ITRI
Itron, Inc.95.33
+0.11+0.12%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Demand normalizes; ARR growth outlook added.
Q&A largely reaffirms prepared remarks on robust grid edge demand but adds color on normalization: no further project slips, pipeline up 27%, Outcomes backlog over $1B, and ARR at $368M growing 20% YoY with mid-teens to 20% expected in 2026 including acquisitions. Management detailed distributed intelligence momentum—endpoints +25%, apps +70%—and 12-month backlog at $1.6B, up from Q3. Resiliency Solutions seen as steady, non-seasonal. Book-and-ship persists amid uncertainty. Demand feels normalized. Investors will eye ARR trajectory and network lumpiness into 2027 targets, which stand but lean lower-end on revenue.
Key Stats
Market Cap
4.37BP/E (TTM)
17.11Basic EPS (TTM)
5.57Dividend Yield
0%Recent Filings
8-K
Itron prices $700M conv. notes
Itron issued $700M of 0.00% Convertible Senior Notes due 2032 on February 26, 2026, after upsizing from $600M and full exercise of the $105M greenshoe. Paired with $92.8M capped calls covering 6.5M shares at $123.77 strike (cap $190.42), it curbs dilution yet leaves exposure above cap. Notes rank senior unsecured. Proceeds repay 2026 notes, repurchase ~1M shares, fund ops.
10-K
FY2025 results
Itron held FY2025 revenues flat at $2.4B despite a 6% product revenue drop (derived), buoyed by 16% service revenue growth to $358M, with Outcomes up 15% on recurring strength while Device and Networked Solutions each fell 6% on deployment timing. Gross margin expanded to 37.7% from 34.4% via mix shift and efficiencies; adjusted EBITDA rose 16% to $374M. Q4 ARR hit $368M, up from $306M prior year. Bookings fell to $2.1B from $2.7B, backlog to $4.5B. Strong cash flow funded $330M Urbint buy and $100M buyback. $1.3B debt; $1B cash. Utility sales cycles fluctuate.
8-K
Q4 revenue dips, profits surge
Itron reported Q4 revenue of $572M, down 7% from prior year due to portfolio optimization and project timing, yet GAAP net income soared to $102M while Outcomes revenue jumped 23% on recurring strength. Adjusted EBITDA rose 21% to $99M; full-year free cash flow hit $383M. Locusview closed January 2026 for $525M cash, enhancing AI software. Q1 revenue outlook: $565-575M.
8-K
Itron acquires Locusview for $525M
Itron signed a definitive agreement on November 14, 2025, to acquire Locusview for $525 million in cash, funded from cash on hand, with closure expected in early January 2026. The deal bolsters Itron's Resiliency Solutions via Locusview's SaaS digital construction management platform, aiding utilities in grid buildout and operations. Purchase price adjusts for working capital at close. Strategic fit sharpens infrastructure productivity.
8-K
Approves $250M buyback program
Itron's board approved a $250 million share repurchase program on November 7, 2025, effective November 10 for 18 months, targeting open-market buys under Rule 10b5-1 plans. This follows exhausting the prior program's capacity with $100 million spent on 942,577 shares from November 3-6. Repurchases hinge on market conditions.
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