Itron (ITRI)
Market Price (9/6/2026): $97.01 | Market Cap: $4.3 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
Itron (ITRI)
Market Price (9/6/2026): $97.01Market Cap: $4.3 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 9.0% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Water Infrastructure. Themes include Smart Metering, Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -29% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.7%, Rev Chg QQuarterly Revenue Change % is -7.2% Key risksITRI key risks include [1] challenges in executing its specific restructuring plans and achieving anticipated cost savings and [2] potential revenue deferrals resulting from the rescheduling of existing large customer orders. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 9.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Water Infrastructure. Themes include Smart Metering, Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -42%, 3Y Excs Rtn is -29% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.7%, Rev Chg QQuarterly Revenue Change % is -7.2% |
| Key risksITRI key risks include [1] challenges in executing its specific restructuring plans and achieving anticipated cost savings and [2] potential revenue deferrals resulting from the rescheduling of existing large customer orders. |
Qualitative Assessment
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Updated on 9/1/2026
Itron (ITRI) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Itron reported a significant beat on its non-GAAP diluted Earnings Per Share (EPS) for fiscal Q2 2026, which ended June 30, 2026. The company announced on July 28, 2026, an EPS of $1.59, surpassing analysts' consensus estimates of $1.29 by $0.30, representing a 22.31% positive surprise.
2. The company demonstrated improved profitability and raised its full-year earnings outlook. For fiscal Q2 2026, Itron achieved a record gross margin of 41.4%, an increase of 460 basis points compared to the prior year. This enhanced operational efficiency, coupled with growth in annual recurring revenue of 21% and Outcomes revenue of 13%, led management to raise its full-year earnings outlook, signaling confidence in sustained earnings power.
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Itron (ITRI) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Itron reported a significant beat on its non-GAAP diluted Earnings Per Share (EPS) for fiscal Q2 2026, which ended June 30, 2026. The company announced on July 28, 2026, an EPS of $1.59, surpassing analysts' consensus estimates of $1.29 by $0.30, representing a 22.31% positive surprise.
2. The company demonstrated improved profitability and raised its full-year earnings outlook. For fiscal Q2 2026, Itron achieved a record gross margin of 41.4%, an increase of 460 basis points compared to the prior year. This enhanced operational efficiency, coupled with growth in annual recurring revenue of 21% and Outcomes revenue of 13%, led management to raise its full-year earnings outlook, signaling confidence in sustained earnings power.
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Updated on 9/1/2026
Itron (ITRI) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Itron reported a significant beat on its non-GAAP diluted Earnings Per Share (EPS) for fiscal Q2 2026, which ended June 30, 2026. The company announced on July 28, 2026, an EPS of $1.59, surpassing analysts' consensus estimates of $1.29 by $0.30, representing a 22.31% positive surprise.
2. The company demonstrated improved profitability and raised its full-year earnings outlook. For fiscal Q2 2026, Itron achieved a record gross margin of 41.4%, an increase of 460 basis points compared to the prior year. This enhanced operational efficiency, coupled with growth in annual recurring revenue of 21% and Outcomes revenue of 13%, led management to raise its full-year earnings outlook, signaling confidence in sustained earnings power.
3. Positive analyst sentiment and increased price targets followed the strong earnings report. Post-earnings, Zacks Research upgraded Itron to a "Strong-Buy" rating on August 29, 2026. Several analysts, including Needham & Company LLC and Robert W. Baird, also raised their price targets for Itron, contributing to a consensus "Moderate Buy" rating and an average price target of $131.33.
4. The company benefited from the robust and expanding smart grid market. The broader market trend for smart grid and utility digitalization, driven by the need for modernized electricity networks, integration of renewable energy, and enhanced climate resilience, created a favorable operating environment for Itron. The smart grid market is projected to grow substantially from $52.55 billion in 2025 to $259.15 billion by 2035, with Itron recognized as a key participant.
Show less
Itron (ITRI) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Itron reported a significant beat on its non-GAAP diluted Earnings Per Share (EPS) for fiscal Q2 2026, which ended June 30, 2026. The company announced on July 28, 2026, an EPS of $1.59, surpassing analysts' consensus estimates of $1.29 by $0.30, representing a 22.31% positive surprise.
2. The company demonstrated improved profitability and raised its full-year earnings outlook. For fiscal Q2 2026, Itron achieved a record gross margin of 41.4%, an increase of 460 basis points compared to the prior year. This enhanced operational efficiency, coupled with growth in annual recurring revenue of 21% and Outcomes revenue of 13%, led management to raise its full-year earnings outlook, signaling confidence in sustained earnings power.
3. Positive analyst sentiment and increased price targets followed the strong earnings report. Post-earnings, Zacks Research upgraded Itron to a "Strong-Buy" rating on August 29, 2026. Several analysts, including Needham & Company LLC and Robert W. Baird, also raised their price targets for Itron, contributing to a consensus "Moderate Buy" rating and an average price target of $131.33.
