ITRI ITRON, INC.

Overview and Growth

ITRON, INC. generated $2.37B of revenue in fiscal 2025, with net income of $301.06M and an operating cash inflow of $405.95M. The $2.37B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $2.44B in fiscal 2024, revenue decreased 3.0%, a top-line contraction that reduced operating scale. Diluted earnings per share were $6.50, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted EPS increased by 25.5% from $5.18 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Revenue equaled 0.64x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $892.12M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. The gross-profit relationship equaled 37.7% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $313.07M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 13.2% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $301.06M, after the operating, financing, tax, and other items recognized for the period. Net margin was 12.7%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $342.27M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 14.5%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $38.93M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 11.4%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $3.72B of assets against $1.98B of liabilities and $1.74B of equity, revealing how the asset base was financed. The near-term balance sheet paired $1.82B of current assets with $1.01B of current liabilities at the reporting date. The current ratio was 1.8x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $1.02B, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 100.8%, excluding receivables and other current assets. Total debt was $1.25B, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 0.72x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 33.6%, showing how much of the asset base was matched by borrowing. Liabilities represented 53.3% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 27.4%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

The company reported $405.95M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.35x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $22.89M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 5.6% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $383.06M, leaving a positive amount after capital expenditures. Free cash flow represented 16.2% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 10.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.