Itron, Inc. announced its financial results for the third quarter ended September 30, 2026, reporting a 3% increase in revenue to $599 million compared to the prior year period. The company reported GAAP net income attributable to Itron of $71 million, or $1.61 per diluted share, an increase of $0.20 per share from the prior year. Non-GAAP diluted earnings per share were $1.94, an increase of $0.40 per share.
Key operational metrics for the quarter included annual recurring revenue of $423 million, which increased 25% year-over-year. Adjusted EBITDA was reported at $115 million, an increase of 18%. Free cash flow for the quarter was $96 million, a decrease of $18 million from the prior year, primarily due to changes in working capital and higher cash tax payments.
Revenue growth was driven by the Outcomes segment, which increased 9%, and the Resiliency Solutions segment, which contributed $16 million. Conversely, Device Solutions revenue decreased 2%, and Networked Solutions revenue decreased 1% due to the timing of project deployments. The company reported a total backlog of $4.3 billion and quarterly bookings of $482 million.
Looking ahead, Itron provided guidance for the fourth quarter of 2026, projecting revenue between $621 million and $636 million and non-GAAP diluted EPS between $1.70 and $1.80. For the full year 2026, the company updated its outlook to revenue between $2.37 billion and $2.385 billion and non-GAAP diluted EPS between $6.72 and $6.82.
