Filing Flows › Itron (ITRI) › Q1 2026
Itron (ITRI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
Itron (ITRI) reported revenue of $587M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +3% from the quarter before. Operating margin was 11.5%, net earnings $53.5M (9.1% of revenue).
Itron, Q1 2026: revenue $587M (-3% year over year), operating margin 11.5%, net earnings $53.5M, operating cash flow $85.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $587M | +3% | -3% |
| Gross profit | $236M | +2% | +9% |
| Operating profit | $67.6M | -14% | -11% |
| Net earnings | $53.5M | -47% | -18% |
| Operating cash flow | $85.5M | -28% | +19% |
| Free cash flow | $79.0M | — | +17% |
What changed
Revenue was $587.0M in Q1 2026, down 3% year over year and up 3% from the previous quarter. Product revenues was the largest line at 81% of revenue. Product revenues lost $45.3M year over year (down 9%), 225% of the total change.
Gross margin was 40.3%, up 4.5 points from Q1 2025. Operating profit was $67.6M, a 11.5% margin (down 1.0 points year over year). Operating expenses grew 20% against a revenue fall of 3%. The fastest-growing cost line was Other operating costs (+109%). Net earnings were $53.5M, down 18% year over year. The effective tax rate was 20.3%.
Operating cash flow was $85.5M (up 19% year over year), 160% of net earnings. Non-cash charges added back $18.5M of depreciation and amortization and $20.1M of share-based compensation. Working capital and other items used $6.7M. After acquisitions of property, plant, and equipment ($6.5M), free cash flow as the company reports it was $79.0M.
Questions
What was Itron's revenue in the first quarter 2026?
Itron (ITRI) reported revenue of $587M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +3% from the quarter before.
Was Itron profitable in the first quarter 2026?
Operating profit was $67.6M (11.5% of revenue) and net earnings $53.5M.
Source: Itron 10-Q on SEC EDGAR.