Itron, Inc. reported a stable financial performance for the fiscal year ending December 31, 2025, with total revenues of $2.37 billion, consistent with the previous year. The company experienced a gross margin increase to 37.7%, up from 34.4% in 2024, attributed to improved product mix and manufacturing efficiencies. Net income attributable to Itron rose to $301.1 million, a 26% increase from $239.1 million in 2024, resulting in a GAAP diluted earnings per share (EPS) of $6.50, compared to $5.18 in the prior year. Non-GAAP net income also saw a significant rise, reaching $330.4 million, up from $259.8 million in 2024, with a non-GAAP diluted EPS of $7.13.
In terms of operational changes, Itron's total backlog decreased to $4.5 billion from $4.7 billion in 2024, with a twelve-month backlog of $1.6 billion, down from $1.8 billion. The company reported a notable increase in service revenues, which rose by 16% to $358.2 million, while product revenues decreased by 6% to $2.01 billion. The company also expanded its offerings with the introduction of a new reportable segment, Resiliency Solutions, which generated $3.0 million in revenue in its initial year.
Strategically, Itron made significant acquisitions in 2025, including Urbint, Inc. for $330.7 million and Locusview, Ltd. for $525 million, aimed at enhancing its software and services capabilities in the utility sector. These acquisitions are expected to bolster Itron's Resiliency Solutions offerings and leverage artificial intelligence for operational resilience. The company continues to focus on innovation, investing approximately $207 million in research and development, which accounted for 9% of total revenues.
Itron's workforce stood at 5,550 employees as of December 31, 2025, with a slight increase in employee headcount compared to the previous year. The company maintains a diverse customer base, with no single customer accounting for more than 10% of total revenues. The competitive landscape remains challenging, with Itron facing pressures from various competitors, including LM Ericsson and Landis+Gyr, but it aims to leverage its integrated solutions and technological advancements to maintain its market position.
Looking ahead, Itron anticipates continued growth driven by its strategic acquisitions and ongoing investments in technology. The company remains focused on enhancing its operational efficiencies and expanding its market share in the utility and smart city sectors, despite potential economic uncertainties and competitive pressures.
About ITRON, INC.
Itron, Inc. is a global provider of energy, water, and smart city management solutions. It offers hardware, software, and services—including meters, sensors, communication networks, and data analytics—to utilities and municipalities. Focused on grid edge intelligence and IIoT, the company enhances infrastructure resilience, efficiency, and resource management through integrated, open-standards platforms and innovative technologies. Its core value lies in enabling sustainable, reliable resource delivery and operational excellence.
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