Track market-moving stories before they get noisy

ITRI's $81 million free cash flow, record margins and $4.4 billion backlog bolster its outlook as deployments accelerate despite working capital challenges.

Itron (ITRI - Free Report) closed at $82.14 in the latest trading session, marking a -1.08% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.41%. Elsewhere, the Dow lost 0.07%, while the tech-heavy Nasdaq added 1.11%.

The energy and water meter company's shares have seen a decrease of 8.18% over the last month, not keeping up with the Computer and Technology sector's loss of 0.92% and the S&P 500's gain of 1.46%.

The investment community will be closely monitoring the performance of Itron in its forthcoming earnings report. The company is scheduled to release its earnings on October 27, 2026. The company's earnings per share (EPS) are projected to be $1.57, reflecting a 1.95% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $596.45 million, indicating a 2.55% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $6.41 per share and a revenue of $2.39 billion, representing changes of -10.1% and +0.87%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for Itron. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. Itron currently has a Zacks Rank of #2 (Buy).

With respect to valuation, Itron is currently being traded at a Forward P/E ratio of 12.95. This signifies a discount in comparison to the average Forward P/E of 24.37 for its industry.

Meanwhile, ITRI's PEG ratio is currently 1. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As the market closed yesterday, the Electronics - Testing Equipment industry was having an average PEG ratio of 2.36.

The Electronics - Testing Equipment industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 21, this industry ranks in the top 9% of all industries, numbering over 250.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

93% of utilities say significant data and intelligence investments have enabled at least two additional use cases beyond their original purpose, including 47% that report four or more.Load growth is utilities’ top grid stressor at 43%, followed by rising customer expectations at 36%.Over the next three years, utilities are prioritizing enterprise integration (28%), executive decision support (23%) and workflow automation (20%).
LIBERTY LAKE, Wash., Oct. 19, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), the intelligent infrastructure provider for modern energy and water management, today released its 2026 Resourcefulness Report: Data Analytics and the Intelligent Grid—How Do Utilities Turn Intelligence into Action? The findings show electric utilities have built a strong foundation of data and intelligence capabilities, with the next opportunity centered on connecting those capabilities more consistently to everyday operational decisions.

Utilities are already putting intelligence to work across core grid operations. Near real-time edge data is informing decisions across wildfire risk, outage detection and restoration, load and demand management, and fault location and isolation. Operationalized analytics are delivering the greatest value in outage management and restoration and predictive maintenance, tied at 33%, followed by workforce efficiency at 30% and peak-load management at 29%.

The study uncovered that while intelligence is broadly used, at most utilities it isn’t fully embedded into everyday operations. A total of 86% of utilities use AMI data enterprise-wide or in specific workflows; however, only 41% say it is fully embedded and scalable across daily workflows. And while 93% are confident data insights are changing decisions, just 54% report strong feedback loops confirming that impact. Technical integration and lack of automation remain the leading barriers to broader operationalization.

“Utilities have made tremendous progress building the data and intelligence capabilities they need to manage an increasingly complex grid,” said Marina Donovan, vice president of global marketing, ESG and public affairs at Itron. “As load growth and other pressures accelerate, the opportunity now is to connect that intelligence to the decisions utilities make every day. At Itron, we’re helping utilities create virtual eyes on the grid, giving them greater visibility into changing conditions, reducing guesswork and turning intelligence into action at scale, strengthening reliability, resilience and affordability.”

Key findings:

Existing investments are multiplying in value: 93% of utilities say major data and intelligence investments have enabled at least two additional use cases beyond their original purpose, while 58% deliberately select data and intelligence investments for their ability to support multiple current and future use cases.Grid intelligence is already supporting critical operations: 59% say near real-time edge intelligence is fully operational, with utilities applying it to areas including wildfire and vegetation risk, outage detection and restoration, load management and fault location.Analytics are delivering value where utilities need it most: Outage management and restoration and predictive maintenance lead the areas where operationalized intelligence is delivering the greatest value, at 33% each, followed by workforce efficiency at 30% and peak-load management at 29%.The next phase is connecting intelligence to action: Technical integration is the leading obstacle to using data for decision-making at 53%, followed by lack of automation at 47% and data quality at 44%. Looking ahead, enterprise integration is utilities' leading three-year priority for operationalizing intelligence at 28%, followed by executive decision support at 23% and workflow automation at 20%. “Utility modernization doesn’t always require starting from scratch,” added Donovan. “When infrastructure and data can support multiple use cases, utilities can build on investments already in place as their needs evolve. Connecting intelligence across the grid edge, field, control room and enterprise can help utilities respond faster to emerging pressures while creating more value from their technology investments.”

The full 2026 Itron Resourcefulness Report explores how utilities are advancing intelligence across four stages of the utility workflow: intelligent infrastructure, data to decisions, daily operations and the operationalized grid.

To download the full report and companion research, visit www.itron.com/resourcefulness-report

Research Methodology

The 2026 Resourcefulness Report research was conducted in partnership with Blackstone Group. A total of 700 online surveys were completed in June 2026 among electric utility executives in the United States, Canada, Australia, New Zealand, Sweden, Norway and Finland. Respondents were mid-level managers or higher with input on decision-making in electricity utility operations. The sample included 400 respondents in the United States, 100 in Canada, 100 in Australia and New Zealand and 100 across the Nordic countries of Sweden, Norway and Finland.

About Itron

Itron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com.

Itron® and the Itron Logo are registered trademarks of Itron, Inc. in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Itron, Inc.

Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
[email protected]

Paul Vincent
Vice President, Investor Relations
512-560-1172
[email protected]

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today.

One company to watch right now is Itron (ITRI - Free Report) . ITRI is currently holding a Zacks Rank #2 (Buy) and a Value grade of A. The stock is trading with a P/E ratio of 19.59, which compares to its industry's average of 23.97. Over the last 12 months, ITRI's Forward P/E has been as high as 25.88 and as low as 16.50, with a median of 21.46.

We should also highlight that ITRI has a P/B ratio of 3.37. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This company's current P/B looks solid when compared to its industry's average P/B of 4.36. Over the past 12 months, ITRI's P/B has been as high as 4.10 and as low as 2.78, with a median of 3.47.

Finally, investors should note that ITRI has a P/CF ratio of 16.89. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. ITRI's current P/CF looks attractive when compared to its industry's average P/CF of 26.81. Over the past year, ITRI's P/CF has been as high as 20.38 and as low as 13.50, with a median of 16.93.

Value investors will likely look at more than just these metrics, but the above data helps show that Itron is likely undervalued currently. And when considering the strength of its earnings outlook, ITRI sticks out as one of the market's strongest value stocks.

Itron (ITRI - Free Report) closed at $86.62 in the latest trading session, marking a +1.23% move from the prior day. The stock's performance was ahead of the S&P 500's daily loss of 0.02%. Meanwhile, the Dow lost 0.35%, and the Nasdaq, a tech-heavy index, lost 0.15%.

Shares of the energy and water meter company have depreciated by 6.88% over the course of the past month, underperforming the Computer and Technology sector's gain of 3.58%, and the S&P 500's gain of 2.05%.

The investment community will be paying close attention to the earnings performance of Itron in its upcoming release. The company is slated to reveal its earnings on October 27, 2026. It is anticipated that the company will report an EPS of $1.57, marking a 1.95% rise compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $596.45 million, reflecting a 2.55% rise from the equivalent quarter last year.

ITRI's full-year Zacks Consensus Estimates are calling for earnings of $6.41 per share and revenue of $2.39 billion. These results would represent year-over-year changes of -10.1% and +0.87%, respectively.

Investors might also notice recent changes to analyst estimates for Itron. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. As of now, Itron holds a Zacks Rank of #2 (Buy).

In terms of valuation, Itron is presently being traded at a Forward P/E ratio of 13.35. This valuation marks a discount compared to its industry average Forward P/E of 24.37.

Meanwhile, ITRI's PEG ratio is currently 1.03. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. Electronics - Testing Equipment stocks are, on average, holding a PEG ratio of 2.37 based on yesterday's closing prices.

The Electronics - Testing Equipment industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 17, finds itself in the top 7% echelons of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

AmpliTech Group (NASDAQ:AMPG – Get Free Report) and Itron (NASDAQ:ITRI – Get Free Report) are both technology companies, but which is the superior investment? We will contrast the two businesses based on the strength of their institutional ownership, risk, analyst recommendations, profitability, earnings, dividends and valuation.

Profitability This table compares AmpliTech Group and Itron’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets AmpliTech Group -33.37% -19.55% -14.76% Itron 11.90% 19.26% 8.40% Insider and Institutional Ownership 11.0% of AmpliTech Group shares are owned by institutional investors. Comparatively, 96.2% of Itron shares are owned by institutional investors. 17.1% of AmpliTech Group shares are owned by insiders. Comparatively, 1.8% of Itron shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock will outperform the market over the long term.

Analyst Ratings This is a breakdown of recent ratings and price targets for AmpliTech Group and Itron, as reported by MarketBeat.com. Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score AmpliTech Group 1 0 1 0 2.00 Itron 1 3 8 1 2.69 AmpliTech Group currently has a consensus target price of $7.00, indicating a potential upside of 146.48%. Itron has a consensus target price of $131.33, indicating a potential upside of 53.46%. Given AmpliTech Group’s higher possible upside, analysts clearly believe AmpliTech Group is more favorable than Itron.

