Looking back on inspection instruments stocks’ Q2 earnings, we examine this quarter’s best and worst performers, including Itron (NASDAQ: ITRI) and its peers.
Measurement and inspection instrument companies may enjoy more steady demand because products such as water meters are non-discretionary and mandated for replacement at predictable intervals. In the last decade, digitization and data collection have driven innovation in the space, leading to incremental sales. But like the broader industrials sector, measurement and inspection instrument companies are at the whim of economic cycles. Interest rates, for example, can greatly impact civil, commercial, and residential construction projects that drive demand.
The 5 inspection instruments stocks we track reported a very strong Q2. As a group, revenues beat analysts’ consensus estimates by 2.6% while next quarter’s revenue guidance was 2.5% above.
While some inspection instruments stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 2.3% since the latest earnings results.
Itron (NASDAQ: ITRI)
Founded by a small group of engineers who wanted to build a more efficient way to read utility meters, Itron (NASDAQ: ITRI) offers energy and water management products for the utility industry, municipalities, and industrial customers.
Itron reported revenues of $562.9 million, down 7.2% year on year. This print fell short of analysts’ expectations by 0.5%, but it was still a strong quarter for the company with an impressive beat of analysts’ EBITDA estimates and full-year EPS guidance exceeding analysts’ expectations.
"Itron delivered record gross margin, earnings well ahead of our expectations, and strong free cash flow in the second quarter, with revenue in line with our outlook — clear evidence of the structurally better earnings power this team has built," said Tom Deitrich, Itron's President and CEO.
Itron delivered the weakest performance against analyst estimates, weakest guidance update, and slowest revenue growth in the group. Interestingly, the stock is up 14.5% since reporting and currently trades at $97.04.
Is now the time to buy Itron? Access our full analysis of the earnings results here, it’s free.
Best Q2: Keysight (NYSE: KEYS)
Spun off from Hewlett-Packard in 2014, Keysight (NYSE: KEYS) offers electronic measurement products for use in various sectors.
Keysight reported revenues of $1.85 billion, up 36.5% year on year, outperforming analysts’ expectations by 5.8%. The business had a stunning quarter with EPS guidance for next quarter exceeding analysts’ expectations and a beat of analysts’ EPS estimates.
Keysight pulled off the biggest analyst estimate beat and highest guidance raise of the whole group. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 5.4% since reporting. It currently trades at $322.63.
Is now the time to buy Keysight? Access our full analysis of the earnings results here, it’s free.
Weakest Q2: Badger Meter (NYSE: BMI)
The developer of the world’s first frost-proof water meter in 1905, Badger Meter (NYSE: BMI) provides water control and measure equipment to various industries.
Badger Meter reported revenues of $222.3 million, down 6.6% year on year, in line with analysts’ expectations. It was a mixed quarter as it posted EPS in line with analysts’ estimates.
As expected, the stock is down 8.5% since the results and currently trades at $133.46.
Read our full analysis of Badger Meter’s results here.
Viavi Solutions (NASDAQ: VIAV)
Once known as JDS Uniphase before its 2015 rebranding, Viavi Solutions (NASDAQ: VIAV) provides testing, monitoring and assurance solutions for telecommunications, cloud, enterprise, military, and other critical networks and infrastructure.
Viavi Solutions reported revenues of $443.1 million, up 52.5% year on year. This number beat analysts’ expectations by 2.4%. It was an exceptional quarter as it also put up a beat of analysts’ EPS estimates.
Viavi Solutions pulled off the fastest revenue growth among its peers. The stock is down 6.6% since reporting and currently trades at $36.35.
Read our full, actionable report on Viavi Solutions here, it’s free.
Teledyne (NYSE: TDY)
Playing a role in mapping the ocean floor as we know it today, Teledyne (NYSE: TDY) offers digital imaging and instrumentation products for various industries.
Teledyne reported revenues of $1.66 billion, up 9.8% year on year. This result surpassed analysts’ expectations by 5.3%. Overall, it was a very strong quarter as it also recorded full-year EPS guidance beating analysts’ expectations and a beat of analysts’ EPS estimates.
The stock is down 5.3% since reporting and currently trades at $613.17.
Read our full, actionable report on Teledyne here, it’s free.
Market Update
Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership.
Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products.
By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals.
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