4. The company benefited from the robust and expanding smart grid market. The broader market trend for smart grid and utility digitalization, driven by the need for modernized electricity networks, integration of renewable energy, and enhanced climate resilience, created a favorable operating environment for Itron. The smart grid market is projected to grow substantially from $52.55 billion in 2025 to $259.15 billion by 2035, with Itron recognized as a key participant.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 17.6% change in ITRI stock from 5/31/2026 to 9/5/2026 was primarily driven by a 22.3% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.48 | 97.01 | 17.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,347 | 2,303 | -1.9% |
| Net Income Margin (%) | 12.3% | 11.9% | -3.4% |
| P/E Multiple | 12.8 | 15.6 | 22.3% |
| Shares Outstanding (Mil) | 45 | 44 | 1.4% |
| Cumulative Contribution | 17.6% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| ITRI | 17.6% | |
| Market (SPY) | 1.8% | 23.9% |
| Sector (XLK) | -2.0% | 9.6% |
Fundamental Drivers
The 3.3% change in ITRI stock from 2/28/2026 to 9/5/2026 was primarily driven by a 10.6% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 93.95 | 97.01 | 3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,367 | 2,303 | -2.7% |
| Net Income Margin (%) | 12.7% | 11.9% | -6.5% |
| P/E Multiple | 14.1 | 15.6 | 10.6% |
| Shares Outstanding (Mil) | 45 | 44 | 2.6% |
| Cumulative Contribution | 3.3% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| ITRI | 3.3% | |
| Market (SPY) | 12.6% | 36.8% |
| Sector (XLK) | 35.1% | 20.5% |
Fundamental Drivers
The -21.1% change in ITRI stock from 8/31/2025 to 9/5/2026 was primarily driven by a -24.9% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 122.94 | 97.01 | -21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,442 | 2,303 | -5.7% |
| Net Income Margin (%) | 11.1% | 11.9% | 7.6% |
| P/E Multiple | 20.8 | 15.6 | -24.9% |
| Shares Outstanding (Mil) | 46 | 44 | 3.5% |
| Cumulative Contribution | -21.1% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| ITRI | -21.1% | |
| Market (SPY) | 20.4% | 39.8% |
| Sector (XLK) | 43.3% | 26.0% |
Fundamental Drivers
The 41.8% change in ITRI stock from 8/31/2023 to 9/5/2026 was primarily driven by a 491.5% change in the company's Net Income Margin (%).| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.41 | 97.01 | 41.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,924 | 2,303 | 19.7% |
| Net Income Margin (%) | 2.0% | 11.9% | 491.5% |
| P/E Multiple | 80.3 | 15.6 | -80.6% |
| Shares Outstanding (Mil) | 45 | 44 | 3.0% |
| Cumulative Contribution | 41.8% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| ITRI | 41.8% | |
| Market (SPY) | 77.1% | 43.6% |
| Sector (XLK) | 117.2% | 35.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ITRI Return | -29% | -26% | 49% | 44% | -14% | 3% | -0% |
| Peers Return | 15% | -10% | 41% | 32% | 16% | -7% | 108% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| ITRI Win Rate | 50% | 42% | 50% | 50% | 42% | 33% | |
| Peers Win Rate | 62% | 40% | 70% | 62% | 55% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| ITRI Max Drawdown | -50% | -39% | -28% | -14% | -33% | -26% | |
| Peers Max Drawdown | -19% | -33% | -17% | -15% | -24% | -27% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: XYL, BMI, MWA, GE, ROP. See ITRI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | ITRI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -11.6% | -6.7% |
| % Gain to Breakeven | 13.2% | 7.1% |
| Time to Breakeven | 48 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.4% | -24.5% |
| % Gain to Breakeven | 64.9% | 32.4% |
| Time to Breakeven | 233 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.5% | -33.7% |
| % Gain to Breakeven | 106.2% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.1% | -19.2% |
| % Gain to Breakeven | 37.2% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -15.8% | -12.2% |
| % Gain to Breakeven | 18.8% | 13.9% |
| Time to Breakeven | 25 days | 62 days |
In The Past
Itron's stock fell -5.9% during the 2025 US Tariff Shock. Such a loss loss requires a 6.3% gain to breakeven.
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Asset Allocation
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| Event | ITRI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 52 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -39.4% | -24.5% |
| % Gain to Breakeven | 64.9% | 32.4% |
| Time to Breakeven | 233 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -51.5% | -33.7% |
| % Gain to Breakeven | 106.2% | 50.9% |
| Time to Breakeven | 272 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.1% | -19.2% |
| % Gain to Breakeven | 37.2% | 23.8% |
| Time to Breakeven | 58 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -33.0% | -6.8% |
| % Gain to Breakeven | 49.2% | 7.3% |
| Time to Breakeven | 181 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -44.1% | -17.9% |
| % Gain to Breakeven | 78.9% | 21.8% |
| Time to Breakeven | 1795 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.3% | -15.4% |
| % Gain to Breakeven | 32.2% | 18.2% |
| Time to Breakeven | 2609 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -64.3% | -53.4% |
| % Gain to Breakeven | 180.5% | 114.4% |
| Time to Breakeven | 4421 days | 1085 days |
In The Past
Itron's stock fell -5.9% during the 2025 US Tariff Shock. Such a loss loss requires a 6.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Itron (ITRI)
Itron, Inc. (ITRI) is a technology and service company that provides end-to-end solutions for managing critical infrastructure operations globally, primarily focusing on the energy, water, and smart city sectors. The company helps utilities and municipalities optimize their operations, enhance efficiency, and improve resource management through a comprehensive suite of hardware, software, and services.
Itron's offerings span from fundamental hardware to advanced networked systems. Its Device Solutions segment provides essential measurement and control devices like traditional meters and sensors. Building upon this, the Networked Solutions segment offers communicating devices such as smart meters, communication modules, and the necessary network infrastructure, coupled with software, to acquire and transport operational data efficiently. These solutions enable the digitization of utility grids and urban environments.
Beyond data collection, Itron's Outcomes segment delivers sophisticated software and services for data analysis and interpretation. This includes cloud-based platforms and professional services like implementation, project management, and consulting, which help customers make informed decisions, maximize operational profitability, and drive resource efficiency. Itron primarily serves energy and water utilities, as well as municipalities developing smart city initiatives, reaching these customers through a direct and indirect sales force.
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Cisco for utility and smart city networks
A specialized Honeywell or Siemens for smart utilities
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- Hardware Products: Physical devices used for measurement, control, or sensing in energy, water, and smart city operations.
- Networked Solutions: Integrated systems combining communicating devices like smart meters and sensors with network infrastructure and application software for data acquisition and transport.
- Data Analytics & Management Software: Value-added software and services that manage, organize, analyze, and interpret operational data to enhance decision-making and efficiency.
- Professional & Support Services: Comprehensive services including implementation, project management, installation, consulting, post-sale maintenance, cloud, and software-as-a-service (SaaS) offerings.
AI Analysis | Feedback
Itron (ITRI) sells primarily to other companies and organizations.
Based on the provided background information, Itron's major customers are:
- Utilities
- Municipalities
The background description does not list specific names of these customer companies or their public symbols.
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Tom Deitrich, President and Chief Executive Officer
Tom Deitrich was appointed President and Chief Executive Officer of Itron in August 2019, having joined the company in 2015 as Executive Vice President and Chief Operating Officer. He brings over 25 years of experience in global operations at leading technology firms. Before Itron, Deitrich held executive management positions at Freescale Semiconductor, where he was Senior Vice President and General Manager for Digital Networking. His career also includes senior roles at Flextronics International, Ericsson Mobile Communications, and General Electric Corporation. Deitrich's background encompasses product management, research and development, supply chain management, business development, and sales across industries such as industrial equipment, telecommunications, and semiconductors. He has also served as an independent director at ON Semiconductor Corp. since 2020.
Joan Hooper, Senior Vice President and Chief Financial Officer
Joan Hooper joined Itron as Senior Vice President and Chief Financial Officer in June 2017. She is responsible for Itron's financial functions, including financial planning, reporting, tax, treasury, and investor relations, and also oversees corporate development, strategy, and IT tools and processes. Hooper has more than 30 years of experience in finance and accounting leadership roles. Her previous experience includes serving as CFO of CHC Helicopter from 2011 to 2015. Prior to that, she held several finance executive positions at Dell, Inc. between 2003 and 2010, including Vice President and CFO for its Global Public and Americas business units, Vice President of Corporate Finance, and Chief Accounting Officer. Hooper also served as CFO of FreeMarkets, a company she helped take public in 1999, and held various senior finance positions at AT&T. She holds an MBA in finance/accounting from Northwestern University and a BSBA in finance from Creighton University.
John Marcolini, Senior Vice President, Networked Solutions
John Marcolini is the Senior Vice President of Networked Solutions at Itron. The Networked Solutions segment provides communicating devices, network infrastructure, and associated application software for data acquisition and transport. [cite: BACKGROUND]
Justin Patrick, Senior Vice President, Device Solutions
Justin Patrick serves as the Senior Vice President of Device Solutions at Itron. The Device Solutions segment offers hardware products used for measurement, control, or sensing. [cite: BACKGROUND]
Don Reeves, Senior Vice President, Outcomes
Don Reeves is the Senior Vice President of Outcomes at Itron. The Outcomes segment focuses on value-added software and services for managing, organizing, analyzing, and interpreting data to enhance decision-making and operational profitability. [cite: BACKGROUND]
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The key risks to Itron's business include its dependence on the cyclical spending and project timing of its utility customers, intense competitive pressures within its markets, and the continuous need for technological innovation to counter disruption.
- Dependence on Project Timing and Cyclical Utility Spending: Itron's revenue and bookings are heavily influenced by the timing of large-scale utility projects and the cyclical nature of investment in grid upgrades and metering infrastructure. These investments are often dictated by regulatory environments and broader economic conditions, which can lead to volatility in Itron's quarterly and annual financial results.
- Intense Competitive Pressure: The markets in which Itron operates, including smart metering and utility network solutions, are highly competitive. The company faces significant competition from other established players such as Landis+Gyr, ABB, and Aclara. This intense competition can lead to pricing pressures, reduced profit margins, and a potential loss of market share.
- Technological Disruption and the Need for Continuous Innovation: As a technology and service company, Itron is exposed to the risk of rapid technological advancements, including breakthroughs in IoT, software protocols, artificial intelligence (AI), and cybersecurity. Failure to continually innovate and adapt its product and service offerings to these evolving technologies could render its existing solutions obsolete and necessitate substantial research and development (R&D) investments to maintain competitiveness.
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The clear emerging threat for Itron is the potential for large, diversified technology companies (such as hyperscale cloud providers and AI/ML specialists) to aggressively enter and dominate the smart city and utility management space. These companies possess immense cloud infrastructure, advanced artificial intelligence and machine learning capabilities, and flexible IoT platforms, enabling them to offer comprehensive, integrated, and potentially more scalable and cost-effective solutions for data acquisition, management, analysis, and decision-making. This could commoditize parts of Itron's "Networked Solutions" and significantly disrupt its "Outcomes" segment by providing an alternative, platform-centric approach that may reduce the reliance on specialized, vertically integrated solutions.
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Itron, Inc. (ITRI) operates in several significant addressable markets related to energy, water, and smart city management. Here's an overview of the market sizes for their main products and services:
* Combined Smart Metering and Industrial IoT (IIoT) Market: The total addressable market (TAM) for smart metering and Industrial IoT (IIoT) is projected to reach approximately $543 billion globally by 2029.
