Itron (ITRI) Financials

$80.46 -0.34 (-0.42%)

As of 10:12 AM Eastern

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

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	40	44	52	51	78	58	65	68	66	102	53
Consolidated Net Income / (Loss)	40	45	52	52	79	59	65	69	66	103	54
Net Income / (Loss) Continuing Operations	40	45	52	52	79	59	65	69	66	103	54
Total Pre-Tax Income	56	49	65	67	82	70	82	83	91	86	67
Total Operating Income	55	49	63	65	74	63	76	76	82	79	68
Total Gross Profit	187	196	205	210	210	214	217	224	220	232	236
Total Revenue	561	577	603	609	615	613	607	607	582	572	587
Operating Revenue	561	577	603	609	615	613	607	607	582	572	587
Total Cost of Revenue	374	381	398	399	406	399	390	383	362	340	351
Operating Cost of Revenue	374	381	398	399	406	399	390	383	362	340	351
Total Operating Expenses	132	147	143	146	136	151	141	147	138	153	169
Selling, General & Admin Expense	77	82	86	88	80	85	87	88	83	95	105
Research & Development Expense	52	54	52	53	51	58	50	54	50	53	55
Amortization Expense	4.66	4.49	3.99	4.51	4.81	4.52	4.48	4.54	4.40	4.61	8.17
Restructuring Charge	-0.62	7.12	0.20	-0.10	-0.72	3.30	-0.55	1.24	0.19	0.06	0.21
Other Special Charges / (Income)	0.05	-0.01	0.02	-0.07	0.70	-0.06	0.08	0.00	0.00	-	0.00
Total Other Income / (Expense), net	0.84	0.19	2.42	2.39	8.49	7.12	6.07	7.07	8.92	7.15	-0.38
Interest Expense	2.45	1.87	1.89	2.29	5.61	5.59	5.59	5.65	5.65	5.56	5.81
Interest & Investment Income	2.64	3.35	3.85	5.13	13	12	12	12	14	11	5.66
Other Income / (Expense), net	0.65	-1.28	0.46	-0.45	0.68	0.53	-0.05	0.41	1.00	1.92	-0.23
Income Tax Expense	15	4.56	13	15	3.52	11	17	15	24	-17	14
Net Income / (Loss) Attributable to Noncontrolling Interest	0.17	0.52	0.07	0.54	0.95	0.46	-0.12	0.41	0.61	1.38	0.13
Basic Earnings per Share	$0.88	$0.98	$1.13	$1.12	$1.73	$1.29	$1.44	$1.50	$1.43	$2.25	$1.20
Weighted Average Basic Shares Outstanding	45.46M	45.42M	45.65M	45.75M	44.98M	45.37M	45.34M	45.63M	45.75M	45.49M	44.73M
Diluted Earnings per Share	$0.87	$0.97	$1.12	$1.10	$1.70	$1.26	$1.42	$1.47	$1.41	$2.20	$1.18
Weighted Average Diluted Shares Outstanding	45.95M	45.84M	46.36M	46.53M	45.84M	46.19M	46.17M	46.38M	46.66M	46.32M	45.47M
Weighted Average Basic & Diluted Shares Outstanding	45.49M	45.58M	45.87M	44.96M	45.09M	45.18M	45.59M	45.72M	45.80M	44.94M	44.34M

