EarningsQ2 2026 Earnings Report
MX:ITRI Q2 2026 EPS Results
Actual EPS$28.77
Consensus EPS$23.27
Beat/MissBeat by +$5.50
One Year Ago EPS$29.31
MX:ITRI Q2 2026 Revenue Results
Actual Revenue$10.19B
Expected Revenue$10.25B
Beat/MissMissed by -$62.21M
YoY Revenue Growth-7.23%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:ITRI Upcoming Earnings
Itron's next earnings date is estimated for October 29, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ITRI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly constructive outlook: record and structurally higher margins, strong ARR growth (+21% YoY), improving adjusted EBITDA (+8% YoY), healthy backlog ($4.4B) and a narrowed/upgraded earnings outlook. Offsetting items included quarter-to-quarter revenue timing pressures (Networked Solutions -17% YoY), a modest decline in free cash flow and GAAP earnings compression due to lower interest income and a higher tax rate. Management emphasized durable demand drivers, record pipeline levels and operational improvements that support continued margin and recurring revenue growth.Company Guidance
Record Gross Margin and Margin Expansion
Adjusted gross margin reached a new quarterly record of 41.4%, up ~460 basis points year-over-year (reported gross margin ~41%, up ~410 bps YoY). Segment margin improvements: Device Solutions adjusted gross margin +500 bps YoY, Networked Solutions +430 bps YoY, Outcomes +30 bps YoY.
Recurring Revenue Growth
Annual recurring revenue (ARR) was $417 million, up approximately 21% year-over-year, signaling continued adoption of higher‑value software, services and subscription offerings.
Solid Profitability and Earnings Power
Adjusted EBITDA of $97 million (up 8% YoY) and non-GAAP EPS of $1.59. Management emphasized structural improvements to the operating model that deliver increased earnings leverage even with near-term revenue timing variability.
Free Cash Flow and Balance Sheet Liquidity
Free cash flow of $81 million in Q2 and liquidity of $1.5 billion (cash and equivalents $745M; $707M revolver availability). The company repurchased $52 million (644,000 shares) during the quarter.
Backlog, Bookings and Pipeline Strength
Bookings for the quarter were $550 million and total backlog stood at $4.4 billion. Management reported record-level pipeline growth and strong win rates, with increasing traction in the mid‑market and public power customers.
Segment Growth and Strategic Wins
Outcomes revenue grew 13% YoY to $96 million and the company cited notable wins (e.g., LADWP expansion, SMUD Riva deployment) and adoption of Platform-as-a-Service in mid-market utilities. Resiliency Solutions (Urbint and Locusview) contributed ~$16 million of revenue with high gross margin (~75%).
Narrowed Guidance and Upgraded Earnings Outlook
Full‑year revenue range narrowed to $2.37B–$2.41B (midpoint +1% YoY) and full‑year non‑GAAP EPS raised to $6.30–$6.50 (midpoint ~7% improvement versus February outlook). Q3 revenue guidance: $590M–$600M (midpoint +2% YoY); Q3 non‑GAAP EPS guidance: $1.50–$1.60.
Operational Resilience and Supply Chain Discipline
Management reported steady supply chain execution with proactive management of pockets of tightness (notably memory pricing), reduced factory footprint and improved operating leverage contributing to higher margins.
MX:ITRI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed