Itron, Inc. reported third‑quarter 2025 revenue of $582 million, a 5% decline from the $615 million earned in the same period last year. The decline was driven by a 16% drop in Device Solutions revenue, largely due to lower legacy electricity product sales in EMEA and reduced North American water volumes, and a 6% drop in Networked Solutions revenue linked to project timing.
GAAP net income for the quarter was $66 million, down $12 million from $78 million in Q3 2024. GAAP diluted earnings per share were $1.41, a $0.29 decrease from the $1.70 reported in the prior year. The year‑over‑year decline in net income and EPS was largely attributable to a higher income tax expense in Q3 2025 compared with a favorable tax resolution in Q3 2024.
Despite the revenue decline, Itron achieved record gross margins of 37.7% and generated $113 million in free cash flow, underscoring strong operational efficiency and cost management.
The company also announced a $325 million cash acquisition of Urbint, an AI‑powered operational resilience solutions provider for critical infrastructure, expected to close in Q4 2025. The acquisition is intended to broaden Itron’s portfolio and enhance its offerings in the outcomes segment, which grew 11% in the quarter.
Itron’s total backlog remained robust at $4.3 billion, indicating continued demand for its solutions. Management highlighted ongoing project deployment delays as a short‑term headwind but emphasized a strong backlog and strategic acquisitions as opportunities for future growth.
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