Filing Flows › Itron (ITRI) › Q3 2025
Itron (ITRI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Itron (ITRI) reported revenue of $582M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -4% from the quarter before. Operating margin was 14.1%, net earnings $65.6M (11.3% of revenue).
Itron, Q3 2025: revenue $582M (-6% year over year), operating margin 14.1%, net earnings $65.6M, operating cash flow $118M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $582M | -4% | -5% |
| Gross profit | $220M | -2% | +5% |
| Operating profit | $81.8M | +7% | +11% |
| Net earnings | $65.6M | -4% | -16% |
| Operating cash flow | $118M | +22% | +80% |
| Free cash flow | $113M | — | +93% |
What changed
Revenue was $581.6M in Q3 2025, down 5% year over year and down 4% from the previous quarter. Product revenues was the largest line at 85% of revenue. Product revenues lost $43.9M year over year (down 8%), 130% of the total change.
Gross margin was 37.7%, up 3.7 points from a year earlier. Operating profit was $81.8M, a 14.1% margin (up 2.0 points year over year). Operating expenses grew 2% against a revenue fall of 5%. Net earnings were $65.6M, down 16% year over year. The effective tax rate was 27.0%.
Operating cash flow was $117.8M (up 80% year over year), 178% of net earnings. Non-cash charges added back $12.0M of depreciation and amortization and $14.4M of share-based compensation. Working capital and other items added $25.1M. After acquisitions of property, plant, and equipment ($4.4M), free cash flow as the company reports it was $113.4M.
Questions
What was Itron's revenue in the third quarter 2025?
Itron (ITRI) reported revenue of $582M for the third quarter 2025 (Q3 2025), -5% from a year earlier and -4% from the quarter before.
Was Itron profitable in the third quarter 2025?
Operating profit was $81.8M (14.1% of revenue) and net earnings $65.6M.
Source: Itron 10-Q on SEC EDGAR.