ITRON, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ITRON, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,013	2,018	2,376	2,502	2,173	1,982	1,796	2,174	2,441	2,367
Cost of revenue	1,351	1,341	1,646	1,750	1,571	1,408	1,273	1,460	1,602	1,475
Gross profit	663	677	730	752	602	573	522	714	839	892
Research and development	168	169	208	202	194	197	185	209	215	207
Selling, general and administrative	320	325	423	347	277	301	290	313	339	353
Selling and marketing	159	170
General and administrative	163	157
Operating expenses	562	522	780	620	613	652	530	585	575	579
Operating income	101	155	-49.7	133	-10.4	-79.3	-7.44	129	264	313
Interest expense	13.5	13.8	58.2	52.5	44	28.6	6.72	8.35	15.4	22.5
Interest income	0.87	2.13	2.15	1.85	3	1.56	2.63	9.31	34.6	48.4
Other non-operating income	-16.4	-20.3	-59.5	-59.7	-46.2	-44.5	-8.3	-1.48	20.4	29.2
Pre-tax income	84.6	135	-109	73	-56.6	-124	-15.7	127	285	342
Income tax	49.6	74.3	-12.6	20.6	0.24	-45.5	-6.2	29.1	43.4	38.9
Net income to minority interests	3.28	2.95	2.67	3.41	1.08	2.96	0.19	1.4	2.02	2.28
Net income	31.8	57.3	-99.3	49	-58	-81.3	-9.73	96.9	239	301
EBITDA	169	218	72.8	247	86.9	4.85	59.3	185	320	363
EPS, basic	0.83	1.48	-2.53	1.24	-1.44	-1.83	-0.22	2.13	5.27	6.62
EPS, diluted	0.82	1.45	-2.53	1.23	-1.44	-1.83	-0.22	2.11	5.18	6.50
Shares, basic (weighted)	38.2	38.7	39.2	39.6	40.3	44.3	45.1	45.4	45.4	45.5
Shares, diluted (weighted)	38.6	39.4	39.2	40	40.3	44.3	45.1	45.8	46.2	46.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	134	176	122	150	207	163	202	302	1,051	1,020
Receivables	300	369	417	416	318	261	250	273	295	342
Inventory	163	194	221	228	182	166	229	284	271	243
Other current assets	84.3	81.6	118	147	171	123	118	160	143	191
Total current assets	732	850	896	997	930	750	830	1,049	1,816	1,822
Property, plant and equipment	176	201	227	233	208	163	140	129	115	112
Lease right-of-use assets			0	79.8	76.3	65.5	52.8	41.2	29	29.3
Goodwill	452	556	1,117	1,104	1,132	1,099	1,039	1,053	1,052	1,345
Intangible assets	72.2	95.2	258	185	133	92.5	64.9	46.3	43.1	83.3
Other non-current assets	50.1	43.7	45.3	44.7	51.7	42.2	39.9	38.8	41.8	63.4
Total assets	1,578	2,106	2,609	2,708	2,607	2,394	2,378	2,604	3,408	3,721
Accounts payable	173	262	310	328	216	193	237	200	145	156
Accrued liabilities	82.3	90.5	88.6	119	86.2	114	89.4	136	137	122
Deferred revenue	65	41.4	93.6	99.6	113	82.8	95.6	124	151	188
Short-term debt	14.1	19.7	28.4	0	18.4	0			0	460
Total current liabilities	413	508	653	671	550	501	499	537	528	1,012
Long-term debt	290	594	988	932	903	450	453	455	1,242	789
Lease liabilities			0	68.9	66.8	57.3	44.4	32.7	25.4	19.6
Other non-current liabilities	118	88.2	128	119	113	139	125	176	132	91.9
Total liabilities	927	1,301	1,875	1,907	1,767	1,251	1,187	1,273	1,996	1,983
Total debt	305	319	638	950	936	460	460	460	1,265	1,265
Retained earnings	-410	-338	-425	-376	-434	-516	-525	-428	-189	112
Other comprehensive income	-229	-170	-196	-205	-139	-148	-94.7	-81.2	-110	-56.5
Shareholders' equity	632	786	713	777	817	1,116	1,168	1,311	1,391	1,717
Minority interests	18.7	19.2	21.4	24.3	23.7	26.7	23.1	20.5	20.8	21.6
Total equity	650	806	734	801	840	1,143	1,192	1,331	1,411	1,738
Total liabilities and equity	1,578	2,106	2,609	2,708	2,607	2,394	2,378	2,604	3,408	3,721
Shares outstanding	38.3	38.8	39.5	39.9	40.4	45.2	45.2	45.5	45.1	44.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	35.1	60.2	-96.6	52.4	-56.9	-78.3	-9.55	98.3	241	303
Depreciation and amortization	68.3	63.2	122	114	97.3	84.2	66.8	55.8	56.3	49.5
Stock-based compensation	18	21.4	31.3	27	25.1	23.6	21.9	28.4	43.9	62.4
Deferred income tax	-12.9	42.7	-162	-1.03	-66.6	-61	-52.7	-35.1	-37.2	59.7
Change in receivables	-27.2	-17.6	15.5	-39.5	108	60.2	5.06	-19.5	-49.1	-4.22
Change in inventory	22.3	-16.2	-25.6	-9.39	35.4	-3.72	-68.1	-52.1	5.97	32.7
Change in payables	-37.3	78.5	20.1	9.18	-123	-23.3	45.1	-43.7	-35.4	6.28
Cash from operations	116	191	110	173	110	155	24.5	125	238	406
Capital expenditures	-43.5	-49.5	-60	-60.7	-46.2	-34.7	-19.7	-26.9	-30.6	-22.9
Acquisitions	-0.95	-99.4	-803	0	0	-8.67	0.02	0	-34.1	-325
Cash from investing	-47.5	-148	-863	-48.2	-41	-34.9	40.5	-23.3	-63.4	-350
Debt issued	15.9	335	779	50	400	460	0	0	805	0
Debt repaid	-79.1	-29.1	-363	-138	-414	-946	0	0
Stock issued	2.89	3.61	9.17	24.4	8.89	5.08	3.45	3.67	8.32	7.32
Share buybacks	0	0	0	-25	0	-8.03	-17	0	-100	-100
Cash from financing	-63	302	396	-97.5	-11.6	-153	-18.7	-3.51	580	-97.5
Exchange rate effect	-2.74	8.64	-7.93	0.44	0.13	-1.63	-6.85	1.89	-5.15	10.3
Net change in cash	2.55	354	-365	27.6	57	-44.4	39.4	100	749	-30.8