Volatility and Risk AmpliTech Group has a beta of -0.26, indicating that its stock price is 126% less volatile than the S&P 500. Comparatively, Itron has a beta of 1.32, indicating that its stock price is 32% more volatile than the S&P 500.

Earnings and Valuation This table compares AmpliTech Group and Itron”s top-line revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio AmpliTech Group $23.99 million 3.56 -$7.01 million ($0.34) -8.35 Itron $2.37 billion 1.58 $301.05 million $5.99 14.29 Itron has higher revenue and earnings than AmpliTech Group. AmpliTech Group is trading at a lower price-to-earnings ratio than Itron, indicating that it is currently the more affordable of the two stocks.

Summary Itron beats AmpliTech Group on 12 of the 15 factors compared between the two stocks.

(Get Free Report)

AmpliTech Group, Inc. designs, engineers, and assembles micro-wave component-based amplifiers. The company’s products include radio frequency (RF) amplifiers and related subsystems, such as low noise amplifiers for use in receivers of various communication systems comprising Wi-Fi, radar, satellite, base station, cell phone, radio, etc.; and medium power amplifiers that provide enhanced output power and gain in transceiver chains. It provides specialty microwave block downconverters used as a test device on satellite access point antennas; specialty microwave 1:2 Tx protection switch panels that is used in satellite communication earth stations; desktop/benchtop and compact wideband power amplifiers used in SATCOM rack mount systems, as well as test equipment used in integrators and manufacturers of various communications systems, such as cellular base stations, simulators, and point to point wireless radios; and waveguide to coaxial adapters for SATCOM and satellite internet gateway systems. In addition, the company offers cryogenic amplifiers for quantum computing, medical, RF imaging, research and development, space communications, accelerators, radiometry, and telephony applications; and cryogenic and non-cryogenic 4g/5g small cell subsystems for high-speed networks and airline Wi-Fi systems. Further, it provides custom assembly designs and non-recurring engineering services on a project-by-project basis, as well as IC packaging and lids products. The company serves aerospace, government, defense, commercial satellite, and wireless industries through sales representatives and distributors in the United States, Europe, the Middle East, and South Asia. AmpliTech Group, Inc. was founded in 2002 and is based in Hauppauge, New York.

About Itron (Get Free Report)

Itron, Inc., a technology, solutions, and service company, provides end-to-end solutions that help manage energy, water, and smart city operations worldwide. It operates in three segments: Device Solutions, Networked Solutions, and Outcomes. The Device Solutions segment offers hardware products that are used for measurement, control, or sensing, such as standard gas, electricity, water, and communicating meters, as well as heat and allocation products. The Networked Solutions segment provides communicating devices, such as smart meters, modules, endpoints, and sensors; network infrastructure; and associated heat-end management and application software for acquiring and transporting application-specific data. This segment also offers industrial internet of things solutions. Including automated meter reading; advanced metering infrastructure for electricity, water, and gas; distributed energy resource management; smart grid and distribution automation; smart street lighting; and leak detection and applications for gas and water systems. The Outcomes segment provides value-added, enhanced software and services, artificial intelligence, and machine learning for managing, organizing, analyzing, and interpreting data to enhance decision making, maximize operational profitability, resource efficiency, grid analytics, and deliver results for consumers, utilities, and smart cities. In addition, it offers implementation, project management, installation, consulting, and post-sale maintenance support services, as well as cloud and software-as-a-service; and extended or customer-specific warranties. The company offers its products and services under the Itron brand. It serves utility and smart city customers, and municipalities through its sales force, distributors, agents, partners, and meter manufacturer representatives. Itron, Inc. was incorporated in 1977 and is headquartered in Liberty Lake, Washington.

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Advanced Grid Reliability Offerings Help Utilities Reduce Outage Duration and Prevent Grid Failures Before Customers Are Impacted 

Advanced Grid Reliability bundles reduce outage duration through faster detection, response and restorationEarly fault detection helps to prevent outages before customers are affectedExisting advanced metering infrastructure becomes a source of grid intelligence without deploying new field sensors LIBERTY LAKE, Wash., Oct. 07, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), the intelligent infrastructure provider for modern energy and water management, announced today the expansion of its Advanced Grid Reliability (AGR) solution to include two new solution bundles: Outage Awareness and Fault Prevention.

Now commercially available in North America, the bundles are designed to help utilities prevent outages, restore power faster, deliver more reliable, affordable service to customers and improve grid performance using advanced metering infrastructure (AMI) 2.0 grid edge intelligence. With Grid Edge Intelligence (GEI), the solutions convert rich grid sensing from across the distribution system into actionable operational intelligence.

Built on Itron's AMI 2.0 grid edge intelligence portfolio, AGR has demonstrated measurable improvements in outage duration, outage frequency and operational efficiency across multiple customer validation projects.

Customer validations have shown reliability improvements ranging from 6 to 12 minutes of SAIDI, representing an 8% to 15% improvement for utilities with annual outage durations of 75 to 80 minutes. Based on industry-accepted economic impact models, a North American utility serving 1 million customers could realize an estimated $40 million to $90 million in annual business value through shorter outages, fewer interruptions and more efficient grid operations.

Most large electric utilities have already installed smart meters across their service territories, primarily for the purposes of billing and meter data collection. Itron’s AGR solution helps extract greater value from existing infrastructure by enabling smart meters to serve as intelligent grid sensors. With this intelligence, utilities can detect, diagnose and respond to costly performance issues faster.

Itron’s AGR solution integrates high-resolution AMI 2.0 meter data and near real-time low voltage sensor data with utility operational systems through Itron’s Intelligent Edge Operating System (IEOS). Back-office analytics engines identify fault precursors and grid anomalies. IEOS then delivers these insights directly to Advanced Distribution Management Systems (ADMS), Outage Management Systems (OMS), Global Information Systems (GIS) and enterprise asset management workflows, enabling operators to act upon issues earlier, locate them more accurately and restore service faster. By combining edge sensing with advanced analytics, AGR helps utilities move from reacting to grid events to understanding their cause, predicting potential impacts and taking action sooner.

Find Outages Faster with Outage Awareness

The Outage Awareness bundle helps utilities reduce outage duration by providing near real-time visibility into outage conditions across the distribution grid. Outage Awareness analyzes data from smart meters and across the network, enabling utilities to quickly understand where outages are occurring, how many customers are affected and when service has been restored. This provides a more complete picture of grid conditions, helping work crews respond faster and reduce time spent locating faults.

Prevent Outages Altogether with Fault Prevention

The Fault Prevention bundle helps utilities identify potential equipment problems before they lead to outages. Using smart meter data, on-meter anomaly detection and advanced fault analytics, the solution can detect unusual electrical activity and other early warning signs that may indicate a developing issue, while pinpointing where on the grid it is occurring. This enables utilities to take proactive maintenance actions before customers are affected, reducing the frequency of unplanned outages and improving overall system reliability and customer satisfaction.

The Fault Prevention and Outage Awareness bundles expand upon the existing Grid Awareness solution within AGR. While each bundle delivers value independently, the greatest benefits are realized when all three work together. When combined the three applications provide a more complete view of grid operations, helping utilities strengthen reliability, improve operational efficiency and deliver better, more affordable service to customers

The AGR solution is pre-integrated with leading advanced distribution management system platforms and supports other utility-selected data lake solutions through Itron’s IEOS platform.

"Itron's AGR solution helps utilities use AMI 2.0 to improve reliability, prevent outages and operate the grid more effectively," said Don Reeves, senior vice president of Outcomes at Itron. " By combining edge intelligence, advanced analytics and operational workflows, utilities can move beyond reacting to grid failures and begin predicting and preventing them. When outages do occur, AGR helps utilities detect issues faster, respond more effectively and improve service reliability for customers."

About Itron

Itron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com.

Itron® and the Itron Logo registered trademarks of Itron, Inc in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

For additional information, contact:

Itron, Inc.

Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
[email protected]

Paul Vincent
Vice President, Investor Relations
512-560-1172
[email protected]

Itron, Inc.

LinkedIn: www.linkedin.com/company/itronincX: www.x.com/itronincNewsroom: https://itron.com/newsroomBlog: https://itron.com/blog

 | Source: Itron, Inc.

LIBERTY LAKE, Wash., Oct. 06, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today that it will release financial results for the quarter ended Sept. 30, 2026 on Tuesday, Oct. 27, 2026 at 8:30 a.m. EDT. Itron management will host a conference call at 10:00 a.m. EDT to discuss the results.

Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at Itron Investor Events & Presentations. Participants should access the webcast 10 minutes prior to the start of the call to install and test any necessary audio software. Participants can also pre-register for the webcast at any time using the link above.

A webcast replay of the conference call may be accessed on the company’s website at Itron Investor Events & Presentations.

About Itron

Itron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com.

Itron® and the Itron Logo are registered trademarks of Itron, Inc. in the United States and other countries and regions. All third-party trademarks are property of their respective owners, and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

For additional information, contact:

Itron, Inc.

Paul Vincent
Vice President, Investor Relations
512-560-1172

Stephanie Tarlton, CFA
Principal, Investor Relations
(512) 676-8365
[email protected]

Itron, Inc.

LinkedIn: www.linkedin.com/company/itronincX: https://x.com/ItronIncNewsroom: https://www.itron.com/newsroomBlog: https://blogs.itron.com

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors rely on traditional forms of analysis on key valuation metrics to find stocks that they believe are undervalued, leaving room for profits.

Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.

