What is Itron's gross margin?

Itron (ITRI) reported gross margin of 38.8% in Q1 2026.

How has Itron's gross margin changed year-over-year?

Itron's gross margin increased by 11.5% year-over-year, from 34.8% to 38.8%.

What is the long-term trend for Itron's gross margin?

Over 5 years (2020 to 2025), Itron's gross margin has grown at a 6.3% compound annual growth rate (CAGR), from 27.7% to 37.7%.

What does gross margin mean?

Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.

Itron ITRI Gross margin

Gross margin at other companies

Badger MeterBMI

41.4%+0.6pp

Honeywell InternationalHON

30.8%-1.3pp

Advanced Energy IndustriesAEIS

38.2%+1.8pp

Mueller Water ProductsMWA

37.6%+3.1pp

XylemXYL

38.6%+1.1pp

FortiveFTV

57.3%-0.7pp

Other financials

Income statement

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Revenue$587.0M-3.3%

Gross profit$236.3M+8.8%

Operating income$67.6M-11.3%

Net income$53.5M-18.4%

EPS (diluted)$1.18-16.9%

Balance sheet

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Cash & equivalents$712.9M-36.5%

Total debt$1.6B+26.5%

Total equity$1.6B+8.0%

Total assets$4.0B+13.6%

Cash flow

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Operating cash flow$85.5M+18.6%

CapEx$6.5M+40.7%

Free cash flow$79.0M+17.0%

Valuation

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Market cap$3.58B-16.8%

Enterprise value$4.47B-1.1%

P/E12.4×-4.6×

P/S1.5×-0.2×

Profitability

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Operating margin13%+1.6pp

Net margin12.3%+2.0pp

FCF margin16.8%+7.0pp

Returns & leverage

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Return on equity18.7%+0.9pp

Debt / equity1×+0.1×

Current ratio2.7×+0.7×

Where this comes from

Calculated from Itron’s reported figures.

gross profit/total revenue=38.8%

Based on trailing twelve months.

The official record: Itron’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Itron's gross margin?: Itron (ITRI) reported gross margin of 38.8% in Q1 2026.
How has Itron's gross margin changed year-over-year?: Itron's gross margin increased by 11.5% year-over-year, from 34.8% to 38.8%.
What is the long-term trend for Itron's gross margin?: Over 5 years (2020 to 2025), Itron's gross margin has grown at a 6.3% compound annual growth rate (CAGR), from 27.7% to 37.7%.
What does gross margin mean?: Gross profit (revenue minus cost of revenue) as a percentage of revenue, on a trailing-twelve-month basis. Measures how much of each sales dollar survives the direct cost of producing the goods or services sold.