Itron makes the meters and networks that utilities use to track electricity, water, and gas, plus the software to analyze that data.
Money comes from selling hardware and software to utilities, with recurring service and cloud revenue. Gross margin is around 40%, and net margin improved to 12.7% in 2025.
Utilities face high switching costs once Itron's meters and networks are installed, and long-term contracts create a durable base. However, competitors like Landis+Gyr and Honeywell are pushing cheaper IoT alternatives, eroding Itron's edge.
Key events, in time order
Q1 13F filing shows stake increase, indicating institutional confidence
Q2 adj EPS $1.59 beat, record gross margin, raises FY26 outlook
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AI's energy demand is driving grid modernization and energy security, creating a significant market opportunity for companies like Itron.
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