* Smart Meter Market:
* The global smart meter market was estimated at USD 30.92 billion in 2025 and is projected to reach USD 58.73 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.9% from 2026 to 2033.
* Another report valued the global smart meter market at USD 35.63 billion in 2025, with a projection to increase to approximately USD 86.44 billion by 2035, at a CAGR of 9.27% from 2026 to 2035.
* Globally, smart meter installations exceeded 1.8 billion units by the end of 2024 and are projected to surpass 3 billion by the end of 2030, with growth in electricity, water, and gas metering.
* Regionally, Asia Pacific held the largest market share of 36% in 2025, while North America had a significant share of over 26% in 2025 and the highest penetration (around 81%) in the smart electricity metering market by the end of 2024.
* Smart Grid Market:
* The global smart grid market was valued at USD 61.05 billion in 2025 and is projected to grow to USD 245.60 billion by 2034, with a CAGR of 16.04% during the forecast period from 2026 to 2034.
* Another estimate indicates the global smart grid market was USD 52.58 billion in 2025 and is predicted to reach approximately USD 238.63 billion by 2035, exhibiting a CAGR of 17% from 2026 to 2035.
* North America dominated the smart grid market with a 30.91% share in 2025, valued at USD 18.87 billion, and is projected to reach USD 44.5 billion by 2034.
* Smart Water Management Market:
* The global smart water management market was valued at USD 17.53 billion in 2025 and is projected to grow from USD 19.47 billion in 2026 to USD 47.14 billion by 2034, at a CAGR of 11.70%.
* Another report estimated the global smart water management market at USD 18.34 billion in 2024, projected to reach USD 50.74 billion by 2033, with a CAGR of 12.7% from 2025 to 2033.
* North America dominated this market with a 34.70% share in 2025, valued at USD 6.08 billion.
* Smart Cities Market:
* The global smart cities market was estimated at USD 877.6 billion in 2024 and is projected to reach USD 3,757.9 billion by 2030, demonstrating a robust CAGR of 29.4% from 2025 to 2030.
* Another valuation placed the global smart cities market at USD 639.27 billion in 2024, with a prediction to grow to around USD 2475.47 billion by 2034, at a CAGR of approximately 16.2% between 2025 and 2034.
* North America accounted for over 21% of the market share in 2024 and holds the highest revenue share. The smart utility segment within the smart cities market dominated with over 27% market share in 2024.
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Itron (NASDAQ: ITRI) is positioned for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:
- Expansion of the Resiliency Solutions Segment: Itron recently launched a new "Resiliency Solutions" segment, formed through the acquisitions of Urbint and Locusview. This segment is expected to contribute approximately $65 million to $70 million in revenue in 2026 and is anticipated to be immediately accretive to revenue growth, gross margins, and EBITDA. It expands Itron's offerings to support customers throughout the asset lifecycle, from planning and build-out to operations, maintenance, and protection, with AI-driven software solutions.
- Growth in Outcomes Segment and Annual Recurring Revenue (ARR): The Outcomes segment, which focuses on value-added software and services, is a significant driver of future growth. Itron reported a 23% growth in Outcomes revenue in Q4 2025, and its Annual Recurring Revenue (ARR) reached $368 million by the end of 2025, representing a 20% year-over-year increase. Management projects mid-teens to 20% growth in ARR, reflecting increased adoption of software, analytics, and services. The Outcomes segment's backlog has also seen substantial growth, increasing 58% year-over-year to over $1 billion.
- Accelerating Adoption of Grid Edge Intelligence and Utility Modernization: Itron's CEO has highlighted the accelerating adoption of its "Grid Edge Intelligence" platform and increasing customer demand for "outcomes-based solutions." The company's strategy is centered on technological innovation to meet evolving utility needs, including managing increased energy demand from data centers, new construction, and the electrification of vehicle fleets. The broader global demand for grid modernization and efficient resource management also positions Itron for expansion.
- Conversion of Large Backlog and Normalizing Project Deployments: Itron holds a substantial total backlog of $4.5 billion, which provides significant revenue visibility for the next three to four years. While past revenue has been impacted by planned portfolio changes and project timing, management indicates a "normalization in utility ordering and project timelines" and a "constructive" market environment moving into 2026 and beyond, which should support the conversion of this backlog into revenue.
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Share Repurchases
- Itron authorized a new $250 million share repurchase program in November 2025, valid for 18 months; no shares were repurchased under this specific program by year-end 2025.
- The company fully utilized a prior $100 million share repurchase program by November 2025, repurchasing 942,577 shares between November 3-6, 2025.
- The $100 million share repurchase program was initially authorized in September 2024 for an 18-month period.
Share Issuance
- In February 2026, Itron announced and priced an upsized $700.0 million offering of 0.00% Convertible Senior Notes.
- No preferred stock was issued or outstanding at December 31, 2022, or 2021, despite the authorization of 10 million shares of preferred stock.
Outbound Investments
- In November 2025, Itron signed a definitive agreement to acquire Locusview Ltd., a utility-focused software and services company, for $525 million, with the transaction expected to close in January 2026.
- In October 2025, Itron agreed to acquire Urbint Inc., an AI software firm specializing in operational resilience for utilities, for $325 million in an all-cash transaction, expected to close in the fourth quarter of 2025.
- These acquisitions are intended to expand Itron's Resiliency Solutions segment, enhancing its software and services portfolio with digital construction management and AI-powered operational resilience solutions.
