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Side-by-side financial comparison of ITRON, INC. (ITRI) and Western Midstream Partners, LP (WES). Click either name above to swap in a different company.
Western Midstream Partners, LP is the larger business by last-quarter revenue ($1.0B vs $587.0M, roughly 1.8× ITRON, INC.). Western Midstream Partners, LP runs the higher net margin — 18.5% vs 9.1%, a 9.4% gap on every dollar of revenue. On growth, Western Midstream Partners, LP posted the faster year-over-year revenue change (11.0% vs -3.3%). Western Midstream Partners, LP produced more free cash flow last quarter ($335.4M vs $79.0M). Over the past eight quarters, Western Midstream Partners, LP's revenue compounded faster (7.8% CAGR vs -1.8%).
Itron, Inc. is an American technology company that offers products and services for energy and water resource management. It is headquartered in Liberty Lake, Washington, United States. The company's products measure and analyze electricity, gas and water consumption. Its products include electricity, gas, water and thermal energy measurement devices and control technology, communications systems, software, as well as managed and consulting services.
Sunoco LP is an American vehicle gasoline master limited partnership company organized under Delaware state law and headquartered in Dallas, Texas. Dating back to 1886, the company has transformed from a vertically integrated energy company to a distributor of fuels and operator of energy infrastructure. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses.
ITRI vs WES — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $587.0M | $1.0B |
| Net Profit | $53.6M | $190.7M |
| Gross Margin | 40.3% | — |
| Operating Margin | 11.5% | 29.7% |
| Net Margin | 9.1% | 18.5% |
| Revenue YoY | -3.3% | 11.0% |
| Net Profit YoY | -18.0% | -42.8% |
| EPS (diluted) | $1.18 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $587.0M | — | ||
| Q4 25 | $571.7M | $1.0B | ||
| Q3 25 | $581.6M | $952.3M | ||
| Q2 25 | $606.8M | $942.1M | ||
| Q1 25 | $607.2M | $916.9M | ||
| Q4 24 | $612.9M | $928.4M | ||
| Q3 24 | $615.5M | $883.1M | ||
| Q2 24 | $609.1M | $905.4M |
| Q1 26 | $53.6M | — | ||
| Q4 25 | $101.6M | $190.7M | ||
| Q3 25 | $65.6M | $339.6M | ||
| Q2 25 | $68.3M | $341.7M | ||
| Q1 25 | $65.5M | $309.0M | ||
| Q4 24 | $58.1M | $333.6M | ||
| Q3 24 | $78.0M | $288.5M | ||
| Q2 24 | $51.3M | $378.6M |
| Q1 26 | 40.3% | — | ||
| Q4 25 | 40.5% | — | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 36.9% | — | ||
| Q1 25 | 35.8% | — | ||
| Q4 24 | 34.9% | — | ||
| Q3 24 | 34.1% | — | ||
| Q2 24 | 34.6% | — |
| Q1 26 | 11.5% | — | ||
| Q4 25 | 13.8% | 29.7% | ||
| Q3 25 | 14.1% | 46.4% | ||
| Q2 25 | 12.6% | 47.2% | ||
| Q1 25 | 12.6% | 44.7% | ||
| Q4 24 | 10.2% | 45.9% | ||
| Q3 24 | 12.0% | 44.8% | ||
| Q2 24 | 10.6% | 51.9% |
| Q1 26 | 9.1% | — | ||
| Q4 25 | 17.8% | 18.5% | ||
| Q3 25 | 11.3% | 35.7% | ||
| Q2 25 | 11.3% | 36.3% | ||
| Q1 25 | 10.8% | 33.7% | ||
| Q4 24 | 9.5% | 35.9% | ||
| Q3 24 | 12.7% | 32.7% | ||