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	22	47	-1.44	620	62	69	72	101	108	-312	-308
Net Cash From Operating Activities	34	48	41	52	65	80	72	97	118	119	86
Net Cash From Continuing Operating Activities	34	48	41	52	65	80	72	97	118	119	86
Net Income / (Loss) Continuing Operations	40	45	52	52	79	59	65	69	66	103	54
Consolidated Net Income / (Loss)	40	45	52	52	79	59	65	69	66	103	54
Depreciation Expense	14	14	13	14	15	15	12	12	12	13	19
Amortization Expense	0.94	0.90	0.89	0.98	1.80	1.82	1.78	1.80	1.82	1.68	1.85
Non-Cash Adjustments To Reconcile Net Income	9.07	10	16	13	13	21	19	18	17	14	26
Changes in Operating Assets and Liabilities, net	-30	-22	-40	-28	-43	-17	-27	-3.61	21	-13	-15
Net Cash From Investing Activities	-5.78	-4.31	-41	-6.67	-6.57	-9.03	-4.63	-6.02	-6.14	-333	-522
Net Cash From Continuing Investing Activities	-5.78	-4.31	-41	-6.67	-6.57	-9.03	-4.63	-6.02	-6.14	-333	-522
Purchase of Property, Plant & Equipment	-5.81	-8.58	-7.15	-7.11	-6.62	-9.68	-4.64	-6.02	-4.42	-7.81	-6.53
Acquisitions	-	-	-34	-	-	0.02	0.00	-	-	-325	-515
Other Investing Activities, net	0.02	4.28	0.13	0.03	0.06	0.64	0.01	-	-2.00	-	0.01
Net Cash From Financing Activities	-3.41	-0.87	1.08	576	-0.75	3.49	1.76	2.99	-2.91	-99	131
Net Cash From Continuing Financing Activities	-3.41	-0.87	1.08	576	-0.75	3.49	1.76	2.99	-2.91	-99	131
Repayment of Debt	-4.13	-2.18	-0.49	-22	-2.10	-0.52	-0.43	-0.25	-3.81	-0.29	-481
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-100	-100
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	805
Issuance of Common Equity	0.73	1.31	1.56	1.41	1.35	4.00	2.20	3.24	0.90	0.99	0.68
Other Financing Activities, net	-	-	-	-	-	-	0.00	-	-	-	-93
Effect of Exchange Rate Changes	-2.91	4.56	-2.68	-0.77	3.89	-5.58	2.79	7.33	-1.09	1.29	-2.90
Cash Interest Paid	0.79	0.25	0.32	0.64	3.10	-2.72	6.61	0.34	5.84	0.37	5.96
Cash Income Taxes Paid	8.38	26	14	26	19	21	35	11	2.91	7.53	3.30

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

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	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
Total Assets	2,317	2,446	2,499	2,511	2,677	3,284	3,365	3,503	3,624	3,711	3,978
Total Current Assets	809	902	970	1,010	1,097	1,689	1,755	1,903	1,989	2,144	1,525
Cash & Equivalents	215	196	233	255	301	921	983	1,123	1,224	1,332	713
Accounts Receivable	267	305	319	318	340	317	339	347	340	370	393
Inventories, net	204	265	267	276	287	292	277	282	283	255	240
Other Current Assets	123	136	151	161	169	160	157	151	141	187	179
Plant, Property, & Equipment, net	139	136	133	130	125	122	120	112	116	112	122
Total Noncurrent Assets	1,369	1,407	1,396	1,372	1,454	1,472	1,490	1,488	1,519	1,455	2,331
Goodwill	1,011	1,045	1,047	1,036	1,064	1,060	1,074	1,063	1,088	1,088	1,695
Intangible Assets	70	60	55	50	57	53	48	39	34	30	277
Noncurrent Deferred & Refundable Income Taxes	189	216	214	209	250	284	290	315	319	260	258
Other Noncurrent Operating Assets	99	87	80	77	83	76	78	72	78	77	102
Total Liabilities & Shareholders' Equity	2,317	2,446	2,499	2,511	2,677	3,284	3,365	3,503	3,624	3,711	3,978
Total Liabilities	1,200	1,252	1,270	1,254	1,291	2,023	1,997	1,994	1,989	1,997	2,349
Total Current Liabilities	502	537	560	556	578	535	521	983	973	987	574
Short-Term Debt	-	-	-	-	-	-	-	458	458	459	0.00
Accounts Payable	236	245	235	224	224	185	153	164	123	145	173
Accrued Expenses	18	18	18	16	16	15	14	15	13	13	13
Current Deferred Revenue	111	131	140	137	157	160	161	188	196	184	223
Current Deferred & Payable Income Tax Liabilities	14	21	14	17	28	13	14	18	14	16	22
Current Employee Benefit Liabilities	78	77	100	107	94	106	119	90	107	110	92
Other Current Liabilities	47	44	53	55	60	57	61	50	62	60	51
Total Noncurrent Liabilities	697	715	710	698	713	1,488	1,475	1,011	1,016	1,010	1,776
Long-Term Debt	452	453	454	454	455	1,240	1,241	786	787	788	1,574
Capital Lease Obligations	47	-	-	33	-	-	-	-	-	23	28
Noncurrent Deferred & Payable Income Tax Liabilities	1.72	0.85	0.85	0.82	0.68	0.67	0.62	0.62	0.66	0.81	9.62
Noncurrent Employee Benefit Liabilities	71	59	60	58	63	62	65	61	66	66	60
Other Noncurrent Operating Liabilities	126	202	196	152	194	186	169	163	163	133	104
Total Equity & Noncontrolling Interests	1,117	1,194	1,229	1,258	1,385	1,261	1,369	1,509	1,634	1,713	1,629
Total Preferred & Common Equity	1,094	1,171	1,205	1,238	1,365	1,240	1,348	1,488	1,613	1,693	1,607
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	1,094	1,171	1,205	1,238	1,365	1,240	1,348	1,488	1,613	1,693	1,607
Common Stock	1,783	1,796	1,804	1,811	1,834	1,663	1,674	1,709	1,729	1,746	1,511
Retained Earnings	-	-537	-513	-	-377	-325	-247	-124	-55	10	165
Accumulated Other Comprehensive Income / (Loss)	-689	-88	-86	-574	-92	-98	-78	-96	-60	-63	-69
Noncontrolling Interest	23	23	24	20	21	21	20	21	21	20	22

