12 0.20 -0.10 -0.72 3.30 -0.55 1.24 0.19 0.06 0.21 0.23
Other Special Charges / (Income)		 -0.01 0.02 -0.07 0.70 -0.06 0.08 0.00 0.00 - 0.00 0.00
Total Other Income / (Expense), net		 0.19 2.42 2.39 8.49 7.12 6.07 7.07 8.92 7.15 -0.38 4.14
Interest Expense		 1.87 1.89 2.29 5.61 5.59 5.59 5.65 5.65 5.56 5.81 5.77
Interest & Investment Income		 3.35 3.85 5.13 13 12 12 12 14 11 5.66 6.25
Other Income / (Expense), net		 -1.28 0.46 -0.45 0.68 0.53 -0.05 0.41 1.00 1.92 -0.23 3.66
Income Tax Expense		 4.56 13 15 3.52 11 17 15 24 -17 14 27
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.52 0.07 0.54 0.95 0.46 -0.12 0.41 0.61 1.38 0.13 0.20
Basic Earnings per Share		 $0.98 $1.13 $1.12 $1.73 $1.29 $1.44 $1.50 $1.43 $2.25 $1.20 $1.21
Weighted Average Basic Shares Outstanding		 45.42M 45.65M 45.75M 44.98M 45.37M 45.34M 45.63M 45.75M 45.49M 44.73M 44.10M
Diluted Earnings per Share		 $0.97 $1.12 $1.10 $1.70 $1.26 $1.42 $1.47 $1.41 $2.20 $1.18 $1.19
Weighted Average Diluted Shares Outstanding		 45.84M 46.36M 46.53M 45.84M 46.19M 46.17M 46.38M 46.66M 46.32M 45.47M 44.61M
Weighted Average Basic & Diluted Shares Outstanding		 45.58M 45.87M 44.96M 45.09M 45.18M 45.59M 45.72M 45.80M 44.94M 44.34M 43.79M

Annual Cash Flow Statements for Itron

This table details how cash moves in and out of Itron's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 19 2.55 345 -357 28 57 -33 39 100 749 -31
Net Cash From Operating Activities		 73 116 191 110 173 110 155 25 125 238 406
Net Cash From Continuing Operating Activities		 73 116 191 110 173 110 155 25 125 238 406
Net Income / (Loss) Continuing Operations		 15 35 60 -97 52 -57 -78 -9.55 98 241 303
Consolidated Net Income / (Loss)		 15 35 60 -97 52 -57 -78 -9.55 98 241 303
Depreciation Expense		 76 68 63 122 114 97 84 67 56 56 50
Amortization Expense		 2.13 1.08 1.07 7.05 5.63 4.13 18 3.50 3.66 5.49 7.08
Non-Cash Adjustments To Reconcile Net Income		 37 30 12 54 33 106 119 86 42 64 68
Changes in Operating Assets and Liabilities, net		 -57 -18 55 22 -33 -41 12 -122 -75 -129 -22
Net Cash From Investing Activities		 -49 -48 -148 -863 -48 -41 -35 41 -23 -63 -350
Net Cash From Continuing Investing Activities		 -49 -48 -148 -863 -48 -41 -35 41 -23 -63 -350
Purchase of Property, Plant & Equipment		 -44 -44 -49 -60 -61 -46 -35 -20 -27 -31 -23
Acquisitions		 -5.75 -0.95 -99 -803 0.00 0.00 -8.67 0.02 0.00 -34 -325
Divestitures		 - - - - 0.00 1.13 3.14 56 -0.77 0.41 0.28
Other Investing Activities, net		 0.72 -3.03 0.70 0.37 13 4.04 5.33 4.31 4.35 0.85 -2.00
Net Cash From Financing Activities		 7.74 -63 302 396 -98 -12 -153 -19 -3.51 580 -97
Net Cash From Continuing Financing Activities		 7.74 -63 302 396 -98 -12 -153 -19 -3.51 580 -97
Repayment of Debt		 -70 -82 -37 -392 -147 -420 -961 -5.22 -7.18 -25 -4.78
Repurchase of Common Equity		 -38 - 0.00 0.00 -25 0.00 -8.03 -17 0.00 -100 -100
Issuance of Debt		 113 16 335 779 50 400 460 0.00 0.00 805 0.00
Issuance of Common Equity		 2.66 2.89 3.61 9.17 24 8.89 440 3.45 3.67 8.32 7.32
Other Financing Activities, net		 - - - - 0.00 0.00 -84 0.00 0.00 -109 0.00
Effect of Exchange Rate Changes		 -13 -2.74 - - 0.44 0.13 - -6.85 1.89 -5.15 10
Cash Interest Paid		 10 9.92 10 42 45 47 8.98 1.62 1.83 1.34 13
Cash Income Taxes Paid		 29 24 29 14 12 2.69 7.07 12 55 80 56

Quarterly Cash Flow Statements for Itron

This table details how cash moves in and out of Itron's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 47 -1.44 620 62 69 72 101 108 -312 -308 32
Net Cash From Operating Activities		 48 41 52 65 80 72 97 118 119 86 88
Net Cash From Continuing Operating Activities		 48 41 52 65 80 72 97 118 119 86 88
Net Income / (Loss) Continuing Operations		 45 52 52 79 59 65 69 66 103 54 53
Consolidated Net Income / (Loss)		 45 52 52 79 59 65 69 66 103 54 53
Depreciation Expense		 14 13 14 15 15 12 12 12 13 19 19
Amortization Expense		 0.90 0.89 0.98 1.80 1.82 1.78 1.80 1.82 1.68 1.85 1.94
Non-Cash Adjustments To Reconcile Net Income		 10 16 13 13 21 19 18 17 14 26 9.48
Changes in Operating Assets and Liabilities, net		 -22 -40 -28 -43 -17 -27 -3.61 21 -13 -15 4.57
Net Cash From Investing Activities		 -4.31 -41 -6.67 -6.57 -9.03 -4.63 -6.02 -6.14 -333 -522 -3.53
Net Cash From Continuing Investing Activities		 -4.31 -41 -6.67 -6.57 -9.03 -4.63 -6.02 -6.14 -333 -522 -3.53
Purchase of Property, Plant & Equipment		 -8.58 -7.15 -7.11 -6.62 -9.68 -4.64 -6.02 -4.42 -7.81 -6.53 -6.61
Other Investing Activities, net		 4.28 0.13 0.03 0.06 0.64 0.01 - -2.00 - 0.01 3.08
Net Cash From Financing Activities		 -0.87 1.08 576 -0.75 3.49 1.76 2.99 -2.91 -99 131 -52
Net Cash From Continuing Financing Activities		 -0.87 1.08 576 -0.75 3.49 1.76 2.99 -2.91 -99 131 -52
Repayment of Debt		 -2.18 -0.49 -22 -2.10 -0.52 -0.43 -0.25 -3.81 -0.29 -481 -0.60
Repurchase of Common Equity		 - - - - - 0.00 - - -100 -100 -52
Issuance of Common Equity		 1.31 1.56 1.41 1.35 4.00 2.20 3.24 0.90 0.99 0.68 1.29
Effect of Exchange Rate Changes		 4.56 -2.68 -0.77 3.89 -5.58 2.79 7.33 -1.09 1.29 -2.90 -0.64
Cash Interest Paid		 0.25 0.32 0.64 3.10 -2.72 6.61 0.34 5.84 0.37 5.96 0.31
Cash Income Taxes Paid		 26 14 26 19 21 35 11 2.91 7.53 3.30 42

