ITRI · Itron, Inc.

Performance Summary

Itron, Inc. delivered solid financial performance for the fiscal year ending December 31, 2025. The company reported total revenues of $2.37 billion, with total cost of revenues of $1.48 billion, resulting in a gross profit of $892.1 million. Operating income was $313.1 million, derived from total operating expenses of $579.0 million, which included sales, general and administrative expenses of $353.0 million and research and development expenses of $207.0 million. Total other income was $29.2 million, primarily from interest income of $48.4M offset by interest expense of $22.5M. Income before taxes was $342.3 million, with an income tax provision of $38.9 million, leading to net income of $303.3 million. Net income attributable to Itron, Inc. was $301.1 million after accounting for $2.3 million attributable to noncontrolling interests. Basic earnings per share was $7, while diluted earnings per share was $6, based on weighted average shares outstanding of 45.5 million basic and 46.3 million diluted.

Revenue Analysis

The provided data does not include a breakdown of revenues by segment, product type, or geography. The authoritative XBRL data and document text only report total revenues of $2.37 billion for the fiscal year. No further details regarding revenue composition, growth drivers by business unit, or geographic mix are disclosed in the provided content. Therefore, a detailed revenue analysis beyond the aggregate figure cannot be provided based on the available information.

Margins & Profitability

The company achieved a gross margin of approximately 37.6% ($892.1M gross profit / $2.37B revenue). Operating margin was approximately 13.2% ($313.1M operating income / $2.37B revenue). The cost structure shows that cost of revenues represented 62.4% of total revenue. Within operating expenses, sales, general and administrative was the largest component at $353.0 million, followed by research and development at $207.0 million. Other notable operating expenses included amortization of intangible assets ($18.0 million) and restructuring costs ($0.9 million). Profitability was further supported by net other income of $29.2 million.

Cash Flow & Balance Sheet

Operating activities generated strong cash flow of $406.0 million, starting from net income of $303.3 million and including significant non-cash adjustments such as depreciation and amortization ($49.5M) and stock-based compensation ($62.4M). Key working capital changes included a decrease in inventories ($32.7M use of cash) and an increase in unearned revenue ($28.6M source of cash). Investing activities used $349.7 million, primarily for business acquisitions ($325.0M) and capital expenditures ($22.9M). Financing activities used $97.5 million, driven by a $100.0 million common stock repurchase, partially offset by $7.3 million from stock issuance. The net decrease in cash was $30.8 million. The balance sheet shows total assets of $3.72 billion, with current assets of $1.82 billion including $1.02 billion in cash. Total liabilities were $1.98 billion, including current debt of $459.5 million and long-term debt of $788.8 million. Total equity was $1.74 billion, resulting in a debt-to-equity ratio of approximately 0.72.

Outlook

The provided document content and XBRL data do not contain any forward-looking statements, management guidance, discussion of strategic priorities, or specific risk factors. The input consists solely of historical financial statements for the fiscal year ended December 31, 2025. Therefore, no analysis of the company's outlook, future expectations, or disclosed risk factors can be provided based on the available information.