Itron reported Q4 revenue of $572 million with GAAP net income of $102 million (EPS $2.21) and non-GAAP EBITDA of $99 million, up 21% year over year. Adjusted gross margin reached a record 40.7% and non-GAAP operating income increased 28% to $91 million, while free cash flow totaled $112 million.

The newly created Resiliency Solutions segment from the Urbint and Locusview acquisitions contributed $3 million of revenue in its first quarter, posting a 76% adjusted gross margin and a negative 3.6% operating margin. Management highlighted 3.5 million hours of emergency response usage during a winter storm and expects steady subscription-based growth in 2026.

Q4 bookings totaled $737 million, driving year-end backlog to a record $4.5 billion, supported by a multiyear agreement with Exelon and expansions with North American utilities. Outcomes segment revenue rose 22% to $112 million, while Network and Device Solutions segments posted margins improvements despite revenue declines.

Itron forecasts 2026 revenue of $2.35 billion to $2.45 billion, representing about 1% growth, and non-GAAP EPS of $5.75 to $6.25 as acquisition-related interest income reductions create a $0.38 per share dilutive impact. The company expects Resiliency Solutions to add $65 million to $70 million in revenue at roughly 70% gross margin and become EPS accretive by late 2027.