The EPS beat is overshadowed by declining revenue and a soft Q2 guide. Watch for the earnings call commentary on Networked Solutions project timing and whether the revenue decline is transitory. The $100M buyback signals management confidence, but the backlog contraction warrants caution.
Price Chart
Executive Summary
Itron reported Q1 2026 non-GAAP diluted EPS of $1.49, beating the $1.24 consensus by 20.2%, but total revenue of $587M declined 3% YoY and missed the $572.1M consensus. The beat was driven by record gross profit and strong execution, though revenue fell due to portfolio optimization and project timing. Guidance for Q2 2026 revenue of $560-570M and non-GAAP EPS of $1.25-1.35 implies a sequential decline, tempering the headline EPS beat.
Key Financial Metrics
Key Facts
- Q1 2026 non-GAAP diluted EPS of $1.49 vs consensus $1.24 (20.2% beat)
- Q1 2026 revenue of $587M declined 3% YoY from $607M, vs consensus $572.1M
- GAAP diluted EPS of $1.18, down from $1.42 YoY
- Adjusted gross margin expanded 490 bps to 40.7%
- Networked Solutions revenue fell 13% YoY; Outcomes revenue grew 22% YoY
- Total backlog of $4.4B, down from $4.7B YoY
- Q2 2026 guidance: revenue $560-570M, non-GAAP diluted EPS $1.25-1.35
- Free cash flow of $79M, up from $67M YoY
- Company repurchased $100M of common stock in Q1
Financial Impact
Non-GAAP EPS beat consensus by $0.25 (20.2%); revenue missed consensus by ~$15M but beat the low end of guidance range
Risk Factors
- Revenue declined 3% YoY with Networked Solutions down 13%
- Q2 guidance implies further sequential revenue decline from Q1
- Backlog decreased to $4.4B from $4.7B YoY
- GAAP operating income fell $9M YoY due to higher expenses
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3282646 |
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Aug 26, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | $86.51 (−12.49%) |
Aug 25, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | $86.51 (−12.49%) |
Aug 25, 2026 5w ago | Insider Cluster | $98.86 $92.43 | ▼ −6.50% | ▼ −7.71% | $86.51 (−12.49%) |
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Jul 9, 2026 12w ago | Institutional Cluster | $84.99 $102.82 | ▲ +20.98% | ▲ +18.74% | $86.51 (+1.79%) |
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