One company value investors might notice is Itron (ITRI - Free Report) . ITRI is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 19.59. This compares to its industry's average Forward P/E of 24.52. Over the past 52 weeks, ITRI's Forward P/E has been as high as 25.88 and as low as 16.50, with a median of 21.46.

Another notable valuation metric for ITRI is its P/B ratio of 3.37. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. This stock's P/B looks attractive against its industry's average P/B of 4.33. Within the past 52 weeks, ITRI's P/B has been as high as 4.10 and as low as 2.78, with a median of 3.47.

Finally, we should also recognize that ITRI has a P/CF ratio of 16.89. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 26.66. Over the past year, ITRI's P/CF has been as high as 20.38 and as low as 13.50, with a median of 16.93.

These are just a handful of the figures considered in Itron's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that ITRI is an impressive value stock right now.

Itron (ITRI - Free Report) closed at $89.66 in the latest trading session, marking a -2.03% move from the prior day. This change lagged the S&P 500's 0.51% gain on the day. Elsewhere, the Dow saw an upswing of 0.93%, while the tech-heavy Nasdaq appreciated by 0.48%.

Heading into today, shares of the energy and water meter company had lost 7.81% over the past month, lagging the Computer and Technology sector's gain of 6.54% and the S&P 500's gain of 0.74%.

The investment community will be paying close attention to the earnings performance of Itron in its upcoming release. The company is forecasted to report an EPS of $1.57, showcasing a 1.95% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $596.45 million, indicating a 2.55% increase compared to the same quarter of the previous year.

For the annual period, the Zacks Consensus Estimates anticipate earnings of $6.41 per share and a revenue of $2.39 billion, signifying shifts of -10.1% and +0.87%, respectively, from the last year.

It is also important to note the recent changes to analyst estimates for Itron. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Itron is currently a Zacks Rank #1 (Strong Buy).

In terms of valuation, Itron is presently being traded at a Forward P/E ratio of 14.28. Its industry sports an average Forward P/E of 24.06, so one might conclude that Itron is trading at a discount comparatively.

Meanwhile, ITRI's PEG ratio is currently 1.1. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Electronics - Testing Equipment industry stood at 2.3 at the close of the market yesterday.

The Electronics - Testing Equipment industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 9, this industry ranks in the top 4% of all industries, numbering over 250.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

LIBERTY LAKE, Wash., Sept. 21, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), the intelligent infrastructure provider for modern energy and water management, has shipped its three millionth Itron Cyble 5 communication module, which was received by Consorcio de Aguas de Bilbao Bizkaia (CABB), a public water utility consortium in northern Spain serving more than 1 million residents across over 100 municipalities in the province of Bizkaia. This milestone celebrates the continued adoption of the Cyble 5 module by water utilities across Europe and globally as they modernize their infrastructure.

As utilities and cities work to upgrade water operations, the Cyble 5 module enables a practical path to modernization by transforming existing mechanical meters into smart devices without requiring full meter replacement. Key features of the module include:

Transforms mechanical water meters into smart meters – this allows utilities to collect water consumption data via drive-by or advanced metering infrastructure (AMI) rather than manual readsEasy clip-on design – the module is easy to connect with no wiring or wall mounting requiredBuilt to withstand harsh conditions – Cyble 5 is equipped to withstand water exposure, contaminants, corrosion and temperature fluctuations. For a consortium such as CABB, these capabilities are critical. Bizkaia is one of the rainiest regions in Spain, requiring infrastructure that can perform reliably in challenging environments. CABB serves both densely populated urban areas and geographically dispersed communities, creating added complexity for operations and data collection.

Prior to deploying Itron’s Cyble modules, CABB relied on manual meter reading, a time-consuming process that delayed access to consumption data. This limited the utility’s ability to quickly identify anomalies such as leaks or unusual usage patterns. With Cyble 5, the utility can now collect meter data efficiently, both through its AMI system and via mobile (drive-by) reading, improving operational efficiency and increasing data availability.

Data collected through Cyble 5 modules is managed through Temetra, Itron’s meter data collection and management solution. Temetra enables CABB to securely store and access meter data remotely, providing greater visibility into water consumption across its network. This allows the utility to improve billing accuracy, accelerate analysis of water consumption patterns and respond more quickly to potential leaks or pipe breaks in the system.

“CABB has collaborated with Itron for nearly 20 years, and as CABB continues to advance its water operations, Itron has consistently provided the technology and support needed to streamline and modernize processes,” said CABB in a statement. “Bizkaia has seen steady population growth, making it essential that CABB’s water infrastructure can scale to meet increasing demand. The insights generated through the Cyble 5 modules and managed in the Temetra platform are helping CABB build a more connected network and support more effective day-to-day operations.”

“Reaching three million Cyble 5 modules shipped is an important milestone,” said Justin Patrick, senior vice president of Devices at Itron. “Looking back at our first and second million milestones, each deployment has reflected the unique needs of utilities across Europe. From the United Kingdom to France and now Spain, Cyble 5 has proven to be effective in a wide range of environments. We’re proud to support CABB by delivering data through our Temetra platform that enables more informed, data driven decisions across their network.”

Cyble 5 communication modules easily transform mechanical meters into communicating devices to keep operations running smoothly, while ensuring accurate billing and maximizing revenue. To learn more, see the product brochure.

About Itron

Itron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com.

Itron®, the Itron Logo, Cyble, and Temetra are registered trademarks of Itron, Inc in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

For additional information, contact:

Itron, Inc.

Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
[email protected]

Paul Vincent
Vice President, Investor Relations
512-560-1172
[email protected]

Itron, Inc.

LinkedIn: www.linkedin.com/company/itronincX: www.x.com/itronincNewsroom: https://itron.com/newsroomBlog: https://itron.com/blog

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Itron (ITRI - Free Report) .

Itron currently has an average brokerage recommendation (ABR) of 1.45, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 11 brokerage firms. An ABR of 1.45 approximates between Strong Buy and Buy.

Of the 11 recommendations that derive the current ABR, eight are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 72.7% and 9.1% of all recommendations.

Brokerage Recommendation Trends for ITRI

Check price target & stock forecast for Itron here>>>

The ABR suggests buying Itron, but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is ITRI Worth Investing In?In terms of earnings estimate revisions for Itron, the Zacks Consensus Estimate for the current year has increased 0.1% over the past month to $6.41.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Itron. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Itron may serve as a useful guide for investors.

Unlock greater value from advanced metering infrastructure (AMI) and grid edge investments with outage insights, grid visibility, forecasting, anomaly detection and revenue assuranceTurn utility data into operational intelligence with cloud-native meter data management and AI-enabled workflowsReduce IT complexity and gain operational flexibility with near real-time data processing, dynamic scalability and seamless migration options
LIBERTY LAKE, Wash., Sept. 16, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), the intelligent infrastructure provider for modern energy and water management, announced the launch of Itron Enterprise Edition (IEE) Cloud AI, the next evolution of Itron IEE Meter Data Management (MDM).

Built on a modern cloud architecture and integrated with Itron’s Intelligent Edge Operating System (IEOS), IEE Cloud AI brings together proven IEE MDM functionality, cloud-native scalability, trusted data access and AI-enabled workflows. Available via Itron's preferred cloud service providers, the solution gives utilities flexibility to align deployments with their cloud strategy while reducing costs, improving operational visibility, leveraging AI workflow automation and unlocking new value from advanced metering infrastructure (AMI) and grid edge data.

With IEOS integration, IEE Cloud AI gives utilities a standardized way to access, share and act on trusted data across their operations. As a secure, enterprise-grade operating system, IEOS provides a common data foundation with standardized data governance across electricity, gas and water. By bringing together meter, grid edge, analytics and application data through IEOS into IEE Cloud AI, the solution reduces data silos, supports AI-enabled workflows and more quickly turns operational data into actionable insights.

This integrated solution allows utilities to maximize grid edge investments related to outage insights, grid visibility, anomaly detection, revenue assurance, forecasting and load management, without the need for multiple software integrations.

Utilities can also leverage Itron Managed Services, a cost-effective offering that enables Itron to manage IEE Cloud AI on their behalf. Through this offering, utilities benefit from ongoing AI-enabled enhancements, security updates, platform maintenance and reduced burden on internal IT resources.

IEE Cloud AI modernizes utility data practices by removing the barriers associated with traditional meter data management. Utilities can determine when data is loaded, validate readings as they arrive, address exceptions throughout the day, reduce dependence on overnight processing windows and work with broader datasets. The solution supports near real-time streaming, on-demand operations and service-based capabilities such as queues and dynamic scaling.

IEE Cloud AI provides utilities with AI-trained, natural-language and agent-assisted workflows. Users can more easily retrieve information and gather context across connected systems while receiving assistance with operational tasks under human oversight. As a result, utilities can reduce repetitive work, improve data quality and accelerate operational decision-making.

Utilities can determine when data is loaded, validate readings as they arrive, address exceptions throughout the day, reduce dependence on overnight and end-of-day windows, and process broader datasets than before. The cloud architecture allows the system to organize around the utility’s work.

“Utilities are facing rapid data growth, rising regulatory expectations and increasing operational complexity, yet the need for trusted meter data remains nonnegotiable. They are ready to modernize, but need a practical path that protects the trusted data foundation their operations depend on,” said Don Reeves, senior vice president, Outcomes at Itron. “IEE Cloud AI brings together Itron’s proven meter data management capabilities, cloud-native scalability and AI-enabled workflows to help utilities move faster, reduce complexity and turn trusted operational data into actionable intelligence.”

