Itron, Inc. reported financial results for Q3 2025, with revenue at $582 million, a 5% decrease from Q3 2024. GAAP net income was $66 million, down $12 million. GAAP diluted EPS was $1.41, a $0.29 decrease per share. Adjusted EBITDA increased 10% to $97 million, and free cash flow rose to $113 million.

Itron’s third-quarter revenue decreased to $582 million compared to $615 million in the prior year. Device Solutions revenue dropped 16%, Networked Solutions revenue decreased 6%, and Outcomes revenue increased by 11% due to higher recurring revenue. Gross margin increased to 37.7% due to customer and product mix.

Operating expenses for Itron were $138 million, up $2 million from the prior year. GAAP operating income was $82 million, $8 million higher than the prior year, while non-GAAP operating income was $89 million, $10 million higher. Net income attributable to Itron, Inc. was $66 million, or $1.41 per diluted share, a decrease from $78 million, or $1.70 per diluted share in 2024.

For Q4 2025, Itron forecasts revenue between $555 and $565 million, with non-GAAP diluted EPS between $2.15 and $2.25. Full year 2025 outlook includes revenue between $2.35 to $2.36 billion and non-GAAP diluted EPS between $6.84 to $6.94. Itron also announced the acquisition of Urbint, Inc. for $325 million, expected to close in Q4 2025.

Itron’s earnings conference call to discuss financial results will be held on October 30, 2025, at 10 a.m. EDT. Non-GAAP financial measures, including adjusted EBITDA and free cash flow, are provided to supplement GAAP results. These measures help investors assess performance and liquidity. Non-GAAP reconciliations are available for reference.

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