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Waters vs Illumina: WAT and ILMN compared
Waters is the larger company: $1.8B of revenue in its latest quarter (Q3 2026) against $1.1B for Illumina (Q3 2026). Waters is growing faster (+121% against +4% a year earlier). Illumina is more profitable, with an operating margin of 27.0% against 7.2%.
Where the money goes: WAT and ILMN
Waters (WAT) · Q3 2026
Waters, Q3 2026: revenue $1.8B (+121% year over year), operating margin 7.2%, net earnings $81.0M, operating cash flow $98.0M. The chart follows the revenue to costs, profit and cash.
Illumina (ILMN) · Q3 2026
Illumina, Q3 2026: revenue $1.1B (+4% year over year), operating margin 27.0%, net earnings $220M, operating cash flow $419M. The chart follows the revenue to costs, profit and cash.
| Waters (WAT) | Illumina (ILMN) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.8B | $1.1B |
| Revenue growth, Y/Y | +121% | +4% |
| Gross margin | — | 73.5% |
| Operating margin | 7.2% | 27.0% |
| Net earnings | $81.0M | $220M |
| Net margin | 4.6% | 19.5% |
| Operating cash flow | $98.0M | $419M |
| Free cash flow | $55.0M | $378M |
| Market value | $45.0B | $32.8B |
| P/E | — | 36.7× |
| Analysts’ mean target | $474.73 | $259.85 |
Where the revenue comes from
Waters
- Product: $1.3B (75%)
- Service: $433M (25%)
Illumina
- Total product revenue: $946M (84%)
- Service: $183M (16%)
Questions
Which is bigger, Waters or Illumina?
Waters is the larger company: $1.8B of revenue in its latest quarter (Q3 2026) against $1.1B for Illumina (Q3 2026).
Is Waters or Illumina growing faster?
Waters is growing faster (+121% against +4% a year earlier).
Which is more profitable, Waters or Illumina?
Illumina is more profitable, with an operating margin of 27.0% against 7.2%.
More: Waters earnings · how Waters makes money · Illumina earnings · how Illumina makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 3, 2026; 10-Q filed Oct 30, 2026). Fiscal quarters can end on different dates. Not investment advice.