Itron (ITRI) financial statements
Itron reported revenue of $2.4B in fiscal 2025, up 1.8% a year over 9 years.
Net income was $301M and the operating margin 13.2%, against 5.0% in 2016.
Free cash flow was $383M, and the company returned $100M in net buybacks.
The diluted share count rose 20% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Itron's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0B | $2.0B | $2.4B | $2.5B | $2.2B | $2.0B | $1.8B | $2.2B | $2.4B | $2.4B |
| Cost of revenue | $1.4B | $1.3B | $1.6B | $1.8B | $1.6B | $1.4B | $1.3B | $1.5B | $1.6B | $1.5B |
| Gross profit | $663M | $677M | $730M | $752M | $602M | $573M | $522M | $714M | $839M | $892M |
| Research and development | $168M | $169M | $208M | $202M | $194M | $197M | $185M | $209M | $215M | $207M |
| Selling, general and admin | $320M | $325M | $423M | $347M | $277M | $301M | $290M | $313M | $339M | $353M |
| Operating income | $101M | $155M | -$50M | $133M | -$10M | -$79M | -$7M | $129M | $264M | $313M |
| Interest expense | $14M | $14M | $58M | $52M | $44M | $29M | $7M | $8M | $15M | $22M |
| Pre-tax income | $85M | $135M | -$109M | $73M | -$57M | -$124M | -$16M | $127M | $285M | $342M |
| Income tax | $50M | $74M | -$13M | $21M | $238,000 | -$46M | -$6M | $29M | $43M | $39M |
| Net income | $32M | $57M | -$99M | $49M | -$58M | -$81M | -$10M | $97M | $239M | $301M |
| EPS (diluted) | $0.82 | $1.45 | -$2.53 | $1.23 | -$1.44 | -$1.83 | -$0.22 | $2.11 | $5.18 | $6.50 |
| Diluted shares | 39M | 39M | 39M | 40M | 40M | 44M | 45M | 46M | 46M | 46M |
| Gross margin | 32.9% | 33.5% | 30.7% | 30.1% | 27.7% | 28.9% | 29.1% | 32.8% | 34.4% | 37.7% |
| Operating margin | 5.0% | 7.7% | -2.1% | 5.3% | -0.5% | -4.0% | -0.4% | 5.9% | 10.8% | 13.2% |
| Net margin | 1.6% | 2.8% | -4.2% | 2.0% | -2.7% | -4.1% | -0.5% | 4.5% | 9.8% | 12.7% |
Balance sheet
Fiscal years, from Itron's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $134M | $176M | $120M | $150M | $207M | $163M | $202M | $302M | $1.1B | $1.0B |
| Receivables | $352M | $398M | $437M | $473M | $370M | $298M | $280M | $304M | $350M | $368M |
| Inventory | $163M | $194M | $221M | $228M | $182M | $166M | $229M | $284M | $271M | $243M |
| Total current assets | $732M | $850M | $896M | $997M | $930M | $750M | $830M | $1.0B | $1.8B | $1.8B |
| Property, plant and equipment | $176M | $201M | $227M | $233M | $208M | $163M | $140M | $129M | $115M | $112M |
| Goodwill | $452M | $556M | $1.1B | $1.1B | $1.1B | $1.1B | $1.0B | $1.1B | $1.1B | $1.3B |
| Total assets | $1.6B | $2.1B | $2.6B | $2.7B | $2.6B | $2.4B | $2.4B | $2.6B | $3.4B | $3.7B |
| Total current liabilities | $413M | $508M | $653M | $671M | $550M | $501M | $499M | $537M | $528M | $1.0B |
| Long-term debt | $290M | $594M | $988M | $932M | $903M | $450M | $453M | $455M | $1.2B | $789M |
| Total liabilities | $927M | $1.3B | $1.9B | $1.9B | $1.8B | $1.3B | $1.2B | $1.3B | $2.0B | $2.0B |
| Shareholders' equity | $632M | $786M | $713M | $777M | $817M | $1.1B | $1.2B | $1.3B | $1.4B | $1.7B |
| Net debt | $171M | $437M | $896M | $783M | $714M | $288M | $251M | $153M | $191M | $228M |
Cash flow
Fiscal years, from Itron's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $116M | $191M | $110M | $173M | $110M | $155M | $24M | $125M | $238M | $406M |
| Capital spending | $44M | $49M | $60M | $61M | $46M | $35M | $20M | $27M | $31M | $23M |
| Free cash flow | $72M | $142M | $50M | $112M | $63M | $120M | $5M | $98M | $208M | $383M |
| Stock-based compensation | $18M | $21M | $31M | $27M | $25M | $24M | $22M | $28M | $44M | $62M |
| Share buybacks (net) | $0 | $0 | $0 | -$25M | $0 | -$8M | -$17M | $0 | -$100M | -$100M |
| Net borrowing | -$79M | -$29M | -$363M | -$138M | -$414M | -$946M | $0 | $0 | — | — |
| Free cash flow margin | 3.6% | 7.0% | 2.1% | 4.5% | 2.9% | 6.1% | 0.3% | 4.5% | 8.5% | 16.2% |
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Open ITRI in InvestinglyQuestions
What was Itron's revenue in 2025?
$2.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Itron generate?
$383M in fiscal 2025 (operating cash flow minus capital spending).
From Itron's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.