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	44,941,206.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	44,941,206.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.19
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	33.24%	23.46%	22.00%	12.57%	9.75%	6.18%	0.61%	-0.38%	-5.50%	-6.72%	-3.32%
EBITDA Growth	191.28%	120.96%	2,107.09%	58.66%	29.96%	28.32%	17.06%	15.30%	6.05%	18.87%	-2.54%
EBIT Growth	853.74%	324.35%	633.06%	84.66%	34.35%	31.83%	20.39%	19.66%	10.95%	27.37%	-11.58%
NOPAT Growth	537.88%	77.46%	785.47%	94.66%	78.13%	17.58%	21.38%	25.84%	-15.64%	79.54%	-10.97%
Net Income Growth	802.17%	104.59%	530.23%	106.59%	95.59%	30.42%	26.19%	32.57%	-16.08%	75.88%	-18.00%
EPS Growth	866.67%	97.96%	530.77%	107.55%	95.40%	29.90%	26.79%	33.64%	-17.06%	74.60%	-16.90%
Operating Cash Flow Growth	129.17%	467.57%	2,790.69%	24.44%	91.57%	66.72%	74.58%	86.95%	80.44%	49.43%	18.56%
Free Cash Flow Firm Growth	-175.06%	146.43%	-232.76%	-4,155.14%	-33.20%	-331.63%	25.51%	84.05%	153.91%	-350.15%	-2,772.08%
Invested Capital Growth	6.38%	2.05%	6.12%	8.97%	9.19%	5.65%	5.82%	4.79%	1.48%	21.98%	54.52%
Revenue Q/Q Growth	3.64%	2.92%	4.55%	0.93%	1.05%	-0.42%	-0.93%	-0.06%	-4.14%	-1.71%	2.68%
EBITDA Q/Q Growth	41.37%	-10.67%	22.76%	2.35%	15.79%	-11.80%	11.99%	0.81%	6.50%	-1.13%	-8.18%
EBIT Q/Q Growth	59.74%	-13.59%	31.84%	1.48%	16.21%	-15.22%	20.40%	0.87%	7.75%	-2.66%	-16.42%
NOPAT Q/Q Growth	54.67%	12.58%	11.48%	0.28%	41.54%	-25.69%	15.09%	3.96%	-5.11%	58.15%	-42.93%
Net Income Q/Q Growth	60.72%	11.31%	15.32%	0.14%	52.16%	-25.78%	11.58%	5.21%	-3.68%	55.55%	-47.98%
EPS Q/Q Growth	64.15%	11.49%	15.46%	-1.79%	54.55%	-25.88%	12.70%	3.52%	-4.08%	56.03%	-46.36%
Operating Cash Flow Q/Q Growth	-17.98%	40.51%	-13.75%	25.20%	26.27%	22.28%	-9.68%	34.07%	21.87%	1.27%	-28.34%
Free Cash Flow Firm Q/Q Growth	-2,614.77%	128.83%	-183.06%	-105.19%	17.40%	49.86%	12.35%	56.06%	379.13%	-838.85%	-216.92%
Invested Capital Q/Q Growth	2.79%	1.79%	3.77%	2.58%	2.99%	-1.51%	1.69%	1.58%	-0.26%	20.26%	26.81%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.38%	34.03%	34.03%	34.55%	34.06%	34.90%	35.78%	36.85%	37.75%	40.54%	40.26%
EBITDA Margin	12.50%	10.85%	12.74%	12.92%	14.81%	13.11%	14.83%	14.96%	16.62%	16.71%	14.95%
Operating Margin	9.79%	8.54%	10.41%	10.61%	12.01%	10.24%	12.55%	12.59%	14.06%	13.76%	11.51%
EBIT Margin	9.90%	8.31%	10.48%	10.54%	12.12%	10.32%	12.54%	12.66%	14.23%	14.09%	11.47%
Profit (Net Income) Margin	7.19%	7.78%	8.58%	8.51%	12.82%	9.56%	10.76%	11.33%	11.39%	18.02%	9.13%
Tax Burden Percent	72.39%	90.79%	79.41%	77.36%	95.74%	83.85%	79.42%	82.36%	73.01%	120.05%	79.75%
Interest Burden Percent	100.35%	103.08%	103.09%	104.42%	110.47%	110.42%	108.03%	108.66%	109.57%	106.49%	99.78%
Effective Tax Rate	27.61%	9.21%	20.59%	22.64%	4.26%	16.15%	20.58%	17.64%	26.99%	-20.05%	20.25%
Return on Invested Capital (ROIC)	10.12%	11.22%	12.61%	12.74%	17.75%	13.43%	15.38%	15.66%	15.08%	21.64%	10.39%
ROIC Less NNEP Spread (ROIC-NNEP)	10.35%	11.29%	13.54%	13.43%	21.06%	16.60%	18.88%	19.08%	21.72%	25.34%	10.33%
Return on Net Nonoperating Assets (RNNOA)	2.25%	2.15%	2.16%	2.91%	3.94%	2.28%	1.80%	2.24%	1.38%	3.73%	3.32%
