Itron, Inc. (ITRI) Earnings
Itron, Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $1.31. ITRI has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +14.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.26 | $1.49 | +18.3% | $587M | +2.6% |
| Feb 17, 2026 | $2.19 | $2.46 | +12.3% | $572M | -1.6% |
| Oct 30, 2025 | $1.48 | $1.54 | +4.1% | $582M | +3.6% |
| Jul 31, 2025 | $1.33 | $1.62 | +21.8% | $607M | +1.3% |
| May 1, 2025 | $1.30 | $1.52 | +16.9% | $607M | -0.3% |
| Oct 31, 2024 | $1.13 | $1.84 | +62.8% | $615M | +1.8% |
| Aug 1, 2024 | $0.96 | $1.21 | +26.0% | $609M | +1.6% |
| May 2, 2024 | $0.84 | $1.24 | +47.6% | $603M | +4.1% |
| Feb 26, 2024 | $0.75 | $1.23 | +64.0% | $577M | +1.2% |
| Nov 2, 2023 | $0.51 | $0.98 | +92.2% | $561M | -1.8% |
| Aug 3, 2023 | $0.31 | $0.65 | +109.7% | $541M | +4.9% |
| May 4, 2023 | $0.11 | $0.49 | +345.5% | $495M | +6.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
ITRON had a solid start to 2026. First quarter results were ahead of expectations due to strong execution. Revenue was $587 million, adjusted EBITDA $92 million, non - GAAP EPS $1.49, and free cash flow $79 million. Anticipate first half to be consistent with initial guidance. Pace of grid edge technology field deployment is well aligned. Outcomes segment grew 22% y/y. Annual recurring revenue up 28%. First quarter bookings were $476 million, backlog at quarter end $4.4 billion. Notable wins include strategic grid visibility program with Duquesne Light Company. Integration of Resiliency Solutions segment is on track. Help customers make one investment dollar do more, solutions create multiple value opportunities over useful life
Guidance
Anticipate Q2 revenue to be in the range of $560 - $570 million, midpoint down 7% vs last year. Anticipate Q2 non - GAAP EPS to be in the range of $1.25 - $1.35 per share, midpoint down approx 8% y/y after normalizing tax rate and interest income level. First quarter benefited from acceleration of certain first half project deployments, first half overall consistent with initial outlook
Segment performance
First quarter revenue was $587 million, adjusted EBITDA was $92 million, non - GAAP earnings per share was $1.49, and free cash flow was $79 million. By business segment: Device Solutions revenue was $124 million, adjusted gross margin was 35.4%, and operating margin was 29.7%; Network Solutions revenue was $351 million, adjusted gross margin was 40.8%, and operating margin was 31.4%; Outcomes revenue was $96 million, adjusted gross margin was 41.7%, and operating margin was 23.3%; Resiliency Solutions revenue was $16 million, adjusted gross margin was 73%, and operating margin was 27%. Outcomes segment grew 22% year over year. Total company annual recurring revenue at quarter end was $414 million, up 28%
Risks & headwinds
Operating environment is volatile domestically and globally, which creates risks. Actual results could differ materially from expectations due to factors in earnings release, Form 10 - K risk factors, etc.
Analyst Q&A
Q: Hoping to get more color on what drove acceleration of project timing in 1Q and step down in 2Q and pickup in back half;
A: Q1 better than guided due to project acceleration, first half consistent with expectation, second half growth to come from network deployments.
Q: Talk about customer behavior patterns and impact of DOE SPARC program on bookings trajectory;
A: Different verticals have different performances, customers still need relevant projects, confident in grid intelligence.
Q: About 2027 targets and percentage of recurring revenue in 25% backlog;
A: Ahead of 2027 targets in some aspects, outcomes segment about 2/3 - 3/4 recurring revenue, resiliency solutions mostly recurring.
Q: About capital allocation in acquisition and when resiliency will approach company average operating margin;
A: First priority is integrating Urban and Locust View, resiliency solutions to be accretive on EPS level in 2027.
Q: About definition difference between RPO and backlog and gross margin;
A: RPO is total backlog minus contracts with termination for convenience, customer mix benefit helped margin, device gross margin ahead of expectations.
Q: About when resiliency will approach company average operating margin;
A: Resiliency solutions accretive in 2026 in revenue growth, etc., to be fully accretive on EPS level in 2027