Western Midstream Partners Lp Financials

WES

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Key Financial Metrics

Revenue

$3.6B

YoY+16.1%

5Y CAGR+5.6%

10Y CAGR+8.9%

Western Midstream Partners Lp generated $3.6B in revenue in fiscal year 2024. This represents an increase of 16.1% from the prior year.

EBITDA

$2.6B

YoY+32.4%

5Y CAGR+8.9%

10Y CAGR+13.1%

Western Midstream Partners Lp's EBITDA was $2.6B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 32.4% from the prior year.

Free Cash Flow

N/A

Net Income

$1.6B

YoY+53.9%

5Y CAGR+17.7%

10Y CAGR+18.5%

Western Midstream Partners Lp reported $1.6B in net income in fiscal year 2024. This represents an increase of 53.9% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$1.1B

YoY+299.7%

5Y CAGR+61.3%

10Y CAGR+32.1%

Western Midstream Partners Lp held $1.1B in cash against $6.9B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

95.2%

YoY+0.5pp

5Y CAGR+11.4pp

Western Midstream Partners Lp's gross margin was 95.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.5 percentage points from the prior year.

Operating Margin

54.7%

YoY+10.2pp

5Y CAGR+9.8pp

10Y CAGR+18.7pp

Western Midstream Partners Lp's operating margin was 54.7% in fiscal year 2024, reflecting core business profitability. This is up 10.2 percentage points from the prior year.

Net Margin

43.6%

YoY+10.7pp

5Y CAGR+18.3pp

10Y CAGR+24.9pp

Western Midstream Partners Lp's net profit margin was 43.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10.7 percentage points from the prior year.

Return on Equity

46.6%

YoY+12.9pp

5Y CAGR+25.8pp

10Y CAGR+40.3pp

Western Midstream Partners Lp's return on equity was 46.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 12.9 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Western Midstream Partners Lp spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

