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Scientific & technical instruments · Technology · Fiscal year ends Dec 31
ITRON reported revenue of $2.4B in the fiscal year ended Dec 2025, down 3.0% from the year before. Operating income was $313M, an operating margin of 13.2%, and net income was $301M. Operating cash flow of $406M less capital expenditure of $23M left free cash flow of $383M. Net debt was $228M.
Ranks among the 19 scientific & technical instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,982 | 1,796 | 2,174 | 2,441 | 2,367 |
| Cost of revenue | 1,408 | 1,273 | 1,460 | 1,602 | 1,475 |
| Gross profit | 573 | 522 | 714 | 839 | 892 |
| Research & development | 197 | 185 | 209 | 215 | 207 |
| Selling, general & admin | 301 | 290 | 313 | 339 | 353 |
| Operating income | −79.3 | −7.4 | 129 | 264 | 313 |
| Interest expense | 28.6 | 6.7 | 8.3 | 15.4 | 22.5 |
| Pre-tax income | −124 | −15.7 | 127 | 285 | 342 |
| Income tax | −45.5 | −6.2 | 29.1 | 43.4 | 38.9 |
| Net income | −81.3 | −9.7 | 96.9 | 239 | 301 |
| Diluted EPS | −1.83 | −0.22 | 2.11 | 5.18 | 6.50 |
| Diluted shares | 44.3 | 45.1 | 45.8 | 46.2 | 46.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 163 | 202 | 302 | 1,051 | 1,020 |
| Receivables | 261 | 250 | 273 | 295 | 342 |
| Inventory | 166 | 229 | 284 | 271 | 243 |
| Current assets | 750 | 830 | 1,049 | 1,816 | 1,822 |
| Net PP&E | 163 | 140 | 129 | 115 | 112 |
| Goodwill | 1,099 | 1,039 | 1,053 | 1,052 | 1,345 |
| Total assets | 2,394 | 2,378 | 2,604 | 3,408 | 3,721 |
| Payables | 193 | 237 | 200 | 145 | 156 |
| Deferred revenue | 82.8 | 95.6 | 124 | 151 | 188 |
| Current liabilities | 501 | 499 | 537 | 528 | 1,012 |
| Short-term debt | 0.0 | – | – | 0.0 | 460 |
| Long-term debt | 450 | 453 | 455 | 1,242 | 789 |
| Total liabilities | 1,251 | 1,187 | 1,273 | 1,996 | 1,983 |
| Shareholders' equity | 1,116 | 1,168 | 1,311 | 1,391 | 1,717 |
| Backlog (remaining obligations) | 1,500 | 1,600 | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 155 | 24.5 | 125 | 238 | 406 |
| Capital expenditure | 34.7 | 19.7 | 26.9 | 30.6 | 22.9 |
| Free cash flow | 120 | 4.8 | 98.1 | 208 | 383 |
| Depreciation & amortisation | 84.2 | 66.8 | 55.8 | 56.3 | 49.5 |
| Stock-based compensation | 23.6 | 21.9 | 28.4 | 43.9 | 62.4 |
| Acquisitions | 8.7 | −0.0 | 0.0 | 34.1 | 325 |
| Share buybacks | 8.0 | 17.0 | 0.0 | 100 | 100 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −9.4% | 21.1% | 12.3% | −3.0% |
| Operating income growth (YoY) | – | – | – | 104.9% | 18.5% |
| EPS growth (YoY) | – | – | – | 145.5% | 25.5% |
| Gross margin | 28.9% | 29.1% | 32.8% | 34.4% | 37.7% |
| Operating margin | −4.0% | −0.4% | 5.9% | 10.8% | 13.2% |
| Net margin | −4.1% | −0.5% | 4.5% | 9.8% | 12.7% |
| Return on equityBlank when equity is negative | −7.3% | −0.8% | 7.4% | 17.2% | 17.5% |
| ROCEEBIT ÷ (assets − current liabilities) | −4.2% | −0.4% | 6.2% | 9.2% | 11.6% |
| Free cash flow margin | 6.1% | 0.3% | 4.5% | 8.5% | 16.2% |
| Cash conversion (CFO ÷ net income) | −1.91x | −2.52x | 1.29x | 1.00x | 1.35x |
| Receivable days | 48 | 51 | 46 | 44 | 53 |
| Inventory days | 43 | 66 | 71 | 62 | 60 |
| Payable days | 50 | 68 | 50 | 33 | 39 |
| Interest cover | −2.77x | −1.11x | 15.4x | 17.2x | 13.9x |
| Debt ÷ equity | 0.40x | 0.39x | 0.35x | 0.89x | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 288 | 251 | 153 | 191 | 228 |
| Current ratio | 1.50x | 1.66x | 1.95x | 3.44x | 1.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.