Annual Balance Sheets for Itron

This table presents Itron's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,680 1,578 2,106 2,609 2,708 2,607 2,394 2,378 2,604 3,408 3,721
Total Current Assets		 759 732 850 896 997 930 750 830 1,049 1,816 1,822
Cash & Equivalents		 131 134 176 120 150 207 163 202 302 1,051 1,020
Accounts Receivable		 331 352 398 437 473 370 298 280 304 350 368
Inventories, net		 190 163 194 221 228 182 166 229 284 271 243
Other Current Assets		 107 84 82 118 147 171 123 118 160 143 191
Plant, Property, & Equipment, net		 190 176 201 227 233 208 163 140 129 115 112
Total Noncurrent Assets		 731 669 1,056 1,486 1,477 1,469 1,481 1,408 1,426 1,476 1,786
Goodwill		 468 452 556 1,117 1,104 1,132 1,099 1,039 1,053 1,052 1,345
Intangible Assets		 102 72 95 258 185 133 93 65 46 43 83
Noncurrent Deferred & Refundable Income Taxes		 109 94 50 65 64 76 181 212 247 310 265
Other Noncurrent Operating Assets		 52 50 355 47 124 128 108 93 80 71 93
Total Liabilities & Shareholders' Equity		 1,680 1,578 2,106 2,609 2,708 2,607 2,394 2,378 2,604 3,408 3,721
Total Liabilities		 1,058 927 1,301 1,875 1,907 1,767 1,251 1,187 1,273 1,996 1,983
Total Current Liabilities		 478 413 508 653 671 550 501 499 537 528 1,012
Short-Term Debt		 11 14 20 28 0.00 18 - - - 0.00 460
Accounts Payable		 186 173 262 310 328 216 193 237 200 145 156
Accrued Expenses		 37 25 21 47 39 28 18 18 15 14 11
Current Deferred Revenue		 73 65 41 94 100 113 83 96 124 151 188
Current Deferred & Payable Income Tax Liabilities		 15 10 16 15 22 16 12 15 8.64 20 17
Current Employee Benefit Liabilities		 77 82 91 89 119 86 114 89 136 137 122
Other Current Liabilities		 79 44 57 70 64 73 81 43 54 61 59
Total Noncurrent Liabilities		 580 514 793 1,222 1,236 1,217 750 688 736 1,468 970
Long-Term Debt		 359 290 594 988 932 903 450 453 455 1,242 789
Capital Lease Obligations		 - - - 0.00 69 67 - 44 33 25 20
Noncurrent Deferred & Payable Income Tax Liabilities		 1.72 3.07 1.53 1.54 1.81 1.92 2.00 0.83 0.70 0.57 0.62
Noncurrent Employee Benefit Liabilities		 86 84 96 92 99 119 88 58 64 60 62
Other Noncurrent Operating Liabilities		 133 136 102 141 134 126 210 132 184 140 99
Total Equity & Noncontrolling Interests		 623 650 806 734 801 840 1,143 1,192 1,331 1,411 1,738
Total Preferred & Common Equity		 605 632 786 713 777 817 1,116 1,168 1,311 1,391 1,717
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 605 632 786 713 777 817 1,116 1,168 1,311 1,391 1,717
Common Stock		 1,247 1,270 1,295 1,334 1,358 1,389 1,780 1,788 1,821 1,690 1,661
Retained Earnings		 - - - - - - -516 - - -189 112
Accumulated Other Comprehensive Income / (Loss)		 -642 -639 -508 -622 -581 -573 -148 -620 -510 -110 -57
Noncontrolling Interest		 18 19 19 21 24 24 27 23 21 21 22

Quarterly Balance Sheets for Itron

This table presents Itron's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 2,446 2,499 2,511 2,677 3,284 3,365 3,503 3,624 3,711 3,978 3,994
Total Current Assets		 902 970 1,010 1,097 1,689 1,755 1,903 1,989 2,144 1,525 1,550
Cash & Equivalents		 196 233 255 301 921 983 1,123 1,224 1,332 713 745
Accounts Receivable		 305 319 318 340 317 339 347 340 370 393 351
Inventories, net		 265 267 276 287 292 277 282 283 255 240 259
Other Current Assets		 136 151 161 169 160 157 151 141 187 179 194
Plant, Property, & Equipment, net		 136 133 130 125 122 120 112 116 112 122 122
Total Noncurrent Assets		 1,407 1,396 1,372 1,454 1,472 1,490 1,488 1,519 1,455 2,331 2,322
Goodwill		 1,045 1,047 1,036 1,064 1,060 1,074 1,063 1,088 1,088 1,695 1,691
Intangible Assets		 60 55 50 57 53 48 39 34 30 277 266
Noncurrent Deferred & Refundable Income Taxes		 216 214 209 250 284 290 315 319 260 258 272
Other Noncurrent Operating Assets		 87 80 77 83 76 78 72 78 77 102 94
Total Liabilities & Shareholders' Equity		 2,446 2,499 2,511 2,677 3,284 3,365 3,503 3,624 3,711 3,978 3,994
Total Liabilities		 1,252 1,270 1,254 1,291 2,023 1,997 1,994 1,989 1,997 2,349 2,355
Total Current Liabilities		 537 560 556 578 535 521 983 973 987 574 564
Short-Term Debt		 - - - - - - 458 458 459 0.00 0.00
Accounts Payable		 245 235 224 224 185 153 164 123 145 173 147
Accrued Expenses		 18 18 16 16 15 14 15 13 13 13 11
Current Deferred Revenue		 131 140 137 157 160 161 188 196 184 223 230
Current Deferred & Payable Income Tax Liabilities		 21 14 17 28 13 14 18 14 16 22 25
Current Employee Benefit Liabilities		 77 100 107 94 106 119 90 107 110 92 97
Other Current Liabilities		 44 53 55 60 57 61 50 62 60 51 55
Total Noncurrent Liabilities		 715 710 698 713 1,488 1,475 1,011 1,016 1,010 1,776 1,791
Long-Term Debt		 453 454 454 455 1,240 1,241 786 787 788 1,574 1,575
Capital Lease Obligations		 - - 33 - - - - - 23 28 26
Noncurrent Deferred & Payable Income Tax Liabilities		 0.85 0.85 0.82 0.68 0.67 0.62 0.62 0.66 0.81 9.62 1.39
Noncurrent Employee Benefit Liabilities		 59 60 58 63 62 65 61 66 66 60 60
Other Noncurrent Operating Liabilities		 202 196 152 194 186 169 163 163 133 104 129
Total Equity & Noncontrolling Interests		 1,194 1,229 1,258 1,385 1,261 1,369 1,509 1,634 1,713 1,629 1,638
Total Preferred & Common Equity		 1,171 1,205 1,238 1,365 1,240 1,348 1,488 1,613 1,693 1,607 1,616
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,171 1,205 1,238 1,365 1,240 1,348 1,488 1,613 1,693 1,607 1,616
Common Stock		 1,796 1,804 1,811 1,834 1,663 1,674 1,709 1,729 1,746 1,511 1,472
Retained Earnings		 -537 -513 - -377 -325 -247 -124 -55 10 165 218
Accumulated Other Comprehensive Income / (Loss)		 -88 -86 -574 -92 -98 -78 -96 -60 -63 -69 -74
Noncontrolling Interest		 23 24 20 21 21 20 21 21 20 22 22

Annual Metrics And Ratios for Itron

This table displays calculated financial ratios and metrics derived from Itron's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -3.29% 6.88% 0.25% 17.73% 5.32% -13.15% -8.82% -9.39% 21.06% 12.29% -3.02%
EBITDA Growth		 36.89% 31.50% 26.34% -63.70% 218.76% -64.79% -93.38% 932.41% 217.09% 76.00% 14.01%
EBIT Growth		 779.47% 100.05% 50.38% -136.30% 332.83% -112.65% -518.63% 87.95% 1,184.97% 109.88% 19.22%
NOPAT Growth		 6,259.95% 95.76% 65.75% -150.17% 373.76% -107.64% -662.86% 90.62% 2,010.03% 125.03% 23.97%
Net Income Growth		 167.28% 133.64% 71.88% -260.30% 154.27% -208.51% -37.66% 87.81% 1,129.83% 145.25% 25.80%
EPS Growth		 155.00% 148.48% 76.83% -274.48% 148.62% -217.07% -27.08% 87.98% 1,059.09% 145.50% 25.48%
Operating Cash Flow Growth		 -44.84% 57.93% 65.19% -42.64% 57.48% -36.64% 41.35% -84.17% 410.09% 90.58% 70.44%
Free Cash Flow Firm Growth		 -67.92% 18.25% -527.30% -20.07% 117.36% -67.37% 464.75% -145.31% 212.73% 99.98% -171.26%
Invested Capital Growth		 -5.31% -4.70% 51.30% 31.21% 1.34% -1.89% -11.76% 3.92% 2.05% 5.65% 21.98%
Revenue Q/Q Growth		 0.50% -0.04% 2.80% 1.55% 1.68% -4.53% -1.96% -1.00% 5.31% 1.48% -1.71%
EBITDA Q/Q Growth		 103.85% 10.82% 7.74% -7.33% -0.84% -0.09% -96.21% 202.50% 22.63% 5.73% 4.24%
EBIT Q/Q Growth		 329.67% 22.29% 11.14% -59.74% -1.14% 22.33% -328.88% 91.12% 40.87% 6.11% 5.79%
NOPAT Q/Q Growth		 291.09% 10.91% -18.37% -65.57% -16.88% 26.45% -496.72% 94.16% 27.28% 3.69% 17.69%
Net Income Q/Q Growth		 134.04% 9.96% -14.59% 19.07% -17.16% 11.29% -4,900.61% 89.38% 30.46% 6.01% 17.17%
EPS Q/Q Growth		 128.21% 9.33% -15.20% 19.17% -18.00% 10.56% -2,714.29% 89.37% 29.45% 5.93% 16.91%
Operating Cash Flow Q/Q Growth		 100.47% -14.24% 28.89% -23.91% 1.39% -5.03% -14.05% -52.13% 95.13% 15.50% 10.77%
Free Cash Flow Firm Q/Q Growth		 -32.29% 7.00% -853.36% 37.75% -18.90% -26.22% -19.55% -109.79% 714.55% 74.89% -137.95%
Invested Capital Q/Q Growth		 -3.44% -3.75% 27.43% -0.16% -0.29% 0.39% -2.08% 6.11% 1.79% -1.51% 20.26%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 29.56% 32.91% 33.53% 30.74% 30.06% 27.71% 28.93% 29.08% 32.84% 34.39% 37.69%
EBITDA Margin		 6.73% 8.28% 10.43% 3.22% 9.74% 3.95% 0.29% 3.26% 8.55% 13.40% 15.75%
Operating Margin		 2.81% 5.02% 7.67% -2.09% 5.30% -0.48% -4.00% -0.41% 5.93% 10.82% 13.23%
EBIT Margin		 2.58% 4.83% 7.25% -2.23% 4.94% -0.72% -4.88% -0.65% 5.82% 10.87% 13.36%
Profit (Net Income) Margin		 0.80% 1.74% 2.99% -4.06% 2.09% -2.62% -3.95% -0.53% 4.52% 9.88% 12.81%
Tax Burden Percent		 40.44% 41.42% 44.77% 88.48% 71.77% 100.42% 63.24% 60.64% 77.18% 84.74% 88.63%
Interest Burden Percent		 76.29% 86.99% 91.99% 205.55% 59.07% 362.23% 128.00% 135.11% 100.76% 107.24% 108.20%
Effective Tax Rate		 59.56% 58.58% 55.23% 0.00% 28.23% 0.00% 0.00% 0.00% 22.82% 15.26% 11.37%
Return on Invested Capital (ROIC)		 2.41% 4.97% 6.72% -2.42% 5.80% -0.44% -3.64% -0.36% 6.62% 14.35% 15.36%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.41% 1.66% 3.73% -11.69% 0.90% -6.52% -7.90% -1.85% 6.15% 23.54% 26.51%
Return on Net Nonoperating Assets (RNNOA)		 -0.14% 0.54% 1.56% -10.12% 1.03% -6.49% -4.26% -0.46% 1.17% 3.23% 3.91%
Return on Equity (ROE)		 2.27% 5.51% 8.28% -12.55% 6.83% -6.93% -7.90% -0.82% 7.79% 17.58% 19.26%
Cash Return on Invested Capital (CROIC)		 7.86% 9.79% -34.11% -29.42% 4.47% 1.46% 8.86% -4.20% 4.60% 8.85% -4.45%
Operating Return on Assets (OROA)		 2.83% 5.97% 7.94% -2.25% 4.65% -0.59% -3.87% -0.49% 5.07% 8.83% 8.88%
Return on Assets (ROA)		 0.87% 2.15% 3.27% -4.10% 1.97% -2.14% -3.13% -0.40% 3.95% 8.02% 8.51%
Return on Common Equity (ROCE)		 2.21% 5.35% 8.06% -12.21% 6.63% -6.73% -7.70% -0.80% 7.66% 17.32% 19.00%
Return on Equity Simple (ROE_SIMPLE)		 2.48% 5.55% 7.66% -13.55% 6.75% -6.97% -7.02% -0.82% 7.50% 17.34% 0.00%
Net Operating Profit after Tax (NOPAT)		 21 42 69 -35 95 -7.28 -56 -5.21 99 224 277
NOPAT Margin		 1.13% 2.08% 3.44% -1.46% 3.81% -0.33% -2.80% -0.29% 4.58% 9.17% 11.72%
Net Nonoperating Expense Percent (NNEP)		 2.82% 3.31% 2.99% 9.27% 4.90% 6.08% 4.27% 1.49% 0.48% -9.19% -11.15%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -0.31% 5.47% 8.43% 9.23%