N/A

WES Income Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Revenue	$3.6B+16.1%	$3.1B-4.5%	$3.3B+13.0%	$2.9B+3.8%	$2.8B+1.0%	$2.7B
Cost of Revenue	$172.3M+4.6%	$164.6M-60.9%	$420.9M+30.6%	$322.3M+71.3%	$188.1M-57.7%	$444.2M
Gross Profit	$3.4B+16.7%	$2.9B+3.9%	$2.8B+10.8%	$2.6B-1.1%	$2.6B+12.3%	$2.3B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$271.5M+16.7%	$232.6M+19.9%	$194.0M-0.8%	$195.5M+25.5%	$155.8M+35.9%	$114.6M
Operating Income	$2.0B+42.9%	$1.4B-13.1%	$1.6B+18.8%	$1.3B+52.0%	$878.9M-28.6%	$1.2B
Interest Expense	$378.5M+8.7%	$348.2M+4.3%	$333.9M-11.3%	$376.5M-0.9%	$380.1M+25.3%	$303.3M
Income Tax	$18.1M+313.0%	$4.4M+4.7%	$4.2M+142.7%	-$9.8M-263.5%	$6.0M-55.5%	$13.5M
Net Income	$1.6B+53.9%	$1.0B-16.0%	$1.2B+32.8%	$916.3M+73.9%	$527.0M-24.4%	$697.2M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$952.5M+1.1%	$942.3M+2.7%	$917.1M	N/A	$883.4M-2.5%	$905.6M+2.0%	$887.7M	N/A
Cost of Revenue	$51.2M+19.9%	$42.7M+2.9%	$41.5M	N/A	$32.8M-39.2%	$54.0M+17.2%	$46.1M	N/A
Gross Profit	$901.3M+0.2%	$899.6M+2.7%	$875.6M	N/A	$850.5M-0.1%	$851.6M+1.2%	$841.6M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$64.1M-3.1%	$66.1M-1.0%	$66.8M	N/A	$64.7M+2.8%	$62.9M-7.2%	$67.8M	N/A
Operating Income	$441.6M-0.7%	$444.5M+8.5%	$409.8M	N/A	$395.9M-15.7%	$469.7M-30.9%	$679.4M	N/A
Interest Expense	$92.4M-3.0%	$95.2M-2.2%	$97.3M	N/A	$94.1M+4.0%	$90.5M-4.2%	$94.5M	N/A
Income Tax	$2.1M-6.7%	$2.2M-34.8%	$3.4M	N/A	$15.4M+1938.4%	$755K-50.4%	$1.5M	N/A
Net Income	$339.6M-3.2%	$350.8M+10.8%	$316.6M	N/A	$288.5M-25.6%	$387.6M-33.9%	$586.2M	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WES Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Total Assets	$13.1B+5.4%	$12.5B+10.6%	$11.3B0.0%	$11.3B-4.7%	$11.8B-4.2%	$12.3B
Current Assets	$1.8B+86.1%	$992.4M+10.2%	$900.4M+31.5%	$684.8M-27.4%	$943.1M+134.4%	$402.4M
Cash & Equivalents	$1.1B+299.7%	$272.8M-4.8%	$286.7M+41.9%	$202.0M-54.6%	$444.9M+345.1%	$100.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$701.2M+5.3%	$665.9M+21.3%	$548.9M+27.2%	$431.6M-4.7%	$452.7M+73.8%	$260.5M
Goodwill	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M-98.9%	$445.8M
Total Liabilities	$9.8B+3.5%	$9.4B+15.7%	$8.2B-0.2%	$8.2B-8.5%	$8.9B-0.7%	$9.0B
Current Liabilities	$1.7B+29.7%	$1.3B+44.3%	$903.9M-20.7%	$1.1B+18.7%	$960.9M+97.7%	$486.0M
Long-Term Debt	$6.9B-4.9%	$7.3B+10.9%	$6.6B+2.6%	$6.4B-13.7%	$7.4B-6.7%	$8.0B
Total Equity	$3.4B+11.4%	$3.0B-2.5%	$3.1B+0.4%	$3.1B+6.9%	$2.9B-13.5%	$3.3B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$12.1B-0.3%	$12.2B-2.4%	$12.5B-5.2%	$13.1B+1.3%	$13.0B+6.6%	$12.2B-0.7%	$12.3B-1.7%	$12.5B
Current Assets	$917.1M+1.3%	$905.0M-23.9%	$1.2B-35.6%	$1.8B+0.8%	$1.8B+71.6%	$1.1B+0.2%	$1.1B+7.5%	$992.4M
Cash & Equivalents	$177.3M+36.7%	$129.7M-71.1%	$448.4M-58.9%	$1.1B-3.0%	$1.1B+226.8%	$344.1M+16.6%	$295.2M+8.2%	$272.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$682.3M-3.1%	$704.4M+4.7%	$672.6M-4.1%	$701.2M+4.6%	$670.6M-2.0%	$684.0M-5.0%	$720.2M+8.2%	$665.9M
Goodwill	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M
Total Liabilities	$8.8B-0.3%	$8.8B-3.3%	$9.1B-6.6%	$9.8B+1.7%	$9.6B+9.7%	$8.8B-1.5%	$8.9B-5.9%	$9.4B
Current Liabilities	$640.5M-7.8%	$694.8M-31.3%	$1.0B-40.2%	$1.7B+2.8%	$1.6B+159.6%	$634.1M-10.5%	$708.1M-45.7%	$1.3B
Long-Term Debt	$6.9B0.0%	$6.9B0.0%	$6.9B0.0%	$6.9B0.0%	$6.9B-2.9%	$7.1B-1.8%	$7.3B-0.2%	$7.3B
Total Equity	$3.3B-0.1%	$3.3B0.0%	$3.3B-1.2%	$3.4B-0.1%	$3.4B-1.4%	$3.4B+1.4%	$3.4B+11.5%	$3.0B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WES Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Operating Cash Flow	$2.1B+28.6%	$1.7B-2.4%	$1.7B-3.7%	$1.8B+7.9%	$1.6B+23.7%	$1.3B
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$39.2M+97.6%	-$1.6B-636.5%	-$218.2M+15.3%	-$257.5M+42.5%	-$448.3M+86.8%	-$3.4B
Financing Cash Flow	-$1.3B-1784.8%	-$67.9M+95.1%	-$1.4B+20.2%	-$1.8B-107.6%	-$844.2M-140.8%	$2.1B
Dividends Paid	$1.2B+27.4%	$978.4M+33.0%	$735.8M+37.8%	$533.8M-23.3%	$695.8M-28.2%	$969.1M
Share Buybacks	$0-100.0%	$134.6M-72.4%	$487.6M+124.2%	$217.5M+568.4%	$32.5M	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	$530.8M	N/A	N/A	N/A	$399.7M	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	-$140.8M	N/A	N/A	N/A	$396.8M	N/A
Financing Cash Flow	N/A	N/A	-$1.0B	N/A	N/A	N/A	-$774.1M	N/A
Dividends Paid	N/A	N/A	$341.0M	N/A	N/A	N/A	$223.4M	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0	N/A

WES Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22	FY21
Gross Margin	95.2%+0.5pp	94.7%+7.6pp	87.1%-1.7pp	88.8%-4.4pp	93.2%+9.4pp	83.8%
Operating Margin	54.7%+10.2pp	44.4%-4.4pp	48.8%+2.4pp	46.4%+14.7pp	31.7%-13.1pp	44.8%
Net Margin	43.6%+10.7pp	32.9%-4.5pp	37.4%+5.6pp	31.9%+12.8pp	19.0%-6.4pp	25.4%
Return on Equity	46.6%+12.9pp	33.8%-5.4pp	39.2%+9.6pp	29.6%+11.4pp	18.2%-2.6pp	20.8%
Return on Assets	12.0%+3.8pp	8.2%-2.6pp	10.8%+2.7pp	8.1%+3.7pp	4.5%-1.2pp	5.7%
Current Ratio	1.09+0.3	0.76-0.2	1.00+0.4	0.60-0.4	0.98+0.2	0.83
Debt-to-Equity	2.05-0.4	2.40+0.3	2.11+0.0	2.07-0.5	2.56+0.2	2.38
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	94.6%-0.8pp	95.5%0.0pp	95.5%	N/A	96.3%+2.2pp	94.0%-0.8pp	94.8%	N/A
Operating Margin	46.4%-0.8pp	47.2%+2.5pp	44.7%	N/A	44.8%-7.1pp	51.9%-24.7pp	76.5%	N/A
Net Margin	35.7%-1.6pp	37.2%+2.7pp	34.5%	N/A	32.7%-10.1pp	42.8%-23.2pp	66.0%	N/A
Return on Equity	10.2%-0.3pp	10.5%+1.0pp	9.5%	N/A	8.5%-2.8pp	11.3%-6.0pp	17.4%	N/A
Return on Assets	2.8%-0.1pp	2.9%+0.3pp	2.5%	N/A	2.2%-1.0pp	3.2%-1.6pp	4.8%	N/A
Current Ratio	1.43+0.1	1.30+0.1	1.18+0.1	1.09-0.0	1.11-0.6	1.68+0.2	1.51+0.7	0.76
Debt-to-Equity	2.080.0	2.080.0	2.08+0.0	2.050.0	2.05-0.0	2.08-0.1	2.15-0.3	2.40
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Frequently Asked Questions

What is Western Midstream Partners Lp's annual revenue?

Western Midstream Partners Lp (WES) reported $3.6B in revenue for fiscal year 2024.

How fast is Western Midstream Partners Lp's revenue growing?

Western Midstream Partners Lp (WES) revenue grew by 16.1% year-over-year, from $3.1B to $3.6B in fiscal year 2024.

Is Western Midstream Partners Lp profitable?

Yes, Western Midstream Partners Lp (WES) reported a net income of $1.6B in fiscal year 2024, with a net profit margin of 43.6%.

What is Western Midstream Partners Lp's EBITDA?

Western Midstream Partners Lp (WES) had EBITDA of $2.6B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Western Midstream Partners Lp have?

As of fiscal year 2024, Western Midstream Partners Lp (WES) had $1.1B in cash and equivalents against $6.9B in long-term debt.

What is Western Midstream Partners Lp's gross margin?

Western Midstream Partners Lp (WES) had a gross margin of 95.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Western Midstream Partners Lp's operating margin?

Western Midstream Partners Lp (WES) had an operating margin of 54.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Western Midstream Partners Lp's net profit margin?

Western Midstream Partners Lp (WES) had a net profit margin of 43.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Western Midstream Partners Lp's return on equity (ROE)?

Western Midstream Partners Lp (WES) has a return on equity of 46.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Western Midstream Partners Lp's operating cash flow?

Western Midstream Partners Lp (WES) generated $2.1B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Western Midstream Partners Lp's total assets?

Western Midstream Partners Lp (WES) had $13.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What is Western Midstream Partners Lp's current ratio?

Western Midstream Partners Lp (WES) had a current ratio of 1.09 as of fiscal year 2024, which is considered adequate.

What is Western Midstream Partners Lp's debt-to-equity ratio?

Western Midstream Partners Lp (WES) had a debt-to-equity ratio of 2.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Western Midstream Partners Lp's return on assets (ROA)?

Western Midstream Partners Lp (WES) had a return on assets of 12.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.