Capital Expenditures
- Itron's capital expenditures were $34.68 million in 2021, $19.75 million in 2022, and $26.88 million in 2023.
- For the twelve months leading up to February 24, 2026, capital expenditures were reported as $24.76 million.
- Forecasted capital expenditures are $30.56 million for 2024 and $22.89 million for 2025.
Peer Outperformance in Electronic Equipment & Instruments
ITRI has outperformed 58% of its 26 Electronic Equipment & Instruments peers over 5Y. Among the peers that beat it are PI, KEYS and MIR. Electronic Equipment & Instruments ranks 9th of 12 industries in Information Technology by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Electronic Equipment & Instruments constituents that ITRI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
39%
of 31 industry peers · -19.5% return
3Y
68%
of 28 industry peers · 48.3% return
5Y
58%
of 26 industry peers · 18.6% return
Electronic Equipment & Instruments peers with revenue growth within 4pp of ITRI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ITRI | Itron | 6.8% | 15.6x | -19.5% | 48.3% | 18.6% | — |
| PI | Impinj | 5.6% | -194.9x | -9.7% | 146.1% | 196.5% | +178pp |
| KEYS | Keysight Technologies | 6.6% | 44.4x | 94.9% | 144.2% | 80.5% | +62pp |
| MIR | Mirion Technologies | 10.6% | 169.0x | -26.1% | 116.5% | 69.1% | +51pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Information Technology sector, ranked by 5Y. Electronic Equipment & Instruments is ITRI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 56.1% | 179.7% | 288.0% | TTMI 806% · FLEX 677% · JBL 408% |
| Semiconductor Materials & Equipment | 27 | 130.8% | 66.9% | 100.2% | AEHR 928% · AXTI 528% · KLAC 470% |
| Technology Distributors | 9 | 30.2% | 66.3% | 83.9% | CLMB 351% · AVT 164% · SNX 119% |
| Communications Equipment | 36 | 19.3% | 79.7% | 67.7% | AAOI 1267% · LITE 890% · ANET 754% |
| Electronic Components | 26 | 49.9% | 62.7% | 60.4% | CLS 3241% · BELFA 1279% · COHR 358% |
| Semiconductors | 55 | 21.1% | 20.9% | 18.4% | POET 1845% · MU 1312% · NVDA 912% |
| Technology Hardware, Storage & Peripherals | 21 | 37.2% | 77.3% | 16.9% | DELL 1079% · STX 992% · SMCI 942% |
| Internet Services & Infrastructure | 6 | 19.8% | 40.5% | 13.7% | DOCN 53% · GDDY 35% · VRSN 35% |
| Electronic Equipment & Instruments ← | 27 | -7.3% | 8.8% | -8.2% | PI 197% · OSIS 108% · ACFN 98% |
| IT Consulting & Other Services | 28 | -23.8% | -11.8% | -28.6% | CHRN 533058% · APLD 1150% · TSSI 665% |
| Application Software | 123 | -23.9% | -14.3% | -46.5% | VIDA 199900% · INLX 4861% · PLTR 554% |
| Systems Software | 68 | -9.9% | 0.1% | -57.6% | PAYS 447% · QNC 392% · PANW 327% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 119.09 |
| Mkt Cap | 14.6 |
| Rev LTM | 5,292 |
| Op Inc LTM | 864 |
| FCF LTM | 673 |
| FCF 3Y Avg | 592 |
| CFO LTM | 856 |
| CFO 3Y Avg | 772 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 12.5% |
| Rev Chg Q | 2.8% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | 14.8% |
| Op Inc Chg 3Y Avg | 25.0% |
| Op Mgn LTM | 18.6% |
| Op Mgn 3Y Avg | 17.8% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 18.4% |
| CFO/Rev 3Y Avg | 17.0% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 13.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Networked Solutions | 1,557 | 1,650 | 1,450 | 1,119 | 1,093 |
| Device Solutions | 447 | 477 | 456 | 439 | 645 |
| Outcomes | 360 | 314 | 268 | 238 | 244 |
| Resiliency Solutions | 3 | ||||
| Total | 2,367 | 2,441 | 2,174 | 1,796 | 1,982 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Networked Solutions | 472 | 457 | 369 | 248 | 254 |
| Device Solutions | 109 | 94 | 66 | 27 | 57 |
| Outcomes | 77 | 52 | 50 | 46 | 51 |
| Resiliency Solutions | -0 | ||||
| Amortization of core-developed technology intangible assets | -1 | ||||
| Corporate unallocated expenses | -344 | -338 | -356 | -329 | -442 |
| Total | 313 | 264 | 129 | -7 | -79 |
| $ Mil | 2011 | 2010 | 2009 | 1999 | 1998 |
|---|---|---|---|---|---|
| Itron International | 1,345 | 2,003 | 2,137 | ||
| Itron North America | 733 | 755 | 753 | ||
| Corporate unallocated expenses | -14 | -12 | -36 | ||
| Automatic Meter Reading | 137 | 173 | |||
| Handheld Systems | 11 | 12 | |||
| Intersegment revenues | 192 | 248 | |||
| Outsourcing | 148 | 185 | |||
| Total | 2,064 | 2,746 | 2,855 | 489 | 618 |
Price Behavior
Price Behavior
| Market Price | $97.01 | |
| Market Cap ($ Bil) | 4.3 | |
| First Trading Date | 11/05/1993 | |
| Distance from 52W High | -29.8% | |
| 50 Days | 200 Days | |
| DMA Price | $94.34 | $92.44 |
| DMA Trend | down | up |
| Distance from DMA | 2.8% | 4.9% |
| 3M | 1YR | |
| Volatility | 60.0% | 47.9% |
| Downside Capture | 161.44 | 211.70 |
| Upside Capture | 218.40 | 142.37 |
| Correlation (SPY) | 24.1% | 39.9% |
