ITRON, INC.
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
ITRI$99.58-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| In thousands | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net income | $303,335 | $241,124 | $98,318 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization of intangible assets | 49,517 | 56,277 | 55,763 |
| Non-cash operating lease expense | 11,915 | 20,597 | 16,454 |
| Stock-based compensation | 62,449 | 43,874 | 28,357 |
| Amortization of prepaid debt fees | 7,077 | 5,489 | 3,664 |
| Deferred taxes, net | 64,945 | (38,791) | (34,646) |
| Loss on sale of business | 79 | 597 | 667 |
| Restructuring, non-cash | (25) | (191) | 385 |
| Other adjustments, net | (2,237) | (895) | (169) |
| Changes in operating assets and liabilities, net of acquisitions and sale of business: | |||
| Accounts receivable | (4,215) | (49,138) | (19,494) |
| Inventories | 32,682 | 5,969 | (52,118) |
| Other current assets | (43,120) | 15,165 | (42,410) |
| Other long-term assets | (13,125) | (6,789) | 2,317 |
| Accounts payable, other current liabilities, and taxes payable | 6,276 | (35,388) | (43,657) |
| Wages and benefits payable | (18,623) | 3,784 | 44,700 |
| Unearned revenue | 28,624 | 29,319 | 28,329 |
| Warranty | (4,436) | 210 | (3,778) |
| Restructuring | (22,427) | (31,011) | 29,866 |
| Other operating, net | (52,739) | (22,027) | 12,423 |
| Net cash provided by operating activities | 405,952 | 238,175 | 124,971 |
| Investing activities | |||
| Net proceeds (payments) related to the sale of business | 278 | 405 | (772) |
| Acquisitions of property, plant, and equipment | (22,891) | (30,562) | (26,884) |
| Business acquisitions, net of cash and cash equivalents acquired | (325,044) | (34,105) | — |
| Other investing, net | (1,995) | 850 | 4,348 |
| Net cash used in investing activities | (349,652) | (63,412) | (23,308) |
| Financing activities | |||
| Proceeds from borrowings | — | 805,000 | — |
| Issuance of common stock | 7,320 | 8,321 | 3,674 |
| Payments on call spread for convertible offering | — | (108,997) | — |
| Repurchase of common stock | (100,000) | (100,000) | — |
| Prepaid debt fees | (2,213) | (21,872) | (2,471) |
| Other financing, net | (2,569) | (2,879) | (4,711) |
| Net cash provided by (used in) financing activities | (97,462) | 579,573 | (3,508) |
| Effect of foreign exchange rate changes on cash and cash equivalents | 10,322 | (5,148) | 1,887 |
| (Decrease) increase in cash and cash equivalents | (30,840) | 749,188 | 100,042 |
| Cash and cash equivalents at beginning of period | 1,051,237 | 302,049 | 202,007 |
| Cash and cash equivalents at end of period | $1,020,397 | $1,051,237 | $302,049 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid during the period for: | |||
| Income taxes, net | $56,316 | $80,172 | $54,550 |
| Interest | 13,154 | 1,342 | 1,832 |
| Non-cash operating, investing and financing activities: | |||
| Deferred tax effect of call spread offerings | $— | $26,693 | $— |
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