Revenue growth accelerated to 18.8% in 2026Q1, while the company maintained structural stability with a 48.2% gross margin and $22.1 million in operating income.
| 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 |
|---|
| Sales/Revenue | 375.23M | 359.02M | 336.26M | 319.98M | 293.07M | 270.88M | 245.63M | 279.33M | 253.34M | 238.53M | 199.57M | 175.63M | 182.13M | 170.17M | 150.32M | 160.17M | 147.82M | 121.38M | 132.62M | 124.84M | 104.05M | 90.13M | 77.93M | 64.07M |
| Revenue Growth % | 11.12% | 6.77% | 5.09% | 9.18% | 8.19% | 10.28% | -12.07% | 10.26% | 6.21% | 19.52% | 13.63% | -3.57% | 7.03% | 13.2% | -6.15% | 8.35% | 21.79% | -8.47% | 6.23% | 19.98% | 15.45% | 15.66% | 21.62% | - |
| Cost of Goods Sold | 189.23M | 180.45M | 175.64M | 166.82M | 155.51M | 143.05M | 129.09M | 148.81M | 126.01M | 115.25M | 97.54M | 85.75M | 84.99M | 80.86M | 74.76M | 79.49M | 75.17M | 60.82M | 69M | 67.64M | 53.85M | 47.59M | 41.89M | 37.45M |
| COGS % of Revenue | - | 50.26% | 52.23% | 52.13% | 53.06% | 52.81% | 52.55% | 53.27% | 49.74% | 48.32% | 48.88% | 48.82% | 46.67% | 47.52% | 49.73% | 49.63% | 50.85% | 50.11% | 52.03% | 54.18% | 51.76% | 52.8% | 53.75% | 58.45% |
| Gross Profit | 186M | 178.58M | 160.62M | 153.16M | 137.56M | 127.84M | 116.54M | 130.52M | 127.33M | 119.38M | 102.03M | 89.88M | 97.13M | 89.3M | 75.56M | 80.68M | 72.65M | 60.56M | 63.62M | 57.2M | 50.2M | 42.54M | 36.04M | 26.62M |
| Gross Margin % | 49.57% | 49.74% | 47.77% | 47.87% | 46.94% | 47.19% | 47.45% | 46.73% | 50.26% | 50.05% | 51.12% | 51.18% | 53.33% | 52.48% | 50.27% | 50.37% | 49.15% | 49.89% | 47.97% | 45.82% | 48.24% | 47.2% | 46.25% | 41.55% |
| Gross Profit Growth % | - | 11.18% | 4.87% | 11.34% | 7.61% | 9.69% | -10.71% | 2.51% | 6.65% | 17.01% | 13.52% | -7.47% | 8.77% | 18.19% | -6.35% | 11.05% | 19.97% | -4.81% | 11.22% | 13.94% | 18% | 18.04% | 35.36% | - |
| Operating Expenses | 105.68M | 101.64M | 89.45M | 87.21M | 78.79M | 73.22M | 88.71M | 81.86M | 64.95M | 62.85M | 54.03M | 49.24M | 51.26M | 51.37M | 45.61M | 54.09M | 41.98M | 36.18M | 37.96M | -15.3M | 25.47M | 22.62M | 17.77M | 16.34M |
| OpEx % of Revenue | - | 28.31% | 26.6% | 27.25% | 26.88% | 27.03% | 36.12% | 29.3% | 25.64% | 26.35% | 27.07% | 28.03% | 28.15% | 30.19% | 30.34% | 33.77% | 28.4% | 29.8% | 28.62% | -12.26% | 24.48% | 25.1% | 22.81% | 25.5% |
| Selling, General & Admin | 84.89M | 80.83M | 71.51M | 70.28M | 62.03M | 59.38M | 61.74M | 67.94M | 59.03M | 59.84M | 50.3M | 47.1M | 47.88M | 44.2M | 41.93M | 43.53M | 40.35M | 34.9M | 37.13M | 30.85M | 22.79M | 19.84M | 15.77M | 14.33M |
| SG&A % of Revenue | - | 22.52% | 21.27% | 21.96% | 21.17% | 21.92% | 25.14% | 24.32% | 23.3% | 25.09% | 25.2% | 26.82% | 26.29% | 25.97% | 27.89% | 27.18% | 27.29% | 28.75% | 28% | 24.71% | 21.9% | 22.01% | 20.23% | 22.37% |
| Research & Development | 20.96M | 20.81M | 18.09M | 16.99M | 16.85M | 14.1M | 12.77M | 13.91M | 6.22M | 3.16M | 2.9M | 2.4M | 2.53M | 2.41M | 669K | 631K | 481K | 372K | 408K | 2.99M | 2.68M | 2.8M | 2.02M | 1.69M |
| R&D % of Revenue | - | 5.8% | 5.38% | 5.31% | 5.75% | 5.2% | 5.2% | 4.98% | 2.46% | 1.32% | 1.45% | 1.37% | 1.39% | 1.42% | 0.45% | 0.39% | 0.33% | 0.31% | 0.31% | 2.4% | 2.58% | 3.11% | 2.59% | 2.64% |
| Other Operating Expenses | -168K | 0 | -148K | -58K | -92K | -256K | 14.2M | 0 | -306K | -147K | 836K | -268K | 856K | 4.76M | 1.62M | 8.69M | 1.16M | 908K | 418K | -49.14M | 0 | -16K | -12K | 314K |