ITRI Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.25 | 1.40 | 1.08 | 1.32 | 1.50 | 1.15 |
| Up Beta | 2.02 | -1.45 | -1.00 | 0.56 | 0.79 | 1.12 |
| Down Beta | 0.93 | 0.67 | 0.63 | 0.81 | 1.42 | 0.96 |
| Up Capture | 189% | 326% | 258% | 182% | 175% | 184% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 23 | 35 | 64 | 128 | 377 |
| Down Capture | 367% | 217% | 150% | 167% | 156% | 107% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 19 | 29 | 63 | 123 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ITRI | |
|---|---|---|---|---|
| ITRI | -20.0% | 47.8% | -0.32 | - |
| Sector ETF (XLK) | 43.4% | 26.2% | 1.34 | 26.0% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 39.8% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 6.3% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -16.6% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 18.3% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 13.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ITRI | |
|---|---|---|---|---|
| ITRI | 2.5% | 42.5% | 0.18 | - |
| Sector ETF (XLK) | 19.7% | 25.9% | 0.68 | 44.1% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 50.6% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 7.3% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 7.4% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 42.4% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 24.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ITRI | |
|---|---|---|---|---|
| ITRI | 7.2% | 44.0% | 0.31 | - |
| Sector ETF (XLK) | 24.4% | 25.0% | 0.88 | 44.8% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 52.0% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 4.0% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 15.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 43.2% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 16.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/28/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 26.2% | 19.1% | 16.5% |
| 4/28/2026 | 0.1% | -3.1% | -1.9% |
| 2/17/2026 | 7.9% | 6.5% | 3.3% |
| 10/30/2025 | -21.1% | -22.5% | -29.5% |
| 7/31/2025 | -10.0% | -9.5% | -10.8% |
| 5/1/2025 | -2.9% | -4.5% | 3.9% |
| 2/25/2025 | 9.9% | 15.0% | 16.9% |
| 10/31/2024 | 7.6% | 17.6% | 14.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 9.5% | 15.0% | 16.9% |
| Median Negative | -6.4% | -8.8% | -12.3% |
| Max Positive | 26.2% | 24.4% | 28.9% |
| Max Negative | -26.4% | -22.5% | -29.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 26.2% | 19.1% | 16.5% |
| 4/28/2026 | 0.1% | -3.1% | -1.9% |
| 2/17/2026 | 7.9% | 6.5% | 3.3% |
| 10/30/2025 | -21.1% | -22.5% | -29.5% |
| 7/31/2025 | -10.0% | -9.5% | -10.8% |
| 5/1/2025 | -2.9% | -4.5% | 3.9% |
| 2/25/2025 | 9.9% | 15.0% | 16.9% |
| 10/31/2024 | 7.6% | 17.6% | 14.1% |
| 8/1/2024 | 4.5% | -8.0% | -1.8% |
| 5/2/2024 | 9.0% | 19.1% | 17.5% |
| 2/26/2024 | 22.1% | 24.4% | 19.1% |
| 11/2/2023 | 12.8% | 13.0% | 21.4% |
| 8/3/2023 | -0.2% | -10.1% | -10.9% |
| 5/4/2023 | 21.4% | 23.4% | 28.9% |
| 2/27/2023 | -5.3% | 3.9% | -3.9% |
| 11/3/2022 | -7.2% | 8.5% | 17.2% |
| 8/4/2022 | -13.6% | -9.8% | -18.5% |
| 5/2/2022 | 2.9% | 5.4% | 8.0% |
| 2/28/2022 | -12.9% | -13.5% | -6.2% |
| 11/4/2021 | -1.7% | -7.8% | -22.7% |
| 8/5/2021 | -26.4% | -16.4% | -14.3% |
| 5/3/2021 | -1.7% | -2.8% | 8.2% |
| 2/24/2021 | 18.5% | 21.1% | -13.7% |
| 11/2/2020 | -1.1% | 0.7% | 18.8% |
| 8/3/2020 | -6.4% | -6.9% | -16.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 13 |
| # Negative | 13 | 12 | 12 |
| Median Positive | 9.5% | 15.0% | 16.9% |
| Median Negative | -6.4% | -8.8% | -12.3% |
| Max Positive | 26.2% | 24.4% | 28.9% |
| Max Negative | -26.4% | -22.5% | -29.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/17/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/03/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 08/04/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 590.00 Mil | 595.00 Mil | 600.00 Mil | 5.3% | Higher New | Guidance: 565.00 Mil for Q2 2026 | |
| Q3 2026 Non-GAAP diluted EPS | Reported | 1.5 | 1.55 | 1.6 | 19.2% | Higher New | Guidance: 1.3 for Q2 2026 | |
| 2026 Revenue | Reported | 2.37 Bil | 2.39 Bil | 2.41 Bil | ||||
| 2026 Non-GAAP diluted EPS | Reported | 6.3 | 6.4 | 6.5 | ||||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 560.00 Mil | 565.00 Mil | 570.00 Mil | -0.9% | Lower New | Guidance: 570.00 Mil for Q1 2026 | |
| Q2 2026 Non-GAAP diluted EPS | Reported | 1.25 | 1.3 | 1.35 | 4.0% | Higher New | Guidance: 1.25 for Q1 2026 | |
Q4 2025 Earnings Reported 2/17/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 565.00 Mil | 570.00 Mil | 575.00 Mil | 1.8% | Higher New | Guidance: 560.00 Mil for Q4 2025 | |
| Q1 2026 Non-GAAP diluted EPS | Reported | 1.2 | 1.25 | 1.3 | -43.2% | Lower New | Guidance: 2.2 for Q4 2025 | |
