Quarterly ResultApr 28, 2026, 08:31 AM
ITRI Q1 Revenue $587M (-3%); Adj. EBITDA +5%; FCF +$11M
AI Summary
Itron, Inc. reported first quarter 2026 financial results with revenue of $587 million, a 3% decrease year-over-year, and GAAP net income of $53 million ($1.18 diluted EPS), down $12 million. Despite the revenue decline, the company achieved a record adjusted gross profit, with adjusted EBITDA increasing 5% to $92 million and free cash flow rising $11 million to $79 million. The CEO noted results were ahead of expectations due to strong execution and projects running ahead of schedule, with the Locusview acquisition contributing to Resiliency Solutions revenue and higher operating expenses.
Key Highlights
- Q1 Revenue: $587 million, decreased 3% YoY.
- GAAP Net Income: $53 million, decreased $12 million YoY.
- GAAP Diluted EPS: $1.18, decreased $0.24 per share YoY.
- Non-GAAP Diluted EPS: $1.49, decreased $0.03 per share YoY.
- Adjusted EBITDA: $92 million, increased 5% YoY.
- Free Cash Flow: $79 million, increased $11 million YoY.
- Adjusted Gross Margin: 40.7%, increased 490 basis points YoY.
- Q2 2026 Revenue Outlook: $560-$570 million; Non-GAAP Diluted EPS: $1.25-$1.35.