Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Itron Inc. reported its second quarter 2026 results characterized by stable revenue, operational efficiency gains, and improved profitability metrics.</li><li>The company generated $563 million in revenue, aligned with its internal outlook yet down from the prior year mainly due to the variable timing of large project deployments within its Networked Solutions segment.</li><li>Notably, annual recurring revenue reached $417 million, reflecting a year-over-year increase of approximately 21%, driven by continued adoption of higher-value software, services, and platform offerings in the Outcomes segment, which itself grew 13% year-over-year.</li></ul>

Itron Inc. reported its second quarter 2026 results characterized by stable revenue, operational efficiency gains, and improved profitability metrics.The company generated $563 million in revenue, aligned with its internal outlook yet down from the prior year mainly due to the variable timing of large project deployments within its Networked Solutions segment.Notably, annual recurring revenue reached $417 million, reflecting a year-over-year increase of approximately 21%, driven by continued adoption of higher-value software, services, and platform offerings in the Outcomes segment, which itself grew 13% year-over-year.

Itron’s $417 Million Recurring Revenue Engine Unlocks Higher Margins; But Is It Enough?

<ul><li>Itron had a solid first quarter, with results ahead of internal expectations largely because some first-half projects progressed earlier than planned.</li><li>Revenue reached $587 million, while adjusted EBITDA was $92 million, non-GAAP earnings per share were $1.49, and free cash flow was $79 million.</li><li>The positive aspect of the quarter was not only the headline outperformance, but also the quality of execution, particularly in gross margin, where favorable mix, operational efficiencies, and the roll-off of older lower-margin backlog supported a meaningful improvement.</li></ul>

Itron had a solid first quarter, with results ahead of internal expectations largely because some first-half projects progressed earlier than planned.Revenue reached $587 million, while adjusted EBITDA was $92 million, non-GAAP earnings per share were $1.49, and free cash flow was $79 million.The positive aspect of the quarter was not only the headline outperformance, but also the quality of execution, particularly in gross margin, where favorable mix, operational efficiencies, and the roll-off of older lower-margin backlog supported a meaningful improvement.

Why Itron's Q2 Revenue Headwind Masks A Durable Utility Modernization Story?

<ul><li>Itron Inc.'s fourth-quarter and full-year 2025 earnings report shows a complex landscape of achievements and ongoing challenges.</li><li>The company, which specializes in intelligent infrastructure for energy and water systems, posted revenue of $572 million for the fourth quarter, representing a solid performance relative to expectations.</li><li>However, year-over-year revenue saw a decline, highlighting the effects of planned portfolio shifts and timing variations in large project deployments.</li></ul>

Itron Inc.'s fourth-quarter and full-year 2025 earnings report shows a complex landscape of achievements and ongoing challenges.The company, which specializes in intelligent infrastructure for energy and water systems, posted revenue of $572 million for the fourth quarter, representing a solid performance relative to expectations.However, year-over-year revenue saw a decline, highlighting the effects of planned portfolio shifts and timing variations in large project deployments.

Itron: A Quiet Evolution From Hardware Supplier to End-to-End Infrastructure Solutions Provider!

<ul><li>Itron, Inc. reported its third-quarter 2025 financial results, demonstrating a mixed performance with both encouraging and challenging aspects.</li><li>The company's financial summary highlighted revenue of $582 million, adjusted EBITDA of $97 million, non-GAAP earnings per share of $1.54, and free cash flow reaching $113 million—a company record.</li><li>The total backlog stood at $4.3 billion, while bookings were $380 million for the quarter.</li></ul>

Itron, Inc. reported its third-quarter 2025 financial results, demonstrating a mixed performance with both encouraging and challenging aspects.The company's financial summary highlighted revenue of $582 million, adjusted EBITDA of $97 million, non-GAAP earnings per share of $1.54, and free cash flow reaching $113 million—a company record.The total backlog stood at $4.3 billion, while bookings were $380 million for the quarter.

Itron Just Dropped $525M—Here’s Why The Locusview Acquisition Could Be a Game-Changer!

Itron Incorporated Builds a Massive $4.3 Billion Backlog — Will This Powerful Pipeline Fuel Its Next Growth Wave?

United States

Itron, Inc. provides solutions for collecting, communicating, and analyzing electric, gas, and water usage data.  The Company sells its products to the utility industry.  Itron designs, manufactures, markets, sells, installs, and services hardware, software, and integrated systems for handheld computer-based electronic meter reading and automatic meter reading systems.

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Itron Inc (ITRI US)

Itron’s $417 Million Recurring Revenue Engine Unlocks Higher Margins; But Is It Enough?

Itron Inc. reported its second quarter 2026 results characterized by stable revenue, operational efficiency gains, and improved profitability...

Baptista Research

Why Itron's Q2 Revenue Headwind Masks A Durable Utility Modernization Story?

Itron had a solid first quarter, with results ahead of internal expectations largely because some first-half projects progressed earlier than...

Baptista Research

Itron: A Quiet Evolution From Hardware Supplier to End-to-End Infrastructure Solutions Provider!

Itron Inc.'s fourth-quarter and full-year 2025 earnings report shows a complex landscape of achievements and ongoing challenges. The company,...

Baptista Research

Itron Just Dropped $525M—Here’s Why The Locusview Acquisition Could Be a Game-Changer!

Itron, Inc. reported its third-quarter 2025 financial results, demonstrating a mixed performance with both encouraging and challenging...

Baptista Research

Itron Incorporated Builds a Massive $4.3 Billion Backlog — Will This Powerful Pipeline Fuel Its Next Growth Wave?

Itron, Inc. reported its third-quarter 2025 financial results, demonstrating a mixed performance with both encouraging and challenging...

Baptista Research

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