Return on Equity (ROE)	12.37%	13.37%	14.77%	15.65%	21.68%	15.71%	17.17%	17.90%	16.47%	25.38%	13.71%
Cash Return on Invested Capital (CROIC)	-0.78%	4.60%	4.76%	3.58%	5.06%	8.85%	9.13%	10.59%	12.91%	-4.45%	-29.76%
Operating Return on Assets (OROA)	8.47%	7.25%	9.34%	8.57%	9.92%	8.38%	9.92%	8.95%	9.69%	9.36%	7.20%
Return on Assets (ROA)	6.15%	6.79%	7.65%	6.92%	10.49%	7.76%	8.52%	8.01%	7.75%	11.97%	5.73%
Return on Common Equity (ROCE)	12.14%	13.14%	14.52%	15.37%	21.35%	15.47%	16.93%	17.64%	16.25%	25.03%	13.53%
Return on Equity Simple (ROE_SIMPLE)	6.09%	0.00%	11.88%	15.24%	16.87%	0.00%	17.11%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	40	45	50	50	71	53	61	63	60	94	54
NOPAT Margin	7.09%	7.75%	8.26%	8.21%	11.50%	8.58%	9.97%	10.37%	10.27%	16.52%	9.18%
Net Nonoperating Expense Percent (NNEP)	-0.24%	-0.07%	-0.93%	-0.69%	-3.31%	-3.17%	-3.50%	-3.42%	-6.64%	-3.70%	0.06%
Return On Investment Capital (ROIC_SIMPLE)	-	2.46%	-	-	-	1.98%	2.20%	2.19%	2.00%	3.14%	1.67%
Cost of Revenue to Revenue	66.62%	65.97%	65.97%	65.45%	65.94%	65.10%	64.22%	63.15%	62.25%	59.46%	59.74%
SG&A Expenses to Revenue	13.66%	14.14%	14.25%	14.52%	12.94%	13.88%	14.31%	14.44%	14.29%	16.67%	17.95%
R&D to Revenue	9.21%	9.34%	8.68%	8.71%	8.33%	9.52%	8.25%	8.87%	8.60%	9.29%	9.37%
Operating Expenses to Revenue	23.59%	25.49%	23.63%	23.94%	22.04%	24.66%	23.22%	24.26%	23.69%	26.78%	28.75%
Earnings before Interest and Taxes (EBIT)	56	48	63	64	75	63	76	77	83	81	67
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	70	63	77	79	91	80	90	91	97	96	88
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.23	2.62	3.08	3.66	3.56	3.52	3.18	3.72	3.36	2.48	2.51
Price to Tangible Book Value (P/TBV)	18.17	16.19	17.30	35.76	21.19	16.58	12.23	12.23	9.90	14.75	0.00
Price to Revenue (P/Rev)	1.33	1.58	1.84	1.93	2.00	2.01	1.94	2.46	2.36	1.80	1.72
Price to Earnings (P/E)	36.84	35.44	26.23	24.20	21.31	20.48	18.72	22.23	22.11	14.13	13.94
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	2.71%	2.82%	3.81%	4.13%	4.69%	4.88%	5.34%	4.50%	4.52%	7.08%	7.18%
Enterprise Value to Invested Capital (EV/IC)	2.02	2.40	2.85	3.09	3.12	3.19	2.99	3.65	3.42	2.28	1.96
Enterprise Value to Revenue (EV/Rev)	1.46	1.68	1.92	2.08	2.11	2.09	1.99	2.47	2.35	1.91	2.10
Enterprise Value to EBITDA (EV/EBITDA)	19.84	19.59	16.91	16.92	16.43	15.62	14.33	17.16	15.80	12.13	13.33
Enterprise Value to EBIT (EV/EBIT)	33.50	28.80	21.75	21.12	20.32	19.25	17.52	20.78	18.90	14.30	16.06
Enterprise Value to NOPAT (EV/NOPAT)	38.47	36.61	27.39	26.48	23.54	22.82	20.80	24.46	23.98	16.30	18.21
Enterprise Value to Operating Cash Flow (EV/OCF)	46.94	29.14	26.60	27.88	24.64	21.45	18.12	19.25	15.42	11.14	11.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	52.74	61.61	90.04	64.37	37.00	33.67	35.27	26.70	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.39	0.37	0.33	0.98	0.91	0.88	0.82	0.76	0.74	0.73	0.98
Long-Term Debt to Equity	0.39	0.37	0.33	0.98	0.91	0.88	0.52	0.48	0.47	0.47	0.98
Financial Leverage	0.22	0.19	0.16	0.22	0.19	0.14	0.10	0.12	0.06	0.15	0.32
Leverage Ratio	2.03	1.97	1.99	2.32	2.24	2.19	2.14	2.39	2.30	2.26	2.38