| Operating Income | 80.34M | 76.94M | 71.02M | 65.9M | 58.68M | 54.36M | 42.03M | 48.66M | 61.69M | 56.39M | 48.83M | 40.38M | 46.66M | 42.69M | 31.08M | 35.27M | 30.82M | 25.29M | 26.07M | 23.33M | 24.73M | 19.91M | 18.25M | 10.29M |
| Operating Margin % | 21.41% | 21.43% | 21.12% | 20.59% | 20.02% | 20.07% | 17.11% | 17.42% | 24.35% | 23.64% | 24.47% | 22.99% | 25.62% | 25.09% | 20.68% | 22.02% | 20.85% | 20.84% | 19.66% | 18.69% | 23.77% | 22.09% | 23.42% | 16.05% |
| Operating Income Growth % | - | 8.33% | 7.78% | 12.3% | 7.95% | 29.34% | -13.63% | -21.12% | 9.4% | 15.47% | 20.95% | -13.46% | 9.29% | 37.36% | -11.89% | 14.43% | 21.89% | -3.01% | 11.78% | -5.68% | 24.24% | 9.07% | 77.44% | - |
| EBITDA | 99.53M | 96.11M | 91.1M | 86.97M | 78.82M | 72.45M | 60.86M | 71.5M | 76.3M | 69.91M | 60.47M | 52.34M | 58.88M | 58.73M | 45.75M | 52.31M | 46.7M | 37.82M | 36.19M | 31.41M | 28.94M | 23.49M | 21.92M | 13.77M |
| EBITDA Margin % | 26.52% | 26.77% | 27.09% | 27.18% | 26.89% | 26.75% | 24.78% | 25.6% | 30.12% | 29.31% | 30.3% | 29.8% | 32.33% | 34.51% | 30.44% | 32.66% | 31.59% | 31.16% | 27.29% | 25.16% | 27.81% | 26.06% | 28.12% | 21.49% |
| EBITDA Growth % | 8.06% | 5.49% | 4.76% | 10.34% | 8.78% | 19.05% | -14.89% | -6.28% | 9.14% | 15.61% | 15.54% | -11.11% | 0.25% | 28.36% | -12.53% | 12% | 23.48% | 4.5% | 15.23% | 8.54% | 23.19% | 7.18% | 59.18% | - |
| D&A (Non-Cash Add-back) | 19.19M | 19.17M | 20.08M | 21.07M | 20.13M | 18.1M | 18.83M | 22.84M | 14.61M | 13.52M | 11.63M | 11.96M | 12.22M | 16.04M | 14.67M | 17.03M | 15.88M | 12.53M | 10.12M | 8.08M | 4.21M | 3.58M | 3.67M | 3.48M |
| EBIT | 80.32M | 76.94M | 73.27M | 66.3M | 55.41M | 51.22M | 31.23M | 25.81M | 76.76M | 55.55M | 50.05M | 41.9M | 47.57M | 39.21M | 38.57M | 28.1M | 16.47M | 26.32M | 24.54M | 74.02M | 27.01M | 21.37M | 17.44M | 10.29M |
| Net Interest Income | -2.4M | -1.85M | -8K | -247K | -1.58M | -1.71M | -1.89M | -2.11M | 176K | 1.67M | 2.21M | 1.38M | 996K | 793K | 889K | 1.58M | 760K | -339K | -661K | -290K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 2.01M | 1.65M | 995K | 538K | 302K | 500K | 704K | 1.67M | 2.21M | 1.44M | 996K | 2M | 1.77M | 1.82M | 1.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.4M | 1.85M | 2.02M | 1.9M | 2.58M | 2.25M | 2.19M | 2.61M | 528K | 0 | 0 | 64K | 0 | 1.21M | 881K | 236K | 408K | 339K | 661K | 290K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2M | -2.04M | 105K | -2.2M | -6.44M | -5.49M | -13.83M | -28.66M | 18.77M | 7.68M | 771K | -982K | 495K | -4.69M | 6.57M | -7.43M | -14.77M | 709K | -2.22M | 49.88M | 1.67M | 567K | -2.05M | -616K |
| Pretax Income | 78.33M | 74.9M | 71.13M | 63.7M | 52.24M | 48.87M | 28.2M | 20M | 80.45M | 64.07M | 49.6M | 39.39M | 47.15M | 38M | 37.65M | 27.84M | 16.06M | 26M | 23.85M | 73.21M | 26.41M | 20.47M | 16.2M | 9.67M |
| Pretax Margin % | 20.88% | 20.86% | 21.15% | 19.91% | 17.83% | 18.04% | 11.48% | 7.16% | 31.76% | 26.86% | 24.86% | 22.43% | 25.89% | 22.33% | 25.05% | 17.38% | 10.86% | 21.42% | 17.99% | 58.64% | 25.38% | 22.72% | 20.79% | 15.09% |
| Income Tax | 16.4M | 14.9M | 14.58M | 13.36M | 12.74M | 11.85M | 10.86M | 12.23M | 17.27M | 17.7M | 14.88M | 12.82M | 14.25M | 12.81M | 11.69M | 8.95M | 7.69M | 7.14M | 7.9M | 20.95M | 6.58M | 5.29M | 4.42M | 3.42M |