Cost of Revenue to Revenue		 70.44% 67.09% 66.47% 69.26% 69.94% 72.29% 71.08% 70.92% 67.16% 65.61% 62.31%
SG&A Expenses to Revenue		 8.27% 15.87% 16.12% 17.81% 13.86% 12.74% 15.17% 16.18% 14.39% 13.89% 14.91%
R&D to Revenue		 8.62% 8.33% 8.39% 8.75% 8.08% 8.93% 9.95% 10.31% 9.60% 8.81% 8.75%
Operating Expenses to Revenue		 26.75% 27.89% 25.86% 32.83% 24.76% 28.19% 32.93% 29.50% 26.92% 23.57% 24.46%
Earnings before Interest and Taxes (EBIT)		 49 97 146 -53 124 -16 -97 -12 126 265 316
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 127 167 211 76 244 86 5.68 59 186 327 373
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.27 3.81 3.36 2.62 4.28 4.74 2.78 1.96 2.62 3.52 2.48
Price to Tangible Book Value (P/TBV)		 39.51 22.48 19.50 0.00 0.00 0.00 0.00 35.31 16.19 16.58 14.75
Price to Revenue (P/Rev)		 0.73 1.19 1.31 0.78 1.33 1.78 1.57 1.27 1.58 2.01 1.80
Price to Earnings (P/E)		 108.15 75.69 46.09 0.00 67.78 0.00 0.00 0.00 35.44 20.48 14.13
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.92% 1.32% 2.17% 0.00% 1.48% 0.00% 0.00% 0.00% 2.82% 4.88% 7.08%
Enterprise Value to Invested Capital (EV/IC)		 1.89 3.16 2.49 1.71 2.54 2.89 2.39 1.75 2.40 3.19 2.28
Enterprise Value to Revenue (EV/Rev)		 0.86 1.29 1.53 1.17 1.68 2.15 1.72 1.45 1.68 2.09 1.91
Enterprise Value to EBITDA (EV/EBITDA)		 12.85 15.56 14.71 36.39 17.23 54.54 601.79 44.47 19.59 15.62 12.13
Enterprise Value to EBIT (EV/EBIT)		 33.48 26.67 21.17 0.00 33.95 0.00 0.00 0.00 28.80 19.25 14.30
Enterprise Value to NOPAT (EV/NOPAT)		 76.19 62.02 44.67 0.00 44.08 0.00 0.00 0.00 36.61 22.82 16.30
Enterprise Value to Operating Cash Flow (EV/OCF)		 22.20 22.39 16.19 25.35 24.29 42.72 22.07 106.38 29.14 21.45 11.14
Enterprise Value to Free Cash Flow (EV/FCFF)		 23.37 31.49 0.00 0.00 57.21 195.46 25.27 0.00 52.74 37.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.59 0.47 0.76 1.39 1.25 1.18 0.39 0.42 0.37 0.88 0.73
Long-Term Debt to Equity		 0.58 0.45 0.74 1.35 1.25 1.15 0.39 0.42 0.37 0.88 0.47
Financial Leverage		 0.34 0.32 0.42 0.87 1.14 0.99 0.54 0.25 0.19 0.14 0.15
Leverage Ratio		 2.60 2.56 2.53 3.06 3.46 3.24 2.52 2.04 1.97 2.19 2.26
Compound Leverage Factor		 1.98 2.23 2.33 6.29 2.05 11.73 3.23 2.76 1.99 2.35 2.45
Debt to Total Capital		 37.28% 31.89% 43.22% 58.07% 55.57% 54.03% 28.26% 29.43% 26.80% 46.82% 42.18%
Short-Term Debt to Total Capital		 1.13% 1.47% 1.39% 1.62% 0.00% 1.00% 0.00% 0.00% 0.00% 0.00% 15.29%
Long-Term Debt to Total Capital		 36.15% 30.42% 41.83% 56.45% 55.57% 53.03% 28.26% 29.43% 26.80% 46.82% 26.89%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.81% 1.96% 1.35% 1.22% 1.35% 1.30% 1.68% 1.37% 1.13% 0.78% 0.72%
Common Equity to Total Capital		 60.91% 66.15% 55.42% 40.71% 43.09% 44.67% 70.06% 69.20% 72.07% 52.40% 57.10%
Debt to EBITDA		 2.92 1.83 2.91 13.30 4.11 11.51 79.31 8.48 2.62 3.80 3.40
Net Debt to EBITDA		 1.89 1.03 2.08 11.73 3.49 9.10 50.67 5.03 1.00 0.58 0.66
Long-Term Debt to EBITDA		 2.83 1.74 2.82 12.93 4.11 11.30 79.31 8.48 2.62 3.80 2.17
Debt to NOPAT		 17.32 7.28 8.84 -29.23 10.52 -135.75 -8.11 -95.42 4.90 5.55 4.57
Net Debt to NOPAT		 11.19 4.09 6.30 -25.77 8.94 -107.31 -5.18 -56.63 1.86 0.85 0.89
Long-Term Debt to NOPAT		 16.80 6.94 8.56 -28.41 10.52 -133.22 -8.11 -95.42 4.90 5.55 2.91
Altman Z-Score		 2.20 3.28 2.60 1.55 2.26 2.30 2.01 2.06 2.85 2.82 2.51
Noncontrolling Interest Sharing Ratio		 2.69% 2.88% 2.61% 2.64% 2.98% 2.93% 2.54% 2.13% 1.73% 1.51% 1.35%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.59 1.77 1.67 1.37 1.49 1.69 1.50 1.66 1.95 3.44 1.80
Quick Ratio		 0.97 1.17 1.13 0.85 0.93 1.05 0.92 0.97 1.13 2.65 1.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 70 82 -352 -423 73 24 135 -61 69 138 -80
Operating Cash Flow to CapEx		 167.02% 266.04% 386.61% 183.07% 284.52% 237.00% 446.32% 124.07% 464.85% 779.32% 1,773.41%
Free Cash Flow to Firm to Interest Expense		 5.67 6.09 -25.42 -7.26 1.40 0.54 4.72 -9.11 8.27 8.98 -3.58
Operating Cash Flow to Interest Expense		 5.97 8.57 13.82 1.89 3.30 2.49 5.41 3.64 14.97 15.49 18.08
Operating Cash Flow Less CapEx to Interest Expense		 2.40 5.35 10.25 0.86 2.14 1.44 4.19 0.71 11.75 13.50 17.06
