Itron Announces Second Quarter 2026 Financial Results

LIBERTY LAKE, Wash, July 28, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today financial results for its second quarter ended June 30, 2026. Key results for the quarter include (compared with the second quarter of 2025): * Revenue of $563 million, decreased 7%; * Annual recurring revenue of $417 million, increased 21%; * GAAP net income attributable to Itron, Inc. of $53 million, decreased $15 million; * GAAP diluted earnings per share of $1.19, decreased $0.28 per share; * Non-GAAP diluted EPS of $1.59, decreased $0.03 per share; * Adjusted EBITDA of $97 million, increased 8%; and * Free cash flow of $81 million, decreased $9 million. "Itron delivered record gross margin, earnings well ahead of our expectations, and strong free cash flow in the second quarter, with revenue in line with our outlook — clear evidence of the structurally better earnings power this team has built," said Tom Deitrich, Itron's President and CEO. "The demand environment remains constructive, supported by durable needs across grid expansion, resiliency, and affordability — and by the industry's intensifying focus on time-to-power. A stronger operating model in a durable demand environment is why we are raising our full-year earnings outlook."