Western Midstream Partners Lp Financials

WES

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Western Midstream Partners Lp (WES) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI WES FY2025 2026-05-06

Cash-heavy operations kept strengthening even as FY2025 margin compression showed growth carried a heavier cost base.

In FY2025, operating cash flow rose to $2.22B while net income fell to $1.18B, so the earnings slowdown did not become a cash slowdown. With gross margin still near 94.6% and operating margin down to 41.7%, the squeeze sat mostly below direct operating costs rather than in the core revenue engine.

Balance-sheet flexibility improved across the last three years: the current ratio moved from 0.8x in FY2023 to 1.3x in FY2025. At the same time, debt to equity eased from 2.4x to 2.0x. Long-term debt still reached $8.20B, which implies equity and liquid assets expanded fast enough to keep leverage from tightening further.

Capital returns are being expressed mainly through cash payouts, not repurchases. In FY2025, dividends paid were $1.43B and buybacks were $0. Against operating cash flow of $2.22B, that tells you the business is set up to distribute a large share of cash generation even when accounting profit is more volatile.

Financial Health Signals

Financial Health Score 54/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Western Midstream Partners Lp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Growth

Leverage

Liquidity

Returns

Piotroski F-Score Partial

4/8

Western Midstream Partners Lp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.88x

For every $1 of reported earnings, Western Midstream Partners Lp generates $1.88 in operating cash flow ($2.2B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.1x

Western Midstream Partners Lp earns $4.1 in operating income for every $1 of interest expense ($1.6B vs $390.5M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.8B

YoY+6.6%

5Y CAGR+6.7%

10Y CAGR+8.2%

Western Midstream Partners Lp generated $3.8B in revenue in fiscal year 2025. This represents an increase of 6.6% from the prior year.

EBITDA

$2.3B

YoY-11.8%

5Y CAGR+11.0%

10Y CAGR+18.4%

Western Midstream Partners Lp's EBITDA was $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.8% from the prior year.

Net Income

$1.2B

YoY-24.9%

5Y CAGR+17.5%

10Y CAGR+21.7%

Western Midstream Partners Lp reported $1.2B in net income in fiscal year 2025. This represents a decrease of 24.9% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$819.5M

YoY-24.8%

5Y CAGR+13.0%

10Y CAGR+23.4%

Western Midstream Partners Lp held $819.5M in cash against $8.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

394M

Western Midstream Partners Lp had 394M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

94.6%

YoY-0.6pp

5Y CAGR+1.4pp

Western Midstream Partners Lp's gross margin was 94.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.6 percentage points from the prior year.

Operating Margin

41.7%

YoY-13.0pp

5Y CAGR+10.0pp

10Y CAGR+32.9pp

Western Midstream Partners Lp's operating margin was 41.7% in fiscal year 2025, reflecting core business profitability. This is down 13.0 percentage points from the prior year.

Net Margin

30.7%

YoY-12.9pp

5Y CAGR+11.7pp

10Y CAGR+21.3pp

Western Midstream Partners Lp's net profit margin was 30.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 12.9 percentage points from the prior year.

Return on Equity

28.4%

YoY-18.3pp

5Y CAGR+10.2pp

10Y CAGR+24.1pp

Western Midstream Partners Lp's ROE was 28.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 18.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

Western Midstream Partners Lp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

