Filing Flows › Itron (ITRI) › Q2 2026 › vs Q2 2025
Itron (ITRI) Q2 2026 vs Q2 2025 (year over year)
Itron's revenue fell $43.9M (-7%) from $607M in Q2 2025 to $563M in Q2 2026. The biggest changes: Product revenues −$63.7M (-12%); Service revenues +$19.9M (+22%). Gross margin 41.0% against 36.9% (+4.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 41.0% | 36.9% | +4.1 pts |
| Operating margin | 13.5% | 12.6% | +0.9 pts |
| Net margin | 9.5% | 11.3% | -1.8 pts |
| Free cash flow margin | 14.5% | 14.9% | -0.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Product revenues | $453M | $517M | −$63.7M | -12% |
| Service revenues | $109M | $89.6M | $19.9M | +22% |
| Revenue | $563M | $607M | −$43.9M | -7% |
| Gross profit | $231M | $224M | $7.0M | +3% |
| Cost of revenue | $332M | $383M | −$50.9M | -13% |
| Other income, net | $4.1M | $7.1M | −$2.9M | -41% |
| Operating profit | $76.1M | $76.4M | −$347K | -0.5% |
| Operating expenses | $155M | $147M | $7.4M | +5% |
| Pre-tax earnings | $80.2M | $83.5M | −$3.3M | -4% |
| Research & development | $56.1M | $53.8M | $2.3M | +4% |
| SG&A | $89.7M | $87.6M | $2.1M | +2% |
| Other operating costs | $8.7M | $5.8M | $2.9M | +51% |
| Net earnings | $53.5M | $68.8M | −$15.3M | -22% |
| Income tax | $26.7M | $14.7M | $12.0M | +81% |
| Depreciation & amortization | $18.6M | $12.1M | $6.5M | +54% |
| Share-based compensation | $12.2M | $16.8M | −$4.6M | -27% |
| Working capital & other | $3.7M | −$1.0M | $4.8M | — |
| Operating cash flow | $88.1M | $96.7M | −$8.6M | -9% |
| Free Cash Flow (company-reported) | $81.5M | $90.7M | −$9.2M | -10% |
| Acquisitions of property, plant, and equipment | $6.6M | $6.0M | $588K | +10% |
Questions
How much did Itron's revenue grow year over year in Q2 2026?
Itron's revenue fell $43.9M (-7%) from $607M in Q2 2025 to $563M in Q2 2026.
What drove Itron's revenue change in Q2 2026?
Product revenues −$63.7M (-12%); Service revenues +$19.9M (+22%).