WES · Western Midstream Partners, LP - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B | - | $952.48M | $942.32M | $917.12M | - | $883.36M | $905.63M | $887.73M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $75.15M | - | $64.12M | $66.15M | $66.79M | - | $64.73M | $62.93M | $67.84M | - |
| Total Operating Expenses | $662.79M | - | $525.30M | $524.06M | $523.08M | - | $511.94M | $522.65M | $480.79M | - |
| D&A | $200.43M | - | $170.32M | $172.11M | $170.46M | - | $166.01M | $163.43M | $157.99M | - |
| Operating Income | $469.19M | - | $441.56M | $444.48M | $409.80M | - | $395.87M | $469.75M | $679.37M | - |
| Interest Expense | $113.39M | - | $92.35M | $95.17M | $97.29M | - | $94.15M | $90.52M | $94.51M | - |
| Income Tax | $3.50M | - | $2.09M | $2.24M | $3.44M | - | $15.39M | $755.0K | $1.52M | - |
| Net Income | $350.28M | - | $339.62M | $341.68M | $309.01M | - | $288.48M | $378.65M | $572.83M | - |
| EPS - Basic | - | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $647.50M | $819.49M | $177.29M | $129.73M | $448.45M | $1.09B | $1.12B | $344.12M | $295.25M | $272.79M |
| Accounts Receivable | $812.80M | $759.18M | $682.34M | $704.41M | $672.60M | $701.23M | $670.61M | $684.00M | $720.17M | $665.89M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $413.81M | $319.17M | $297.03M | $357.04M | $357.28M | $312.94M | $387.16M | $364.81M | $377.50M | $362.45M |
| Current Assets | $1.54B | $1.66B | $917.05M | $905.01M | $1.19B | $1.85B | $1.83B | $1.07B | $1.07B | $992.41M |
| Total Assets | $14.92B | $15.00B | $12.13B | $12.16B | $12.46B | $13.14B | $12.98B | $12.18B | $12.27B | $12.47B |
| Current Liabilities | $1.41B | $1.24B | $640.47M | $694.80M | $1.01B | $1.69B | $1.65B | $634.12M | $708.14M | $1.30B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $11.42B | $10.84B | $8.80B | $8.83B | $9.12B | $9.77B | $9.60B | $8.76B | $8.89B | $9.44B |
| Stockholders' Equity | - | - | - | - | - | - | - | - | - | - |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $469.90M | - | - | - | $530.79M | - | - | - | $399.71M | - |
| Investing Cash Flow | ($234.88M) | - | - | - | ($140.79M) | - | - | - | $396.85M | - |
| Financing Cash Flow | ($407.02M) | - | - | - | ($1.03B) | - | - | - | ($774.10M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 41.8% | - | 46.4% | 47.2% | 44.7% | - | 44.8% | 51.9% | 76.5% | - |
| EBITDA margin | 59.6% | - | 64.2% | 65.4% | 63.3% | - | 63.6% | 69.9% | 94.3% | - |
| Net margin | 31.2% | - | 35.7% | 36.3% | 33.7% | - | 32.7% | 41.8% | 64.5% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 6.7% | - | 6.7% | 7.0% | 7.3% | - | 7.3% | 6.9% | 7.6% | - |
| Effective tax rate | 1.0% | - | 0.6% | 0.7% | 1.1% | - | 5.1% | 0.2% | 0.3% | - |
| Return on assets | 2.3% | - | 2.8% | 2.8% | 2.5% | - | 2.2% | 3.1% | 4.7% | - |
| Return on equity | - | - | - | - | - | - | - | - | - | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 1.09 | 1.34 | 1.43 | 1.30 | 1.18 | 1.09 | 1.11 | 1.68 | 1.51 | 0.76 |
| Quick ratio | 1.09 | 1.34 | 1.43 | 1.30 | 1.18 | 1.09 | 1.11 | 1.68 | 1.51 | 0.76 |
| Cash ratio | 0.46 | 0.66 | 0.28 | 0.19 | 0.44 | 0.64 | 0.68 | 0.54 | 0.42 | 0.21 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 4.1x | - | 4.8x | 4.7x | 4.2x | - | 4.2x | 5.2x | 7.2x | - |
| Equity multiplier | - | - | - | - | - | - | - | - | - | - |
| Liabilities / Assets | 0.77 | 0.72 | 0.73 | 0.73 | 0.73 | 0.74 | 0.74 | 0.72 | 0.72 | 0.76 |
| Efficiency | ||||||||||
| Asset turnover | 0.08 | - | 0.08 | 0.08 | 0.07 | - | 0.07 | 0.07 | 0.07 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 264d | - | 261d | 273d | 268d | - | 277d | 276d | 296d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 22.5% | - | 7.8% | 4.1% | 3.3% | - | 13.8% | 22.7% | 20.9% | - |
| Revenue CAGR (3y) | 15.2% | - | 4.4% | 2.4% | 6.5% | - | 5.0% | 8.0% | 9.6% | - |
| Revenue CAGR (5y) | 10.7% | - | 7.0% | 7.0% | 3.4% | - | 5.8% | 5.7% | 5.7% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 14.5% | - | 11.5% | -5.4% | -39.7% | - | 9.7% | 39.5% | 134.1% | - |
| Net income growth (YoY) | 13.4% | - | 17.7% | -9.8% | -46.1% | - | 4.0% | 49.7% | 181.3% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | - | - | - | - | - | - | - | - | - | - |
Peer comparison
Same SIC group: Natural Gas Transmission
Comparing Western Midstream Partners against the 5 most active filers in the same SIC group.
Dividends
$3.66/share trailing 12 months · +3.5% YoY
| Ex-date | Per share |
|---|---|
| May 1, 2026 | $0.9300 |
| Feb 2, 2026 | $0.9100 |
| Oct 31, 2025 | $0.9100 |
| Aug 1, 2025 | $0.9100 |
| May 2, 2025 | $0.9100 |
| Feb 3, 2025 | $0.8750 |
| Nov 1, 2024 | $0.8750 |
| Aug 1, 2024 | $0.8750 |
| Apr 30, 2024 | $0.8750 |
| Jan 31, 2024 | $0.5750 |
| Oct 31, 2023 | $0.5750 |
| Jul 28, 2023 | $0.5630 |
| Apr 28, 2023 | $0.8560 |
| Jan 31, 2023 | $0.5000 |
| Oct 28, 2022 | $0.5000 |
| Jul 29, 2022 | $0.5000 |
| Apr 29, 2022 | $0.5000 |
| Jan 28, 2022 | $0.3270 |
| Oct 29, 2021 | $0.3230 |
| Jul 29, 2021 | $0.3190 |
| Apr 29, 2021 | $0.3150 |
| Jan 29, 2021 | $0.3110 |
| Oct 29, 2020 | $0.3110 |
| Jul 30, 2020 | $0.3110 |