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Itron cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$95.5M in Q3 2026 · $368M over twelve months

Operating cash flow$102M
Capital spending−$6.4M
Free cash flow+$95.5M
Cash / net income1.4×
Cash conversion cycle76 days

Analysis

In Q3 2026, Itron generated $102M of operating cash flow and spent $6.4M on capital projects, leaving free cash flow of $95.5M. That is $17.9M less than in Q3 2025 ($113M).

Over the twelve months to Sep 30, 2026, operating cash flow was $395M; the largest uses were acquisitions ($840M), buybacks ($252M), capital spending ($27.4M); besides operations, cash came from other financing ($228M), shares issued ($3.8M); the cash balance fell by $492M.

Operating cash flow was $102M against net income of $71.3M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: payables +$37.2M, receivables −$29.9M, inventory −$22.4M.

Its cash conversion cycle was 76 days (receivables 50 + inventory 70 − payables 44).

Free cash flow

Itron: free cash flow by quarterItron: free cash flow by quarter$70.2MQ4 2024$67.5MQ1 2025$90.7MQ2 2025$113MQ3 2025$112MQ4 2025$79.0MQ1 2026$81.5MQ2 2026$95.5MQ3 2026
Operating cash flow less capital spending.
Itron: operating cash flow against capital spendingItron: operating cash flow against capital spendingOperating cash flowCapital spending$79.8M$9.7MQ4 2024$72.1M$4.6MQ1 2025$96.7M$6.0MQ2 2025$118M$4.4MQ3 2025$119M$7.8MQ4 2025$85.5M$6.5MQ1 2026$88.1M$6.6MQ2 2026$102M$6.4MQ3 2026
Latest (Q3 2026): Operating cash flow $102M, Capital spending $6.4M.

Capital allocation, year by year

Itron: where the cash came from (up) and went (down), by fiscal yearItron: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $155MFY2021: Net borrowing −$486MFY2021: Shares issued $5.1MFY2021: Asset sales $3.1MFY2021: Capital spending −$34.7MFY2021: Acquisitions −$8.7MFY2021: Buybacks −$8.0M$163MFY2021FY2022: Operating cash flow $24.5MFY2022: Shares issued $3.5MFY2022: Asset sales $55.9MFY2022: Capital spending −$19.7MFY2022: Acquisitions $23KFY2022: Buybacks −$17.0M$83.9MFY2022FY2023: Operating cash flow $125MFY2023: Shares issued $3.7MFY2023: Asset sales −$772KFY2023: Capital spending −$26.9M$129MFY2023FY2024: Operating cash flow $238MFY2024: Net borrowing $805MFY2024: Shares issued $8.3MFY2024: Asset sales $405KFY2024: Capital spending −$30.6MFY2024: Acquisitions −$34.1MFY2024: Buybacks −$100M$1.1BFY2024FY2025: Operating cash flow $406MFY2025: Shares issued $7.3MFY2025: Asset sales $278KFY2025: Capital spending −$22.9MFY2025: Acquisitions −$325MFY2025: Buybacks −$100M$414MFY2025
Over these 5 years operating cash flow totalled $948M; the largest uses were net borrowing ($486M) and acquisitions ($368M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$840M
Debt$1.3B
Net debt$425M
Due within a year$460M

Itron funds itself: free cash flow was $368M over the last twelve months, and $840M of cash and investments stands against $1.3B of debt ($460M due within a year, 1.8× covered by cash).

Itron: debt maturities by year (FY2025)Itron: debt maturities by year (FY2025)$460MYear 1$805MYear 5
Principal due in each year as disclosed in the annual report, against $840M of cash and investments now.

Where the cash came from and went

Itron: sources (+) and uses (−) of cash, Q3 2026Itron: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$102MCash drawn (+) / kept (−)−$95.1MCapital spending−$6.4MOther financing−$1.6MShares issued$819KAcquisitions$167KExchange rates$120KOther investing$10K
Itron: sources (+) and uses (−) of cash, TTM to Q3 2026Itron: sources (+) and uses (−) of cash, 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 profit to cash

Itron: net income to operating cash flow, Q3 2026Itron: net income to operating cash flow, Q3 2026Net income$71.3MDepreciation & amortization$18.4MStock-based pay$12.2MOther non-cash$290KReceivables−$29.9MInventory−$22.4MPayables$37.2MEmployee-related liabilities$7.6MDeferred revenue−$17.9MPrepaid and other assets$11.0MOther operating capital$592KOperating cash flow$102M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650704476
Q2 202655684479
Q1 202654624274
Q4 202555674181
Q3 202551683486
Q2 202547673480
Q1 202545643673
Q4 202445633474

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$102M−$6.4M$167K——$819K−$95.1M$95.5M
Q2 2026$88.1M−$6.6M—−$52.2M—$1.3M−$32.4M$81.5M
Q1 2026$85.5M−$6.5M−$515M−$100M$345M$677K$308M$79.0M
Q4 2025$119M−$7.8M−$325M−$100M—$988K$312M$112M
Q3 2025$118M−$4.4M———$896K−$108M$113M
Q2 2025$96.7M−$6.0M———$3.2M−$101M$90.7M
Q1 2025$72.1M−$4.6M———$2.2M−$72.0M$67.5M
Q4 2024$79.8M−$9.7M$21K——$4.0M−$68.7M$70.2M

Itron: income statement and cash flow

Itron, Q3 2026: revenue $599M (+3% year over year), operating margin 15.9%. The chart follows the revenue to costs, profit and cash.

Itron: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.