Filing Flows › Itron (ITRI) › Q3 2026 › vs Q3 2025
Itron (ITRI) Q3 2026 vs Q3 2025 (year over year)
Itron's revenue rose $17.7M (+3%) from $582M in Q3 2025 to $599M in Q3 2026. The biggest changes: Service revenues +$23.0M (+26%); Product revenues −$5.3M (-1%). Gross margin 40.9% against 37.7% (+3.1 pts).
Itron, Q3 2026: revenue $599M (+3% year over year), operating margin 15.9%, net earnings $71.4M, operating cash flow $102M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 40.9% | 37.7% | +3.1 pts |
| Operating margin | 15.9% | 14.1% | +1.9 pts |
| Net margin | 11.9% | 11.3% | +0.6 pts |
| Free cash flow margin | 15.9% | 19.5% | -3.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Product revenues | $489M | $494M | −$5.3M | -1% |
| Service revenues | $110M | $87.3M | $23.0M | +26% |
| Revenue | $599M | $582M | $17.7M | +3% |
| Gross profit | $245M | $220M | $25.3M | +12% |
| Cost of revenue | $354M | $362M | −$7.6M | -2% |
| Operating profit | $95.5M | $81.8M | $13.7M | +17% |
| Operating expenses | $149M | $138M | $11.6M | +8% |
| Pre-tax earnings | $97.0M | $90.7M | $6.3M | +7% |
| Research & development | $57.0M | $50.0M | $6.9M | +14% |
| SG&A | $84.1M | $83.1M | $928K | +1% |
| Other operating costs | $8.4M | $4.6M | $3.8M | +82% |
| Loss borne by minority interests | $98K | −$610K | $708K | — |
| Net earnings | $71.4M | $65.6M | $5.8M | +9% |
| Income tax | $25.8M | $24.5M | $1.3M | +5% |
| Depreciation & amortization | $18.4M | $12.0M | $6.4M | +53% |
| Share-based compensation | $12.2M | $14.4M | −$2.2M | -15% |
| Working capital & other | $67K | −$25.8M | $25.8M | — |
| Operating cash flow | $102M | $118M | −$15.9M | -13% |
| Free Cash Flow (company-reported) | $95.5M | $113M | −$17.9M | -16% |
| Acquisitions of property, plant, and equipment | $6.4M | $4.4M | $2.0M | +45% |
Questions
How much did Itron's revenue grow year over year in Q3 2026?
Itron's revenue rose $17.7M (+3%) from $582M in Q3 2025 to $599M in Q3 2026.
What drove Itron's revenue change in Q3 2026?
Service revenues +$23.0M (+26%); Product revenues −$5.3M (-1%).