Itron, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $2.3 billion, a 3.6% decline on the year before. That growth rate improved by 2.1 percentage points from the quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
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| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 12.3% | 10.8% | 8.5% |
| FY25 Q1 | 7.1% | 11.4% | 9.9% |
| FY25 Q2 | 3.9% | 11.8% | 11.8% |
| FY25 Q3 | 0.1% | 12.3% | 14.2% |
| FY25 Q4 | -3.0% | 13.2% | 16.2% |
| FY26 Q1 | -4.0% | 13.0% | 16.8% |
| FY26 Q2 | -5.7% | 13.2% | 16.7% |
| FY26 Q3 | -3.6% | 13.7% | 15.8% |
What stands out in the filings
Revenue fell 3.6%, yet operating margin rose 1.4 percentage points; the company is earning more on less.
Profitability
Sales fell but margins widened, meaning the company is earning more on less. The trailing gross margin stood at 40.7%. Operating margin reached 13.7%, up 1.4 percentage points from a year earlier. Meanwhile, the trailing net margin was 12.1%. Net income over the twelve months totaled $279.7 million, an 8.6% increase on the year before.
Where the cash went
Today’s cash margin sits near the top of the company’s own record. Operating cash flow over the twelve months reached $394.9 million, up 7.7% on the year before. Capital spending amounted to $27.4 million, or 1.2% of revenue. Consequently, free cash flow (operating cash flow less capital spending) was $367.5 million, a 7.5% rise on the year before. This represented a 15.8% free-cash-flow margin, up 1.6 percentage points from a year earlier.
Share count
The average diluted share count fell 2.5% over the year.
Against its own history
Set against the company’s own record, today’s free-cash-flow margin of 15.8% is higher than 95% of past quarterly readings, which have ranged from −0.5% to 16.8%. The operating margin of 13.7% exceeds every past reading in the range of −19.6% to 13.2%. Today’s twelve-month revenue growth rate of −3.6% is higher than 32% of past readings, which spanned from −18.8% to 29.4%.
The valuation angle
Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 29.0%, while 5 percentage points higher would raise it by 38.1%. A free-cash-flow margin 1 percentage point lower would reduce the value by 6.9%.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
