Itron Reports Q2 Earnings with Strong Margins Despite Revenue Decline
Itron reported second-quarter revenue of $563 million for the quarter ended June 30, 2026. The company achieved a record adjusted gross margin of 41.4%, driven by favorable business mix and cost discipline. Adjusted EBITDA rose to $97 million, an increase of 8% year-over-year, while non-GAAP earnings per share reached $1.59. Networked Solutions revenue declined 17% due to project-deployment timing, but Outcomes segment revenue grew by 13%. Annual recurring revenue increased 21%, and bookings totaled $550 million with a backlog of $4.4 billion. Itron raised its full-year non-GAAP EPS outlook to between $6.30–$6.50 per share. CEO Tom Deitrich highlighted the company's improved operating model, emphasizing durable margin improvements despite short-term revenue fluctuations tied to large multiyear utility programs.
Tickers: $ITRI
Topics: adjusted_ebitda gross_margin non-gaap_eps outlook revenue