| 2026 Revenue | Reported | 2.35 Bil | 2.40 Bil | 2.45 Bil | 1.9% | Higher New | Guidance: 2.35 Bil for 2025 | |
| 2026 Non-GAAP diluted EPS | Reported | 5.75 | 6 | 6.25 | -12.9% | Lower New | Guidance: 6.89 for 2025 | |
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | Reported | 555.00 Mil | 560.00 Mil | 565.00 Mil | -3.0% | Lower New | Actual: 577.50 Mil for Q3 2025 | |
| Q4 2025 Non-GAAP diluted EPS | Reported | 2.15 | 2.2 | 2.25 | 46.7% | Higher New | Actual: 1.5 for Q3 2025 | |
| 2025 Revenue | Reported | 2.35 Bil | 2.35 Bil | 2.36 Bil | -0.8% | Lowered | Guidance: 2.38 Bil for 2025 | |
| 2025 Non-GAAP diluted EPS | Reported | 6.84 | 6.89 | 6.94 | 13.0% | Raised | Guidance: 6.1 for 2025 | |
Insider Activity
Updated 9/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 9042026 | 97.36 | 10,210 | 994,046 | 2,148,248 | Form |
| 2 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 8262026 | 99.99 | 283 | 28,297 | 2,765,923 | Form |
| 3 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 8252026 | 98.79 | 76 | 7,508 | 856,608 | Form |
| 4 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 8252026 | 98.79 | 200 | 19,758 | 2,955,402 | Form |
| 5 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 8252026 | 98.79 | 329 | 32,502 | 2,760,687 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 9042026 | 97.36 | 10,210 | 994,046 | 2,148,248 | Form |
| 2 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 8262026 | 99.99 | 283 | 28,297 | 2,765,923 | Form |
| 3 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 8252026 | 98.79 | 76 | 7,508 | 856,608 | Form |
| 4 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 8252026 | 98.79 | 200 | 19,758 | 2,955,402 | Form |
| 5 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 8252026 | 98.79 | 329 | 32,502 | 2,760,687 | Form |
| 6 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 8252026 | 98.79 | 178 | 17,585 | 3,154,365 | Form |
| 7 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 8252026 | 98.79 | 222 | 21,931 | 3,188,447 | Form |
| 8 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 8252026 | 98.79 | 331 | 32,699 | 1,252,954 | Form |
| 9 | Hooper, Joan S | SVP & CFO | Direct | Sell | 8252026 | 98.79 | 455 | 44,949 | 11,700,688 | Form |
| 10 | Deitrich, Thomas | President & CEO | Direct | Sell | 8252026 | 98.79 | 887 | 87,627 | 36,256,819 | Form |
| 11 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 8242026 | 98.87 | 247 | 24,421 | 2,795,450 | Form |
| 12 | Hooper, Joan S | SVP & CFO | Direct | Sell | 8242026 | 98.86 | 4,406 | 435,563 | 11,577,426 | Form |
| 13 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 8242026 | 97.83 | 58 | 5,674 | 855,683 | Form |
| 14 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 8242026 | 97.83 | 286 | 27,978 | 2,790,092 | Form |
| 15 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 8242026 | 97.83 | 195 | 19,076 | 2,946,125 | Form |
| 16 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 8242026 | 97.83 | 187 | 18,293 | 3,140,994 | Form |
| 17 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 8242026 | 97.83 | 212 | 20,739 | 3,179,048 | Form |
| 18 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 8242026 | 97.83 | 275 | 26,902 | 1,273,106 | Form |
| 19 | Deitrich, Thomas | President & CEO | Direct | Sell | 8242026 | 97.83 | 783 | 76,598 | 35,989,757 | Form |
| 20 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 6042026 | 82.99 | 11,400 | 946,086 | 1,102,854 | Form |
| 21 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 5282026 | 84.50 | 293 | 24,758 | 2,434,192 | Form |
| 22 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 5272026 | 84.37 | 74 | 6,243 | 742,849 | Form |
| 23 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 5272026 | 84.37 | 195 | 16,452 | 2,557,239 | Form |
| 24 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 5272026 | 84.37 | 319 | 26,913 | 2,455,071 | Form |
| 25 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 5272026 | 84.37 | 174 | 14,680 | 2,724,623 | Form |
| 26 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 5272026 | 84.37 | 216 | 18,223 | 2,759,550 | Form |
| 27 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 5272026 | 84.37 | 322 | 27,166 | 2,082,929 | Form |
| 28 | Hooper, Joan S | SVP & CFO | Direct | Sell | 5272026 | 84.37 | 442 | 37,290 | 9,911,231 | Form |
| 29 | Deitrich, Thomas | President & CEO | Direct | Sell | 5272026 | 84.37 | 862 | 72,724 | 31,104,231 | Form |
| 30 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 5212026 | 79.60 | 57 | 4,537 | 706,747 | Form |
| 31 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 5212026 | 79.60 | 189 | 15,044 | 2,428,204 | Form |
| 32 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 5212026 | 79.60 | 277 | 22,049 | 2,361,979 | Form |
| 33 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 5212026 | 79.60 | 181 | 14,407 | 2,584,454 | Form |
