Revenue growth has shifted into negative territory with a 3.3% year-over-year decline in 2026Q1, even as gross margins improved significantly to 40.3% from 34.0% in early 2024.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 2.35B | 2.37B | 2.44B | 2.17B | 1.8B | 1.98B | 2.17B | 2.5B | 2.38B | 2.02B | 2.01B | 1.88B | 1.97B | 1.95B | 2.18B | 2.43B | 2.26B | 1.69B | 1.91B | 1.46B | 644.04M | 552.69M | 399.19M | 316.96M | 284.84M | 225.56M | 183.97M | 193.4M | 241.4M | 216.1M | 177.6M |
| Revenue Growth % | -3.99% | -3.02% | 12.29% | 21.06% | -9.39% | -8.82% | -13.15% | 5.32% | 17.73% | 0.25% | 7.21% | -4.71% | 1.13% | -10.53% | -10.51% | 7.74% | 33.89% | -11.63% | 30.43% | 127.32% | 16.53% | 38.45% | 25.94% | 11.28% | 26.28% | 22.6% | -4.87% | -19.88% | 11.71% | 21.68% | 14.29% |
| Cost of Goods Sold | 1.44B | 1.48B | 1.6B | 1.46B | 1.27B | 1.41B | 1.57B | 1.75B | 1.65B | 1.34B | 1.35B | 1.32B | 1.35B | 1.33B | 1.46B | 1.69B | 1.56B | 1.15B | 1.26B | 976.76M | 376.6M | 319.07M | 228.53M | 173.41M | 152.57M | 127.7M | 100.21M | 183.6M | 147M | 120.8M | 95.7M |
| COGS % of Revenue | - | 62.51% | 65.61% | 67.16% | 70.92% | 71.08% | 72.29% | 69.94% | 69.26% | 66.55% | 67.2% | 70.23% | 68.38% | 68.46% | 67.17% | 69.48% | 69.09% | 68.15% | 66.13% | 66.72% | 58.47% | 57.73% | 57.25% | 54.71% | 53.56% | 56.61% | 54.47% | 94.93% | 60.89% | 55.9% | 53.89% |
| Gross Profit | 906.61M | 887.51M | 839.32M | 713.91M | 522.19M | 573.17M | 602.17M | 752.32M | 730.32M | 675.15M | 660.32M | 559.12M | 623.13M | 614.53M | 715.15M | 742.98M | 698.24M | 537.46M | 646.86M | 487.29M | 267.44M | 233.62M | 170.67M | 143.55M | 132.27M | 97.86M | 83.77M | 9.8M | 94.4M | 95.3M | 81.9M |
| Gross Margin % | 38.63% | 37.49% | 34.39% | 32.84% | 29.08% | 28.93% | 27.71% | 30.06% | 30.74% | 33.45% | 32.8% | 29.78% | 31.62% | 31.54% | 32.83% | 30.52% | 30.91% | 31.85% | 33.87% | 33.28% | 41.53% | 42.27% | 42.75% | 45.29% | 46.44% | 43.39% | 45.53% | 5.07% | 39.11% | 44.1% | 46.11% |
| Gross Profit Growth % | - | 5.74% | 17.57% | 36.71% | -8.89% | -4.82% | -19.96% | 3.01% | 8.17% | 2.25% | 18.1% | -10.27% | 1.4% | -14.07% | -3.75% | 6.41% | 29.92% | -16.91% | 32.75% | 82.2% | 14.48% | 36.89% | 18.89% | 8.53% | 35.16% | 16.82% | 754.76% | -89.62% | -0.94% | 16.36% | 21.33% |
| Operating Expenses | 596.05M | 568.32M | 575.21M | 585.04M | 529.63M | 652.47M | 612.56M | 619.64M | 780.01M | 521.87M | 561.54M | 503.84M | 613.57M | 754.63M | 569.76M | 549.23M | 514.04M | 492.43M | 537.03M | 404.84M | 205.7M | 186.99M | 153.05M | 118.75M | 103.79M | 73.22M | 72.63M | 86.6M | 92.9M | 90.7M | 83.6M |
| OpEx % of Revenue | - | 24.01% | 23.57% | 26.92% | 29.5% | 32.93% | 28.19% | 24.76% | 32.83% | 25.86% | 27.89% | 26.83% | 31.13% | 38.72% | 26.16% | 22.56% | 22.75% | 29.18% | 28.12% | 27.65% | 31.94% | 33.83% | 38.34% | 37.47% | 36.44% | 32.46% | 39.48% | 44.78% | 38.48% | 41.97% | 47.07% |