Compound Leverage Factor	2.04	2.04	2.05	2.43	2.47	2.42	2.31	2.59	2.52	2.41	2.38
Debt to Total Capital	27.92%	26.80%	24.74%	49.58%	47.55%	46.82%	45.18%	43.24%	42.56%	42.18%	49.58%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.63%	15.92%	15.38%	15.29%	0.00%
Long-Term Debt to Total Capital	27.92%	26.80%	24.74%	49.58%	47.55%	46.82%	28.56%	27.33%	27.18%	26.89%	49.58%
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	1.15%	1.13%	1.12%	0.85%	0.78%	0.78%	0.75%	0.73%	0.68%	0.72%	0.67%
Common Equity to Total Capital	70.93%	72.07%	74.14%	49.57%	51.67%	52.40%	54.06%	56.02%	56.76%	57.10%	49.74%
Debt to EBITDA	3.22	2.62	1.76	4.30	4.01	3.80	3.66	3.54	3.55	3.40	4.32
Net Debt to EBITDA	1.53	1.00	0.60	1.11	0.84	0.58	0.35	0.06	-0.17	0.66	2.40
Long-Term Debt to EBITDA	3.22	2.62	1.76	4.30	4.01	3.80	2.31	2.23	2.27	2.17	4.32
Debt to NOPAT	6.24	4.90	2.85	6.73	5.75	5.55	5.31	5.04	5.39	4.57	5.91
Net Debt to NOPAT	2.98	1.86	0.97	1.73	1.20	0.85	0.51	0.09	-0.26	0.89	3.28
Long-Term Debt to NOPAT	6.24	4.90	2.85	6.73	5.75	5.55	3.35	3.19	3.44	2.91	5.91
Altman Z-Score	2.43	2.75	2.92	2.41	2.57	2.62	2.46	2.87	2.81	2.30	2.02
Noncontrolling Interest Sharing Ratio	1.83%	1.73%	1.68%	1.80%	1.54%	1.51%	1.43%	1.46%	1.32%	1.35%	1.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.82	1.95	1.90	3.16	3.36	3.44	1.93	2.04	2.17	1.80	2.66
Quick Ratio	1.03	1.13	1.11	2.31	2.53	2.65	1.49	1.61	1.72	1.37	1.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-50	14	-39	-80	-66	-33	-29	-13	36	-263	-835
Operating Cash Flow to CapEx	587.10%	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%
Free Cash Flow to Firm to Interest Expense	-20.30	7.65	-20.61	-34.96	-11.80	-5.93	-5.20	-2.26	6.31	-47.34	-143.68
Operating Cash Flow to Interest Expense	13.94	25.61	21.82	22.58	11.65	14.28	12.89	17.12	20.87	21.45	14.72
Operating Cash Flow Less CapEx to Interest Expense	11.57	21.02	18.05	19.48	10.47	12.55	12.06	16.05	20.08	20.04	13.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.86	0.87	0.89	0.81	0.82	0.81	0.79	0.71	0.68	0.66	0.63
Accounts Receivable Turnover	7.06	7.44	7.07	7.40	7.32	7.46	7.12	7.43	6.80	6.59	6.35
Inventory Turnover	5.86	5.70	5.50	5.55	5.73	5.78	5.60	5.49	5.77	5.74	5.50
Fixed Asset Turnover	15.38	16.17	17.46	18.46	19.23	19.99	20.59	20.56	20.72	20.80	20.00
Accounts Payable Turnover	6.11	6.69	6.49	7.39	8.40	9.30	8.21	10.25	10.30	9.79	8.51
Days Sales Outstanding (DSO)	51.71	49.05	51.59	49.35	49.84	48.92	51.25	49.10	53.67	55.38	57.52
Days Inventory Outstanding (DIO)	62.28	64.06	66.34	65.75	63.71	63.18	65.18	66.51	63.27	63.55	66.32
Days Payable Outstanding (DPO)	59.74	54.60	56.26	49.39	43.43	39.25	44.44	35.61	35.43	37.27	42.88
Cash Conversion Cycle (CCC)	54.25	58.52	61.67	65.72	70.12	72.85	72.00	80.00	81.51	81.65	80.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,490	1,517	1,540	1,580	1,627	1,603	1,630	1,656	1,651	1,986	2,518
Invested Capital Turnover	1.43	1.45	1.53	1.55	1.54	1.56	1.54	1.51	1.47	1.31	1.13
Increase / (Decrease) in Invested Capital	89	30	89	130	137	86	90	76	24	358	889
Enterprise Value (EV)	3,006	3,641	4,384	4,879	5,081	5,108	4,874	6,043	5,653	4,522	4,939
