Itron revenue falls 7% to $563 million

• Itron reported second-quarter revenue of $563 million, down 7% from the prior-year period.
• Annual recurring revenue increased 21% to $417 million, while adjusted EBITDA rose 8% to $97 million.
• The company raised its full-year non-GAAP earnings outlook to between $6.30 and $6.50 per diluted share.

Itron (NASDAQ:ITRI) reported second-quarter 2026 revenue of $563 million, down 7% from the prior-year period, while annual recurring revenue increased 21% to $417 million.

GAAP net income attributable to Itron was $53 million, or $1.19 per diluted share, while non-GAAP diluted earnings per share reached $1.59.

Itron said recurring revenue growth and improved margins helped offset lower revenue caused partly by deployment timing and volumes within Networked Solutions.

Adjusted EBITDA increased 8% to $97 million, free cash flow reached $81 million and adjusted gross margin expanded by 460 basis points to 41.4%.

The company expects third-quarter revenue of $590 million to $600 million and non-GAAP diluted EPS of $1.50 to $1.60.

Itron provides intelligent infrastructure, connected devices, software and services that help utilities and cities manage energy and water resources.

Itron raised its full-year 2026 non-GAAP EPS guidance to $6.30 to $6.50 and expects revenue of $2.37 billion to $2.41 billion, supported by a $4.4 billion backlog and quarterly bookings of $550 million.