| Selling, General & Admin | 365.93M | 348.06M | 341.3M | 315.16M | 293.52M | 303.25M | 280.89M | 350.51M | 334.54M | 328.72M | 324.55M | 325.3M | 330.27M | 324.33M | 332.89M | 323.31M | 304.76M | 271.54M | 295.97M | 225.91M | 115.8M | 101.07M | 80.77M | 65.62M | 57.26M | 41.73M | 38.29M | 41.3M | 39.5M | 41.7M | 39.8M |
| SG&A % of Revenue | - | 14.7% | 13.98% | 14.5% | 16.35% | 15.3% | 12.92% | 14.01% | 14.08% | 16.29% | 16.12% | 17.32% | 16.76% | 16.64% | 15.28% | 13.28% | 13.49% | 16.09% | 15.5% | 15.43% | 17.98% | 18.29% | 20.23% | 20.7% | 20.1% | 18.5% | 20.81% | 21.35% | 16.36% | 19.3% | 22.41% |
| Research & Development | 211.95M | 207.04M | 215.03M | 208.69M | 185.1M | 197.24M | 194.1M | 202.2M | 207.91M | 169.98M | 168.21M | 162.33M | 175.5M | 176.02M | 178.65M | 162.53M | 140.23M | 122.31M | 120.7M | 94.93M | 58.77M | 47.08M | 44.38M | 43.02M | 36.78M | 30M | 21.33M | 26.8M | 33.5M | 32.2M | 33.3M |
| R&D % of Revenue | - | 8.75% | 8.81% | 9.6% | 10.31% | 9.95% | 8.93% | 8.08% | 8.75% | 8.42% | 8.36% | 8.64% | 8.91% | 9.03% | 8.2% | 6.68% | 6.21% | 7.25% | 6.32% | 6.48% | 9.13% | 8.52% | 11.12% | 13.57% | 12.91% | 13.3% | 11.59% | 13.86% | 13.88% | 14.9% | 18.75% |
| Other Operating Expenses | 3M | 13.22M | 18.87M | 61.2M | 51.01M | 151.98M | 137.57M | 66.93M | 237.56M | 23.75M | 69.22M | 16.21M | 107.8M | 254.88M | 0 | 63.39M | 69.05M | 98.57M | 120.36M | 84M | 31.13M | 38.85M | 27.9M | 10.12M | 9.76M | 1.49M | 13.01M | 18.5M | 19.9M | 16.8M | 10.5M |
| Operating Income | 310.55M | 319.19M | 264.11M | 128.87M | -7.44M | -79.3M | -10.39M | 132.68M | -49.69M | 154.88M | 100.99M | 52.85M | 480K | -139.86M | 155.79M | -459.18M | 184.2M | 45.03M | 109.82M | 46.47M | 61.74M | 46.24M | 3.96M | 21.69M | 18.14M | 25.86M | 11.13M | -76.8M | 1.5M | 4.6M | -1.7M |
| Operating Margin % | 13.23% | 13.48% | 10.82% | 5.93% | -0.41% | -4% | -0.48% | 5.3% | -2.09% | 7.67% | 5.02% | 2.81% | 0.02% | -7.18% | 7.15% | -18.86% | 8.15% | 2.67% | 5.75% | 3.17% | 9.59% | 8.37% | 0.99% | 6.84% | 6.37% | 11.47% | 6.05% | -39.71% | 0.62% | 2.13% | -0.96% |
| Operating Income Growth % | - | 20.85% | 104.95% | 1832.32% | 90.62% | -662.86% | -107.83% | 367.01% | -132.08% | 53.35% | 91.11% | 10909.58% | 100.34% | -189.78% | 133.93% | -349.29% | 309.08% | -59% | 136.31% | -24.73% | 33.53% | 1067.04% | -81.74% | 19.58% | -29.85% | 132.26% | 114.5% | -5220% | -67.39% | 370.59% | -112.5% |
| EBITDA | 366.54M | 368.71M | 320.39M | 184.63M | 59.32M | 4.85M | 86.89M | 247.08M | 72.81M | 218.09M | 169.31M | 128.84M | 98.62M | -40.62M | 265.26M | -329.72M | 315.4M | 200.76M | 292.41M | 186.44M | 112.5M | 102.84M | 44.58M | 40.73M | 28.33M | 35.76M | 24.14M | -58.3M | 21.4M | 21.4M | 8.8M |
| EBITDA Margin % | 15.62% | 15.58% | 13.13% | 8.49% | 3.3% | 0.24% | 4% | 9.87% | 3.06% | 10.81% | 8.41% | 6.86% | 5% | -2.08% | 12.18% | -13.55% | 13.96% | 11.9% | 15.31% | 12.73% | 17.47% | 18.61% | 11.17% | 12.85% | 9.94% | 15.85% | 13.12% | -30.14% | 8.87% | 9.9% | 4.96% |
| EBITDA Growth % | 10.03% | 15.08% | 73.53% | 211.22% | 1122.17% | -94.41% | -64.83% | 239.38% | -66.62% | 28.81% | 31.41% | 30.64% | 342.8% | -115.31% | 180.45% | -204.54% | 57.1% | -31.34% | 56.84% | 65.72% | 9.4% | 130.69% | 9.44% | 43.8% | -20.79% | 48.11% | 141.41% | -372.43% | 0% | 143.18% | -59.26% |
