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Sep 30, 2025
Itron Q3 2025 Earnings Report
Itron reported its third quarter 2025 financial results, highlighting record margin, profitability, and cash flow despite a decrease in overall revenue.
Key Takeaways
Itron delivered strong third quarter results with record margin, profitability, and cash flow, driven by increased adjusted EBITDA and free cash flow. However, total revenue decreased by 5% compared to the prior year, primarily due to portfolio optimization and project deployment timing. Device Solutions and Networked Solutions saw revenue declines, while Outcomes revenue increased.
Total revenue for Q3 2025 was $582 million, a 5% decrease from the prior year.
GAAP diluted EPS was $1.41, a decrease of $0.29 per share, while non-GAAP diluted EPS was $1.54, a decrease of $0.30 per share.
Adjusted EBITDA increased by 10% to $97 million, and free cash flow significantly increased by $55 million to $113 million.
Gross margin improved by 360 basis points to 37.7%, driven by favorable customer and product mix.
Revenue by Segment
Forward Guidance
Itron provided an outlook for the fourth quarter of 2025 and updated its full-year 2025 outlook, anticipating continued revenue and non-GAAP diluted EPS.
Positive Outlook
- Q4 2025 revenue is projected to be between $555 million and $565 million.
- Q4 2025 non-GAAP diluted EPS is expected to be between $2.15 and $2.25.
- Full-year 2025 revenue is updated to be between $2.35 billion and $2.36 billion.
- Full-year 2025 non-GAAP diluted EPS is updated to be between $6.84 and $6.94.
- The acquisition of Urbint, Inc. for $325 million is expected to close in Q4 2025, potentially enhancing future offerings.
Challenges Ahead
- The forward guidance for Q4 2025 revenue is lower than the reported Q3 2025 revenue.
- The full-year revenue guidance suggests a slight decrease compared to the previous year's total revenue.
- The report does not explicitly detail potential negative impacts or risks associated with the Urbint acquisition.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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