Itron, Inc. reported solid financial results for Q2 2025, with revenue at $607 million, a 6% increase in gross profit to $224 million, and a $17 million increase in net income to $68 million. The company’s GAAP diluted earnings per share also rose to $1.47, while non-GAAP diluted EPS reached $1.62. Adjusted EBITDA increased by 16% to $90 million, with free cash flow up to $91 million.

Device Solutions revenue decreased by 5%, while Networked Solutions revenue fell by 1% due to timing of shipments and project deployments. Outcomes revenue increased by 9%, driven by recurring revenue and software licenses. Itron’s gross margin for Q2 was 36.9%, a 230 basis points increase from the prior year.

Total backlog at the end of Q2 was $4.5 billion, with bookings totaling $454 million for the quarter. The company provided an outlook for Q3 2025 with revenue between $570 and $585 million and non-GAAP diluted EPS between $1.45 and $1.55. The full year 2025 outlook was updated with revenue between $2.35 to $2.4 billion and non-GAAP diluted EPS between $6.00 to $6.20.

Itron will host a conference call at 10 a.m. EDT on July 31, 2025, to discuss the financial results. Interested parties can access the webcast on the company’s website. Itron is focused on transforming how energy, water, and city services are managed, providing intelligent infrastructure solutions to improve efficiency and reliability. Non-GAAP financial measures are used to provide transparency and facilitate performance comparisons.

Read more at GlobeNewswire: Itron Announces Second Quarter 2025 Financial Results