Snapshot
Itron, Inc. reported $587M of revenue in Q1 2026, up -3.3% year over year, with diluted EPS of $1.18 and an operating margin of 11.5%.
- Revenue
- $587M
- YoY growth
- +-3.3%
- Diluted EPS
- $1.18
- Operating margin
- 11.5%
$587M
Revenue
+-3.3%
YoY growth
$1.18
Diluted EPS
11.5%
Operating margin
01 Key takeaways
What management said
- •Tom Deitrich, Itron's President and Chief Executive Officer, and Joan Hooper, Senior Vice President and Chief Financial Officer, will review Itron's first quarter results and provide a general business update and outlook.
- •Before Tom begins, a reminder that our earnings release and financial presentation include non-GAAP financial information that we believe enhances the overall understanding of our current and future performance.
- •Reconciliations of differences between GAAP and non-GAAP financial measures are available in our earnings release and on our investor relations website.
- •While project timing provided a modest tailwind in Q1 revenue, we anticipate the first half to be consistent with our initial guidance.
- •The adoption of flexible and intelligent solutions is accelerating, and that is translating into durable compounding growth over time.
- •Total company annual recurring revenue at quarter end was $414 million, up 28% due to strong organic growth, plus our recently acquired Resiliency Solutions segment.
- •Our customers continue to work in a complex environment balancing global uncertainty, affordability concerns, resiliency imperatives, and growing demand variability.
- •Our first quarter bookings were $476 million, bringing the total backlog to $4.4 billion at quarter end, in line with our expectations.
- •This engagement reflects the growing demand for distributed intelligence and grid edge computing as utilities modernize their networks to improve reliability, resilience, and operational efficiency.
- •Importantly, this program highlights Itron's ability to deliver an integrated, first of its kind solution that brings together smart devices, software, and communication to support next-generation grid operations.
- •The integration of Resiliency Solutions segment is on track, and the team is already contributing meaningfully.
- •The digital construction management team extended a contract with a large natural gas pipeline customer, a strong signal of the customer value of deploying our platform.
SourcesCompany financials · earnings call
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