Availability

IEE Cloud AI will be available globally in January 2027 for all utilities and offers industry standard interoperability and simple, seamless migration for all configurations – cloud-hosted, customer-hosted and more. To learn more, visit the IEE Cloud AI product page.

About Itron

Itron is transforming how the world manages energy, water and city services. Our trusted intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable and affordable service. With edge intelligence, we connect people, data insights and devices so communities can better manage the essential resources they rely on to live and thrive. Join us as we create a more resourceful world: www.itron.com.

Itron®, the Itron Logo are registered trademarks of Itron Inc. in the United States and other countries and region. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

For additional information, contact:

Itron, Inc.

Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
[email protected]

Paul Vincent
Vice President, Investor Relations
512-560-1172
[email protected]

Itron, Inc.

LinkedIn: www.linkedin.com/company/itronincX: www.x.com/itronincNewsroom: https://itron.com/newsroomBlog: https://itron.com/blog

It has been about a month since the last earnings report for Itron (ITRI - Free Report) . Shares have lost about 3.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Itron due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Itron’s Q2 Earnings Top EstimatesItron reported non-GAAP earnings per share (EPS) of $1.59 for second-quarter 2026, which beat the Zacks Consensus Estimate by 22.3%. The company reported earnings of $1.62 per share in the prior-year quarter. The decline was primarily caused by lower interest income and a higher effective tax rate, which was moderated by growing non-GAAP operating income.

Itron generated second-quarter revenue of $563 million, down 7% year over year. The decline was largely attributable to weakness in the Networked Solutions segment, where revenue fell 17% because of project deployment timing and lower shipment volumes. This slowdown appears to be timing-related rather than demand-driven, as utilities continue investing heavily in grid modernization. Although headline revenue fell short of expectations, the underlying demand environment remains healthy, supported by increasing investments in grid resilience, electrification and infrastructure modernization.

The most encouraging takeaway was management's decision to raise its earnings guidance for 2026. Itron now forecasts non-GAAP EPS between $6.3 and $6.5, up from the prior view of $5.75-$6.25. The higher earnings outlook reflects continued strength in margin expansion, operational execution, demand from utility customers and integration of recent acquisitions. The company reaffirmed its full-year revenue outlook, narrowing the range to $2.37-$2.41 billion, with midpoint growth of 1% year over year. Revenue is expected to be back-end loaded, with second-half revenue projected to grow about 8% year over year and sequentially, consistent with prior expectations.

Product revenues were $453.5 million (80.6% of total revenues), down 12.3% year over year. Service revenues totaled $109.4 million (19.4%), up 22.2%.

At quarter-end, total backlog was $4.4 billion, only slightly below last year's $4.5 billion. Quarterly bookings totaled $550 million, demonstrating continued customer demand despite quarterly revenue fluctuations.

Segments in DetailDevice Solutions (19.8% of total revenues): Revenue declined 1% (3% in constant currency or cc) to $111.4 million primarily due to lower legacy electricity product sales.

Networked Solutions (60.3%): Revenues dipped 17% to $339.2 million, primarily due to the timing of project deployments.

Outcomes (17.1%): Revenues rose 13% to $96.4 million, driven by growth in recurring and services revenue.

Resiliency Solutions (2.8%): Sales, bolstered by the Urbint and Locusview acquisitions, contributed $16 million, with integration progressing according to plan.

Margin Strength Highlights Operational ImprovementsAdjusted gross margin expanded to 41.4%, representing an impressive 460 basis-point improvement over the prior-year period. The margin expansion was driven by improved customer mix, higher-margin product mix, operational efficiencies and better execution across manufacturing and supply chains.

Non-GAAP operating expenses were $144 million, up from $141.4 million a year ago, reflecting the impact of the Urbint and Locusview acquisitions.

Non-GAAP operating income rose to $89 million from $82.2 million a year ago, as stronger gross profit more than offset higher operating expenses.

Balance Sheet & Cash FlowsAs of June 30, 2026, cash and cash equivalents totaled $745.2 million compared with $1.1 billion as of March 31, 2026. Accounts receivable were $351.1 million.

As of June 30, net long-term debt was $1.6 billion, the same as of March 31.

Second-quarter operating cash flow reached $88 million compared with $97 million last year. Free cash flow totaled $81 million, down from $91 million. The decline mainly reflected higher tax payments and lower interest income. These were partially offset by favorable working-capital timing.

During the quarter, Itron repurchased $52 million of its shares through open-market buybacks under its existing share repurchase program.

Q3 2026 OutlookFor the third quarter of 2026, it expects revenues to be between $590 million and $600 million, up 2% year over year at the midpoint.

Non-GAAP EPS is anticipated to be in the range of $1.5-$1.6, with about a 1% rise at the midpoint from last year.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a upward trend in fresh estimates.

VGM ScoresAt this time, Itron has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Itron has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Let's take a look at what these Wall Street heavyweights have to say about Itron (ITRI - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Itron currently has an average brokerage recommendation (ABR) of 1.92, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 12 brokerage firms. An ABR of 1.92 approximates between Strong Buy and Buy.

Of the 12 recommendations that derive the current ABR, seven are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 58.3% and 8.3% of all recommendations.

Brokerage Recommendation Trends for ITRI

Check price target & stock forecast for Itron here>>>

While the ABR calls for buying Itron, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

In contrast, the Zacks Rank is driven by earnings estimate revisions. And near-term stock price movements are strongly correlated with trends in earnings estimate revisions, according to empirical research.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is ITRI Worth Investing In?In terms of earnings estimate revisions for Itron, the Zacks Consensus Estimate for the current year has increased 6.6% over the past month to $6.4.

Analysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason for the stock to soar in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #1 (Strong Buy) for Itron. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Therefore, the Buy-equivalent ABR for Itron may serve as a useful guide for investors.

On August 18, 2026, Itron Inc (ITRI) shares fell by 4.4%, closing at $96.30. This decline occurs within a 52-week range of $77.77 to $142.00, highlighting the s

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.

One stock to keep an eye on is Itron (ITRI - Free Report) . ITRI is currently sporting a Zacks Rank #2 (Buy) and an A for Value. The stock has a Forward P/E ratio of 19.59. This compares to its industry's average Forward P/E of 26.03. Over the last 12 months, ITRI's Forward P/E has been as high as 25.88 and as low as 16.50, with a median of 21.46.

Another valuation metric that we should highlight is ITRI's P/B ratio of 3.37. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. ITRI's current P/B looks attractive when compared to its industry's average P/B of 4.54. Within the past 52 weeks, ITRI's P/B has been as high as 4.10 and as low as 2.78, with a median of 3.47.

Finally, investors should note that ITRI has a P/CF ratio of 16.89. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. ITRI's current P/CF looks attractive when compared to its industry's average P/CF of 27.95. Over the past 52 weeks, ITRI's P/CF has been as high as 20.38 and as low as 13.50, with a median of 16.93.

These are only a few of the key metrics included in Itron's strong Value grade, but they help show that the stock is likely undervalued right now. When factoring in the strength of its earnings outlook, ITRI looks like an impressive value stock at the moment.

3 Inexpensive Mid Cap Tech Stocks With Good Growth ProspectsItron NASDAQ: ITRI executives said at Oppenheimer’s Annual Technology Conference that the company’s opportunity is increasingly tied to grid-edge intelligence, software and services rather than its historical identity as a smart-meter supplier.

Get Itron alerts:

Chief Financial Officer Joan Hooper said Itron’s early advanced metering infrastructure, or AMI 1.0, business primarily helped utilities automate billing processes. Today, she said, the company offers meters, grid-edge intelligence, networks, software analytics and services intended to help utilities address more complex operating challenges.

Don't Be Fooled By Badger Meter's Rise, There's More To Go“It isn't really about the meter anymore,” Hooper said. “It's about the solutions that we can bring to the customer for the problems that they're dealing with.”

Early-stage adoption of grid-edge intelligence
Hooper described adoption of Itron’s distributed intelligence, or DI, technology as being in the “early innings.” At the end of the second quarter, Itron had shipped about 18 million DI-enabled endpoints, representing approximately 20% year-over-year growth. Hooper characterized those endpoints as meters with computing capability attached.

The company also had nearly 28 million licensed applications for DI-enabled endpoints, up about 50% from a year earlier, according to Hooper. However, she said the number of endpoints in use remains a relatively small share of the broader meter base.

New contracts are increasingly incorporating components from Itron’s Networked and Outcomes businesses, along with the ability for utilities to purchase applications, Hooper said. The platform is designed to help utilities manage load growth, coordinate distributed energy resources and electric-vehicle charging, and improve resilience and reliability.

Utilities are facing rising electricity demand from factors including data centers and distributed-energy-resource activity, along with regulatory pressure to maintain affordability, Hooper said. She added that Itron has “never seen the pipeline” of opportunities as large as it is now, with demand concentrated in U.S. electric utilities while gas-related opportunities have also become significant.

Project timing remains utility-specific
Despite the demand pipeline, Hooper said the timing of bookings and revenue conversion can vary substantially by utility and regulator. Utilities may address projects one territory at a time rather than pursuing a large multiyear deployment across all service territories, she said.

That approach could produce smaller bookings that move from pipeline to backlog more quickly and are deployed over one to two years, rather than larger projects that can take four to five years to roll out. Still, Hooper cautioned that outcomes will differ by customer.