| D&A (Non-Cash Add-back) | 55.98M | 49.52M | 56.28M | 55.76M | 66.76M | 84.15M | 97.29M | 114.4M | 122.5M | 63.22M | 68.32M | 75.99M | 98.14M | 99.25M | 109.47M | 129.47M | 131.21M | 155.74M | 182.59M | 139.97M | 50.76M | 56.6M | 40.62M | 19.04M | 10.18M | 9.9M | 13.01M | 18.5M | 19.9M | 16.8M | 10.5M |
| EBIT | 325.98M | 333.36M | 265.15M | 171.15M | 17.85M | 36.88M | 82.46M | 135.32M | 116.16M | 157.84M | 145.1M | 37.38M | 64.66M | 73M | 155.79M | -464.97M | 179.35M | 24.24M | 112.81M | 57.38M | 70.02M | 46.63M | 17.62M | 24.8M | 28.48M | 24.64M | 9.46M | -76.8M | 1.5M | 4.6M | -1.7M |
| Net Interest Income | 19.66M | 25.93M | 19.2M | 965K | -4.09M | -27.08M | -41M | -50.6M | -56.05M | -11.72M | -12.66M | -11.53M | -11.11M | -9.53M | -9.16M | -35.93M | -54.31M | -69.13M | -88.21M | -79.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 42.33M | 48.38M | 34.58M | 9.31M | 2.63M | 1.56M | 3M | 1.85M | 2.15M | 2.13M | 865K | 761K | 494K | 1.15M | 952K | 862K | 592K | 1.19M | 5.97M | 10.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 22.67M | 22.45M | 15.38M | 8.35M | 6.72M | 28.64M | 44M | 52.45M | 58.2M | 13.85M | 13.52M | 12.29M | 11.6M | 10.69M | 10.12M | 36.79M | 54.9M | 70.31M | 80.73M | 89.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 16.41M | 23.08M | 20.42M | -1.48M | -8.3M | -44.51M | -46.24M | -59.65M | -59.46M | -20.3M | -16.37M | -15.74M | -18.74M | -13.07M | -14.91M | -46.54M | -63.45M | -91.1M | -77.75M | -79.05M | -9.51M | -18.71M | -13.37M | -3.79M | 717K | -4.49M | -1.11M | -23.5M | -11.5M | -3M | -500K |
| Pretax Income | 327.18M | 342.27M | 284.53M | 127.39M | -15.74M | -123.81M | -56.64M | 73.03M | -109.15M | 134.57M | 84.63M | 56.4M | -14.91M | -148.25M | 136.22M | -505.73M | 120.74M | -46.07M | 32.07M | -32.58M | 52.23M | 27.53M | -9.41M | 17.9M | 18.86M | 21.37M | 8.59M | -100.3M | -10M | 1.6M | -2.2M |
| Pretax Margin % | 13.94% | 14.46% | 11.66% | 5.86% | -0.88% | -6.25% | -2.61% | 2.92% | -4.59% | 6.67% | 4.2% | 3% | -0.76% | -7.61% | 6.25% | -20.78% | 5.34% | -2.73% | 1.68% | -2.23% | 8.11% | 4.98% | -2.36% | 5.65% | 6.62% | 9.47% | 4.67% | -51.86% | -4.14% | 0.74% | -1.24% |
| Income Tax | 35.61M | 38.93M | 43.41M | 29.07M | -6.2M | -45.51M | 238K | 20.62M | -12.57M | 74.33M | 49.57M | 29.31M | 6.64M | -3.66M | 26M | 4.43M | 15.97M | -43.83M | 4.01M | -16.44M | 18.48M | -5.53M | -4.15M | 7.42M | 10.18M | 7.92M | 3.33M | -28M | -3.8M | 600K | -700K |
| Effective Tax Rate % | 10.88% | 11.37% | 15.26% | 22.82% | 39.36% | 36.76% | -0.42% | 28.23% | 11.52% | 55.23% | 58.58% | 51.97% | -44.54% | 2.47% | 19.08% | -0.88% | 13.23% | 95.12% | 12.52% | 50.45% | 35.37% | -20.1% | 44.11% | 41.46% | 53.96% | 37.05% | 38.8% | 27.92% | 38% | 37.5% | 31.82% |
| Net Income | 289.04M | 301.06M | 239.1M | 96.92M | -9.73M | -81.25M | -57.95M | 49.01M | -99.25M | 57.3M | 31.77M | 12.68M | -23.67M | -153.15M | 108.28M | -510.16M | 104.77M | -2.25M | 28.06M | -16.14M | 33.76M | 33.06M | -5.26M | 10.48M | 8.68M | 13.45M | 4.66M | -68.6M | -6.2M | 1M | -1.5M |
