Itron Q2 revenue down 7% to $563M but non-GAAP EPS $1.59 beats; raises FY2026 EPS outlook to $6.30-6.50

ITRON, INC.

Revenue $563M (-7% YoY); GAAP diluted EPS $1.19 vs $1.47; non-GAAP diluted EPS $1.59 vs $1.62.
Adjusted gross margin 41.4% (+460 bps); adjusted EBITDA $97M (+8%); free cash flow $81M.
Annual recurring revenue $417M (+21%); total backlog $4.4B; bookings $550M.
Q3 outlook: revenue $590-600M, non-GAAP EPS $1.50-1.60. FY2026 outlook raised: revenue $2.37-2.41B, non-GAAP EPS $6.30-6.50.
Networked Solutions revenue -17% due to project timing; Outcomes +13% on services growth.

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