Free cash flow	72.3	142	49.8	112	63.3	120	4.75	98.1	208	383
Interest paid	9.92	10.1	42.3	44.8	47.2	8.98	1.62	1.83	1.34	13.2
Income taxes paid	24.3	29	13.8	12	2.69	7.07	11.9	54.6	80.2	56.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $89.75 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.9%	Gross profit / revenue.
Operating margin	13.2%	Operating income / revenue.
EBITDA margin	15.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	14.1%	Pre-tax income / revenue.
Net margin	11.9%	Net income / revenue.
FCF margin	16.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.8%	Cash from operations / revenue.
Effective tax rate	14.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.9%	Net income / average total assets.
Return on invested capital (ROIC)	10.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.3%	Research and development expense / revenue.
SG&A / revenue	16.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	19.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	13.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	82.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	33.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	25.9%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	25.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	70.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	154.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	30.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	84.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	332.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	43.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	23.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	13.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.75x	Current assets / current liabilities.
Quick ratio	1.88x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.32x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.97x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	39.4%	Total debt / total assets.
Liabilities / assets	59.0%	Total liabilities / total assets.
Net debt	$830.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.26x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.3x	Operating income / interest expense.
Working capital	$985.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	49.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$340.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	18.9x	Revenue / average property, plant and equipment.
Inventory turnover	5.35x	Cost of revenue / average inventory.
Days inventory	68 days	365 x average inventory / cost of revenue.
Receivables turnover	7.29x	Revenue / average receivables.
Days sales outstanding	50 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	80 days	Days inventory + days sales outstanding - days payables.
FCF conversion	140.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.14	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$51.63	Revenue / diluted weighted shares.
FCF per share	$8.64	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.21	Cash from operations / diluted weighted shares.
Book value per share	$36.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.78	Tangible book value / shares outstanding.
Cash per share	$17.02	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	65.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.93B	Share price x shares outstanding.
Enterprise value	$4.76B	Market cap + total debt - cash - short-term investments.
P/E	14.3x	Market cap / net income. Only when net income is positive.
P/S	1.71x	Market cap / revenue.
P/B	2.43x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.57x	Market cap / cash from operations, when positive.
EV/Sales	2.07x	Enterprise value / revenue.
EV/EBIT	15.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	12.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.8%	Free cash flow / market cap.
Earnings yield	7.0%	Net income / market cap (the inverse of P/E).
Shareholder yield	6.4%	(Dividends paid + share buybacks) / market cap.

What was ITRON, INC.'s revenue in fiscal 2025?

ITRON, INC. reported revenue of $2.37B for fiscal 2025, 3% lower than the year before.

Was ITRON, INC. profitable in fiscal 2025?

Yes. Net income was $301.1M, a net margin of 12.7%.

How much free cash flow did ITRON, INC. generate in fiscal 2025?

Cash from operations of $406.0M minus capital expenditures of $22.9M left free cash flow of $383.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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