Itron does not include awards in backlog until they receive regulatory approval. Hooper noted that bookings received over the next 12 to 18 months would not have a major effect on revenue over the same period, because most revenue contemplated in the company’s second-half guidance was already in backlog.

The company’s Outcomes backlog exceeded $1 billion within total backlog of $4.4 billion, Hooper said. She added that the historical lag between Networked revenue and initial Outcomes revenue remains roughly nine to 12 months, as utilities may wait until endpoints are deployed before activating applications.

Supply chain, pricing and margins
Hooper said Itron is closely monitoring memory pricing, although it is not seeing the same degree of capacity tightness experienced during prior semiconductor constraints. The company began purchasing memory ahead of expected needs late last year and believes it has appropriate buffers in place.

Itron has expanded its use of dual suppliers and uses an integrated sales-and-operations-planning process to align product, procurement and manufacturing teams, Hooper said. She said the company has a strong balance sheet and is prepared to carry additional inventory when necessary to avoid supply limitations.

Unlike several years ago, Itron’s current contracts generally include pricing escalators based on indices such as the producer price index, according to Hooper. Memory is a relatively small portion of the company’s bill of materials, she said.

Hooper did not disclose a gross-margin comparison between legacy AMI endpoints and DI-enabled endpoints, but said average selling prices have increased from roughly $80 to $90 for older endpoints to approximately $120 to $140 for DI-enabled products. She also attributed margin improvement to better factory utilization, a factory closure, leaner overhead, improved supply-chain resilience and pricing changes.

Resiliency acquisitions and capital allocation
Itron’s Resiliency Solutions segment includes the Urbint and Locusview acquisitions. Hooper said Urbint, acquired in late 2025, has been substantially integrated. Its software-as-a-service platform focuses on emergency preparedness and response, damage prevention and worker safety.

Locusview, acquired at the beginning of 2026, provides digital construction-management capabilities for utilities. Integration work, including the migration of Locusview’s enterprise resource planning system and other internal tools to Itron’s systems, is expected to be completed by early 2027.

Hooper said Itron continues to expect the two businesses to generate $65 million to $70 million in revenue with 70% gross margins. The company expects the operations to contribute to earnings per share by the end of the year and into next year, while net accretion after lost interest income on the cash used is expected by 2028.

Joel Vach, Itron’s vice president of tax and treasury, said the company continues to invest heavily in internal development, with more than 9% of revenue devoted to research and development. For acquisitions, he said Itron is focused primarily on software assets that expand Outcomes and Resiliency Solutions, complement its platform and offer cross-selling potential.

Vach said Itron had $745 million in cash, leverage of 2.3 times and approximately $1.5 billion in liquidity. The company generally expects acquisitions to become accretive within two to three years and does not pursue transactions solely to add revenue.

About Itron (NASDAQ:ITRI)Itron, Inc NASDAQ: ITRI is a global technology company that develops innovative solutions to measure, manage and analyze the use of energy and water. Its comprehensive portfolio includes smart meters, data collection devices, communication networks and advanced software applications designed to optimize utility operations and foster sustainable resource management. The company's offerings enable utilities and cities to accurately monitor consumption patterns, streamline billing processes and improve grid reliability.

Itron's product lineup spans a range of hardware and software solutions, from residential and commercial smart meters to meter data management systems (MDMS), networked communication platforms and analytics tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Should You Invest $1,000 in Itron Right Now?Before you consider Itron, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Itron wasn't on the list.

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Shares of Itron (ITRI -1.04%) jumped as much as 18.7% this week, according to data from S&P Global Market Intelligence. The global utility technology provider posted strong second-quarter earnings and raised its full-year guidance, sending the stock higher.

As of 10:44 AM EST on Friday, July 31, shares of Itron are up 17.4%. Here's why, and whether now is a good time to buy the stock.

Today's Change

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Current Price

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97.82

Raised full-year guidance Itron makes utility meters and grid intelligence technology to help manage the electric grid. It helps meters manage electricity demand volatility, a growing need amid the current artificial intelligence (AI) boom.

This quarter, Itron posted non-GAAP earnings per share (EPS) of $1.59, well above analyst expectations of $1.29, and raised its full-year earnings guidance. Management commentary indicates there is significant demand for Itron's products and services for electric grid stability as the AI infrastructure build-out continues.

Image source: Getty Images.

Should you buy Itron stock? After this week's pop, Itron trades at just below $100. Its full-year EPS guidance is for $6.40 at the midpoint, or a forward price-to-earnings ratio (P/E) a touch above 15. For anyone who believes the AI revolution will be a tailwind for Itron, this does not look like an overly expensive stock to buy right now.

Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Itron. The Motley Fool has a disclosure policy.

Itron (ITRI - Free Report) closed the last trading session at $102.33, gaining 21.1% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $128 indicates a 25.1% upside potential.

The mean estimate comprises nine short-term price targets with a standard deviation of $10.69. While the lowest estimate of $112.00 indicates a 9.5% increase from the current price level, the most optimistic analyst expects the stock to surge 41.7% to reach $145.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.

While the consensus price target is a much-coveted metric for investors, solely banking on this metric to make an investment decision may not be wise at all. That's because the ability and unbiasedness of analysts in setting price targets have long been questionable.

But, for ITRI, an impressive average price target is not the only indicator of a potential upside. Strong agreement among analysts about the company's ability to report better earnings than they predicted earlier strengthens this view. While a positive trend in earnings estimate revisions doesn't gauge how much a stock could gain, it has proven to be powerful in predicting an upside.

Price, Consensus and EPS Surprise

Here's What You Should Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.

While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?

They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.

However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.

That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.

Here's Why There Could be Plenty of Upside Left in ITRIAnalysts' growing optimism over the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher, could be a legitimate reason to expect an upside in the stock. That's because empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For the current year, three estimates have moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 7.3%.

Moreover, ITRI currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Therefore, while the consensus price target may not be a reliable indicator of how much ITRI could gain, the direction of price movement it implies does appear to be a good guide.

Smart meter and sensor specialist Itron (ITRI +26.23%) sure looked like a smart investment on Tuesday. The company's share price skyrocketed by more than 26% on a second-quarter earnings report that investors found more than pleasing.

Never mind the slumps That morning, Itron revealed that revenue for the period fell 7% year over year to $563 million. The company's bottom line also slumped, with net income not in accordance with generally accepted accounting principles (non-GAAP, or adjusted) sliding to $71 million ($1.59 per share) from $75 million.

Image source: Getty Images.

That meant a mixed quarter for Itron. The consensus for revenue was $564.7 million, according to Zacks, while the consensus for adjusted net profit was $1.30 per share.

The company attributed the top-line decline to factors such as project deployment timing and lower volumes. Of its four business units, the outcomes division posted the best revenue dynamic, with its 13% year-over-year gain. The laggard was networked solutions, with its 17% slump. One new unit, resiliency solutions, contributed $16 million in revenue.

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The right company at the right moment Itron also updated its full-year guidance, and this was the source of all that investor enthusiasm.

The company narrowed its revenue forecast to $2.37 billion to $2.41 billion for the period; the previous range was $2.35 billion to $2.45 billion. Yet it pushed its adjusted earnings guidance well higher -- this is now $6.30 to $6.50 per share, up significantly from the prior $5.75 to $6.25.

In the earnings call discussing the results, CEO Tom Deitrich sounded a very bullish note on the company's future, largely due to a notable increase in demand from an important customer segment.

"The environment continues to move toward us," he said. "Utilities are being asked to manage more complexity, higher reliability expectations, greater affordability pressure, and rising demand variability all at the same time."

This plays beautifully into the hands of Itron, which has built a sturdy company on that business and others. I can easily understand why investors were so eager to buy into the stock following the earnings news.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Itron. The Motley Fool has a disclosure policy.

Itron (ITRI - Free Report) came out with quarterly earnings of $1.59 per share, beating the Zacks Consensus Estimate of $1.3 per share. This compares to earnings of $1.62 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +22.31%. A quarter ago, it was expected that this energy and water meter company would post earnings of $1.26 per share when it actually produced earnings of $1.49, delivering a surprise of +18.25%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Itron, which belongs to the Zacks Electronics - Testing Equipment industry, posted revenues of $562.9 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.32%. This compares to year-ago revenues of $606.76 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Itron shares have lost about 8.7% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for Itron?While Itron has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Itron was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.52 on $600.44 million in revenues for the coming quarter and $6.01 on $2.38 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Testing Equipment is currently in the top 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Fortive (FTV - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 29.

This industrial conglomerate is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +22.4%. The consensus EPS estimate for the quarter has been revised 0.3% higher over the last 30 days to the current level.

Fortive's revenues are expected to be $1.06 billion, up 3.9% from the year-ago quarter.

3 Inexpensive Mid Cap Tech Stocks With Good Growth ProspectsItron NASDAQ: ITRI reported second-quarter 2026 revenue of $563 million, with record gross margin and earnings that exceeded the company’s expectations despite lower year-over-year revenue tied to the timing of Networked Solutions project deployments.

Chief Executive Officer Tom Deitrich said the quarter demonstrated the company’s improved operating model, citing stronger mix, execution and operational-efficiency measures. Itron reported annual recurring revenue of $417 million, adjusted EBITDA of $97 million, non-GAAP earnings per share of $1.59 and free cash flow of $81 million.

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Don't Be Fooled By Badger Meter's Rise, There's More To Go“The operating model we have built now delivers structurally better earnings power,” Deitrich said. He added that deployment timing can shift between quarters because a meaningful portion of Itron’s business involves large, multiyear utility programs, but said the company believes its margin and efficiency improvements are durable.