N/A

WES Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.8B+6.6%	$3.6B+16.1%	$3.1B-4.5%	$3.3B+13.0%	$2.9B+3.8%	$2.8B
Cost of Revenue	$207.0M+20.2%	$172.3M+4.6%	$164.6M-60.9%	$420.9M+30.6%	$322.3M+71.3%	$188.1M
Gross Profit	$3.6B+5.9%	$3.4B+16.7%	$2.9B+3.9%	$2.8B+10.8%	$2.6B-1.1%	$2.6B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$398.9M+46.9%	$271.5M+16.7%	$232.6M+19.9%	$194.0M-0.8%	$195.5M+25.5%	$155.8M
Operating Income	$1.6B-18.7%	$2.0B+42.9%	$1.4B-13.1%	$1.6B+18.8%	$1.3B+52.0%	$878.9M
Interest Expense	$390.5M+3.2%	$378.5M+8.7%	$348.2M+4.3%	$333.9M-11.3%	$376.5M-0.9%	$380.1M
Income Tax	$15.1M-16.7%	$18.1M+313.0%	$4.4M+4.7%	$4.2M+142.7%	-$9.8M-263.5%	$6.0M
Net Income	$1.2B-24.9%	$1.6B+53.9%	$1.0B-16.0%	$1.2B+32.8%	$916.3M+73.9%	$527.0M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$1.1B+8.9%	$1.0B+8.3%	$952.5M+1.1%	$942.3M+2.7%	$917.1M-1.2%	$928.5M+5.1%	$883.4M-2.5%	$905.6M
Cost of Revenue	$102.9M+43.7%	$71.6M+39.9%	$51.2M+19.9%	$42.7M+2.9%	$41.5M+5.5%	$39.3M+19.7%	$32.8M-39.2%	$54.0M
Gross Profit	$1.0B+6.3%	$959.9M+6.5%	$901.3M+0.2%	$899.6M+2.7%	$875.6M-1.5%	$889.2M+4.5%	$850.5M-0.1%	$851.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$75.2M-62.8%	$201.9M+214.8%	$64.1M-3.1%	$66.1M-1.0%	$66.8M-12.2%	$76.0M+17.5%	$64.7M+2.8%	$62.9M
Operating Income	$469.2M+53.6%	$305.6M-30.8%	$441.6M-0.7%	$444.5M+8.5%	$409.8M-3.7%	$425.7M+7.5%	$395.9M-15.7%	$469.7M
Interest Expense	$113.4M+7.3%	$105.7M+14.4%	$92.4M-3.0%	$95.2M-2.2%	$97.3M-2.1%	$99.3M+5.5%	$94.1M+4.0%	$90.5M
Income Tax	$3.5M-52.2%	$7.3M+250.6%	$2.1M-6.7%	$2.2M-34.8%	$3.4M+673.6%	$444K-97.1%	$15.4M+1938.4%	$755K
Net Income	$350.3M+83.7%	$190.7M-43.9%	$339.6M-0.6%	$341.7M+10.6%	$309.0M-7.4%	$333.6M+15.6%	$288.5M-23.8%	$378.6M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WES Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$15.0B+14.1%	$13.1B+5.4%	$12.5B+10.6%	$11.3B0.0%	$11.3B-4.7%	$11.8B
Current Assets	$1.7B-10.3%	$1.8B+86.1%	$992.4M+10.2%	$900.4M+31.5%	$684.8M-27.4%	$943.1M
Cash & Equivalents	$819.5M-24.8%	$1.1B+299.7%	$272.8M-4.8%	$286.7M+41.9%	$202.0M-54.6%	$444.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$759.2M+8.3%	$701.2M+5.3%	$665.9M+21.3%	$548.9M+27.2%	$431.6M-4.7%	$452.7M
Goodwill	$353.3M+7285.7%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M
Total Liabilities	$10.8B+10.9%	$9.8B+3.5%	$9.4B+15.7%	$8.2B-0.2%	$8.2B-8.5%	$8.9B
Current Liabilities	$1.2B-26.9%	$1.7B+29.7%	$1.3B+44.3%	$903.9M-20.7%	$1.1B+18.7%	$960.9M
Long-Term Debt	$8.2B+18.3%	$6.9B-4.9%	$7.3B+10.9%	$6.6B+2.6%	$6.4B-13.7%	$7.4B
Total Equity	$4.2B+23.3%	$3.4B+11.4%	$3.0B-2.5%	$3.1B+0.4%	$3.1B+6.9%	$2.9B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$14.9B-0.5%	$15.0B+23.7%	$12.1B-0.3%	$12.2B-2.4%	$12.5B-5.2%	$13.1B+1.3%	$13.0B+6.6%	$12.2B
Current Assets	$1.5B-7.1%	$1.7B+80.7%	$917.1M+1.3%	$905.0M-23.9%	$1.2B-35.6%	$1.8B+0.8%	$1.8B+71.6%	$1.1B
Cash & Equivalents	$647.5M-21.0%	$819.5M+362.2%	$177.3M+36.7%	$129.7M-71.1%	$448.4M-58.9%	$1.1B-3.0%	$1.1B+226.8%	$344.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$812.8M+7.1%	$759.2M+11.3%	$682.3M-3.1%	$704.4M+4.7%	$672.6M-4.1%	$701.2M+4.6%	$670.6M-2.0%	$684.0M
Goodwill	$347.6M-1.6%	$353.3M+7285.7%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M
Total Liabilities	$11.4B+5.4%	$10.8B+23.2%	$8.8B-0.3%	$8.8B-3.3%	$9.1B-6.6%	$9.8B+1.7%	$9.6B+9.7%	$8.8B
Current Liabilities	$1.4B+13.8%	$1.2B+93.1%	$640.5M-7.8%	$694.8M-31.3%	$1.0B-40.2%	$1.7B+2.8%	$1.6B+159.6%	$634.1M
Long-Term Debt	$8.2B0.0%	$8.2B+18.4%	$6.9B0.0%	$6.9B0.0%	$6.9B0.0%	$6.9B0.0%	$6.9B-2.9%	$7.1B
Total Equity	$3.5B-15.8%	$4.2B+25.1%	$3.3B-0.1%	$3.3B0.0%	$3.3B-1.2%	$3.4B-0.1%	$3.4B-1.4%	$3.4B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WES Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$2.2B+4.0%	$2.1B+28.6%	$1.7B-2.4%	$1.7B-3.7%	$1.8B+7.9%	$1.6B
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	-$1.1B-2670.6%	-$39.2M+97.6%	-$1.6B-636.5%	-$218.2M+15.3%	-$257.5M+42.5%	-$448.3M
Financing Cash Flow	-$1.4B-10.0%	-$1.3B-1784.8%	-$67.9M+95.1%	-$1.4B+20.2%	-$1.8B-107.6%	-$844.2M
Dividends Paid	$1.4B+14.8%	$1.2B+27.4%	$978.4M+33.0%	$735.8M+37.8%	$533.8M-23.3%	$695.8M
Share Buybacks	$0	$0-100.0%	$134.6M-72.4%	$487.6M+124.2%	$217.5M+568.4%	$32.5M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$469.9M-15.7%	$557.6M-2.2%	$570.2M+1.1%	$564.0M+6.3%	$530.8M-4.3%	$554.4M+0.6%	$551.3M-12.7%	$631.4M
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	-$234.9M+61.4%	-$608.9M-277.0%	-$161.5M+7.2%	-$174.0M-23.6%	-$140.8M+38.9%	-$230.3M-20.8%	-$190.7M-1171.8%	-$15.0M
Financing Cash Flow	-$407.0M-158.7%	$693.5M+292.0%	-$361.1M+49.0%	-$708.7M+31.3%	-$1.0B-188.0%	-$358.4M-185.3%	$420.0M+174.0%	-$567.5M
Dividends Paid	$379.7M0.0%	$379.5M+6.8%	$355.3M0.0%	$355.3M+4.2%	$341.0M0.0%	$340.9M0.0%	$340.9M0.0%	$340.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0	$0	$0

