Q2 2026 Itron Inc Earnings Call Transcript
Key Points
- Itron Inc (ITRI) delivered a high-quality second quarter with record gross margin and strong free cash flow.
- The company reported annual recurring revenue growth of approximately 21% year-over-year, indicating strong adoption of higher-value offerings.
- Itron Inc (ITRI) has a robust backlog of $4.4 billion, reflecting a healthy pipeline and strong demand for its solutions.
- The company is seeing increased demand for its platform in the mid-market utility segment, expanding its market reach.
- Itron Inc (ITRI) has successfully integrated its Resiliency Solutions segment, enhancing its ability to solve mission-critical problems for utilities.
- Second quarter revenue was down from last year due to the timing of project deployments in Network Solutions.
- GAAP net income decreased compared to the prior year, impacted by lower interest income and a higher effective tax rate.
- Free cash flow decreased year-over-year, primarily due to higher tax payments and lower interest income.
- Device Solutions revenue decreased by 3% on a constant currency basis due to lower electricity product sales.
- The company faces challenges with regulatory processes that can cause uneven project-based bookings quarter-to-quarter.
Good day, and thank you for standing by. Welcome to Itron's second quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded.
I will now hand the conference over to your speaker host, Paul Vincent, Vice President of Investor Relations. Please go ahead.
Good morning, and welcome to Itron's second quarter 2026 earnings conference call. Tom Deitrich, Itron's President and Chief Executive Officer; and Joan Hooper, Senior Vice President and Chief Financial Officer, will review Itron's second quarter results and provide a general business update and outlook. Earlier today, the company issued a press release announcing its results. This release also includes details related to the conference call and webcast replay information. Accompanying today's call is a presentation that is available through the webcast and on our corporate website under the Investor Relations tab.
Following prepared remarks, the call will open for questions using the process
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