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.10 1.24 1.10 1.01 0.94 0.82 0.79 0.75 0.87 0.81 0.66
Accounts Receivable Turnover		 5.56 5.90 5.39 5.69 5.50 5.16 5.93 6.20 7.44 7.46 6.59
Inventory Turnover		 7.70 7.64 7.52 7.94 7.80 7.66 8.09 6.46 5.70 5.78 5.74
Fixed Asset Turnover		 9.48 10.98 10.70 11.12 10.89 9.86 10.68 11.84 16.17 19.99 20.80
Accounts Payable Turnover		 7.18 7.53 6.17 5.75 5.49 5.78 6.89 5.92 6.69 9.30 9.79
Days Sales Outstanding (DSO)		 65.64 61.86 67.78 64.15 66.37 70.77 61.55 58.84 49.05 48.92 55.38
Days Inventory Outstanding (DIO)		 47.41 47.77 48.55 45.96 46.78 47.66 45.12 56.54 64.06 63.18 63.55
Days Payable Outstanding (DPO)		 50.84 48.45 59.16 63.44 66.54 63.16 52.97 61.67 54.60 39.25 37.27
Cash Conversion Cycle (CCC)		 62.20 61.18 57.17 46.67 46.61 55.26 53.70 53.71 58.52 72.85 81.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 862 821 1,243 1,630 1,652 1,621 1,430 1,486 1,517 1,603 1,986
Invested Capital Turnover		 2.13 2.39 1.96 1.65 1.52 1.33 1.30 1.23 1.45 1.56 1.31
Increase / (Decrease) in Invested Capital		 -48 -41 421 388 22 -31 -191 56 30 86 358
Enterprise Value (EV)		 1,628 2,594 3,097 2,782 4,198 4,679 3,416 2,606 3,641 5,108 4,522
Market Capitalization		 1,371 2,405 2,641 1,864 3,322 3,874 3,102 2,288 3,435 4,896 4,253
Book Value per Share		 $15.96 $16.51 $20.31 $18.08 $19.63 $20.21 $24.65 $25.86 $28.82 $30.84 $37.48
Tangible Book Value per Share		 $0.92 $2.80 $3.50 ($16.78) ($12.95) ($11.10) ($1.67) $1.43 $4.66 $6.55 $6.29
Total Capital		 993 955 1,419 1,751 1,802 1,828 1,593 1,688 1,819 2,654 3,006
Total Debt		 370 305 613 1,017 1,001 988 450 497 487 1,242 1,268
Total Long-Term Debt		 359 290 594 988 1,001 969 450 497 487 1,242 808
Net Debt		 239 171 437 896 851 781 288 295 185 191 248
Capital Expenditures (CapEx)		 44 44 49 60 61 46 35 20 27 31 23
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 161 200 185 152 176 192 86 129 210 236 249
Debt-free Net Working Capital (DFNWC)		 292 333 362 272 326 399 249 331 512 1,288 1,270
Net Working Capital (NWC)		 281 319 342 243 326 380 249 331 512 1,288 810
Net Nonoperating Expense (NNE)		 6.37 6.78 9.09 62 43 50 23 4.34 1.14 -17 -26
Net Nonoperating Obligations (NNO)		 239 171 437 896 851 781 288 295 185 191 248
Total Depreciation and Amortization (D&A)		 78 69 64 130 120 101 102 70 59 62 57
Debt-free, Cash-free Net Working Capital to Revenue		 8.57% 9.93% 9.19% 6.38% 7.03% 8.82% 4.34% 7.18% 9.67% 9.68% 10.53%
Debt-free Net Working Capital to Revenue		 15.52% 16.56% 17.92% 11.44% 13.02% 18.35% 12.54% 18.44% 23.56% 52.75% 53.63%
Net Working Capital to Revenue		 14.93% 15.87% 16.94% 10.25% 13.02% 17.50% 12.54% 18.44% 23.56% 52.75% 34.22%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.33 $0.83 $1.48 ($2.53) $1.24 ($1.44) ($1.83) ($0.22) $2.13 $5.27 $6.62
Adjusted Weighted Average Basic Shares Outstanding		 38.22M 38.21M 38.66M 39.24M 39.56M 40.25M 44.30M 45.10M 45.42M 45.37M 45.49M
Adjusted Diluted Earnings per Share		 $0.33 $0.82 $1.45 ($2.53) $1.23 ($1.44) ($1.83) ($0.22) $2.11 $5.18 $6.50
Adjusted Weighted Average Diluted Shares Outstanding		 38.51M 38.64M 39.39M 39.24M 39.98M 40.25M 44.30M 45.10M 45.84M 46.19M 46.32M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 -27M 38.33M 38.78M 39.54M 39.96M 40.46M 45.01M 45.29M 45.58M 45.18M 44.94M
Normalized Net Operating Profit after Tax (NOPAT)		 32 105 113 19 100 61 28 15 134 227 278
Normalized NOPAT Margin		 1.69% 5.22% 5.59% 0.81% 3.99% 2.78% 1.40% 0.82% 6.16% 9.28% 11.76%
Pre Tax Income Margin		 1.97% 4.20% 6.67% -4.59% 2.92% -2.61% -6.25% -0.88% 5.86% 11.66% 14.46%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.96 7.20 10.57 -0.91 2.36 -0.36 -3.38 -1.73 15.14 17.25 14.09
NOPAT to Interest Expense		 1.74 3.09 5.01 -0.60 1.82 -0.17 -1.94 -0.77 11.91 14.55 12.36
EBIT Less CapEx to Interest Expense		 0.38 3.97 6.99 -1.94 1.20 -1.41 -4.59 -4.67 11.92 15.27 13.07
NOPAT Less CapEx to Interest Expense		 -1.83 -0.13 1.43 -1.63 0.66 -1.22 -3.15 -3.71 8.69 12.57 11.34
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 255.17% 0.00% 0.00% 0.00% 47.70% 0.00% -10.25% -177.77% 0.00% 41.47% 32.97%

