Itron Q1 Revenue Declines 3% to $587M; Free Cash Flow Rises to $79M
Itron reported first-quarter revenue of $587 million, down 3% year-over-year, with GAAP net income of $53 million and GAAP EPS of $1.18. Adjusted EBITDA rose 5% to $92 million and free cash flow increased $11 million to $79 million, supported by record gross profit.
1. Q1 Financial Results
Itron posted revenue of $587 million for the quarter ended March 31, 2026, a 3% decrease from the prior year. GAAP net income was $53 million, or $1.18 per diluted share, while non-GAAP EPS was $1.49, down $0.03 versus the prior period.
2. Segment Performance
Device Solutions revenue fell 1% (9% in constant currency) due to legacy product optimization and project timing, while Networked Solutions revenue dropped 13% (14% cc). Outcomes revenue climbed 22% (20% cc) on higher recurring and services sales, and Resiliency Solutions contributed $16 million following the Locusview acquisition.
3. Cash Flow and Backlog
Operating cash flow increased to $86 million and free cash flow rose to $79 million, up $11 million from last year, driven by lower tax payments. Total backlog stood at $4.4 billion, with quarterly bookings of $476 million.
4. Q2 Outlook
Itron expects second-quarter revenue between $560 million and $570 million, with non-GAAP EPS of $1.25 to $1.35. This guidance reflects ongoing portfolio optimization and project deployment timing.