ITRIMEDIUM SIGNALOPERATIONAL10-K

ITRI significantly improved operational performance with 70% operating cash flow growth and 26% net income increase, while repositioning its messaging around "intelligent infrastructure solutions" and acquiring Urbint to expand software capabilities.

The strong financial performance indicates successful execution of ITRI's strategy to become more software and services oriented, as evidenced by improved profitability and cash generation. The language changes reflect a more sophisticated positioning around edge intelligence and data insights, suggesting the company is evolving beyond traditional utility metering toward comprehensive infrastructure intelligence solutions.

Comparing 2026-02-17 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

ITRI delivered strong operational improvements with operating cash flow surging 70% to $406M and net income growing 26% to $301M, while operating income increased 18% to $313M. The company reduced inventory by 10% while growing accounts receivable 16%, suggesting improved demand and working capital management. However, current liabilities nearly doubled to $1B (likely reflecting the Urbint acquisition and growth investments), though this was offset by 23% growth in stockholders' equity to $1.7B, indicating overall financial strengthening.

FINANCIAL STATEMENT CHANGES
Current Liabilities
Balance Sheet
+91.6%
$528.3M→$1.0B

Current liabilities surged 91.6% — significant near-term obligations; verify ability to meet short-term debt.

Operating Cash Flow
Cash Flow
+70.4%
$238.2M→$406.0M

Operating cash flow surged 70.4% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+25.9%
$239.1M→$301.1M

Net income grew 25.9% — bottom-line growth signals improving overall business health.

Capital Expenditure
Cash Flow
-25.1%
$30.6M→$22.9M

Capex reduced 25.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Interest Expense
P&L
+24.2%
$6.7M→$8.3M

Interest costs rose 24.2% — monitor debt levels and coverage ratio in rising rate environment.

Stockholders Equity
Balance Sheet
+23.4%
$1.4B→$1.7B

Equity base grew 23.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
+18.5%
$264.1M→$313.1M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
+16%
$295.3M→$342.5M

Receivables grew 16% — monitor days sales outstanding for collection efficiency.

Inventory
Balance Sheet
-10.3%
$270.7M→$242.9M

Inventory reduced 10.3% — lean inventory management or demand outpacing supply.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-25
ADDED
As of February 12, 2026, there were outstanding 44,941,206 shares of the registrant's common stock, no par value, which is the only class of common stock of the registrant.
Our intelligent infrastructure solutions help utilities and cities improve efficiency, build resilience and deliver safe, reliable, and affordable service.
With edge intelligence, we connect people, data insights, and devices so communities can better manage the essential resources they rely on.
Our multi-purpose multi-tenant communication networks harvest that data and deliver where and when needed; our software and services then turn that data into insights for analysis and action.
With Itron, our customers achieve more efficient operations, improve operating resilience, better engage consumers, increase capacity, and enhance profitability.
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REMOVED
As of February 18, 2025, there were outstanding 45,179,771 shares of the registrant's common stock, no par value, which is the only class of common stock of the registrant.
For utilities and cities, we build innovative systems, improve operating efficiencies, expand resiliency, enhance safety, and increase resourcefulness by helping our customers make the most of the energy and water they manage.
By safeguarding invaluable natural resources, we seek to improve the quality of life for people around the world.
Our communication networks harvest that data and deliver it where it's needed; and software and services turn that data into insights for analysis and action.
With Itron, our customers achieve more efficient operations, ensure system resilience, better engage consumers, keep pace with demand, and enhance profitability.
+7 more — sign up free →
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