Margins Rise as Revenue Mix Shifts Second-quarter revenue was within the company’s prior outlook range, though it declined from the prior-year period because of Networked Solutions deployment timing. The decline was partly offset by growth in the Outcomes segment.

GAAP gross margin was 41%, up 410 basis points from a year earlier. Adjusted gross margin reached a quarterly record of 41.4%, an increase of 460 basis points year over year. Joan Hooper, Itron’s senior vice president and chief financial officer, attributed the improvement to favorable mix, operational efficiencies and cost discipline.

GAAP net income was $53 million, or $1.19 per diluted share, compared with $68 million, or $1.47 per share, a year earlier. Hooper said the decline reflected lower interest income and a higher effective tax rate. Non-GAAP operating income rose 8% to $89 million, while adjusted EBITDA also increased 8% to $97 million. Non-GAAP net income was $71 million, or $1.59 per diluted share, compared with $1.62 per share in the prior-year quarter.

Device Solutions revenue was $111 million, down 3% on a constant-currency basis, with adjusted gross margin of 34.8%. Networked Solutions revenue was $339 million, down 17% because of deployment timing, with adjusted gross margin of 42.8%. Outcomes revenue was $96 million, up 13% on higher services revenue, with adjusted gross margin of 38.8%. Resiliency Solutions, which includes the Urbint and Locusview acquisitions, contributed about $16 million of revenue, with adjusted gross margin of 75%. Free cash flow totaled $81 million, compared with $91 million a year ago. The company said higher tax payments and lower interest income were partly offset by working-capital timing.

Backlog Holds at $4.4 Billion, With Pipeline Growth Continuing Second-quarter bookings were $550 million, in line with Itron’s expectations, and total backlog stood at $4.4 billion at quarter-end. Deitrich said large project bookings can be uneven because customer decisions are often linked to regulatory approval processes, but he characterized the pipeline as continuing to expand heading into the second half of 2026, 2027 and beyond.

During the quarter, Itron cited platform-as-a-service programs with 1789 LUX Partners and several municipalities, an expanded relationship with the Los Angeles Department of Water and Power, and Sacramento Municipal Utility District’s plans to expand its Riva deployment. Deitrich said these wins illustrate growing adoption among municipal and public-power customers in addition to investor-owned utilities.

The company’s annual recurring revenue increased about 21% year over year, while Deitrich said Outcomes continued to generate strong year-over-year growth. In response to a question, management said the number of licensed applications had approached 28 million, up more than 50% year over year.

Deitrich said utilities are facing reliability, resiliency and affordability pressures alongside changing electricity-demand patterns, including industrial load growth and AI-driven power demand. He said those conditions are supporting demand for grid-edge intelligence, non-wires alternatives, time-to-power solutions and other tools designed to improve the use of existing distribution infrastructure.

Company Raises Full-Year EPS Outlook Itron projected third-quarter revenue of $590 million to $600 million, representing 2% year-over-year growth at the midpoint and 6% sequential growth. It expects third-quarter non-GAAP earnings per share of $1.50 to $1.60, up 1% year over year at the midpoint.

For the full year, the company narrowed its revenue outlook to $2.37 billion to $2.41 billion, similar to the range first provided in February. At the midpoint, the outlook represents 1% growth from 2025. Hooper said the forecast implies nearly 8% year-over-year and sequential growth in the second half, reflecting a more back-end-loaded revenue profile in 2026.

Itron raised its full-year non-GAAP EPS outlook to $6.30 to $6.50, which Hooper said represents a 7% increase at the midpoint from its February outlook. While the expected figure remains below 2025 on an as-reported basis, she said the midpoint would be about 7% above 2025 when normalized for tax rate and interest-income differences.

Management expects full-year gross margin to be close to 40%, although margins may decline modestly from first-half levels as mix changes. The company said supply conditions remain stable overall, though it is proactively managing areas of tightness, including memory pricing.

At quarter-end, Itron had total debt of $1.6 billion, net leverage of 2.3 times and liquidity of $1.5 billion, including $745 million in cash and equivalents and $707 million available under its revolving credit facility. During the quarter, the company repurchased $52 million of shares, or approximately 644,000 shares, under its authorization.

On the recent Urbint and Locusview acquisitions, Hooper said integration is tracking to plan. Itron continues to expect Resiliency Solutions revenue of $65 million to $70 million for 2026 and gross margin of about 70%. Deitrich said cross-selling activity has begun, though he did not identify specific cross-selling wins during the call.

About Itron (NASDAQ:ITRI)Itron, Inc NASDAQ: ITRI is a global technology company that develops innovative solutions to measure, manage and analyze the use of energy and water. Its comprehensive portfolio includes smart meters, data collection devices, communication networks and advanced software applications designed to optimize utility operations and foster sustainable resource management. The company's offerings enable utilities and cities to accurately monitor consumption patterns, streamline billing processes and improve grid reliability.

Itron's product lineup spans a range of hardware and software solutions, from residential and commercial smart meters to meter data management systems (MDMS), networked communication platforms and analytics tools.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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LIBERTY LAKE, Wash, July 28, 2026 (GLOBE NEWSWIRE) -- Itron, Inc. (NASDAQ: ITRI), which is innovating new ways for utilities and cities to manage energy and water, announced today financial results for its second quarter ended June 30, 2026. Key results for the quarter include (compared with the second quarter of 2025):

Revenue of $563 million, decreased 7%;Annual recurring revenue of $417 million, increased 21%;GAAP net income attributable to Itron, Inc. of $53 million, decreased $15 million;GAAP diluted earnings per share of $1.19, decreased $0.28 per share;Non-GAAP diluted EPS of $1.59, decreased $0.03 per share;Adjusted EBITDA of $97 million, increased 8%; andFree cash flow of $81 million, decreased $9 million. "Itron delivered record gross margin, earnings well ahead of our expectations, and strong free cash flow in the second quarter, with revenue in line with our outlook — clear evidence of the structurally better earnings power this team has built," said Tom Deitrich, Itron's President and CEO. "The demand environment remains constructive, supported by durable needs across grid expansion, resiliency, and affordability — and by the industry's intensifying focus on time-to-power. A stronger operating model in a durable demand environment is why we are raising our full-year earnings outlook."

Summary of Second Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total second quarter revenue of $563 million compared to $607 million in the prior year. The decrease was driven primarily by lower Networked Solutions revenue, partially offset by continued growth in Outcomes.

Device Solutions revenue decreased 1%, or 3% in constant currency, due primarily to lower legacy electricity product sales.

Networked Solutions revenue decreased 17% due to the timing of project deployments and lower volumes.

Outcomes revenue increased 13% due to increased services revenue.

Resiliency Solutions revenue was $16 million with integration progressing to plan.

Adjusted Gross Margin
Itron's second quarter adjusted gross margin of 41.4% increased 460 bps basis points from the prior year due to customer and product mix as well as operational efficiencies.

Operating Expenses and Operating Income
GAAP operating expenses of $155 million increased $7 million from the prior year due to higher amortization costs, partially offset by lower restructuring costs. Non-GAAP operating expenses of $144 million increased $3 million from the prior year due to the Urbint and Locusview acquisitions.

GAAP operating income of $76 million was $0.3 million lower due to higher operating expenses, including acquisition-related amortization expense, partially offset by higher gross profit

Non-GAAP operating income of $89 million was $7 million higher than the prior year due to higher gross profit, partially offset by higher operating expenses.

Net Income and Earnings per Share (EPS)
Net income attributable to Itron, Inc. for the quarter was $53 million, or $1.19 per diluted share, compared with net income attributable to Itron, Inc. of $68 million, or $1.47 per diluted share in 2025. The decrease was driven by lower interest income and a higher effective tax rate.

Non-GAAP net income attributable to Itron, Inc., which excludes the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, loss on sale of business, strategic initiative expense, acquisition and integration related expenses, gain on the sale of equity method investments, and the tax effect of excluding these expenses, was $71 million, or $1.59 per diluted share, compared with $75 million, or $1.62 per diluted share, in 2025. The decrease was driven by lower interest income and a higher effective tax rate, partially offset by higher non-GAAP operating income.

Cash Flow
Net cash provided by operating activities was $88 million in the second quarter compared with $97 million in the prior year. Free cash flow was $81 million in the second quarter compared with $91 million in the prior year. The decrease in free cash flow was primarily due to higher tax payments and lower interest income, partially offset by favorable working capital timing.

Other Measures

Total backlog at quarter end was $4.4 billion compared with $4.5 billion in the prior year. Bookings in the quarter totaled $550 million. 

Q3 and Updated Full Year 2026 Outlook

Third quarter 2026 financial outlook:

Revenue between $590 and $600 millionNon-GAAP diluted EPS between $1.50 and $1.60 Updated full year 2026 financial outlook:

Revenue between $2.37 and $2.41 billionNon-GAAP diluted EPS between $6.30 - $6.50 Earnings Conference Call
Itron will host a conference call to discuss the financial results contained in this release at 10:00 a.m. EDT on July 28, 2026. Interested parties may listen to the conference call on a live webcast. The webcast, along with a supplemental presentation, may be accessed from the company’s website at https://investors.itron.com/events-presentations. Participants should access the webcast 10 minutes prior to the start of the call. A webcast replay of the conference call will be available may be accessed on the company's website at https://investors.itron.com/events-presentations.

