Filing Flows › Itron (ITRI) › Q4 2025
Itron (ITRI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 17, 2026
Itron (ITRI) reported revenue of $572M for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and -2% from the quarter before. Operating margin was 13.8%, net earnings $102M (17.8% of revenue).
Itron, Q4 2025: revenue $572M (-7% year over year), operating margin 13.8%, net earnings $102M, operating cash flow $119M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $572M | -2% | -7% |
| Gross profit | $232M | +6% | +8% |
| Operating profit | $78.7M | -4% | +25% |
| Net earnings | $102M | +55% | +75% |
| Operating cash flow | $119M | +1% | +49% |
| Free cash flow | $112M | — | +59% |
What changed
Revenue was $571.7M in Q4 2025, down 7% year over year and down 2% from the previous quarter. Product revenues was the largest line at 83% of revenue.
Gross margin was 40.5%, up 5.6 points from a year earlier. Operating profit was $78.7M, a 13.8% margin (up 3.5 points year over year). Operating expenses grew 1% against a revenue fall of 7%. The fastest-growing cost line was SG&A (+12%). Net earnings were $101.6M, up 75% year over year. The effective tax rate was -20.1%.
Operating cash flow was $119.3M (up 49% year over year), 116% of net earnings. Non-cash charges added back $13.3M of depreciation and amortization and $14.6M of share-based compensation. Working capital and other items used $11.6M. After acquisitions of property, plant, and equipment ($7.8M), free cash flow as the company reports it was $111.5M.
Questions
What was Itron's revenue in the fourth quarter 2025?
Itron (ITRI) reported revenue of $572M for the fourth quarter 2025 (Q4 2025), -7% from a year earlier and -2% from the quarter before.
Was Itron profitable in the fourth quarter 2025?
Operating profit was $78.7M (13.8% of revenue) and net earnings $102M.
Source: Itron 10-K on SEC EDGAR.