Short answer
ITRON, INC. (ITRI) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $2.4B (−3.0% year over year) and net income of $301M.
- Top risk flagged: Regulatory risk from potential new environmental laws imposing significant operational restrictions on Itron's products and business
FY2025 key financial metrics · XBRL
- Revenue
- $2.4B
- −3.0% YoY
- Net income
- $301M
- +25.9% YoY
- Operating margin
- 13.2%
- +2.4 pp YoY
- Gross margin
- 37.7%
- +3.3 pp YoY
- EPS (diluted)
- $6.50
- +25.5% YoY
- ROE
- 17.5%
- +0.3 pp YoY
- Operating cash flow
- $406M
- +70.4% YoY
Source: XBRL data from the ITRON, INC. (ITRI) FY2025 10-K on SEC EDGAR. USD.
ITRON, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Provider of smart metering and networked solutions for energy and water utilities
- New segment introduced: Resiliency Solutions launched in late 2025 with $3.0 million revenue and 76.0% gross margin
- Strategic shift: Focus on higher-margin products in Device Solutions, exiting lower-margin products improved margins by 530 bps
- Notable metric: Outcomes segment revenue grew 15% to $359.7 million with operating income up 49% to $77.0 million
- Unique fact: Total revenues declined 3% to $2.37 billion despite segment margin expansions across all reportable segments
Management Discussion & Analysis
- Revenue $2.4B flat YoY with no increase from 2024's $2.4B
- Gross margin improved to 37.7% vs 34.4% in 2024
- Net income $301.1M vs $239.1M; GAAP diluted EPS $6.50 vs $5.18
- Adjusted EBITDA $373.8M up 16% from $323.6M in 2024
- Acquisitions of Locusview ($525M) and Urbint ($330.7M) funded by cash on hand
Risk Factors
- Regulatory risk from potential new environmental laws imposing significant operational restrictions on Itron's products and business
- Macroeconomic risk from exposure to U.S. and state governmental regulations affecting business compliance and operations
- Operational risk due to reliance on leadership continuity with CEO Thomas L. Deitrich since 2019 and CFO Joan S. Hooper since 2017
- Competitive risk from licensing technology to competitors that could undermine Itron's position in smart metering and IIoT markets
- No disclosed financial leverage or concentration risk in the filing's risk factors section
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