Itron Inc., founded in 1977 and headquartered in Liberty Lake, Washington, United States, is a global provider of smart grid and utility management solutions. It generates revenue through the sale of advanced metering systems, communication networks, and cloud-based data analytics services. Under the leadership of CEO Chris Cornwell since 2021, Itron serves over 6,000 utility customers worldwide. Its flagship platforms, including Active Grid and OpenWay Riva, distinguish it from competitors in a rapidly evolving market. The company is strategically investing in IoT and cloud innovations to drive future growth.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
2,367,190
2,440,840
2,173,630
1,795,560
Cost of Sales
1,475,080
1,601,520
1,459,730
1,273,380
Gross Profit
892,118
839,317
713,908
522,189
Selling, General & Administrative Expenses
352,965
339,069
312,779
290,453
Depreciation & Amortization Expenses
18,034
17,828
18,918
25,717
Research & Development Expenses
207,041
215,034
208,688
185,098
Other Operating Expenses
1,010
3,276
44,656
28,360
Operating Profit
313,068
264,110
128,867
(7,439)
Interest and Investment Income
48,376
34,577
9,314
2,633
Interest Expense
(22,451)
(15,379)
(8,349)
(6,724)
Non-Operating Income
3,274
1,223
(2,446)
(4,213)
Total Non-Operating Income
29,199
20,421
(1,481)
(8,304)
Income Before Provision for Income Taxes
342,267
284,531
127,386
(15,743)
Provision for Income Taxes
38,932
43,407
29,068
(6,196)
Consolidated Net Income
303,335
241,124
98,318
(9,547)
Net Income Attributable to Minority Interests and Other
2,280
2,019
1,395
185
Net Income Attributable to Common Shareholders
301,055
239,105
96,923
(9,732)
Basic EPS
6.62
5.27
2.13
-0.22
Diluted EPS
6.50
5.18
2.11
-0.22
Basic Weighted Average Shares Outstanding
45,492
45,368
45,421
45,101
Diluted Weighted Average Shares Outstanding
46,323
46,187
45,836
45,101
Shares Outstanding
44,929
45,131
45,512
45,186
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,020,400
1,051,240
302,049
202,007
Total Cash and Cash Equivalents
1,020,400
1,051,240
302,049
202,007
Accounts Receivable
367,794
350,473
303,821
280,435
Total Trade Receivables
367,794
350,473
303,821
280,435
Inventories
242,886
270,725
283,686
228,701
Other Current Assets
191,241
143,457
159,882
118,441
Total Current Assets
1,822,320
1,815,890
1,049,440
829,584
Net Property, Plant & Equipment
141,534
144,385
169,992
192,949
Net Intangible Assets
83,337
43,109
46,282
64,941
Goodwill
1,344,980
1,052,130
1,052,500
1,038,720
Other Long-Term Assets
328,535
352,107
286,047
251,883
Total Assets
3,720,710
3,407,620
2,604,260
2,378,080
Accounts Payable
156,288
144,929
199,520
237,178
Accrued Expenses
138,863
157,073
144,439
104,755
Current Portion of Long-Term Debt
459,522
—
—
—
Unearned Revenue
187,822
150,720
124,207
95,567
Other Current Liabilities
69,732
75,543
69,070
61,072
Total Current Liabilities
1,012,230
528,265
537,236
498,572
Long-Term Debt
788,805
1,242,420
454,827
452,526
Leases
19,623
25,350
32,656
44,370
Other Long-Term Liabilities
161,856
200,156
248,113
191,054
Total Long-Term Liabilities
970,284
1,467,930
735,596
687,950
Total Liabilities
1,982,510
1,996,200
1,272,830
1,186,520
Common Stock
1,661,350
1,689,840
1,820,510
1,788,480
Accumulated Other Comprehensive Income
(56,505)
(109,931)
(81,190)
(94,674)
Retained Earnings
111,751
(189,304)
(428,409)
(525,332)
Total Common Shareholders' Equity
1,716,600
1,390,600
1,310,910
1,168,470
Minority Interests and Other
21,600
20,828
20,520
23,083
Total Shareholders' Equity
1,738,200
1,411,430
1,331,430
1,191,560
Total Liabilities and Shareholders' Equity
3,720,710
3,407,620
2,604,260
2,378,080
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
303,335
241,124
98,318
(9,547)
Depreciation & Amortization
49,517
56,277
55,763
66,763
Share-Based Compensation Expense
62,449
43,874
28,357
21,881
Other Adjustments
81,754
(13,194)
(13,645)
40,160
Changes in Trade Receivables
(4,215)
(49,138)
(19,494)
5,064
Changes in Inventories
32,682
5,969
(52,118)
(68,124)
Changes in Accounts Payable
6,276
(35,388)
(43,657)
45,085
Changes in Accrued Expenses
(18,623)
3,784
44,700
(21,749)
Changes in Unearned Revenue
28,624
29,319
28,329
18,466
Changes in Other Operating Activities
(135,847)
(44,452)
(1,582)
(73,499)
Cash from Operating Activities
405,952
238,175
124,971
24,500
Capital Expenditure
(22,891)
(30,562)
(26,884)
(19,747)
Payments for Business Acquisitions
(325,044)
(34,105)
—
23
Proceeds from Business Divestments
278
405
(772)
55,933
Other Investing Activities
(1,995)
850
4,348
4,307
Cash from Investing Activities
(349,652)
(63,412)
(23,308)
40,516
Issuance of Long-Term Debt
—
805,000
—
—
Net Issuance / (Repayments) of Long-Term Debt
—
805,000
—
—
Issuance of Common Shares
7,320
8,321
3,674
3,452
Repurchases of Common Shares
(100,000)
(100,000)
—
(16,972)
Net Issuance / (Repurchases) of Common Shares
(92,680)
(91,679)
3,674
(13,520)
Other Financing Activities
(4,782)
(133,748)
(7,182)
(5,217)
Cash from Financing Activities
(97,462)
579,573
(3,508)
(18,737)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
10,322
(5,148)
1,887
(6,851)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash