Itron reported second-quarter 2026 results with revenue of $563.0 million and GAAP net income attributable to Itron of $53.3 million. The company posted non-GAAP diluted EPS of $1.59 and adjusted EBITDA of $96.8 million while raising its full-year non-GAAP EPS outlook. Itron cited record adjusted gross margin (41.4%) and continued growth in Outcomes and recurring revenue as drivers of performance.

Financial Highlights

  • Revenue: $562.9 million for Q2 2026 (down 7% year-over-year from $606.8 million).
  • Gross profit: $230.6 million for Q2 2026 with adjusted gross margin of 41.4% (up 460 basis points year-over-year).
  • Operating income: GAAP operating income $76.1 million for Q2 2026.
  • Net income: GAAP net income attributable to Itron of $53.3 million for Q2 2026 (diluted EPS $1.19).
  • Non-GAAP diluted EPS: $1.59 for Q2 2026; Adjusted EBITDA: $96.8 million; Free cash flow: $81.5 million for the quarter.

Business Highlights

  • Annual recurring revenue (ARR) increased 21% to $417 million, reflecting growth in subscription and services.
  • Outcomes segment revenue grew 13% year-over-year, driven by higher services revenue and recurring engagements.
  • Device Solutions saw a slight decline driven by lower legacy electricity product sales; Networked Solutions revenue declined 17% due to project deployment timing and lower volumes.
  • Resiliency Solutions recorded $16 million in revenue with integration progressing according to plan.
  • Total backlog at quarter end was $4.4 billion; bookings for the quarter totaled $550 million, indicating ongoing demand across grid expansion and resiliency initiatives.

Original SEC Filing:

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