ITRON, INC. (ITRI) FY2025 10-K Annual Report
ITRON, INC. (ITRI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
ITRON, INC. FY2025 10-K Analysis
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
ITRON, INC. FY2025 Key Financial MetricsXBRL
Revenue
$2.4B
▼ -3.0% YoY
Net Income
$301M
▲ +25.9% YoY
Gross Margin
37.7%
▲ +330bp YoY
Operating Margin
13.2%
▲ +240bp YoY
Net Margin
12.7%
▲ +292bp YoY
ROE
17.5%
▲ +34bp YoY
Total Assets
$3.7B
▲ +9.2% YoY
EPS (Diluted)
$6.50
▲ +25.5% YoY
Operating Cash Flow
$406M
▲ +70.4% YoY
Source: XBRL data from ITRON, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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