| Net Margin % | 12.32% | 12.72% | 9.8% | 4.46% | -0.54% | -4.1% | -2.67% | 1.96% | -4.18% | 2.84% | 1.58% | 0.68% | -1.2% | -7.86% | 4.97% | -20.96% | 4.64% | -0.13% | 1.47% | -1.1% | 5.24% | 5.98% | -1.32% | 3.31% | 3.05% | 5.96% | 2.53% | -35.47% | -2.57% | 0.46% | -0.84% |
| Net Income Growth % | 14.31% | 25.91% | 146.7% | 1095.92% | 88.02% | -40.2% | -218.26% | 149.38% | -273.22% | 80.35% | 150.59% | 153.56% | 84.54% | -241.45% | 121.22% | -586.93% | 4758.51% | -108.02% | 273.8% | -147.82% | 2.11% | 728.89% | -150.17% | 20.67% | -35.44% | 188.81% | 106.79% | -1006.45% | -720% | 166.67% | -114.85% |
| Net Income (Continuing) | 291.44M | 303.33M | 241.12M | 98.32M | -9.55M | -78.3M | -56.88M | 52.41M | -96.58M | 60.25M | 35.05M | 15M | -21.55M | -144.59M | 110.22M | -506.2M | 108.47M | -2.25M | 28.06M | -16.14M | 33.76M | 33.06M | -5.26M | 10.48M | 8.68M | 13.45M | 5.27M | -72.3M | -6.2M | 1M | -1.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 21.73M | 21.6M | 20.83M | 20.52M | 23.08M | 26.68M | 23.73M | 24.28M | 21.39M | 19.22M | 18.75M | 17.95M | 17.54M | 17.73M | 16.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 6.36 | 6.51 | 5.18 | 2.11 | -0.21 | -1.77 | -1.41 | 1.23 | -2.53 | 1.45 | 0.82 | 0.33 | -0.58 | -3.74 | 2.71 | -12.56 | 2.56 | -0.06 | 0.57 | -0.55 | 1.28 | 1.33 | -0.25 | 0.48 | 0.41 | 0.75 | 0.18 | -4.62 | -0.42 | 0.07 | -0.11 |
| EPS Growth % | 14.42% | 25.68% | 145.5% | 1104.76% | 88.14% | -25.53% | -214.63% | 148.62% | -274.48% | 76.83% | 148.48% | 156.9% | 84.49% | -238.01% | 121.58% | -590.63% | 4483.56% | -110.25% | 203.64% | -142.97% | -3.76% | 632% | -152.08% | 17.07% | -45.33% | 316.67% | 103.9% | -1000% | -700% | 163.64% | -113.58% |
| EPS (Basic) | - | 6.62 | 5.27 | 2.13 | -0.21 | -1.77 | -1.41 | 1.24 | -2.53 | 1.48 | 0.83 | 0.33 | -0.58 | -3.74 | 2.73 | -12.56 | 2.60 | -0.06 | 0.60 | -0.55 | 1.33 | 1.41 | -0.25 | 0.51 | 0.45 | 0.86 | 0.18 | -4.62 | -0.42 | 0.07 | -0.11 |
| Diluted Shares Outstanding | 45.47M | 46.08M | 46.19M | 45.84M | 45.1M | 44.3M | 40.25M | 39.98M | 39.24M | 39.39M | 38.64M | 38.51M | 39.18M | 39.28M | 39.93M | 40.61M | 40.95M | 38.54M | 34.95M | 29.58M | 26.28M | 24.78M | 20.92M | 21.74M | 21.38M | 18.83M | 15.38M | 14.85M | 14.67M | 14.56M | 14.21M |
| Basic Shares Outstanding | 44.73M | 45.25M | 45.37M | 45.42M | 45.1M | 44.3M | 40.25M | 39.56M | 39.23M | 38.66M | 38.21M | 38.22M | 39.18M | 39.27M | 39.63M | 40.61M | 40.34M | 38.54M | 33.1M | 29.58M | 25.41M | 23.39M | 20.92M | 20.41M | 19.26M | 15.64M | 15.18M | 14.85M | 14.67M | 14.12M | 13.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue growth stagnation
According to the most recent quarterly filings, Itron's revenue growth has shifted into negative territory, recording a -3.3% year-over-year decline in 2026Q1, which highlights a concerning departure from the double-digit expansion observed throughout the 2024 fiscal year as utility capital expenditure cycles appear to moderate.