Market Capitalization	2,754	3,435	4,209	4,539	4,802	4,896	4,733	6,001	5,695	4,253	4,028
Book Value per Share	$27.23	$28.82	$29.89	$27.02	$29.99	$30.84	$32.94	$35.39	$37.04	$37.48	$35.76
Tangible Book Value per Share	$3.33	$4.66	$5.33	$2.77	$5.04	$6.55	$8.57	$10.76	$12.59	$6.29	($8.12)
Total Capital	1,745	1,819	1,841	2,500	2,610	2,654	2,753	2,880	2,983	3,006	3,231
Total Debt	487	487	455	1,240	1,241	1,242	1,244	1,245	1,270	1,268	1,602
Total Long-Term Debt	487	487	455	1,240	1,241	1,242	786	787	811	808	1,602
Net Debt	233	185	155	319	258	191	121	21	-62	248	889
Capital Expenditures (CapEx)	5.81	8.58	7.15	7.11	6.62	9.68	4.64	6.02	4.42	7.81	6.53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	199	210	218	234	251	236	254	250	284	249	238
Debt-free Net Working Capital (DFNWC)	454	512	519	1,154	1,233	1,288	1,377	1,474	1,616	1,270	951
Net Working Capital (NWC)	454	512	519	1,154	1,233	1,288	919	1,016	1,157	810	951
Net Nonoperating Expense (NNE)	-0.61	-0.17	-1.92	-1.85	-8.13	-5.97	-4.82	-5.82	-6.51	-8.58	0.30
Net Nonoperating Obligations (NNO)	233	185	155	319	258	191	121	21	-62	248	889
Total Depreciation and Amortization (D&A)	15	15	14	14	17	17	14	14	14	15	20
Debt-free, Cash-free Net Working Capital to Revenue	9.64%	9.67%	9.56%	9.94%	10.42%	9.68%	10.37%	10.23%	11.78%	10.53%	10.15%
Debt-free Net Working Capital to Revenue	21.99%	23.56%	22.73%	49.11%	51.27%	52.75%	56.32%	60.36%	67.08%	53.63%	40.52%
Net Working Capital to Revenue	21.99%	23.56%	22.73%	49.11%	51.27%	52.75%	37.60%	41.59%	48.03%	34.22%	40.52%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.88	$0.98	$1.13	$1.12	$1.73	$1.29	$1.44	$1.50	$1.43	$2.25	$1.20
Adjusted Weighted Average Basic Shares Outstanding	45.46M	45.42M	45.65M	45.75M	44.98M	45.37M	45.34M	45.63M	45.75M	45.49M	44.73M
Adjusted Diluted Earnings per Share	$0.87	$0.97	$1.12	$1.10	$1.70	$1.26	$1.42	$1.47	$1.41	$2.20	$1.18
Adjusted Weighted Average Diluted Shares Outstanding	45.95M	45.84M	46.36M	46.53M	45.84M	46.19M	46.17M	46.38M	46.66M	46.32M	45.47M
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	45.49M	45.58M	45.87M	44.96M	45.09M	45.18M	45.59M	45.72M	45.80M	44.94M	44.34M
Normalized Net Operating Profit after Tax (NOPAT)	39	51	50	50	71	55	60	64	60	55	54
Normalized NOPAT Margin	7.01%	8.87%	8.29%	8.19%	11.50%	9.03%	9.91%	10.54%	10.29%	9.64%	9.21%
Pre Tax Income Margin	9.94%	8.57%	10.81%	11.01%	13.39%	11.40%	13.55%	13.76%	15.59%	15.01%	11.45%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	22.71	25.66	33.42	28.04	13.31	11.31	13.62	13.60	14.66	14.48	11.59
NOPAT to Interest Expense	16.25	23.92	26.34	21.84	12.63	9.41	10.82	11.14	10.57	16.97	9.28
EBIT Less CapEx to Interest Expense	20.34	21.07	29.65	24.93	12.13	9.58	12.79	12.54	13.88	13.08	10.47
NOPAT Less CapEx to Interest Expense	13.88	19.33	22.57	18.73	11.45	7.68	9.99	10.08	9.79	15.57	8.15
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%	0.00%	52.94%	43.96%	41.47%	0.00%	0.00%	0.00%	32.97%	68.59%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from ITRON, INC. (ITRI) quarterly statements over the last four years, focusing on trends most relevant to retail investors.

