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Itron
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Latest analysis
Updated Oct 27, 2026
Itron Q3 2026: Gross margin expands 320bps to 40.9% as Resiliency Solutions debut and ARR growth signal structural mix shift toward high-margin software.
Itron's Q3 2026 results demonstrate a clear earnings quality inflection: gross margin reached 40.9% versus 37.7% a year ago, driven by improved product mix, operational efficiencies, and the debut of the Resiliency Solutions segment at a 74.4% adjusted gross margin. The pivot from hardware to software and services is quantified in the ARR metric, which grew from $339 million to $423 million year-over-year, replacing the legacy endpoints-under-management KPI. The nine-month Networked Solutions revenue decline of $126 million remains the primary topline headwind, but the margin and backlog profile — $4.3 billion total, $1.7 billion twelve-month — confirm that Itron is managing a deliberate mix transition rather than experiencing demand erosion.
Tone: mixedRevenue
$2.4B
ITRI 10-K · FY 2025
Revenue FY2024
$2.4B
Headquarters
Liberty Lake, WA
Profile
ITRI 10-K Item 1 · Feb 17, 2026Itron is a technology, solutions, and services company and a leader in the Industrial Internet of Things (IIoT), providing smart network, software, device, and analytics solutions to utilities and municipalities globally. Its offerings enable customers to manage critical energy, water, and gas infrastructure, reduce operational costs, and improve resource efficiency. The company operates across four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions.
Read filing description ↓ Collapse description ↑
We are a technology, solutions, and service company, and we are a leader in the Industrial Internet of Things (IIoT). We offer solutions that enable utilities and municipalities to safely, securely, and reliably operate their critical infrastructure. Our solutions include the deployment of smart networks, software, services, devices, sensors, and data analytics that allow our customers to manage assets, secure revenue, lower operational costs, improve customer service, improve safety, and enable efficient management of valuable resources. Our comprehensive solutions and data analytics address the unique challenges facing the energy, water, and municipality sectors, including increasing demand on resources, non-technical loss, leak detection, environmental and regulatory compliance, and improved operational reliability. We operate under the Itron brand worldwide and manage and report under four reportable segments: Device Solutions, Networked Solutions, Outcomes, and Resiliency Solutions. Resiliency Solutions is a new reportable segment starting in the fourth quarter of 2025. Device Solutions primarily includes hardware products used for measurement, control, or sensing. Networked Solutions primarily includes communicating endpoints, network infrastructure, network design services, and associated headend management and application software. Outcomes primarily includes value-added, enhanced software and services utilizing distributed compute, artificial intelligence, machine learning, statistical modeling, and other analytics. Resiliency Solutions primarily includes software and services focused on worker safety, emergency preparedness and response, and damage prevention for critical infrastructure providers and their supporting contractors.
Primary products
- standard electricity, gas, and water meters
- heat and allocation products
- communicating meters
- smart meters
- modules
- endpoints
Business segments
End markets
Revenue commentary · FY 2025
Total revenues were $2.4 billion in both 2025 and 2024, with product revenues declining partially offset by growth in service revenues.
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