Itron Reports Revenue Growth and Increased Earnings Guidance Driven by Software Expansion
Itron (ITRI) reported a return to year-over-year revenue growth in its third-quarter 2026 earnings, reaching $599 million. The company demonstrated significant operational efficiency, with non-GAAP operating income rising 20% despite a modest 3% increase in total revenue. This performance was bolstered by high-margin software sales and disciplined cost management. A key driver of Itron's long-term strategy is the expansion of its annual recurring revenue (ARR), which grew 25% year-over-year to $423 million. By utilizing its OpenWay Forward software, the company allows utilities to upgrade existing hardware with new intelligence and analytics, creating a competitive moat that reduces the need for expensive capital replacements. With an order backlog of $4.3 billion, Itron is well-positioned to benefit from long-term global trends in grid modernization.
Tickers: $ITRI
Topics: earnings report guidance increase revenue growth software sales utility infrastructure