The transition from 22.0% growth in 2024Q1 to current contraction suggests that the company is struggling to maintain momentum in its core hardware-heavy segments. Investors should monitor whether this deceleration reflects a temporary lull in utility infrastructure deployment or a more structural saturation of the smart-meter market.
Based on reported financial statements, Itron has successfully expanded its gross margin to 40.3% in 2026Q1, representing a notable improvement from the 34.0% levels seen in early 2024, despite the broader top-line revenue pressure currently impacting the firm's overall operational performance and market positioning.
This margin expansion appears to be a direct result of a favorable shift in product mix toward higher-margin software and services within the Outcomes segment. The ability to improve profitability while revenue declines suggests that management is successfully prioritizing value over volume, though this strategy may face limits if hardware sales continue to erode.
As indicated by the latest income statement data, operating margins have fluctuated between 8.5% and 14.8% over the last ten quarters, suggesting that Itron has yet to achieve the consistent operating leverage required to decouple profitability from the inherent volatility of its large-scale utility project cycles.
While gross margins have trended upward, the operating margin of 11.5% in 2026Q1 indicates that SG&A and R&D expenses continue to consume a significant portion of gross profit. This suggests that the company's cost structure remains relatively fixed, necessitating higher revenue volumes to drive meaningful bottom-line expansion.
Based on the provided financial data, Itron's net income has shown significant volatility, including a notable $20.1M stock-based compensation expense in 2026Q1, which warrants further investigation into how non-cash charges and tax anomalies are influencing the reported earnings per share relative to core operational cash generation.
The spike in stock-based compensation in the most recent quarter suggests a potential dilution risk that investors should weigh against the company's reported net income. Furthermore, the inconsistency in quarterly net margins indicates that non-operating items or tax adjustments may be masking the underlying trend in core business profitability.
Quick answers to the most common questions about buying ITRI stock.
For fiscal year 2025, Itron, Inc. (ITRI) reported total revenue of $2.37B. This represents a 1232.9% increase compared to $177.6M in 1996.
Itron, Inc. (ITRI) is profitable, generating $301.1M in net income for the fiscal year ending 2025 with a net profit margin of 12.7%.
Itron, Inc. (ITRI) reported an operating income of $319.2M, resulting in an operating profit margin of 13.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Itron, Inc. (ITRI) generated $887.5M in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.