Itron, Inc. reported its financial results for the third quarter of 2025, revealing total revenues of $581.6 million, a decrease of 5% from $615.5 million in the same period last year. The decline was primarily driven by an 8% drop in product revenues, which fell to $494.3 million, while service revenues increased by 13% to $87.3 million. The company's gross profit for the quarter was $219.5 million, reflecting a gross margin of 37.7%, up from 34.1% in the prior year. Net income attributable to Itron, Inc. was $65.6 million, or $1.41 per diluted share, compared to $78.0 million, or $1.70 per diluted share, in the third quarter of 2024.
For the nine months ended September 30, 2025, Itron's revenues remained flat at $1.8 billion compared to the same period in 2024. Gross margin improved to 36.8% from 34.2%, and net income attributable to Itron, Inc. increased to $199.4 million, or $4.30 per diluted share, compared to $181.0 million, or $3.91 per diluted share, in the previous year. The company noted a significant increase in operating income, which rose to $234.4 million, up 16% from $201.4 million in the prior year.
Strategically, Itron announced plans to acquire Urbint, Inc., a software and services company specializing in AI-powered operational resilience solutions for utilities, for $325 million. This acquisition is expected to close in the fourth quarter of 2025 and will be funded through cash on hand. Additionally, Itron entered into a new $750 million credit facility to enhance its liquidity and financial flexibility, with no outstanding balances as of September 30, 2025.
Operationally, Itron reported a total backlog of $4.3 billion, with a twelve-month backlog of $1.5 billion, indicating a slight increase from the previous year. The company managed 115,466 endpoints under management, up from 100,999 a year earlier. The increase in service revenues and improved gross margins were attributed to a favorable product mix and higher recurring revenues from the Outcomes segment, which saw an 11% increase in revenues year-over-year.
Looking ahead, Itron's management expressed optimism about future growth, citing ongoing demand for its solutions in the utility sector and the potential benefits from the Urbint acquisition. However, they acknowledged challenges related to global economic conditions, supply chain disruptions, and inflationary pressures that could impact operations. The company remains focused on executing its strategic initiatives and enhancing operational efficiencies to drive long-term value for shareholders.
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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