| Q2 24 | 8.4% | 41.8% |
| Q1 26 | $1.18 | — | ||
| Q4 25 | $2.20 | — | ||
| Q3 25 | $1.41 | — | ||
| Q2 25 | $1.47 | — | ||
| Q1 25 | $1.42 | — | ||
| Q4 24 | $1.26 | — | ||
| Q3 24 | $1.70 | — | ||
| Q2 24 | $1.10 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $712.9M | $819.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $1.6B | — |
| Total Assets | $4.0B | $15.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $712.9M | — | ||
| Q4 25 | $1.0B | $819.5M | ||
| Q3 25 | $1.3B | $177.3M | ||
| Q2 25 | $1.2B | $129.7M | ||
| Q1 25 | $1.1B | $448.4M | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $982.5M | $1.1B | ||
| Q2 24 | $920.6M | $344.1M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $8.2B | ||
| Q3 25 | — | $6.9B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | $1.3B | $6.9B | ||
| Q3 24 | $1.3B | $6.9B | ||
| Q2 24 | $1.3B | $7.1B |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.2B | — |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.7B | $15.0B | ||
| Q3 25 | $3.7B | $12.1B | ||
| Q2 25 | $3.6B | $12.2B | ||
| Q1 25 | $3.5B | $12.5B | ||
| Q4 24 | $3.4B | $13.1B | ||
| Q3 24 | $3.4B | $13.0B | ||
| Q2 24 | $3.3B | $12.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.74× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.91× | — | ||
| Q3 24 | 0.94× | — | ||
| Q2 24 | 1.02× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $85.5M | $557.6M |
| Free Cash FlowOCF − Capex | $79.0M | $335.4M |
| FCF MarginFCF / Revenue | 13.5% | 32.6% |
| Capex IntensityCapex / Revenue | — | 21.6% |
| Cash ConversionOCF / Net Profit | 1.60× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $394.6M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $85.5M | — | ||
| Q4 25 | $119.3M | $557.6M | ||
| Q3 25 | $117.8M | $570.2M | ||
| Q2 25 | $96.7M | $564.0M | ||
| Q1 25 | $72.1M | $530.8M | ||
| Q4 24 | $79.8M | $554.4M | ||
| Q3 24 | $65.3M | $551.3M | ||
| Q2 24 | $51.7M | $631.4M |
| Q1 26 | $79.0M | — | ||
| Q4 25 | $111.5M | $335.4M | ||
| Q3 25 | $113.4M | $385.5M | ||
| Q2 25 | $90.7M | $385.4M | ||
| Q1 25 | $67.5M | $388.4M | ||
| Q4 24 | $70.2M | $315.7M | ||
| Q3 24 | $58.7M | $361.9M | ||
| Q2 24 | $44.6M | $419.6M |
| Q1 26 | 13.5% | — | ||
| Q4 25 | 19.5% | 32.6% | ||
| Q3 25 | 19.5% | 40.5% | ||
| Q2 25 | 14.9% | 40.9% | ||
| Q1 25 | 11.1% | 42.4% | ||
| Q4 24 | 11.4% | 34.0% | ||
| Q3 24 | 9.5% | 41.0% | ||
| Q2 24 | 7.3% | 46.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.4% | 21.6% | ||
| Q3 25 | 0.8% | 19.4% | ||
| Q2 25 | 1.0% | 19.0% | ||
| Q1 25 | 0.8% | 15.5% | ||
| Q4 24 | 1.6% | 25.7% | ||
| Q3 24 | 1.1% | 21.5% | ||
| Q2 24 | 1.2% | 23.4% |
| Q1 26 | 1.60× | — | ||
| Q4 25 | 1.17× | 2.92× | ||
| Q3 25 | 1.80× | 1.68× | ||
| Q2 25 | 1.41× | 1.65× | ||
| Q1 25 | 1.10× | 1.72× | ||
| Q4 24 | 1.37× | 1.66× | ||
| Q3 24 | 0.84× | 1.91× | ||
| Q2 24 | 1.01× | 1.67× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ITRI
| Product revenues | $477.8M | 81% |
| Service revenues | $109.2M | 19% |
WES
Segment breakdown not available.