About Itron

Itron is a proven global leader in energy, water, smart city, IIoT and intelligent infrastructure services. For utilities, cities and society, we build innovative systems, create new efficiencies, connect communities, encourage conservation and increase resourcefulness. By safeguarding our invaluable natural resources today and tomorrow, we improve the quality of life for people around the world. Join us: www.itron.com

Itron® and the Itron Logo are registered trademarks of Itron, Inc. in the United States and other countries and regions. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Cautionary Note Regarding Forward Looking Statements
This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws, regulations, tariffs, sanctions, trade policies and retaliatory responses, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including without limitation those resulting from extraordinary events or circumstances and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our Annual Report on Form 10-K for the year ended Dec 31, 2025 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, free cash flow, adjusted gross profit, adjusted operating income, and constant currency. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies. When providing future outlooks and/or earnings guidance, a reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring related expenses and their related tax effects without unreasonable effort. These costs are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period. A more detailed discussion of why we use non-GAAP financial measures, the limitations of using such measures, and reconciliations between non-GAAP and the nearest GAAP financial measures are included in this press release.

For additional information, contact:

Itron, Inc.

Paul Vincent
Vice President, Investor Relations
(512) 560-1172

Stephanie Tarlton, CFA
Principal, Investor Relations
(512) 676-8365
[email protected]

Itron, Inc.

LinkedIn: https://www.linkedin.com/company/itronincX: https://x.com/ItronIncNewsroom: https://na.itron.com/newsroomBlog: https://blogs.itron.com ITRON, INC.CONSOLIDATED STATEMENTS OF OPERATIONS      (Unaudited, in thousands, except per share data)     Three Months Ended
June 30, Six Months Ended
June 30,  2026  2025   2026  2025 Revenues     Product revenues$453,462 $517,184  $931,263 $1,040,325 Service revenues 109,440  89,577   218,621  173,587 Total revenues 562,902  606,761   1,149,884  1,213,912 Cost of revenues     Product cost of revenues 280,692  337,394   580,901  683,836 Service cost of revenues 51,570  45,749   102,024  89,239 Total cost of revenues 332,262  383,143   682,925  773,075 Gross profit 230,640  223,618   466,959  440,837       Operating expenses     Sales, general and administrative 89,722  87,615   195,079  174,526 Research and development 56,141  53,810   111,140  103,900 Amortization of intangible assets 8,478  4,543   16,650  9,022 Restructuring 233  1,237   447  684 Loss on sale of business —  —   —  79 Total operating expenses 154,574  147,205   323,316  288,211       Operating income 76,066  76,413   143,643  152,626 Other income (expense)     Interest income 6,253  12,303   11,913  24,013 Interest expense (5,768) (5,648)  (11,577) (11,241)Other income (expense), net 3,655  414   3,422  363 Total other income (expense) 4,140  7,069   3,758  13,135       Income before income taxes 80,206  83,482   147,401  165,761 Income tax provision (26,733) (14,730)  (40,342) (31,659)Net income 53,473  68,752   107,059  134,102 Net income attributable to noncontrolling interests 201  412   328  288 Net income attributable to Itron, Inc.$53,272 $68,340  $106,731 $133,814       Net income per common share - Basic$1.21 $1.50  $2.40 $2.94 Net income per common share - Diluted$1.19 $1.47  $2.37 $2.89       Weighted average common shares outstanding - Basic 44,095  45,633   44,412  45,486 Weighted average common shares outstanding - Diluted 44,608  46,380   45,038  46,276  ITRON, INC.SEGMENT INFORMATION      (Unaudited, in thousands)      Three Months Ended
June 30, Six Months Ended
June 30,  2026  2025   2026  2025 Product revenues     Device Solutions$110,940 $111,939  $234,668 $237,326 Networked Solutions 309,201  379,481   630,348  754,003 Outcomes 32,883  25,764   64,755  48,996 Resiliency Solutions 438  —   1,492  — Total Company$453,462 $517,184  $931,263 $1,040,325       Service revenues     Device Solutions$505 $821  $1,154 $1,305 Networked Solutions 30,037  29,453   59,553  57,663 Outcomes 63,516  59,303   127,554  114,619 Resiliency Solutions 15,382  —   30,360  — Total Company$109,440 $89,577  $218,621 $173,587       Total revenues     Device Solutions$111,445 $112,760  $235,822 $238,631 Networked Solutions 339,238  408,934   689,901  811,666 Outcomes 96,399  85,067   192,309  163,615 Resiliency Solutions 15,820  —   31,852  — Total Company$562,902 $606,761  $1,149,884 $1,213,912       Adjusted gross profit     Device Solutions$38,759 $33,591  $82,778 $71,344 Networked Solutions 145,154  157,243   288,227  305,957 Outcomes 37,380  32,784   77,404  63,536 Resiliency Solutions$11,917 $—   23,615  — Total Company$233,210 $223,618  $472,024 $440,837       Adjusted segment operating income     Device Solutions$31,521 $25,454  $68,413 $55,925 Networked Solutions 112,061  120,999   222,197  237,108 Outcomes 20,542  15,687   42,897  30,017 Resiliency Solutions 4,376  —   8,707  — Total Company$168,500 $162,140  $342,214 $323,050       Adjusted Gross Margin 41.4% 36.9%  41.0% 36.3% ITRON, INC.CONSOLIDATED BALANCE SHEETS    (Unaudited, in thousands)June 30, 2026 December 31, 2025ASSETS   Current assets   Cash and cash equivalents$745,229  $1,020,397 Accounts receivable, net 351,109   367,794 Inventories 258,727   242,886 Other current assets 194,456   191,241 Total current assets 1,549,521   1,822,318     Property, plant, and equipment, net 121,590   112,193 Deferred tax assets, net 271,513   265,183 Other long-term assets 60,694   63,352 Operating lease right-of-use assets, net 33,359   29,341 Intangible assets, net 266,076   83,337 Goodwill 1,690,791   1,344,983 Total assets$3,993,544  $3,720,707     LIABILITIES AND EQUITY   Current liabilities   Accounts payable$146,726  $156,288 Other current liabilities 55,135   58,864 Wages and benefits payable 96,649   122,245 Taxes payable 24,746   16,618 Current portion of debt, net —   459,522 Current portion of warranty 10,871   10,868 Unearned revenue 230,098   187,822 Total current liabilities 564,225   1,012,227     Long-term debt, net 1,575,242   788,805 Long-term warranty 7,078   7,350 Pension benefit obligation 59,874   61,998 Deferred tax liabilities, net 1,387   623 Operating lease liabilities 26,092   19,623 Other long-term obligations 121,519   91,885 Total liabilities 2,355,417   1,982,511     Equity   Common stock 1,472,138   1,661,350 Accumulated other comprehensive loss, net (74,421)  (56,505)Retained earnings 218,482   111,751 Total Itron, Inc. shareholders' equity 1,616,199   1,716,596 Noncontrolling interests 21,928   21,600 Total equity 1,638,127   1,738,196 Total liabilities and equity$3,993,544  $3,720,707  ITRON, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS    (Unaudited, in thousands)Six Months Ended June 30,  2026   2025 Operating activities   Net income$107,059  $134,102 Adjustments to reconcile net income to net cash provided by operating activities:   Depreciation and amortization of intangible assets 37,162   24,182 Non-cash operating lease expense 6,576   5,843 Stock-based compensation 32,316   33,396 Amortization of prepaid debt fees 3,791   3,581 Deferred taxes, net (18,684)  (9,664)Loss on sale of business —   79 Restructuring, non-cash 462   (25)Other adjustments, net (3,538)  (354)Changes in operating assets and liabilities, net of acquisition and sale of business:   Accounts receivable 23,280   18,789 Inventories (17,956)  (7,413)Other current assets (5,295)  6,409 Other long-term assets 3,117   3,479 Accounts payable, other current liabilities, and taxes payable (9,259)  (31,868)Wages and benefits payable (28,092)  (34,884)Unearned revenue 50,859   46,431 Warranty (243)  (1,876)Restructuring (6,921)  (10,252)Other operating, net (1,042)  (11,153)Net cash provided by operating activities 173,592   168,802     Investing activities   Acquisitions of property, plant, and equipment (13,132)  (10,656)Business acquisitions, net of cash and cash equivalents acquired (515,055)  — Other investing, net 3,088   5 Net cash used in investing activities (525,099)  (10,651)    Financing activities   Proceeds from borrowings 805,000   — Payments on debt (460,000)  — Issuance of common stock 1,969   5,436 Payments on call spread for convertible offering (92,817)  — Repurchase of common stock (152,234)  — Prepaid debt fees (21,525)  (178)Other financing, net (514)  (507)Net cash provided by financing activities 79,879   4,751     Effect of foreign exchange rate changes on cash and cash equivalents (3,540)  10,118 Increase (decrease) in cash and cash equivalents (275,168)  173,020 Cash and cash equivalents at beginning of period 1,020,397   1,051,237 Cash and cash equivalents at end of period$745,229  $1,224,257          About Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, adjusted gross profit, adjusted operating income, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For a reconciliation of each non-GAAP measure to the most comparable financial measure prepared and presented in accordance with GAAP, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.
        

