Itron (ITRI) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $572 million, down year-over-year due to portfolio changes and project timing; full-year revenue was $2.37–$2.4 billion, down 3%.

• Adjusted EBITDA for Q4 was $99 million, up 21% year-over-year; full-year adjusted EBITDA was $374 million, up 16%.

• Outcomes segment delivered record Q4 revenue, up 23%, supporting overall profitability.

• Strategic acquisitions of Urbint and Locusview closed, launching the Resiliency Solutions segment.

• Free cash flow for Q4 was $112 million, up $41 million; full-year free cash flow was $383 million, up $175 million.

Financial highlights

• Q4 GAAP net income was $101.6–$102 million, up 75% year-over-year; full-year GAAP net income was $301 million, up 26%.

• Q4 non-GAAP diluted EPS was $2.46, up $1.11; full-year non-GAAP diluted EPS was $7.13, up $1.51.

• Q4 adjusted gross margin was 40.5–40.7%, up over 560 bps year-over-year.

• Q4 free cash flow was $112 million; full-year free cash flow was $383 million.

• Net cash from operating activities for the year was $406 million, up from $238 million.

Outlook and guidance

• 2026 revenue expected between $2.35–$2.45 billion, representing 1% growth at midpoint.

• 2026 non-GAAP EPS guidance is $5.75–$6.25 per share, with a 22% effective tax rate and lower interest income from acquisitions.

• Q1 2026 revenue guidance is $565–$575 million, down 6% year-over-year; Q1 non-GAAP EPS expected at $1.20–$1.30.

• Resiliency Solutions segment to contribute $65–$70 million in 2026 at ~70% gross margin, accretive to revenue and EBITDA but dilutive to EPS by $0.38, turning accretive by end of 2027.

• ARR projected to grow mid-teens to 20% in 2026, including contributions from recent acquisitions.