Filing Flows › Itron (ITRI) › Q2 2026 › vs Q1 2026
Itron (ITRI) Q2 2026 vs Q1 2026 (quarter over quarter)
Itron's revenue fell $24.1M (-4%) from $587M in Q1 2026 to $563M in Q2 2026. The biggest changes: Product revenues −$24.3M (-5%); Service revenues +$259K (+0.2%). Gross margin 41.0% against 40.3% (+0.7 pts).
Itron, Q2 2026: revenue $563M (-7% year over year), operating margin 13.5%, net earnings $53.5M, operating cash flow $88.1M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 41.0% | 40.3% | +0.7 pts |
| Operating margin | 13.5% | 11.5% | +2.0 pts |
| Net margin | 9.5% | 9.1% | +0.4 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Product revenues | $453M | $478M | −$24.3M | -5% |
| Service revenues | $109M | $109M | $259K | +0.2% |
| Revenue | $563M | $587M | −$24.1M | -4% |
| Gross profit | $231M | $236M | −$5.7M | -2% |
| Cost of revenue | $332M | $351M | −$18.4M | -5% |
| Other income, net | $4.1M | −$382K | $4.5M | — |
| Operating profit | $76.1M | $67.6M | $8.5M | +13% |
| Operating expenses | $155M | $169M | −$14.2M | -8% |
| Pre-tax earnings | $80.2M | $67.2M | $13.0M | +19% |
| Research & development | $56.1M | $55.0M | $1.1M | +2% |
| SG&A | $89.7M | $105M | −$15.6M | -15% |
| Other operating costs | $8.7M | $8.4M | $325K | +4% |
| Net earnings | $53.5M | $53.6M | −$113K | -0.2% |
| Income tax | $26.7M | $13.6M | $13.1M | +96% |
| Depreciation & amortization | $18.6M | $18.5M | $90K | +0.5% |
| Share-based compensation | $12.2M | $20.1M | −$7.8M | -39% |
| Working capital & other | $3.7M | −$6.7M | $10.4M | — |
| Operating cash flow | $88.1M | $85.5M | $2.6M | +3% |
Questions
How much did Itron's revenue grow quarter over quarter in Q2 2026?
Itron's revenue fell $24.1M (-4%) from $587M in Q1 2026 to $563M in Q2 2026.
What drove Itron's revenue change in Q2 2026?
Product revenues −$24.3M (-5%); Service revenues +$259K (+0.2%).