Quarterly Metrics And Ratios for Itron

This table displays calculated financial ratios and metrics derived from Itron's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 44,941,206.00 44,339,347.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 44,941,206.00 44,339,347.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.19 1.20
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 23.46% 22.00% 12.57% 9.75% 6.18% 0.61% -0.38% -5.50% -6.72% -3.32% -7.23%
EBITDA Growth		 120.96% 2,107.09% 58.66% 29.96% 28.32% 17.06% 15.30% 6.05% 18.87% -2.54% 10.52%
EBIT Growth		 324.35% 633.06% 84.66% 34.35% 31.83% 20.39% 19.66% 10.95% 27.37% -11.58% 3.77%
NOPAT Growth		 77.46% 785.47% 94.66% 78.13% 17.58% 21.38% 25.84% -15.64% 79.54% -10.97% -19.41%
Net Income Growth		 104.59% 530.23% 106.59% 95.59% 30.42% 26.19% 32.57% -16.08% 75.88% -18.00% -22.22%
EPS Growth		 97.96% 530.77% 107.55% 95.40% 29.90% 26.79% 33.64% -17.06% 74.60% -16.90% -19.05%
Operating Cash Flow Growth		 467.57% 2,790.69% 24.44% 91.57% 66.72% 74.58% 86.95% 80.44% 49.43% 18.56% -8.89%
Free Cash Flow Firm Growth		 146.43% -232.76% -4,155.14% -33.20% -331.63% 25.51% 84.05% 153.91% -350.15% -2,772.08% -6,070.82%
Invested Capital Growth		 2.05% 6.12% 8.97% 9.19% 5.65% 5.82% 4.79% 1.48% 21.98% 54.52% 50.66%
Revenue Q/Q Growth		 2.92% 4.55% 0.93% 1.05% -0.42% -0.93% -0.06% -4.14% -1.71% 2.68% -4.10%
EBITDA Q/Q Growth		 -10.67% 22.76% 2.35% 15.79% -11.80% 11.99% 0.81% 6.50% -1.13% -8.18% 14.32%
EBIT Q/Q Growth		 -13.59% 31.84% 1.48% 16.21% -15.22% 20.40% 0.87% 7.75% -2.66% -16.42% 18.38%
NOPAT Q/Q Growth		 12.58% 11.48% 0.28% 41.54% -25.69% 15.09% 3.96% -5.11% 58.15% -42.93% -5.90%
Net Income Q/Q Growth		 11.31% 15.32% 0.14% 52.16% -25.78% 11.58% 5.21% -3.68% 55.55% -47.98% -0.21%
EPS Q/Q Growth		 11.49% 15.46% -1.79% 54.55% -25.88% 12.70% 3.52% -4.08% 56.03% -46.36% 0.85%
Operating Cash Flow Q/Q Growth		 40.51% -13.75% 25.20% 26.27% 22.28% -9.68% 34.07% 21.87% 1.27% -28.34% 3.03%
Free Cash Flow Firm Q/Q Growth		 128.83% -183.06% -105.19% 17.40% 49.86% 12.35% 56.06% 379.13% -838.85% -216.92% 5.59%
Invested Capital Q/Q Growth		 1.79% 3.77% 2.58% 2.99% -1.51% 1.69% 1.58% -0.26% 20.26% 26.81% -0.95%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 34.03% 34.03% 34.55% 34.06% 34.90% 35.78% 36.85% 37.75% 40.54% 40.26% 40.97%
EBITDA Margin		 10.85% 12.74% 12.92% 14.81% 13.11% 14.83% 14.96% 16.62% 16.71% 14.95% 17.82%
Operating Margin		 8.54% 10.41% 10.61% 12.01% 10.24% 12.55% 12.59% 14.06% 13.76% 11.51% 13.51%
EBIT Margin		 8.31% 10.48% 10.54% 12.12% 10.32% 12.54% 12.66% 14.23% 14.09% 11.47% 14.16%
Profit (Net Income) Margin		 7.78% 8.58% 8.51% 12.82% 9.56% 10.76% 11.33% 11.39% 18.02% 9.13% 9.50%
Tax Burden Percent		 90.79% 79.41% 77.36% 95.74% 83.85% 79.42% 82.36% 73.01% 120.05% 79.75% 66.67%
Interest Burden Percent		 103.08% 103.09% 104.42% 110.47% 110.42% 108.03% 108.66% 109.57% 106.49% 99.78% 100.61%
Effective Tax Rate		 9.21% 20.59% 22.64% 4.26% 16.15% 20.58% 17.64% 26.99% -20.05% 20.25% 33.33%
Return on Invested Capital (ROIC)		 11.22% 12.61% 12.74% 17.75% 13.43% 15.38% 15.66% 15.08% 21.64% 10.39% 10.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.29% 13.54% 13.43% 21.06% 16.60% 18.88% 19.08% 21.72% 25.34% 10.33% 10.63%
Return on Net Nonoperating Assets (RNNOA)		 2.15% 2.16% 2.91% 3.94% 2.28% 1.80% 2.24% 1.38% 3.73% 3.32% 2.85%
Return on Equity (ROE)		 13.37% 14.77% 15.65% 21.68% 15.71% 17.17% 17.90% 16.47% 25.38% 13.71% 12.85%
Cash Return on Invested Capital (CROIC)		 4.60% 4.76% 3.58% 5.06% 8.85% 9.13% 10.59% 12.91% -4.45% -29.76% -27.92%
Operating Return on Assets (OROA)		 7.25% 9.34% 8.57% 9.92% 8.38% 9.92% 8.95% 9.69% 9.36% 7.20% 8.56%
Return on Assets (ROA)		 6.79% 7.65% 6.92% 10.49% 7.76% 8.52% 8.01% 7.75% 11.97% 5.73% 5.74%
Return on Common Equity (ROCE)		 13.14% 14.52% 15.37% 21.35% 15.47% 16.93% 17.64% 16.25% 25.03% 13.53% 12.68%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 11.88% 15.24% 16.87% 0.00% 17.11% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 45 50 50 71 53 61 63 60 94 54 51
NOPAT Margin		 7.75% 8.26% 8.21% 11.50% 8.58% 9.97% 10.37% 10.27% 16.52% 9.18% 9.01%
Net Nonoperating Expense Percent (NNEP)		 -0.07% -0.93% -0.69% -3.31% -3.17% -3.50% -3.42% -6.64% -3.70% 0.06% -0.63%
Return On Investment Capital (ROIC_SIMPLE)		 2.46% - - - 1.98% 2.20% 2.19% 2.00% 3.14% 1.67% 1.57%
Cost of Revenue to Revenue		 65.97% 65.97% 65.45% 65.94% 65.10% 64.22% 63.15% 62.25% 59.46% 59.74% 59.03%
SG&A Expenses to Revenue		 14.14% 14.25% 14.52% 12.94% 13.88% 14.31% 14.44% 14.29% 16.67% 17.95% 15.94%
R&D to Revenue		 9.34% 8.68% 8.71% 8.33% 9.52% 8.25% 8.87% 8.60% 9.29% 9.37% 9.97%
Operating Expenses to Revenue		 25.49% 23.63% 23.94% 22.04% 24.66% 23.22% 24.26% 23.69% 26.78% 28.75% 27.46%
Earnings before Interest and Taxes (EBIT)		 48 63 64 75 63 76 77 83 81 67 80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 63 77 79 91 80 90 91 97 96 88 100
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.62 3.08 3.66 3.56 3.52 3.18 3.72 3.36 2.48 2.51 2.37
Price to Tangible Book Value (P/TBV)		 16.19 17.30 35.76 21.19 16.58 12.23 12.23 9.90 14.75 0.00 0.00
Price to Revenue (P/Rev)		 1.58 1.84 1.93 2.00 2.01 1.94 2.46 2.36 1.80 1.72 1.67
Price to Earnings (P/E)		 35.44 26.23 24.20 21.31 20.48 18.72 22.23 22.11 14.13 13.94 14.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.82% 3.81% 4.13% 4.69% 4.88% 5.34% 4.50% 4.52% 7.08% 7.18% 7.14%
Enterprise Value to Invested Capital (EV/IC)		 2.40 2.85 3.09 3.12 3.19 2.99 3.65 3.42 2.28 1.96 1.89
Enterprise Value to Revenue (EV/Rev)		 1.68 1.92 2.08 2.11 2.09 1.99 2.47 2.35 1.91 2.10 2.05
Enterprise Value to EBITDA (EV/EBITDA)		 19.59 16.91 16.92 16.43 15.62 14.33 17.16 15.80 12.13 13.33 12.40
Enterprise Value to EBIT (EV/EBIT)		 28.80 21.75 21.12 20.32 19.25 17.52 20.78 18.90 14.30 16.06 15.19
Enterprise Value to NOPAT (EV/NOPAT)		 36.61 27.39 26.48 23.54 22.82 20.80 24.46 23.98 16.30 18.21 18.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.14 26.60 27.88 24.64 21.45 18.12 19.25 15.42 11.14 11.78 11.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 52.74 61.61 90.04 64.37 37.00 33.67 35.27 26.70 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.37 0.33 0.98 0.91 0.88 0.82 0.76 0.74 0.73 0.98 0.98
Long-Term Debt to Equity		 0.37 0.33 0.98 0.91 0.88 0.52 0.48 0.47 0.47 0.98 0.98
