Itron reported strong fourth-quarter results driven by the adoption of its Grid Edge Intelligence platform and record growth in its Outcomes segment. The company also announced strategic acquisitions, positioning itself for increased AI-enhanced software solutions and recurring revenue.
GAAP net income attributable to Itron, Inc. increased $44 million to $102 million for the quarter.
positiveGAAP diluted earnings per share increased $0.95 to $2.21.
positiveNon-GAAP diluted EPS increased $1.11 to $2.46.
positiveAdjusted EBITDA increased 21% to $99 million.
positiveFree cash flow increased $41 million to $112 million, driven by improved working capital and higher earnings.
positiveOutcomes segment revenue grew 23%, reaching a record level for the segment.
positiveTotal company GAAP gross margin increased 560 basis points to 40.5% due to customer and product mix.
positiveTotal revenues decreased 7% to $572 million in the fourth quarter compared to the prior year, driven by portfolio optimization and timing of project deployments.
attentionDevice Solutions revenue decreased 3% (7% in constant currency) due to lower legacy electricity product sales and lower North American project deployments.
attentionNetworked Solutions revenue decreased 15% due to the timing of project deployments.
attentionTotal backlog at quarter end was $4.5 billion, down from $4.7 billion in the prior year.
attentionBookings in the quarter totaled $0.7 billion, and for the full year totaled $2.1 billion, which is lower than the prior year's full year revenue of $2.4 billion.
attentionFull year 2026 revenue outlook of $2.35 to $2.45 billion is below the full year 2025 revenue of $2.367 billion.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Device Solutions | N/A | — | — | — | -7.0% |
Networked Solutions | N/A | — | — | — | — |
Outcomes | N/A | — | — | — | — |
Resiliency Solutions | N/A | — | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Grid Edge Intelligence platform adoption drove strong financial results in the fourth quarter.
We achieved numerous financial records, led by Outcomes growth of 23% which is a record level of revenue for that segment.
The modern grid cannot operate without real-time intelligence, and Itron is the intelligence layer of the grid.
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