| Effective Tax Rate % | 20.94% | 19.89% | 20.5% | 20.97% | 24.39% | 24.26% | 38.5% | 61.17% | 21.47% | 27.64% | 29.99% | 32.55% | 30.21% | 33.7% | 31.05% | 32.15% | 47.86% | 27.46% | 33.1% | 28.62% | 24.92% | 25.86% | 27.3% | 35.34% |
| Net Income | 60.15M | 57.97M | 53.65M | 48.14M | 37.1M | 34.26M | 16.12M | 6.89M | 64.53M | 43.79M | 32.14M | 24.97M | 30.43M | 23.76M | 24.88M | 25.76M | 21.02M | 18.19M | 14.88M | 51.47M | 19.26M | 14.38M | 11.22M | 5.84M |
| Net Margin % | 16.03% | 16.15% | 15.96% | 15.04% | 12.66% | 12.65% | 6.56% | 2.47% | 25.47% | 18.36% | 16.1% | 14.22% | 16.71% | 13.96% | 16.55% | 16.08% | 14.22% | 14.99% | 11.22% | 41.23% | 18.51% | 15.95% | 14.4% | 9.12% |
| Net Income Growth % | 8.95% | 8.04% | 11.46% | 29.74% | 8.31% | 112.47% | 134.04% | -89.33% | 47.36% | 36.26% | 28.71% | -17.94% | 28.06% | -4.49% | -3.41% | 22.57% | 15.52% | 22.24% | -71.09% | 167.27% | 33.98% | 28.13% | 91.94% | - |
| Net Income (Continuing) | 61.93M | 60M | 56.55M | 50.34M | 39.5M | 37.01M | 17.34M | 7.77M | 63.18M | 46.36M | 34.73M | 26.57M | 32.91M | 25.55M | 25.96M | 22.19M | 9.77M | 18.86M | 15.96M | 52.26M | 19.26M | 14.38M | 11.22M | 6.02M |
| 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 |
| Minority Interest | 6.3M | 6.92M | 6.03M | 5.79M | 7.06M | 5.34M | 2.71M | 6.58M | 6.51M | 7.44M | 5.94M | 4.12M | 3.89M | 4.57M | 3.98M | 4.29M | 4.39M | 3.75M | 3.12M | 2.86M | 2.58M | 734K | 108K | 0 |
| EPS (Diluted) | 3.04 | 2.92 | 2.70 | 2.41 | 1.82 | 1.65 | 0.77 | 0.52 | 3.06 | 2.09 | 1.53 | 1.19 | 1.45 | 1.13 | 1.19 | 1.01 | 0.42 | 0.87 | 0.69 | 2.20 | 0.82 | 0.71 | 0.58 | 0.31 |
| EPS Growth % | 9.35% | 8.15% | 12.03% | 32.42% | 10.3% | 114.29% | 48.08% | -83.01% | 46.41% | 36.6% | 28.57% | -17.93% | 28.32% | -5.04% | 17.82% | 140.48% | -51.72% | 26.09% | -68.64% | 168.29% | 15.49% | 22.41% | 87.1% | - |
| EPS (Basic) | - | 2.92 | 2.70 | 2.41 | 1.82 | 1.65 | 0.77 | 0.52 | 3.06 | 2.09 | 1.53 | 1.19 | 1.45 | 1.13 | 1.19 | 1.01 | 0.42 | 0.87 | 0.69 | 2.21 | 0.83 | 0.73 | 0.60 | 0.32 |
| Diluted Shares Outstanding | 19.81M | 19.87M | 19.89M | 20M | 20.42M | 20.77M | 20.81M | 21.04M | 21.08M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.98M | 21.44M | 23.42M | 23.46M | 20.25M | 19.19M | 18.73M |
| Basic Shares Outstanding | 19.81M | 19.87M | 19.89M | 20M | 20.42M | 20.77M | 20.81M | 21.04M | 21.08M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 20.97M | 21.43M | 23.32M | 23.19M | 19.74M | 18.59M | 18.11M |
| Dividend Payout Ratio | - | 64.84% | 52.28% | 24.02% | 30.9% | 46.15% | 61.82% | 288.11% | 31.33% | 51.71% | 53.17% | 70.44% | 63.51% | - | - | 84.56% | 150.46% | 19.6% | 195.81% | 9.4% | 19.23% | 18.76% | 11.83% | - |
Regional Geopolitical Instability
As reported in recent financial filings, Ituran's quarterly revenue reached $102.7 million in 2026Q1, representing a notable acceleration to 18.8% year-over-year growth, which suggests that the company is successfully capturing market share despite the inherent volatility of its core Latin American and Israeli operating environments.
The recent surge in top-line performance appears to indicate a successful scaling of the subscription-based service model. Investors should monitor whether this growth is driven by organic subscriber additions or if it reflects temporary pricing adjustments that may not be sustainable in the long term.