Net income to common shareholders jumped to $101.6 million in Q4 2025, with diluted earnings per share (EPS) of $2.20, up from $58.1 million and $0.87 in Q4 2024, respectively.
Gross margin expansion improved to about 40.6% in Q4 2025 (gross profit of $231.7 million on $571.7 million revenue) versus roughly 34.9% a year earlier, signaling better pricing and cost control.
Operating cash flow strength remained solid and rose in Q4 2025 to about $119.3 million, supported by ongoing cash-generation from operations (versus lower levels in prior periods).
Healthy liquidity position as of mid-2025 shows cash and equivalents around $1.33 billion, contributing to a robust liquidity cushion for operations and growth initiatives.
Net cash position remained favorable, with approximate net cash around $80–90 million during mid-2025 (cash levels exceeding combined short- and long-term debt), providing balance-sheet flexibility.
Equity base strengthening total equity rose to about $1.69 billion by Q3 2025, reflecting a stronger balance sheet and improved capitalization.
Revenue has stayed at a meaningful scale, typically in the mid-$500 million to roughly $610 million range across recent quarters, illustrating ongoing market presence but with limited clear year-over-year growth in some periods.
The company engaged in acquisitions in late 2025 (e.g., a substantial $325 million outlay in Q4 2025), which supports growth but also adds near-term cash outflow and investing activity that can impact short-term free cash flow.
Debt levels remain manageable and largely offset by cash holdings in several periods, helping to keep leverage at reasonable levels relative to earnings power.
Short-term cash impact from investing activity in Q4 2025 included a large net cash outflow (net change in cash around −$311.5 million), driven by acquisitions and investment spending, which weighed on quarterly cash flow despite strong earnings.

05/19/26 10:13 AM ETAI Generated. May Contain Errors.

Itron Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Itron's financial year ends in December. Their financial 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. View Itron's forecast to see where analysts expect Itron to go next.

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%.

Related Companies

Financial statements for NASDAQ:ITRI last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Itron (ITRI) Financials

Financials Breakdown Chart

Key Financial Trends

Itron Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Itron (ITRI) Financials

Annual Income Statements for Itron

Quarterly Income Statements for Itron

Annual Cash Flow Statements for Itron

Quarterly Cash Flow Statements for Itron

Annual Balance Sheets for Itron

Quarterly Balance Sheets for Itron

Annual Metrics And Ratios for Itron

Quarterly Metrics And Ratios for Itron

Financials Breakdown Chart

Key Financial Trends

Itron Financials - Frequently Asked Questions

When does Itron's fiscal year end?

How has Itron's net income changed over the last 10 years?

What is Itron's operating income?

How has Itron's revenue changed over the last 10 years?

How much debt does Itron have?

How much cash does Itron have?

How has Itron's book value per share changed over the last 10 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools