Western Midstream Partners, LP (WES) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.92	$1	+8.7%	—	$1.2B	—
Q1 26	$0.78	$0.87	+11.5%	—	$1.1B	—
Q4 25	$0.8	$0.48	-40.0%	—	$1B	—
Q3 25	$0.9	$0.9	0.0%	—	$952.5M	—
Q2 25	$0.84	$0.88	+4.8%	—	$942.3M	—
Q1 25	$0.82	$0.82	0.0%	—	$917.1M	—
Q4 24	$0.88	$0.88	0.0%	—	$928.5M	—
Q3 24	$0.85	$0.75	-11.8%	—	$883.4M	—
Q2 24	$0.86	$0.8	-7.0%	—	$905.6M	—
Q1 24	$0.81	$0.84	+3.7%	—	$887.7M	—
Q4 23	$0.8	$0.76	-5.0%	—	$858.2M	—
Q3 23	$0.64	$0.7	+9.4%	—	$776M	—
Q2 23	$0.66	$0.64	-3.0%	—	$738.3M	—
Q1 23	$0.64	$0.52	-18.8%	—	$734M	—
Q4 22	$0.72	$0.85	+18.1%	—	$779.4M	—
Q3 22	$0.75	$0.66	-12.0%	—	$837.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.99	—	—	$3.8B	—
FY24	—	$4.04	—	—	$3.6B	—
FY23	—	$2.61	—	—	$3.1B	—
FY22	—	$3.01	—	—	$3.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.8B	$2.4B	$2.3B	$2.7B	$2.8B	$2.9B	$3.3B	$3.1B	$3.6B	$3.8B
YoY change	+2.98%	+34.7%	-5.35%	+19.4%	+0.96%	+3.77%	+13%	-4.47%	+16.1%	+6.61%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.8B	2.4B	2.3B	2.7B	2.8B	2.9B	3.3B	3.1B	3.6B	3.8B
Cost of revenue	767.1M	1.3B	804.7M	927.5M	679.2M	873.9M	1B	765.3M	822.7M	917.8M
Gross profit	1B	1.2B	1.5B	1.8B	2.1B	2B	2.2B	2.3B	2.8B	2.9B
Gross margin	57.5%	47.6%	65%	66.2%	75.5%	69.6%	69.1%	75.4%	77.2%	76.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	49.2M	53.9M	67.2M	114.6M	155.8M	195.5M	194M	232.6M	271.5M	398.9M
Operating expenses	49.2M	53.9M	67.2M	114.6M	155.8M	195.5M	194M	232.6M	271.5M	398.9M
Operating income	639.7M	704.3M	895.1M	1B	1.3B	1.2B	1.3B	1.3B	1.6B	1.5B
Operating margin	35.5%	29%	38.9%	36.5%	46.5%	40.4%	40.6%	41.5%	43.5%	40.1%
Non-operating income, net	65.4M	98.7M	-38.6M	106M	-397.3M	148.6M	268.3M	111M	440.1M	76.5M
Pretax income	605.4M	677.5M	689.6M	821.2M	522.9M	934.2M	1.3B	1.1B	1.6B	1.2B
Income tax	8.4M	-59.9M	58.9M	13.5M	6M	-9.8M	4.2M	4.4M	18.1M	15.1M
Net income	597M	737.4M	630.7M	807.7M	516.9M	944M	1.3B	1B	1.6B	1.2B
Net margin	33.1%	30.3%	27.4%	29.4%	18.6%	32.8%	38.5%	33.7%	44.7%	31.5%
EBITDA	1B	1.1B	1.5B	1.6B	2B	1.9B	2.1B	2B	2.3B	2.3B
EPS	1.53	1.72	1.69	1.59	1.18	2.18	3.01	2.61	4.04	2.99
Diluted EPS	1.53	1.72	1.69	1.59	1.18	2.18	3	2.6	4.02	2.98

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	776M	858.2M	887.7M	905.6M	883.4M	928.5M	917.1M	942.3M	952.5M	1B	1.1B	1.2B
Cost of revenue	175M	206M	204.1M	217.4M	198.9M	202.3M	212M	214.8M	221.5M	269.5M	303.3M	323.4M
Gross profit	601.1M	652.2M	683.7M	688.2M	684.5M	726.2M	705.2M	727.5M	731M	762M	820.3M	901.3M
Gross margin	77.5%	76%	77%	76%	77.5%	78.2%	76.9%	77.2%	76.7%	73.9%	73%	73.6%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	55M	73.1M	67.8M	62.9M	64.7M	76M	66.8M	66.1M	64.1M	201.9M	75.2M	85.9M
Operating expenses	55M	73.1M	67.8M	62.9M	64.7M	76M	66.8M	66.1M	64.1M	201.9M	75.2M	85.9M
Operating income	327M	362.2M	407M	384.5M	376.1M	400.2M	394M	418.9M	438.7M	289.8M	461.4M	510.3M
Operating margin	42.1%	42.2%	45.8%	42.5%	42.6%	43.1%	43%	44.5%	46.1%	28.1%	41.1%	41.7%
Non-operating income, net	41.1M	32.5M	275.3M	94.3M	29.4M	41.1M	23.2M	29.2M	4.6M	19.5M	14.5M	19.1M
Pretax income	285.3M	297.2M	587.7M	388.3M	311.3M	342M	320M	353M	351M	203.6M	362.5M	420.4M
Income tax	905K	1.4M	1.5M	755K	15.4M	444K	3.4M	2.2M	2.1M	7.3M	3.5M	5.2M
Net income	284.4M	295.8M	586.2M	387.6M	295.9M	341.6M	316.6M	350.8M	348.9M	196.3M	359M	415.3M
Net margin	36.6%	34.5%	66%	42.8%	33.5%	36.8%	34.5%	37.2%	36.6%	19%	32%	33.9%
EBITDA	505.7M	563.2M	596.9M	576.1M	572.4M	603.6M	589.2M	618.8M	624.8M	510.9M	681.5M	738.9M
EPS	0.71	0.74	1.47	0.97	0.74	0.86	0.79	0.88	0.87	0.47	0.86	0.99
Diluted EPS	0.7	0.74	1.47	0.97	0.74	0.85	0.79	0.87	0.87	0.47	0.85	0.99

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.3B	8.1B	6.1B	—	6B	9.2B	10.6B	11.2B	14.6B	15.2B	18.7B
Enterprise value	12B	11.5B	11.2B	—	13.4B	15.9B	17.1B	18.8B	21.5B	23.1B	28B
Shares outstanding	218.9M	218.9M	218.9M	415.8M	435.6M	411.3M	395M	383M	380.4M	386.1M	386.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.5	11	9.63	—	11.6	9.7	8.47	10.7	9.07	12.6	14.4
P/S	5.14	3.35	2.64	—	2.17	3.18	3.26	3.61	4.05	3.97	4.35
P/B	2.26	2.06	1.24	—	2.08	2.96	3.41	3.7	4.33	3.66	5.34
EV/EBITDA	12	10.1	7.57	—	6.7	8.33	8.24	9.25	9.16	9.87	11.2
EV/Sales	6.67	4.75	4.88	—	4.84	5.51	5.26	6.06	5.97	6.02	6.47
Earnings yield	6.44%	9.06%	10.4%	—	8.59%	10.3%	11.8%	9.35%	11%	7.95%	6.93%
FCF yield	4.67%	0.18%	-9.82%	—	20.2%	15.9%	11.4%	8.26%	8.72%	9.8%	4.64%
PEG	—	—	—	—	—	—	—	—	—	—	1.15

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	57.5%	47.6%	65%	66.2%	75.5%	69.6%	69.1%	75.4%	77.2%	76.1%	73.6%
Operating margin	35.5%	29%	38.9%	36.5%	46.5%	40.4%	40.6%	41.5%	43.5%	40.1%	41.7%
Net margin	33.1%	30.3%	27.4%	29.4%	18.6%	32.8%	38.5%	33.7%	44.7%	31.5%	29%
ROE	14.5%	18.7%	12.9%	24.1%	17.9%	30.5%	40.3%	34.6%	47.7%	29.1%	34.1%
ROA	7.72%	9.2%	5.5%	6.54%	4.37%	8.37%	11.1%	8.4%	12.3%	8.08%	7.49%
ROIC	9.18%	9.57%	8.15%	8.79%	12.4%	11.9%	13.7%	12%	15.1%	12.6%	12.5%
Return on tangible assets	11.3%	13.1%	7.1%	8.21%	5.03%	9.66%	12.7%	9.44%	13.6%	9.73%	10.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.89	0.6	0.54	0.83	0.98	0.6	1	0.76	1.09	1.34	0.91
Quick ratio	1.87	0.58	0.52	0.78	0.98	0.6	0.99	0.76	1.09	1.33	0.9
Debt / equity	0.76	0.89	1.07	2.38	2.71	2.23	2.18	2.61	2.37	2.09	2.07
Debt / assets	0.4	0.44	0.46	0.64	0.66	0.61	0.6	0.63	0.61	0.58	0.56
Net debt / EBITDA	2.76	2.97	3.47	4.9	3.69	3.52	3.13	3.75	2.94	3.37	3.53
Interest coverage	6.55	6.04	4.95	3.82	2.43	3.57	4.9	4.13	5.46	4.23	4.25
Effective tax rate	1.38%	0%	8.55%	1.64%	1.15%	0%	0.33%	0.42%	1.11%	1.23%	1.35%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.24	11.1	10.5	6.6	6.37	7	8.23	8.11	9.48	9.96	11
EPS (basic)	1.53	1.72	1.69	1.59	1.18	2.18	3.01	2.61	4.04	2.99	2.99
EPS (diluted)	1.53	1.72	1.69	1.59	1.18	2.18	3	2.6	4.02	2.98	3.16
Book value per share	18.8	18	22.3	8.05	6.65	7.53	7.87	7.91	8.87	10.8	8.54
FCF per share	1.98	0.07	-2.72	0.34	2.79	3.53	3.07	2.42	3.35	3.87	3.05
Cash per share	1.64	0.36	0.42	0.24	1.02	0.49	0.73	0.71	2.87	2.12	0.25
Capex per share	0	0	0	—	—	—	—	—	—	1.89	2.29

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.03%	0%	0%	—	—	—	—	—	—	18.9%	21.1%
Capex / operating cash flow	0.08%	0%	0%	—	—	—	—	—	—	32.8%	42.8%
Payout ratio	62.7%	59.9%	141.7%	139.2%	149.3%	56.5%	58.8%	93.4%	79%	118%	115.8%
Dividend yield	4.03%	5.43%	14.7%	—	12.8%	5.83%	6.94%	8.73%	8.7%	9.38%	8.29%

Yield

8.29%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.93

ex-dividend Jul 31, 2026

Payout ratio

116%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 31, 2026	$0.93
May 1, 2026	$0.93
Feb 2, 2026	$0.91
Oct 31, 2025	$0.91

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$776M	$858.2M	$887.7M	$905.6M	$883.4M	$928.5M	$917.1M	$942.3M	$952.5M	$1B	$1.1B	$1.2B
YoY change	-7.35%	+10.1%	+20.9%	+22.7%	+13.8%	+8.19%	+3.31%	+4.05%	+7.82%	+11.1%	+22.5%	+30%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	359.1M	79.6M	92.1M	100M	444.9M	202M	286.7M	272.8M	1.1B	819.5M
Receivables	192.6M	160.2M	221.1M	260.5M	452.7M	431.6M	548.9M	665.9M	701.2M	759.2M
Inventory	7.1M	10.8M	10.9M	24.4M	882K	3.4M	3.8M	2.6M	2.5M	12.8M
Total current assets	595.6M	255.2M	344.8M	402.4M	943.1M	684.8M	900.4M	992.4M	1.8B	1.7B
Property, plant & equipment	5B	5.7B	8.4B	9.1B	8.7B	8.5B	8.5B	9.7B	9.7B	11.2B
Goodwill & intangibles	2.4B	2.4B	2.6B	2.5B	1.6B	1.5B	1.4B	1.4B	1.3B	2.5B
Total assets	7.7B	8B	11.5B	12.3B	11.8B	11.3B	11.3B	12.5B	13.1B	15B
Accounts payable	247.1M	349.8M	443.3M	293.1M	210.7M	326.1M	360.6M	362.5M	312.9M	319.2M
Short-term debt	—	—	28M	7.9M	438.9M	505.9M	215.8M	617.7M	1.1B	514.1M
Total current liabilities	315.4M	424.4M	637.5M	486M	960.9M	1.1B	903.9M	1.3B	1.7B	1.2B
Long-term debt	3.1B	3.5B	5.2B	8B	7.4B	6.4B	6.6B	7.3B	6.9B	8.2B
Total liabilities	3.6B	4.1B	6.6B	9B	8.9B	8.2B	8.2B	9.4B	9.8B	10.8B
Shareholders' equity	4.1B	3.9B	4.9B	3.3B	2.9B	3.1B	3.1B	3B	3.4B	4.2B
Total debt	3.1B	3.5B	5.2B	8B	7.9B	6.9B	6.8B	7.9B	8B	8.7B
Net debt	2.8B	3.4B	5.2B	7.9B	7.4B	6.7B	6.5B	7.6B	6.9B	7.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	489.5M	272.8M	295.2M	344.1M	1.1B	1.1B	448.4M	129.7M	177.3M	819.5M	647.5M	104.8M
Receivables	614.5M	665.9M	720.2M	684M	670.6M	701.2M	672.6M	704.4M	682.3M	759.2M	812.8M	938.6M
Inventory	3M	2.6M	2.6M	2.2M	1.9M	2.5M	11.3M	12M	12.9M	12.8M	14.8M	12.4M
Total current assets	1.1B	992.4M	1.1B	1.1B	1.8B	1.8B	1.2B	905M	917.1M	1.7B	1.5B	1.1B
Property, plant & equipment	8.7B	9.7B	9.7B	9.6B	9.7B	9.7B	-6B	-6.1B	-6.3B	11.2B	-6.6B	-6.7B
Goodwill & intangibles	1.4B	1.4B	1.4B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	2.5B	2.5B	3.6B
Total assets	11.6B	12.5B	12.3B	12.2B	13B	13.1B	12.5B	12.2B	12.1B	15B	14.9B	16.3B
Accounts payable	393.4M	362.5M	377.5M	364.8M	387.2M	312.9M	357.3M	357M	297M	319.2M	413.8M	510.4M
Short-term debt	2.3M	617.7M	108.4M	8.5M	1B	1.1B	409.9M	74.6M	75.7M	514.1M	513.3M	244M
Total current liabilities	635.9M	1.3B	708.1M	634.1M	1.6B	1.7B	1B	694.8M	640.5M	1.2B	1.4B	1.2B
Long-term debt	7.3B	7.3B	7.3B	7.1B	6.9B	6.9B	6.9B	6.9B	6.9B	8.2B	8.2B	8.9B
Total liabilities	8.7B	9.4B	8.9B	8.8B	9.6B	9.8B	9.1B	8.8B	8.8B	10.8B	11.4B	11.9B
Shareholders' equity	3B	3B	3.4B	3.4B	3.4B	3.4B	3.3B	3.3B	3.3B	4.2B	3.5B	4.4B
Total debt	7.3B	7.9B	7.4B	7.1B	7.9B	8B	7.3B	7B	7B	8.7B	8.7B	9.1B
Net debt	6.8B	7.6B	7.1B	6.8B	6.8B	6.9B	6.9B	6.9B	6.8B	7.9B	8.1B	9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	597M	737.4M	636.5M	814.7M	520.4M	944M	1.3B	1B	1.6B	1.2B
Depreciation & amortization	272.9M	318.8M	389.2M	483.3M	491.1M	551.6M	582.4M	600.7M	650.4M	710.8M
Stock-based compensation	5M	5.2M	6.2M	14.2M	14.6M	27.7M	27.8M	32M	37.4M	50.8M
Change in working capital	-53.3M	-19.2M	-98.3M	11.1M	-122.2M	66.2M	-81.5M	-10.8M	129.1M	210.3M
Operating cash flow	821.1M	994M	1.1B	1.2B	890.4M	1.6B	1.8B	1.7B	2.5B	2.2B
Capital expenditure	623K	0	0	—	—	—	—	—	—	-728M
Investing cash flow	-646.8M	-136.7M	-291.8M	-2.2B	-56.8M	14.8M	205.1M	-911.3M	763.8M	-1.1B
Dividends paid	-374.1M	-442M	-893.6M	-1.1B	-771.5M	-533.8M	-735.8M	-978.4M	-1.3B	-1.4B
Share repurchases	0	-183K	0	0	—	-217.5M	-487.6M	-134.6M	—	0
Financing cash flow	453.9M	-183.3M	867.1M	2.1B	-872M	-1.8B	-1.4B	-67.9M	-1.9B	-1.4B
Net change in cash	628.2M	674.1M	1.7B	1.1B	-38.4M	-149.8M	596.3M	700.3M	1.4B	-302.4M
Free cash flow	433.1M	14.4M	-596.5M	142.9M	1.2B	1.5B	1.2B	926.3M	1.3B	1.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	284.4M	295.8M	586.2M	387.3M	295.9M	343.2M	316.3M	350.8M	348.9M	196.3M	359M	415.3M
Depreciation & amortization	147.4M	165.2M	158M	163.4M	166M	163M	170.5M	172.1M	170.3M	197.9M	200.4M	205.9M
Stock-based compensation	7.2M	10M	9.4M	10.5M	8.8M	8.8M	8.1M	10.7M	10.5M	21.4M	10.9M	13.5M
Change in working capital	-49.3M	-28.6M	-12.4M	133.8M	49.9M	-25M	35.7M	-5.6M	64.2M	81.1M	-81.6M	-117.5M
Operating cash flow	391.6M	444.7M	743.7M	697.6M	536.8M	492.4M	534.7M	564M	570.2M	557.6M	469.9M	534.7M
Capital expenditure	—	—	—	—	—	—	—	-178.6M	-184.8M	-222.2M	-235.7M	-270.3M
Investing cash flow	-14.6M	-877.4M	571.6M	191.6M	-4.5M	5.2M	-9.4M	-177M	-173.5M	-614.3M	-244.8M	-1.1B
Dividends paid	-221.4M	-223.4M	-223.4M	-334.9M	-340.9M	-367M	-347.4M	-355.3M	-355.3M	-379.5M	-379.7M	-374.6M
Share repurchases	-127.5M	0	0	0	0	—	—	—	—	—	—	—
Financing cash flow	88.7M	-231.2M	-774.1M	-585.4M	-369.2M	-942M	-1B	-708.7M	-361.1M	-490.8M	-407M	-1.2B
Net change in cash	465.6M	-664M	541.2M	303.8M	163.1M	-444.4M	-487.6M	-321.8M	35.6M	-547.5M	-181.9M	-1.8B
Free cash flow	192.9M	274.6M	205.9M	438.6M	361.9M	287.5M	369.1M	385.4M	385.5M	335.4M	234.2M	264.4M

Western Midstream Partners, LP Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history