Itron, Inc. Q1 2026 Earnings Recap

ITRI Q1 2026 April 29, 2026

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Shares of Itron fell 4.9% after quarterly earnings, as investors reacted to a year-over-year revenue decline and reduced non-GAAP earnings per share, driven by timing of large Networks projects and lower interest income.

Earnings Per Share Beat

$1.49 vs $1.26 est.

+18.3% surprise

Revenue Beat

586982000 vs 572036400 est.

+2.6% surprise

Market Reaction

1-Day +1.34%

5-Day +1.85%

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Key Takeaways

First quarter revenue was $587 million, down from the prior year, reflecting anticipated project timing headwinds in large Networks deployments.
Non-GAAP earnings per share declined to $1.49 from $1.52, as lower interest income offset improved gross margins and operating leverage.
Non-GAAP adjusted gross margin improved 490 basis points year-over-year to 40.7%, aided by favorable mix and operational efficiencies.
Backlog remains strong at $4.4 billion; Outcomes and Resiliency Solutions now comprise 25% of backlog, supported by new contract wins.
Free cash flow reached $79 million, while Outcomes segment revenue grew 22% year-over-year and annual recurring revenue rose 28%.

This summary was generated by AI from the official earnings call transcript and is provided for informational purposes only. It does not constitute financial advice. For the complete transcript and financial data, visit ITRI on AllInvestView.