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Itron (ITRI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 27, 2026 · Itron (ITRI) Q3 2026 earnings results →

Q3 2026 Revenue up 3% year over year to $599M · 12¢ of every $1 of revenue kept as net profit · operating margin 15.9%

Itron made $599M in Q3 2026 (+3% Y/Y): Product revenues $489M, Service revenues $110M. Operating margin 15.9%, net earnings $71.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 27, 2026.

Revenue$599M
Year over year+3%
Operating margin15.9%
Net earnings$71.4M
Operating cash flow$102M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $599.3M in Q3 2026, up 3% year over year and up 6% from the previous quarter. Product revenues was the largest line at 82% of revenue. Service revenues added $23.0M year over year (up 26%), 130% of the total change. Product revenues declined 1%.

Gross margin was 40.9%, up 3.1 points from Q3 2025. Operating profit was $95.5M, a 15.9% margin (up 1.9 points year over year). Of the extra revenue versus Q3 2025, 77% reached operating profit, above the 14% margin then. Operating expenses grew 8% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+82%). Net earnings were $71.4M, up 9% year over year. The effective tax rate was 26.5%.

Operating cash flow was $102.0M (down 13% year over year), 143% of net earnings. Non-cash charges added back $18.4M of depreciation and amortization and $12.2M of share-based compensation. After acquisitions of property, plant, and equipment ($6.4M), free cash flow as the company reports it was $95.5M.

Quarterly history

Itron revenue by quarterItron revenue by quarter$607MQ1 2025$607MQ2 2025$582MQ3 2025$572MQ4 2025$587MQ1 2026$563MQ2 2026$599MQ3 2026
Itron net earnings by quarterItron net earnings by quarter$65.3MQ1 2025$68.8MQ2 2025$65.6MQ3 2025$102MQ4 2025$53.5MQ1 2026$53.5MQ2 2026$71.4MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 27, 2026$599M+3%15.9%$71.4M$102M
Q2 202610-QJul 28, 2026$563M-7%13.5%$53.5M$88.1M
Q1 202610-QApr 28, 2026$587M-3%11.5%$53.5M$85.5M
Q4 202510-KFeb 17, 2026$572M-7%13.8%$102M$119M
Q3 202510-QOct 30, 2025$582M-6%14.1%$65.6M$118M
Q2 202510-QJul 31, 2025$607M-0.4%12.6%$68.8M$96.7M
Q1 202510-QMay 1, 2025$607M+0.6%12.6%$65.3M$72.1M

Charts

Itron: revenue growth, year over year and quarter over quarterItron: revenue growth, year over year and quarter over quarterY/YQ/Q+1%Q1 20250%0%Q2 2025-6%-4%Q3 2025-7%-2%Q4 2025-3%+3%Q1 2026-7%-4%Q2 2026+3%+6%Q3 2026
Latest (Q3 2026): Y/Y +3%, Q/Q +6%.
Itron: where the cash came from (+) and went (−), TTM to Q3 2026Itron: where the cash came from (+) and went (−), TTM to Q3 2026Acquisitions−$840MCash drawn (+) / kept (−)$492MOperating cash flow$395MBuybacks−$252MOther financing$228MCapital spending−$27.4MShares issued$3.8MOther investing$3.1MExchange rates−$2.1M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Itron: profit against cash, quarter by quarterItron: profit against cash, quarter by quarterNet incomeOperating cash flow$58.6M$79.8MQ4 2024$65.3M$72.1MQ1 2025$68.8M$96.7MQ2 2025$66.2M$118MQ3 2025$103M$119MQ4 2025$53.6M$85.5MQ1 2026$53.5M$88.1MQ2 2026$71.3M$102MQ3 2026
Latest (Q3 2026): Net income $71.3M, Operating cash flow $102M.
Itron: diluted shares by fiscal yearItron: diluted shares by fiscal year40MFY202044MFY202145MFY202246MFY202346MFY202446MFY2025
+15.1% since FY2020: more shares outstanding (issuance, stock pay).
Itron: long-term debt falling due (FY2025)Itron: long-term debt falling due (FY2025)$460M2026$805M2030
Cash $1.0B, short-term investments —, long-term debt $1.3B at 2025-12-31.
Itron in its industry: growth against margin (9 companies, SIC 3825)Itron in its industry: growth against margin (9 companies, SIC 3825)revenue growth, year over year →↑ operating marginmedian +18%median 14%VLTOTERCOHUALNTTRNSINTTFEIMDAIOITRI (+3%, 16%)
Instruments For Meas & Testing of Electricity & Elec Signals; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Itron

Documents we provide to the Securities and Exchange Commission (SEC) are available free of charge under the Investors section of our website at www.itron.com as soon as practicable after they are filed with or furnished to the SEC. In addition, these documents are available at the SEC's website ( http://www.sec.gov ). The information posted on or accessible through our website is not part of or incorporated by reference into this Annual Report. Itron is a global leader in grid edge intelligence, energy and water management, smart city applications, Industrial Internet of Things (IIoT) and critical infrastructure and related services. Our intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable, and affordable service.

In its own words, from its 10-K, filed Feb 17, 2026.

Itron against its Instruments For Meas & Testing of Electricity & Elec Signals peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +34%. Operating margin: 15.9% against the peers' median 15.9%.

CompanyQuarterRevenueY/YOp. margin
ITRI ItronQ3 2026$599M+3%15.9%
VLTO VeraltoQ3 2026$1.5B+8%19.7%
TER TeradyneQ3 2026$1.3B+70%30.8%
COHU CohuQ3 2026$173M+37%7.4%
ALNT AllientQ3 2026$164M+18%13.6%
TRNS TranscatQ2 FY27$97.1M+18%5.2%
INTT IntestQ3 2026$35.1M+34%7.8%
AEHR Aehr Test SystemsQ3 2026$33.0M—18.3%
FEIM Frequency ElectronicsQ1 FY27$23.5M+70%22.2%

Source: Itron 10-Q on SEC EDGAR · CIK 780571 · Instruments For Meas & Testing of Electricity & Elec Signals

Guidance and outlook

Itron Revenue: guidance against what was reportedItron Revenue: guidance against what was reportedguided rangereported (above / within / below)Q3 2025$582MFY2025$2.4BQ4 2025$572MFY2026Q1 2026$587MQ2 2026$563MQ3 2026$599MQ4 2026
Met or beat 8 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns ITRI and who is buying

Largest holders of ITRI (13F)Largest holders of ITRI (13F)BlackRock$617MVanguard Group$544MVanguard Portfolio Management LLC$303MVanguard Capital Management LLC$173MImpax Asset Management Group$167MState Street$157MDimensional Fund Advisors LP$153MInvesco$133MGeode Capital Management, LLC$108MFirst Trust Advisors LP$105M
Funds' net buying of ITRI by quarter (13F)Funds' net buying of ITRI by quarter (13F)−$118M2024-09−$57.2M2024-12$106M2025-03$166M2025-06$20.6M2025-09−$163M2025-12$174M2026-03$122M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ITRI

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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