The earnings call presented a mix of strong financial performance and strategic achievements, such as record-breaking profits and key partnerships, alongside challenges like a lowered revenue outlook and a complex regulatory environment. Despite the revenue forecast reduction, the significant increase in EPS guidance and operational efficiencies suggest a positive outlook.

Company Guidance -

Q3 2025

During Itron's Second Quarter 2025 Earnings Conference Call, the company reported revenue of $607 million, adjusted EBITDA of $90 million, non-GAAP earnings per share of $1.62, and free cash flow of $91 million. The company set new quarterly records for margins, profitability, and cash flow, driven by its Outcomes segment and demand for its Grid Edge Intelligence platform, which saw shipments of over 15.3 million distributed intelligence endpoints. Despite facing macroeconomic challenges and regulatory complexities, Itron lowered its full-year revenue outlook midpoint by approximately 3% but raised its full-year EPS outlook midpoint by 13%. The call highlighted $454 million in second-quarter bookings, with significant contributions from European and U.S. clients, and reiterated a full-year book-to-bill ratio expectation of 1:1 or higher. Looking ahead, Itron anticipates third-quarter revenue between $570 million and $585 million, with non-GAAP EPS ranging from $1.45 to $1.55. The full-year 2025 revenue outlook was adjusted to a range of $2.35 billion to $2.4 billion, with an increased non-GAAP EPS range of $6 to $6.20, reflecting a strategic focus on margin improvements and operational efficiencies.

Record-Breaking Financial Performance

Itron set new quarterly records for margins, profitability, and cash flow with adjusted EBITDA of $90 million, non-GAAP earnings per share of $1.62, and free cash flow of $91 million.

Strong Performance of Grid Edge Intelligence Platform

The company shipped over 15.3 million distributed intelligence endpoints by the end of Q2, up from 14.4 million at the end of Q1, highlighting the ongoing adoption of DI-capable technology.

Improved Profitability

Non-GAAP operating income increased by 19% year-over-year, and adjusted EBITDA increased by 16% year-over-year, both setting new records.

Strategic Partnerships and Bookings

Key partnerships include a contract with Hellenic Electricity Distribution Network Operator in Greece and a large-scale initiative in Tucson, Arizona. Second quarter bookings reached $454 million.

Increased Full Year EPS Outlook

Despite a lowered revenue forecast, Itron raised its full year EPS outlook midpoint by 13% due to growing customer demand for high-value solutions and operational efficiencies.

Itron (ITRI) Earnings, Revenues Date & History

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ITRI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 30, 2025	2025 (Q3)	1.47 / -	1.84	―	―	―
Jul 31, 2025	2025 (Q2)	1.36 / 1.62	1.21	33.88% (+0.41)
May 01, 2025	2025 (Q1)	1.32 / 1.52	1.24	22.58% (+0.28)
Feb 25, 2025	2024 (Q4)	1.06 / 1.35	1.23	9.76% (+0.12)
Oct 31, 2024	2024 (Q3)	1.13 / 1.84	0.98	87.76% (+0.86)
Aug 01, 2024	2024 (Q2)	0.96 / 1.21	0.65	86.15% (+0.56)
May 02, 2024	2024 (Q1)	0.84 / 1.24	0.49	153.06% (+0.75)
Feb 26, 2024	2023 (Q4)	0.75 / 1.23	0.71	73.24% (+0.52)
Nov 02, 2023	2023 (Q3)	0.51 / 0.98	0.23	326.09% (+0.75)
Aug 03, 2023	2023 (Q2)	0.31 / 0.65	0.07	828.57% (+0.58)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ITRI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$138.42	$124.54	-10.03%
May 01, 2025	$111.29	$108.05	-2.91%
Feb 25, 2025	$92.60	$101.81	+9.95%
Oct 31, 2024	$103.86	$111.76	+7.61%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.