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Itron, Inc., a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in four segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solution. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products. The Networked Solutions segment provides communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; network design services; and associated heat-end management and application software for acquiring and transporting application-specific data. This segment also products and software for the implementation, installation, and management of communicating devices and data networks; offers industrial internet of things solutions, including automated meter reading; advanced metering infrastructure for electricity, water, and gas; distributed energy resource management; grid edge devices; distribution automation communications; smart lighting; and smart city sensors and applications. The Outcomes segment provides value-added, enhanced software and services, artificial intelligence, and machine learning, statistical modeling, and other analytics. The Resiliency Solutions segment offers software and services. The company offers implementation, project management, installation, consulting, and post-sale maintenance support services, as well as cloud and software-as-a-service; and extended or customer-specific warranties. It offers its products and services under the Itron brand. The company serves utility and smart city customers, and municipalities through its sales force, distributors, agents, partners, and meter manufacturer representatives. Itron, Inc. was incorporated in 1977 and is headquartered in Liberty Lake, Washington.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.4B | $414M | $301M | $383M | 17.5% | -3.0% | 25.9% |
| 2024 | $2.4B | $356M | $239M | $208M | 17.2% | 12.3% | 146.7% |
| 2023 | $2.2B | $191M | $97M | $98M | 7.4% | 21.1% | -1095.9% |
| 2022 | $1.8B | $58M | $-10M | $5M | -0.8% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,795.56 | 2,173.63 | 2,440.84 | 2,367.19 |
| Operating Revenue | - | 1,795.56 | 2,173.63 | 2,440.84 | 2,367.19 |
| Cost Of Revenue | - | 1,273.38 | 1,459.72 | 1,601.52 | 1,475.08 |
| Gross Profit | - | 522.19 | 713.91 | 839.32 | 892.12 |
| Operating Expense | - | 501.27 | 540.38 | 571.93 | 578.04 |
| Research And Development | - | 185.10 | 208.69 | 215.03 | 207.04 |
| Selling General And Administration | - | 290.45 | 312.78 | 339.07 | 352.96 |
| Total Expenses | - | 1,774.64 | 2,000.11 | 2,173.45 | 2,053.12 |
| Operating Income | - | 20.92 | 173.52 | 267.39 | 314.08 |
| Total Operating Income As Reported | - | -7.44 | 128.87 | 264.11 | 313.07 |
| EBITDA | - | 57.74 | 191.50 | 356.19 | 414.24 |
| Normalized EBITDA | - | 86.10 | 236.15 | 359.46 | 415.24 |
| EBIT | - | -9.02 | 135.74 | 299.91 | 364.72 |
| Interest Income | - | 2.63 | 9.31 | 34.58 | 48.38 |
| Interest Expense | - | 6.72 | 8.35 | 15.38 | 22.45 |
| Net Interest Income | - | -4.09 | 0.96 | 19.20 | 25.92 |
| Other Non Operating Income Expenses | - | -4.21 | -2.45 | 1.22 | 3.27 |
| Other Income Expense | - | -32.57 | -47.10 | -2.05 | 2.26 |
| Interest Income Non Operating | - | 2.63 | 9.31 | 34.58 | 48.38 |
| Interest Expense Non Operating | - | 6.72 | 8.35 | 15.38 | 22.45 |
| Net Non Operating Interest Income Expense | - | -4.09 | 0.96 | 19.20 | 25.92 |
| Pretax Income | - | -15.74 | 127.39 | 284.53 | 342.27 |
| Tax Provision | - | -6.20 | 29.07 | 43.41 | 38.93 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -11.06 | -10.19 | -0.50 | -0.12 |
| Net Income Continuous Operations | - | -9.55 | 98.32 | 241.12 | 303.33 |
| Net Income From Continuing And Discontinued Operation | - | -9.73 | 96.92 | 239.10 | 301.06 |
| Net Income From Continuing Operation Net Minority Interest | - | -9.73 | 96.92 | 239.10 | 301.06 |
| Net Income | - | -9.73 | 96.92 | 239.10 | 301.06 |
| Net Income Common Stockholders | - | -9.73 | 96.92 | 239.10 | 301.06 |
| Net Income Including Noncontrolling Interests | - | -9.55 | 98.32 | 241.12 | 303.33 |
| Normalized Income | - | 7.57 | 131.39 | 241.88 | 301.95 |
| Diluted NI Availto Com Stockholders | - | -9.73 | 96.92 | 239.10 | 301.06 |
| Basic Average Shares | - | 45.10 | 45.42 | 45.37 | 45.49 |
| Diluted Average Shares | - | 45.10 | 45.84 | 46.19 | 46.32 |
| Reconciled Depreciation | - | 66.76 | 55.76 | 56.28 | 49.52 |
| Reconciled Cost Of Revenue | - | 1,232.33 | 1,422.88 | 1,563.07 | 1,443.59 |
| Total Unusual Items | - | -28.36 | -44.66 | -3.28 | -1.01 |
| Total Unusual Items Excluding Goodwill | - | -28.36 | -44.66 | -3.28 | -1.01 |
| Minority Interests | - | -0.18 | -1.40 | -2.02 | -2.28 |
| Special Income Charges | - | -28.36 | -44.66 | -3.28 | -1.01 |
| Gain On Sale Of Business | - | -3.50 | -0.67 | -0.60 | -0.08 |
| Impairment Of Capital Assets | 0 | 38.48 | 0 | 0 | - |
| Restructuring And Mergern Acquisition | - | -13.62 | 43.99 | 2.68 | 0.93 |
| Depreciation Amortization Depletion Income Statement | - | 25.72 | 18.92 | 17.83 | 18.03 |
| Depreciation And Amortization In Income Statement | - | 25.72 | 18.92 | 17.83 | 18.03 |
| Amortization | - | 25.72 | 18.92 | 17.83 | 18.03 |
| Amortization Of Intangibles Income Statement | - | 25.72 | 18.92 | 17.83 | 18.03 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Itron, Inc.this co. | ITRI | $3.6B | 11.94↓ discount | 2.09 | 17.5% | 9.27 |
| Badger Meter, Inc. | BMI | $3.7B | 26.37 | 5.24 | 19.9% | 16.10 |
| Box, Inc. | BOX | $3.7B | 32.14 | -12.39 | -38.6% | 27.13 |
| RingCentral, Inc. | RNG | $3.7B | 85.09 | -6.28 | -7.4% | 14.30 |
| Insight Enterprises, Inc. | NSIT | $3.6B | 22.81 | 2.18 |
| - |
| - |
| - |
| - |
| 9.5% |
| 11.55 |
| Adeia Inc. | ADEA | $3.6B | 32.13 | 7.43 | 23.1% | 16.36 |
| Sunrun Inc. | RUN | $3.5B | 7.86 | 1.13 | 14.4% | 32.03 |
| OSI Systems, Inc. | OSIS | $3.5B | 23.42 | 3.68 | 15.7% | 15.50 |
| Knowles Corporation | KN | $3.4B | 76.19 | 4.34 | 5.7% | 30.44 |
| Peer Median | - | 29.25 | 2.93 | 12.0% | 16.23 | |