| 34 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 5212026 | 79.60 | 206 | 16,397 | 2,620,751 | Form |
| 35 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 5212026 | 79.60 | 267 | 21,253 | 1,990,816 | Form |
| 36 | Hooper, Joan S | SVP & CFO | Direct | Sell | 5212026 | 79.60 | 355 | 28,257 | 9,386,149 | Form |
| 37 | Deitrich, Thomas | President & CEO | Direct | Sell | 5212026 | 79.60 | 760 | 60,494 | 29,414,577 | Form |
| 38 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 5122026 | 81.59 | 124 | 10,117 | 2,663,949 | Form |
| 39 | Hooper, Joan S | SVP & CFO | Direct | Sell | 3022026 | 95.92 | 3,533 | 338,889 | 11,345,044 | Form |
| 40 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 2272026 | 97.84 | 519 | 50,779 | 2,930,406 | Form |
| 41 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 2262026 | 94.81 | 348 | 32,996 | 2,910,337 | Form |
| 42 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 2262026 | 94.81 | 544 | 51,579 | 2,889,004 | Form |
| 43 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 2262026 | 94.81 | 188 | 17,825 | 847,264 | Form |
| 44 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 2262026 | 94.81 | 176 | 16,687 | 3,107,457 | Form |
| 45 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 2262026 | 94.81 | 385 | 36,504 | 3,141,306 | Form |
| 46 | Deitrich, Thomas | President & CEO | Direct | Sell | 2262026 | 94.81 | 1,772 | 168,012 | 35,109,978 | Form |
| 47 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 2262026 | 94.81 | 560 | 53,096 | 2,396,726 | Form |
| 48 | Hooper, Joan S | SVP & CFO | Direct | Sell | 2262026 | 94.81 | 962 | 91,212 | 11,549,189 | Form |
| 49 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 2252026 | 96.25 | 1,055 | 101,544 | 2,985,098 | Form |
| 50 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 2232026 | 100.17 | 264 | 26,444 | 913,918 | Form |
| 51 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 2232026 | 100.17 | 1,071 | 107,278 | 3,212,236 | Form |
| 52 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 2232026 | 100.17 | 763 | 76,427 | 3,109,466 | Form |
| 53 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 2232026 | 100.17 | 729 | 73,021 | 3,300,483 | Form |
| 54 | Hooper, Joan S | SVP & CFO | Direct | Sell | 2232026 | 100.17 | 1,426 | 142,837 | 12,297,429 | Form |
| 55 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 2232026 | 100.17 | 1,074 | 107,579 | 2,588,099 | Form |
| 56 | Deitrich, Thomas | President & CEO | Direct | Sell | 2232026 | 100.17 | 3,061 | 306,609 | 37,269,213 | Form |
| 57 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 2232026 | 100.17 | 828 | 82,938 | 3,357,177 | Form |
| 58 | Deitrich, Thomas | President & CEO | Direct | Sell | 2232026 | 99.54 | 56,095 | 5,583,612 | 37,340,276 | Form |
| 59 | Hooper, Joan S | SVP & CFO | Direct | Sell | 2232026 | 99.54 | 15,293 | 1,522,242 | 12,362,284 | Form |
| 60 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 2232026 | 99.54 | 6,948 | 691,593 | 2,678,780 | Form |
| 61 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 2232026 | 99.54 | 4,930 | 490,725 | 3,418,550 | Form |
| 62 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 2232026 | 99.54 | 3,755 | 373,767 | 3,352,357 | Form |
| 63 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 2232026 | 99.54 | 5,419 | 539,399 | 3,298,706 | Form |
| 64 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 2232026 | 99.54 | 4,486 | 446,530 | 3,165,922 | Form |
| 65 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 2122026 | 105.26 | 142 | 14,948 | 2,292,983 | Form |
| 66 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 12112025 | 96.64 | 526 | 50,833 | 1,791,899 | Form |
| 67 | Wright, David Marshall | VP, Corp. Controller & CAO | Direct | Sell | 11252025 | 96.51 | 104 | 10,037 | 731,613 | Form |
| 68 | Ware, Christopher E | SVP, GC & Corp. Secretary | Direct | Sell | 11252025 | 96.51 | 343 | 33,102 | 1,811,806 | Form |
| 69 | Deitrich, Thomas | President & CEO | Direct | Sell | 11252025 | 96.51 | 1,750 | 168,886 | 25,186,934 | Form |
| 70 | Marcolini, John F | SVP, Networked Solutions | Direct | Sell | 11252025 | 96.51 | 553 | 53,368 | 1,335,934 | Form |
| 71 | Patrick, Justin K | SVP, Device Solutions | Direct | Sell | 11252025 | 96.51 | 379 | 36,576 | 1,966,987 | Form |
| 72 | Pulatie-Hahn, Laurie Ann | SVP, HR | Direct | Sell | 11252025 | 96.51 | 108 | 10,423 | 2,115,896 | Form |
| 73 | Hooper, Joan S | SVP & CFO | Direct | Sell | 11252025 | 96.51 | 948 | 91,488 | 8,439,072 | Form |
| 74 | Reeves, Donald L Iii | SVP, Outcomes | Direct | Sell | 11252025 | 96.51 | 536 | 51,727 | 1,840,178 | Form |
Investor Activity (13F)
Updated Sep 6, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
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