Based on the provided income statement data, Ituran has maintained a consistent gross margin profile, hovering near the 50% threshold, which implies that the company possesses significant pricing power and effective cost management within its proprietary terrestrial radio frequency infrastructure despite fluctuating hardware component costs.
The stability of these margins suggests that the service-heavy revenue mix is successfully insulating the company from the lower-margin volatility typically associated with hardware sales. This structural resilience warrants further investigation into whether the company can continue to defend these levels as it expands into new OEM partnerships.
According to the latest quarterly figures, operating income has scaled effectively alongside revenue growth, reaching $22.1 million in 2026Q1, which indicates that management is successfully controlling SG&A expenses while simultaneously expanding the company's footprint in its primary telematics markets across Israel and Latin America.
The ability to grow operating income faster than gross profit suggests that the company is benefiting from operational leverage inherent in its 24/7 control center model. This trend appears to validate the efficiency of their existing infrastructure, though investors should remain cautious regarding potential future overhead requirements.
As evidenced by the absence of stock-based compensation in the reported income statements, Ituran's net income of $16.8 million in 2026Q1 represents high-quality earnings that are not artificially inflated by equity-based accounting adjustments, reflecting a conservative and shareholder-aligned approach to corporate compensation and capital management.
The lack of SBC suggests that the reported EPS growth is driven by genuine operational performance rather than accounting maneuvers. This transparency provides a clearer view of the company's underlying profitability, which appears robust when compared to peers that rely heavily on equity-based incentives.
While the company shows strong growth, an analysis of historical data suggests that the reliance on the Brazilian Real and Israeli Shekel creates significant translation risk, which may mask underlying margin compression if local currency revenues fail to keep pace with rising operational costs in USD terms.
Short-term investors should be wary of the potential for FX volatility to erode reported earnings, as the company's geographic concentration leaves it vulnerable to macroeconomic shifts in emerging markets. This exposure may lead to periods of earnings volatility that do not necessarily reflect the health of the core business.
Quick answers to the most common questions about buying ITRN stock.
For fiscal year 2025, Ituran Location and Control Ltd. (ITRN) reported total revenue of $359.0M. This represents a 460.4% increase compared to $64.1M in 2003.
Ituran Location and Control Ltd. (ITRN) is profitable, generating $58.0M in net income for the fiscal year ending 2025 with a net profit margin of 16.1%.
Ituran Location and Control Ltd. (ITRN) reported an operating income of $76.9M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ituran Location and Control Ltd. (ITRN) generated $178.6M in gross profit for the year, representing a gross profit margin of 49.7%. This demonstrates the company's core pricing power and production efficiency.