Itron Q2 2026: Record Gross Margins, Raised Outlook Despite Revenue Dip
ITRI sits 31% above its 52-week low of $77.77 on elevated volume (3.9× avg).
Summary
Itron reported Q2 2026 earnings with record gross margins and raised its full-year outlook, despite a 7% revenue decline. Non-GAAP EPS of $1.59 beat estimates, and the company continued aggressive share repurchases.
Key Events · Earnings and Guidance · ITRI
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Record Gross Margins
Total gross margin reached 41.0% in Q2 2026, up from 36.9% a year ago, driven by improved product mix and operational efficiencies across all segments.
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Raised Full-Year Outlook
Management raised its full-year earnings guidance, citing sustained margin strength and a $4.4 billion backlog, with $1.7 billion expected to convert to revenue over the next 12 months.
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Revenue Decline Offset by Profit Growth
Revenue fell 7% to $562.9 million, primarily due to timing of Networked Solutions deployments, but non-GAAP diluted EPS rose to $1.59 from $1.62 a year ago.
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Aggressive Share Repurchases
Itron repurchased $52.2 million of stock in Q2 under its existing $250 million program and authorized a new $200 million buyback program in May 2026.
Analysis · ITRI · Industrial Applications And Services
Itron delivered a strong Q2 2026 with record gross margins of 41.0%, up from 36.9% a year ago, and raised its full-year earnings outlook. Revenue fell 7% to $562.9 million, but profitability improved sharply — non-GAAP diluted EPS of $1.59 beat consensus by a wide margin. The company also repurchased $52.2 million in stock during the quarter and authorized a new $200 million buyback program. The results confirm that Itron's margin expansion story is intact even as top-line growth remains challenged by the timing of large customer deployments.
At the time of this filing, ITRI was trading at $102.00 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $4.5B. The 52-week trading range was $77.77 to $142.00. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.