What is Itron's operating income?

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

Itron (ITRI) Financials

$103.30 -0.46 (-0.44%)

As of 11:23 AM Eastern

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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	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

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	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

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	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

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	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 quarter shows solid profitability and strong operating cash flow, but the balance sheet has become more leveraged after a major acquisition and debt-funded financing actions.

Revenue growth continued in Q1 2026. Operating revenue rose to $587.0 million from $571.7 million in Q4 2025 and $607.2 million in Q1 2025, showing the business is still generating a high level of sales despite normal quarterly fluctuations.
Profitability remained healthy. Q1 2026 net income was $53.6 million, with diluted EPS of $1.18, indicating the company is still producing meaningful bottom-line earnings.
Operating cash flow was strong. Itron generated $85.5 million in operating cash flow in Q1 2026, up from $72.2 million in Q1 2025.
Gross margin remains attractive. Q1 2026 gross profit was $236.3 million on revenue of $587.0 million, reflecting a gross margin of about 40.2%.
Cash and equivalents remain substantial. The company ended Q1 2026 with $712.9 million in cash and equivalents, giving it a sizable liquidity cushion.
Longer-term earnings power has improved versus 2023. Quarterly net income and EPS are much higher than the weak results seen in early 2023, suggesting the business recovered meaningfully over the last few years.
Acquisition activity has reshaped the asset base. Goodwill jumped to $1.70 billion in Q1 2026, up from $1.09 billion in Q3 2025, indicating the company has been active on M&A and now carries a large amount of acquisition-related intangibles.
Interest income helped offset debt costs. In Q1 2026, interest expense was $5.8 million versus $5.7 million in interest and investment income, helping support pretax earnings but not meaningfully reducing leverage concerns.
Working capital remains a swing factor. Changes in operating assets and liabilities reduced Q1 2026 operating cash flow by $14.6 million, so cash generation still depends partly on working capital timing.
Cash fell sharply in the quarter. Net change in cash and equivalents was negative $307.5 million in Q1 2026, driven largely by acquisition spending and debt repayment.
The company took on a lot more debt. Long-term debt rose to $1.57 billion in Q1 2026 from $787.9 million in Q3 2025, while short-term debt was reduced to zero.
Acquisitions were very expensive. Itron spent $515.1 million on acquisitions in Q1 2026, which is the main reason investing cash flow was deeply negative.
Balance sheet leverage is noticeably higher than a year ago. Total liabilities climbed to $2.35 billion in Q1 2026 from $1.99 billion in Q3 2025, while equity was relatively flat to slightly higher, increasing financial risk.
Share repurchases added to financing outflows. The company repurchased $100 million of common equity in both Q1 2026 and Q4 2025, which supports EPS but uses cash that could otherwise strengthen the balance sheet.

Bottom line: Itron looks operationally healthy, with strong earnings and cash flow. The main concern is that recent acquisition spending and debt issuance have materially increased leverage, so investors should watch whether the acquired businesses contribute enough growth and profitability to justify the added balance-sheet risk.

08/10/26 09:39 AM 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. Find out what analysts predict for Itron in the coming months.

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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Itron (ITRI) Financials

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