Financial Leverage		 0.19 0.16 0.22 0.19 0.14 0.10 0.12 0.06 0.15 0.32 0.27
Leverage Ratio		 1.97 1.99 2.32 2.24 2.19 2.14 2.39 2.30 2.26 2.38 2.33
Compound Leverage Factor		 2.04 2.05 2.43 2.47 2.42 2.31 2.59 2.52 2.41 2.38 2.34
Debt to Total Capital		 26.80% 24.74% 49.58% 47.55% 46.82% 45.18% 43.24% 42.56% 42.18% 49.58% 49.43%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 16.63% 15.92% 15.38% 15.29% 0.00% 0.00%
Long-Term Debt to Total Capital		 26.80% 24.74% 49.58% 47.55% 46.82% 28.56% 27.33% 27.18% 26.89% 49.58% 49.43%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 1.13% 1.12% 0.85% 0.78% 0.78% 0.75% 0.73% 0.68% 0.72% 0.67% 0.68%
Common Equity to Total Capital		 72.07% 74.14% 49.57% 51.67% 52.40% 54.06% 56.02% 56.76% 57.10% 49.74% 49.89%
Debt to EBITDA		 2.62 1.76 4.30 4.01 3.80 3.66 3.54 3.55 3.40 4.32 4.21
Net Debt to EBITDA		 1.00 0.60 1.11 0.84 0.58 0.35 0.06 -0.17 0.66 2.40 2.25
Long-Term Debt to EBITDA		 2.62 1.76 4.30 4.01 3.80 2.31 2.23 2.27 2.17 4.32 4.21
Debt to NOPAT		 4.90 2.85 6.73 5.75 5.55 5.31 5.04 5.39 4.57 5.91 6.17
Net Debt to NOPAT		 1.86 0.97 1.73 1.20 0.85 0.51 0.09 -0.26 0.89 3.28 3.30
Long-Term Debt to NOPAT		 4.90 2.85 6.73 5.75 5.55 3.35 3.19 3.44 2.91 5.91 6.17
Altman Z-Score		 2.75 2.92 2.41 2.57 2.62 2.46 2.87 2.81 2.30 2.02 1.99
Noncontrolling Interest Sharing Ratio		 1.73% 1.68% 1.80% 1.54% 1.51% 1.43% 1.46% 1.32% 1.35% 1.35% 1.32%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.95 1.90 3.16 3.36 3.44 1.93 2.04 2.17 1.80 2.66 2.75
Quick Ratio		 1.13 1.11 2.31 2.53 2.65 1.49 1.61 1.72 1.37 1.93 1.94
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 14 -39 -80 -66 -33 -29 -13 36 -263 -835 -788
Operating Cash Flow to CapEx		 558.22% 578.14% 727.38% 985.97% 824.55% 1,554.58% 1,606.86% 2,665.21% 1,527.02% 1,309.96% 1,333.70%
Free Cash Flow to Firm to Interest Expense		 7.65 -20.61 -34.96 -11.80 -5.93 -5.20 -2.26 6.31 -47.34 -143.68 -136.62
Operating Cash Flow to Interest Expense		 25.61 21.82 22.58 11.65 14.28 12.89 17.12 20.87 21.45 14.72 15.27
Operating Cash Flow Less CapEx to Interest Expense		 21.02 18.05 19.48 10.47 12.55 12.06 16.05 20.08 20.04 13.60 14.13
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.87 0.89 0.81 0.82 0.81 0.79 0.71 0.68 0.66 0.63 0.60
Accounts Receivable Turnover		 7.44 7.07 7.40 7.32 7.46 7.12 7.43 6.80 6.59 6.35 6.66
Inventory Turnover		 5.70 5.50 5.55 5.73 5.78 5.60 5.49 5.77 5.74 5.50 5.11
Fixed Asset Turnover		 16.17 17.46 18.46 19.23 19.99 20.59 20.56 20.72 20.80 20.00 19.42
Accounts Payable Turnover		 6.69 6.49 7.39 8.40 9.30 8.21 10.25 10.30 9.79 8.51 10.26
Days Sales Outstanding (DSO)		 49.05 51.59 49.35 49.84 48.92 51.25 49.10 53.67 55.38 57.52 54.79
Days Inventory Outstanding (DIO)		 64.06 66.34 65.75 63.71 63.18 65.18 66.51 63.27 63.55 66.32 71.43
Days Payable Outstanding (DPO)		 54.60 56.26 49.39 43.43 39.25 44.44 35.61 35.43 37.27 42.88 35.56
Cash Conversion Cycle (CCC)		 58.52 61.67 65.72 70.12 72.85 72.00 80.00 81.51 81.65 80.97 90.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,517 1,540 1,580 1,627 1,603 1,630 1,656 1,651 1,986 2,518 2,494
Invested Capital Turnover		 1.45 1.53 1.55 1.54 1.56 1.54 1.51 1.47 1.31 1.13 1.11
Increase / (Decrease) in Invested Capital		 30 89 130 137 86 90 76 24 358 889 839
Enterprise Value (EV)		 3,641 4,384 4,879 5,081 5,108 4,874 6,043 5,653 4,522 4,939 4,715
Market Capitalization		 3,435 4,209 4,539 4,802 4,896 4,733 6,001 5,695 4,253 4,028 3,837
Book Value per Share		 $28.82 $29.89 $27.02 $29.99 $30.84 $32.94 $35.39 $37.04 $37.48 $35.76 $36.45
Tangible Book Value per Share		 $4.66 $5.33 $2.77 $5.04 $6.55 $8.57 $10.76 $12.59 $6.29 ($8.12) ($7.68)
Total Capital		 1,819 1,841 2,500 2,610 2,654 2,753 2,880 2,983 3,006 3,231 3,239
Total Debt		 487 455 1,240 1,241 1,242 1,244 1,245 1,270 1,268 1,602 1,601
Total Long-Term Debt		 487 455 1,240 1,241 1,242 786 787 811 808 1,602 1,601
Net Debt		 185 155 319 258 191 121 21 -62 248 889 856
Capital Expenditures (CapEx)		 8.58 7.15 7.11 6.62 9.68 4.64 6.02 4.42 7.81 6.53 6.61
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 210 218 234 251 236 254 250 284 249 238 240
Debt-free Net Working Capital (DFNWC)		 512 519 1,154 1,233 1,288 1,377 1,474 1,616 1,270 951 985
Net Working Capital (NWC)		 512 519 1,154 1,233 1,288 919 1,016 1,157 810 951 985
Net Nonoperating Expense (NNE)		 -0.17 -1.92 -1.85 -8.13 -5.97 -4.82 -5.82 -6.51 -8.58 0.30 -2.76
Net Nonoperating Obligations (NNO)		 185 155 319 258 191 121 21 -62 248 889 856
Total Depreciation and Amortization (D&A)		 15 14 14 17 17 14 14 14 15 20 21
Debt-free, Cash-free Net Working Capital to Revenue		 9.67% 9.56% 9.94% 10.42% 9.68% 10.37% 10.23% 11.78% 10.53% 10.15% 10.42%
Debt-free Net Working Capital to Revenue		 23.56% 22.73% 49.11% 51.27% 52.75% 56.32% 60.36% 67.08% 53.63% 40.52% 42.78%
Net Working Capital to Revenue		 23.56% 22.73% 49.11% 51.27% 52.75% 37.60% 41.59% 48.03% 34.22% 40.52% 42.78%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.98 $1.13 $1.12 $1.73 $1.29 $1.44 $1.50 $1.43 $2.25 $1.20 $1.21
Adjusted Weighted Average Basic Shares Outstanding		 45.42M 45.65M 45.75M 44.98M 45.37M 45.34M 45.63M 45.75M 45.49M 44.73M 44.10M
Adjusted Diluted Earnings per Share		 $0.97 $1.12 $1.10 $1.70 $1.26 $1.42 $1.47 $1.41 $2.20 $1.18 $1.19
Adjusted Weighted Average Diluted Shares Outstanding		 45.84M 46.36M 46.53M 45.84M 46.19M 46.17M 46.38M 46.66M 46.32M 45.47M 44.61M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 45.58M 45.87M 44.96M 45.09M 45.18M 45.59M 45.72M 45.80M 44.94M 44.34M 43.79M
Normalized Net Operating Profit after Tax (NOPAT)		 51 50 50 71 55 60 64 60 55 54 51
Normalized NOPAT Margin		 8.87% 8.29% 8.19% 11.50% 9.03% 9.91% 10.54% 10.29% 9.64% 9.21% 9.04%
Pre Tax Income Margin		 8.57% 10.81% 11.01% 13.39% 11.40% 13.55% 13.76% 15.59% 15.01% 11.45% 14.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 25.66 33.42 28.04 13.31 11.31 13.62 13.60 14.66 14.48 11.59 13.82
NOPAT to Interest Expense		 23.92 26.34 21.84 12.63 9.41 10.82 11.14 10.57 16.97 9.28 8.79
EBIT Less CapEx to Interest Expense		 21.07 29.65 24.93 12.13 9.58 12.79 12.54 13.88 13.08 10.47 12.68
NOPAT Less CapEx to Interest Expense		 19.33 22.57 18.73 11.45 7.68 9.99 10.08 9.79 15.57 8.15 7.65
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 52.94% 43.96% 41.47% 0.00% 0.00% 0.00% 32.97% 68.59% 91.29%

