ITRON, INC.

Listed Company

ITRICIK 0000780571NasdaqLarge AcceleratedInstruments For Meas & Testing Of Electricity & Elec SignalsWashingtonFY ends Dec 31

Period

FY 2025

Revenue

$2.37B

Net Income

$301.06M

Total Assets

$3.72B

Equity

$1.72B

Shares Out

44.34M

Op. Cash Flow

$405.95M

Business

ITRON, INC. provides grid edge intelligence, IIoT technology, and solutions for utilities and cities to manage energy, water, and critical infrastructure. It offers endpoints (meters, sensors, switches), communication networks, software, analytics, and services including managed services, SaaS, and NaaS to collect, transport, and analyze data. The company reports three operating segments: Device Solutions, Networked Solutions, and Outcomes, covering hardware, networked systems, and value-added software and services. Itron sells globally through direct sales to large utilities and indirect channels of distributors, agents, and partners.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	2,367	2,441	2,174	1,796	1,982
Total cost of revenues	1,475	1,602	1,460	1,273	1,408
Gross profit	892	839	714	522	573
Sales, general and administrative	353	339	313	290	301
Research and development	207	215	209	185	197
Amortization of intangible assets	18	18	19	26	36
Restructuring	931,000	3	44	−14	55
Loss on sale of business	79,000	597,000	667,000	4	64
Total operating expenses	579	575	585	530	652
Operating income	313	264	129	−7	−79
Interest income	48	35	9	3	2
Interest expense	−22	−15	−8	−7	—
Other income (expense), net	3	1	−2	−4	−17
Total other income (expense)	29	20	−1	−8	−45
Total income before income taxes	342	285	127	−16	−124
Income tax provision	−39	−43	−29	6	46
Net income	303	241	98	−10	−78
Net income attributable to noncontrolling interests	2	2	1	185,000	3
Net income attributable to Itron, Inc.	301	239	97	−10	−81
Net income (loss) per common share - Basic (in dollars per share)	6.62	5.27	2.13	−0.22	−1.83
Net income (loss) per common share - Diluted (in dollars per share)	6.5	5.18	2.11	−0.22	−1.83
Weighted average common shares outstanding - Basic (in shares)	45	45	45	45	44
Weighted average common shares outstanding - Diluted (in shares)	46	46	46	45	44

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,020	1,051	302	202	163
Accounts receivable, net	368	350	304	280	298
Inventories	243	271	284	229	166
Other current assets	191	143	160	118	123
Total current assets	1,822	1,816	1,049	830	750
Property, plant, and equipment, net	112	115	129	140	163
Deferred tax assets, net	265	310	247	212	181
Other long-term assets	63	42	39	40	42
Operating lease right-of-use assets, net	29	29	41	53	66
Intangible assets, net	83	43	46	65	93
Goodwill	1,345	1,052	1,053	1,039	1,099
Total assets	3,721	3,408	2,604	2,378	2,394
Accounts payable	156	145	200	237	193
Other current liabilities	59	61	54	43	81
Wages and benefits payable	122	137	136	89	114
Taxes payable	17	20	9	15	12
Current portion of debt, net	460	0	—	—	0
Current portion of warranty	11	14	15	18	18
Unearned revenue	188	151	124	96	83
Total current liabilities	1,012	528	537	499	501
Long-term debt, net	789	1,242	455	453	450
Long-term warranty	7	8	8	7	14
Pension benefit obligation	62	60	64	58	88
Deferred tax liabilities, net	623,000	565,000	697,000	833,000	2
Operating lease liabilities	20	25	33	44	57
Other long-term obligations	92	132	176	125	139
Total liabilities	1,983	1,996	1,273	1,187	1,251
Preferred stock, no par value, 10,000 shares authorized, no shares issued or outstanding	0	0	0	0	0
Common stock, no par value, 150,000 and 75,000 shares authorized, 44,929 and 45,131 shares issued and outstanding	1,661	1,690	1,821	1,788	1,780
Accumulated other comprehensive loss, net	−57	−110	−81	−95	−148
Retained earnings (accumulated deficit)	112	−189	−428	−525	−516
Total Itron, Inc. shareholders' equity	1,717	1,391	1,311	1,168	1,116
Noncontrolling interests	22	21	21	23	27
Total equity	1,738	1,411	1,331	1,192	1,143
Total liabilities and equity	3,721	3,408	2,604	2,378	2,394
Common stock, shares authorized (in shares)	150	75	75	75	75

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization of intangible assets	50	56	56	67	84
Non-cash operating lease expense	12	21	16	16	17
Stock-based compensation	62	44	28	22	24
Amortization of prepaid debt fees	7	5	4	3	18
Deferred taxes, net	65	−39	−35	−33	−86
Loss on sale of business	79,000	597,000	667,000	4	64
Restructuring, non-cash	−25,000	−191,000	385,000	−624,000	9
Other adjustments, net	−2	−895,000	−169,000	12	3
Accounts receivable	−4	−49	−19	5	60
Inventories	33	6	−52	−68	−4
Other current assets	−43	15	−42	−17	41
Other long-term assets	−13	−7	2	−5	5
Accounts payable, other current liabilities, and taxes payable	6	−35	−44	45	−23
Wages and benefits payable	−19	4	45	−22	31
Unearned revenue	29	29	28	18	−29
Warranty	−4	210,000	−4	−5	−8
Restructuring	−22	−31	30	−41	16
Other operating, net	−53	−22	12	−5	1
Net cash provided by operating activities	406	238	125	25	155
Net proceeds (payments) related to the sale of business	278,000	405,000	−772,000	56	3
Acquisitions of property, plant, and equipment	−23	−31	−27	−20	−35
Business acquisitions, net of cash and cash equivalents acquired	−325	−34	0	23,000	−9
Other investing, net	−2	850,000	4	4	5
Net cash used in investing activities	−350	−63	−23	41	−35
Proceeds from borrowings	0	805	0	0	460
Issuance of common stock	7	8	4	3	5
Payments on call spread for convertible offering	0	−109	0	0	−84
Repurchase of common stock	−100	−100	0	−17	−8
Prepaid debt fees	−2	−22	−2	−697,000	−12
Other financing, net	−3	−3	−5	−5	−2
Net cash provided by (used in) financing activities	−97	580	−4	−19	−153
Effect of foreign exchange rate changes on cash and cash equivalents	10	−5	2	−7	−2
(Decrease) increase in cash and cash equivalents	−31	749	100	39	−44
Income taxes, net	56	80	55	12	7
Interest	13	1	2	2	9
Deferred tax effect of call spread offerings	0	27	0	0	21

Filings

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