Itron (ITRI) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Itron published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Itron reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Non-GAAP diluted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Itron reports in thousands of dollars. Figures here are converted to millions and rounded to one decimal.
• Resiliency Solutions is a new segment made up of acquired businesses, including Urbint and Locusview, so it has no year-ago revenue.

Source: Itron Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Itron splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Itron's Device Solutions revenue was $102 million in Q3 2026, down 2% from $104 million in Q3 2025, 17% of total revenue.
• Itron's Networked Solutions revenue was $390 million in Q3 2026, down 1% from $394 million in Q3 2025, 65% of total revenue.
• Itron's Outcomes revenue was $92.2 million in Q3 2026, up 9% from $84.3 million in Q3 2025, 15% of total revenue.
• Itron's Resiliency Solutions revenue was $16.1 million in Q3 2026, 3% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

The first two lines are Itron's outlook for the fourth quarter of 2026; the last two are its updated outlook for the full year 2026.

In its Q3 2026 release, Itron said:

“Revenue between $621 and $636 million”

“Non-GAAP diluted EPS between $1.70 and $1.80”

“Revenue between $2.37 and $2.385 billion”

“Non-GAAP diluted EPS between $6.72 and $6.82”

Source: Itron Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ITRI forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total revenues and diluted EPS, each as first reported in that quarter's release, converted from thousands to millions.

We do not hold a confirmed date for Itron's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

Itron sells metering, network and software products to utilities and cities, and reports four segments. Networked Solutions, its largest, had revenue of $389.5 million in Q3 2026, down 1% from $393.7 million, which Itron put down to the timing of project deployments. Device Solutions fell 2% to $101.5 million on lower legacy gas product sales. Outcomes rose 9% to $92.2 million on higher services revenue. (Itron Q3 2026 release, Oct 27, 2026)

Resiliency Solutions, a new segment built from the Urbint and Locusview acquisitions, added $16.1 million. Itron paid $330.6 million for Urbint, which sells AI-powered operational resilience software. Total revenue rose 3% to $599.3 million from $581.6 million, driven primarily by Outcomes and the contribution from Resiliency Solutions. (Itron Q3 2026 release, Oct 27, 2026; Itron Form 10-Q, Q3 2026, Oct 27, 2026)

By type, product revenues were $489.0 million, down from $494.3 million, and service revenues rose to $110.3 million from $87.3 million. Annual recurring revenue, which Itron defines as an annualized calculation of quarterly subscription and maintenance revenue, was $423 million, up 25% from $339 million. (Itron Q3 2026 release, Oct 27, 2026; Itron Form 10-Q, Q3 2026, Oct 27, 2026)

By region, the United States and Canada brought in $500.9 million, Europe, Middle East, and Africa $72.7 million and Asia Pacific $25.7 million. No single customer was more than 10% of Itron's revenue in 2025, and its 10 largest customers accounted for 32%. (Itron Form 10-Q, Q3 2026, Oct 27, 2026; Itron Form 10-K, 2025, Feb 17, 2026)

Itron's GAAP diluted EPS was $1.61 and its non-GAAP diluted EPS was $1.94. The gap is mostly amortization of intangible assets, $11.0 million in Itron's non-GAAP reconciliation, up from $4.4 million a year earlier because of the Urbint and Locusview acquisitions. Itron also excludes amortization of debt placement fees ($2.0 million), restructuring, and acquisition and integration costs, and the tax effect of those items. (Itron Q3 2026 release, Oct 27, 2026)

Adjusted gross margin rose 350 basis points to 41.3%, which Itron attributed to customer and product mix and operational efficiencies. Interest income fell to $7.2 million from $13.6 million. Itron's tax rate for the quarter was 27%. (Itron Q3 2026 release, Oct 27, 2026; Itron Form 10-Q, Q3 2026, Oct 27, 2026)

Diluted weighted average shares fell to 44,411 thousand from 46,660 thousand. Itron repurchased $100 million of stock in the first quarter of 2026, and on May 6, 2026 its board authorized a new program of up to $200 million over 18 months. (Itron Q3 2026 release, Oct 27, 2026; Itron Form 10-Q, Q3 2026, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Itron gives a quarterly and a full-year outlook in its release. For Q4 2026 it expects revenue between $621 and $636 million and non-GAAP diluted EPS between $1.70 and $1.80. For the full year 2026 it now expects revenue between $2.37 and $2.385 billion and non-GAAP diluted EPS between $6.72 and $6.82. (Itron Q3 2026 release, Oct 27, 2026)

Itron does not reconcile its non-GAAP EPS outlook to GAAP EPS, saying it cannot predict the amount or timing of restructuring expenses. Total backlog was $4.3 billion at September 30, 2026, and twelve-month backlog was $1.7 billion, up from $1.5 billion a year earlier. (Itron Q3 2026 release, Oct 27, 2026; Itron Form 10-Q, Q3 2026, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover Itron, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Itron's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ITRI is on is ITRI a buy or a sell?, what analysts expect next is on the ITRI forecast, and what the company does is on the Itron (ITRI) stock page.

Every number on this page can be traced to a document Itron published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.