Financials Breakdown Chart

Key Financial Trends

Itron’s latest results show a business with substantially improved profitability and operating cash generation compared with 2023, although recent revenue has softened and the balance sheet now carries considerably more debt following acquisition activity. Q2 2026 revenue was $562.9 million, down 7.2% from the restated Q2 2025 figure of $606.8 million and down 4.1% sequentially from Q1 2026. However, the company’s gross margin improved to approximately 41.0%, compared with 36.9% in Q2 2025 and 40.3% in Q1 2026.

Operating income was $76.1 million in Q2 2026, representing a 13.5% operating margin. That margin was well above the 10.6% recorded in Q2 2025, though below the 13.8% margin in Q4 2025 and 13.9% in Q3 2025. Net income attributable to common shareholders was $53.3 million, or $1.19 per diluted share, compared with $68.3 million, or $1.47 per diluted share, in the year-ago quarter. The decline in earnings was driven primarily by lower revenue and a much higher effective tax burden in the latest quarter.

Cash generation remains a significant strength. Operating cash flow was $88.1 million in Q2 2026, up from $72.1 million in Q1 2025 and $51.7 million in Q2 2024, although below the $119.3 million generated in Q4 2025. After $6.6 million of capital expenditures, approximate free cash flow was $81.5 million. Itron also repurchased $52.2 million of common stock during the quarter, following $100 million repurchases in both Q1 2026 and Q4 2025.

The balance sheet has changed materially since 2024. Cash increased to $745.2 million from $712.9 million in Q1 2026, but remained well below the $1.22 billion balance in Q2 2025. Long-term debt was $1.58 billion, with no short-term debt reported, compared with $787.0 million of long-term debt and $458.3 million of short-term debt in Q2 2025. Goodwill also rose to $1.69 billion from approximately $1.09 billion a year earlier, consistent with the impact of the large acquisition completed in early 2026.

  • Profitability has improved over the longer-term period. Q2 2026 operating income of $76.1 million was more than double the $35.1 million reported in Q2 2023, while operating margin expanded from approximately 6.5% to 13.5%.
  • Gross-margin expansion is encouraging. Gross profit increased to $230.6 million in Q2 2026 despite lower revenue, and gross margin reached approximately 41.0%, the strongest margin among the comparable Q2 periods provided.
  • Operating cash flow remains consistently positive. Quarterly operating cash flow improved from just $1.4 million in Q1 2023 to $88.1 million in Q2 2026, indicating better earnings quality and cash conversion over the period.
  • Free cash flow comfortably exceeded capital spending. Q2 operating cash flow of $88.1 million compared with only $6.6 million of capital expenditures, leaving roughly $81.5 million of approximate free cash flow before financing activity.
  • Share repurchases are supporting per-share value. Itron repurchased $52.2 million of stock in Q2 2026 after $100 million repurchases in each of the prior two quarters. Average basic shares declined to 44.1 million from 45.7 million in Q2 2025.
  • Short-term liquidity remains solid. Itron reported $1.55 billion of current assets and $564.2 million of current liabilities in Q2 2026, implying a current ratio of roughly 2.7 and providing a substantial working-capital cushion.
  • Revenue growth has become uneven. Revenue increased substantially from $494.6 million in Q1 2023 to the $560 million-$615 million range in most later quarters, but Q2 2026 revenue declined year over year and sequentially. Investors will need to determine whether this reflects timing or a broader slowdown.
  • Acquisition integration is now a major factor in the investment case. Q1 2026 included $515.1 million of acquisition spending, while goodwill increased by roughly $606 million year over year. The acquisition could expand future earnings, but the available data do not yet establish its long-term return.
  • Leverage is significantly higher than before the acquisition. Q2 2026 debt totaled approximately $1.60 billion, compared with about $1.25 billion in Q2 2025 and approximately $1.27 billion in Q2 2024. After subtracting cash, estimated net debt was approximately $830 million.
  • Latest earnings declined despite stronger operating margins. Net income attributable to common shareholders fell 22% year over year to $53.3 million, while diluted EPS dropped from $1.47 to $1.19. Q2 2026 also included $41.9 million of cash taxes paid, which contributed to the weaker bottom-line and cash-flow profile relative to some prior quarters.

Overall, Itron’s operating economics appear healthier than they were several years ago, with stronger margins, recurring positive cash flow and ongoing share repurchases. The main risks are the recent revenue contraction, elevated goodwill and the increase in debt used to fund expansion. For investors, future quarters should show whether the acquisition can produce enough incremental revenue and cash flow to justify the added leverage.

08/30/26 03:53 PM ETAI Generated. May Contain Errors.

Itron Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Itron's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Itron's net income appears to be on an upward trend, with a most recent value of $303.34 million in 2025, rising from $15.00 million in 2015. The previous period was $241.12 million in 2024. See where experts think Itron is headed by visiting Itron's forecast page.

Itron's total operating income in 2025 was $313.07 million, based on the following breakdown:
  • Total Gross Profit: $892.12 million
  • Total Operating Expenses: $579.05 million

Over the last 10 years, Itron's total revenue changed from $1.88 billion in 2015 to $2.37 billion in 2025, a change of 25.7%.

Itron's total liabilities were at $1.98 billion at the end of 2025, a 0.7% decrease from 2024, and a 87.5% increase since 2015.

In the past 10 years, Itron's cash and equivalents has ranged from $120.22 million in 2018 to $1.05 billion in 2024, and is currently $1.02 billion as of their latest financial filing in 2025.

Over the last 10 years, Itron's book value per share changed from 15.96 in 2015 to 37.48 in 2025, a change of 134.9%.


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Financial statements for NASDAQ:ITRI last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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