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and depreciation of property, plant, and equipment and certain discrete cash and non-cash charges, such as restructuring, loss on sale of business, strategic initiative expenses, or acquisition and integration related expenses. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative expenses, and acquisition and integration related expenses. We define non-GAAP operating income as operating income excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, strategic initiative expenses, and acquisition and integration related expenses. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees; certain employee retention and salaries related to integration; employee severance; contract terminations; travel costs related to knowledge transfer; system conversion costs; and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are not related to our core operating results. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income attributable to Itron, Inc. excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, restructuring, loss on sale of business, strategic initiative expenses, acquisition and integration related expenses, gain on sale of equity method investment, and the tax effect of excluding these expenses. We define non-GAAP diluted EPS as non-GAAP net income divided by diluted weighted-average shares outstanding during the period calculated on a GAAP basis and then reduced to reflect any anti-dilutive impact of the convertible notes hedge transactions. We consider these financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income. The same limitations described above regarding our use of non-GAAP operating income apply to our use of non-GAAP net income and non-GAAP diluted EPS. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP measures and evaluating non-GAAP net income and non-GAAP diluted EPS together with GAAP net income attributable to Itron, Inc. and GAAP diluted EPS.

For interim periods the budgeted annual effective tax rate (AETR) is used, adjusted for any discrete items, as defined in Accounting Standards Codification (ASC) 740 - Income Taxes. The budgeted AETR is determined at the beginning of the fiscal year. The AETR is revised throughout the year based on changes to our full-year forecast. If the revised AETR increases or decreases by 200 basis points or more from the budgeted AETR due to changes in the full-year forecast during the year, the revised AETR is used in place of the budgeted AETR beginning with the quarter the 200 basis point threshold is exceeded and going forward for all subsequent interim quarters in the year. We continue to assess the AETR based on latest forecast throughout the year and use the most recent AETR any time it increases or decreases by 200 basis points or more from the prior interim period.

Adjusted EBITDA – We define adjusted EBITDA as net income (a) minus interest income and gain on sale of equity method investment, (b) plus interest expense, depreciation and amortization, restructuring, loss on sale of business, strategic initiative expenses, acquisition and integration related expenses, and (c) excluding income tax provision or benefit. Management uses adjusted EBITDA as a performance measure for executive compensation. A limitation to using adjusted EBITDA is that it does not represent the total increase or decrease in the cash balance for the period and the measure includes some non-cash items and excludes other non-cash items. Additionally, the items that we exclude in our calculation of adjusted EBITDA may differ from the items that our peer companies exclude when they report their results. We compensate for these limitations by providing a reconciliation of this measure to GAAP net income.

Free cash flow – We define free cash flow as net cash provided by operating activities less cash used for acquisitions of property, plant and equipment. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. The same limitations described above regarding our use of adjusted EBITDA apply to our use of free cash flow. We compensate for these limitations by providing specific information regarding the GAAP amounts in the reconciliation.

Adjusted gross profit – We define adjusted gross profit as gross profit excluding the amortization expense of core-developed technology intangible assets.

Adjusted operating income – We define adjusted operating income as operating income excluding the amortization of core-developed technology intangible assets.

Constant currency – We refer to the impact of foreign currency exchange rate fluctuations in our discussions of financial results, which references the differences between the foreign currency exchange rates used to translate operating results from the entity's functional currency into U.S. dollars for financial reporting purposes. We also use the term "constant currency", which represents financial results adjusted to exclude changes in foreign currency exchange rates as compared with the rates in the comparable prior year period. We calculate the constant currency change as the difference between the current period results and the comparable prior period's results restated using current period foreign currency exchange rates.

The tables below reconcile the non-GAAP financial measures of operating expenses, operating income, net income, diluted EPS, adjusted EBITDA, and free cash flow with the most directly comparable GAAP financial measures.

ITRON, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES(Unaudited, in thousands, except per share data)     TOTAL COMPANY RECONCILIATIONSThree Months Ended June 30, Six Months Ended June 30,  2026  2025   2026  2025 NON-GAAP OPERATING EXPENSES     GAAP operating expenses$154,574 $147,205  $323,316 $288,211 Amortization of intangible assets(1) (8,478) (4,543)  (16,650) (9,022)Restructuring (233) (1,237)  (447) (684)Loss on sale of business —  —   —  (79)Strategic initiative (455) —   (475) — Acquisition and integration (1,252) (33)  (7,229) (84)Non-GAAP operating expenses$144,156 $141,392  $298,515 $278,342       NON-GAAP OPERATING INCOME     GAAP operating income$76,066 $76,413  $143,643 $152,626 Amortization of intangible assets 11,048  4,543   21,715  9,022 Restructuring 233  1,237   447  684 Loss on sale of business —  —   —  79 Strategic initiative 455  —   475  — Acquisition and integration 1,252  33   7,229  84 Non-GAAP operating income$89,054 $82,226  $173,509 $162,495       NON-GAAP NET INCOME & DILUTED EPS     GAAP net income attributable to Itron, Inc.$53,272 $68,340  $106,731 $133,814 Amortization of intangible assets 11,048  4,543   21,715  9,022 Amortization of debt placement fees 1,925  1,757   3,755  3,494 Restructuring 233  1,237   447  684 Loss on sale of business —  —   —  79 Strategic initiative 455  —   475  — Gain on sale of equity method investment (3,249) —   (3,249) — Acquisition and integration 1,252  33   7,229  84 Income tax effect of non-GAAP adjustments 5,791  (796)  1,316  (1,953)Non-GAAP net income attributable to Itron, Inc.$70,727 $75,114  $138,419 $145,224       Non-GAAP diluted EPS$1.59 $1.62  $3.07 $3.14 Non-GAAP weighted average common shares outstanding - Diluted 44,608  46,380   45,038  46,276        (1)   Excludes amortization of core-developed technology intangible assets.

ITRON, INC.RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURESTO THE MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES(Unaudited, in thousands)     TOTAL COMPANY RECONCILIATIONSThree Months Ended June 30, Six Months Ended June 30,  2026  2025   2026  2025 ADJUSTED EBITDA     GAAP net income attributable to Itron, Inc.$53,272 $68,340  $106,731 $133,814 Interest income (6,253) (12,303)  (11,913) (24,013)Interest expense 5,768  5,648   11,577  11,241 Income tax provision 26,733  14,730   40,342  31,659 Depreciation and amortization 18,626  12,114   37,162  24,182 Restructuring 233  1,237   447  684 Loss on sale of business —  —   —  79 Strategic initiative 455  —   475  — Acquisition and integration 1,252  33   7,229  84 Gain on sale of equity method investment (3,249) —   (3,249) — Adjusted EBITDA$96,837 $89,799  $188,801 $177,730       FREE CASH FLOW     Net cash provided by operating activities$88,091 $96,685  $173,592 $168,802 Acquisitions of property, plant, and equipment (6,605) (6,017)  (13,132) (10,656)Free Cash Flow$81,486 $90,668  $160,460 $158,146  The tables below reconcile the non-GAAP financial measure of adjusted gross profit with the most directly comparable GAAP financial measure.

TOTAL COMPANY RECONCILIATIONS Three months ended June 30, 2026(Unaudited, in thousands) Device
Solutions Networked
Solutions Outcomes Resiliency
Solutions Segments
SubtotalTotal revenues $111,445  $339,238  $96,399  $15,820  $562,902 Total cost of revenues  72,686   194,084   59,644   5,848   332,262 Gross profit  38,759   145,154   36,755   9,972   230,640 Gross margin  34.8%  42.8%  38.1%  63.0%  41.0%Amortization of core-developed technology intangible assets $—  $—  $625  $1,945  $2,570 Adjusted gross profit  38,759   145,154   37,380   11,917   233,210 Adjusted gross margin  34.8%  42.8%  38.8%  75.3%  41.4%             Three Months Ended June 30, 2025  (Unaudited, in thousands) Device
Solutions Networked
Solutions Outcomes Segments
Subtotal  Total revenues $112,760  $408,934  $85,067  $606,761   Total cost of revenues  79,169   251,691   52,283   383,143   Gross profit  33,591   157,243   32,784   223,618   Gross margin  29.8%  38.5%  38.5%  36.9%  Amortization of core-developed technology intangible assets $—  $—  $—  $—   Adjusted gross profit  33,591   157,243   32,784   223,618   Adjusted gross margin  29.8%  38.5%  38.5%  36.9%             TOTAL COMPANY RECONCILIATIONS Six months ended June 30, 2026(Unaudited, in thousands) Device
Solutions Networked
Solutions Outcomes Resiliency
Solutions Segments
SubtotalTotal revenues $235,822  $689,901  $192,309  $31,852  $1,149,884 Total cost of revenues  153,044   401,674   116,155   12,052   682,925 Gross profit  82,778   288,227   76,154   19,800   466,959 Gross margin  35.1%  41.8%  39.6%  62.2%  40.6%Amortization of core-developed technology intangible assets $—  $—  $1,250  $3,815  $5,065 Adjusted gross profit  82,778   288,227   77,404   23,615   472,024 Adjusted gross margin  35.1%  41.8%  40.2%  74.1%  41.0%             Six Months Ended June 30, 2025  (Unaudited, in thousands) Device
Solutions Networked
Solutions Outcomes Segments
Subtotal  Total revenues $238,631  $811,666  $163,615  $1,213,912   Total cost of revenues  167,287   505,709   100,079   773,075   Gross profit  71,344   305,957   63,536   440,837   Gross margin  29.9%  37.7%  38.8%  36.3%  Amortization of core-developed technology intangible assets $—  $—  $—  $—   Adjusted gross profit  71,344   305,957   63,536   440,837   Adjusted gross margin  29.9%  37.7%  38.8%  36.3%