WES Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	94.6%-0.6pp	95.2%+0.5pp	94.7%+7.6pp	87.1%-1.7pp	88.8%-4.4pp	93.2%
Operating Margin	41.7%-13.0pp	54.7%+10.2pp	44.4%-4.4pp	48.8%+2.4pp	46.4%+14.7pp	31.7%
Net Margin	30.7%-12.9pp	43.6%+10.7pp	32.9%-4.5pp	37.4%+5.6pp	31.9%+12.8pp	19.0%
Return on Equity	28.4%-18.3pp	46.6%+12.9pp	33.8%-5.4pp	39.2%+9.6pp	29.6%+11.4pp	18.2%
Return on Assets	7.9%-4.1pp	12.0%+3.8pp	8.2%-2.6pp	10.8%+2.7pp	8.1%+3.7pp	4.5%
Current Ratio	1.34+0.2	1.09+0.3	0.76-0.2	1.00+0.4	0.60-0.4	0.98
Debt-to-Equity	1.97-0.1	2.05-0.4	2.40+0.3	2.11+0.0	2.07-0.5	2.56
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	90.8%-2.2pp	93.1%-1.6pp	94.6%-0.8pp	95.5%0.0pp	95.5%-0.3pp	95.8%-0.5pp	96.3%+2.2pp	94.0%
Operating Margin	41.8%+12.1pp	29.6%-16.7pp	46.4%-0.8pp	47.2%+2.5pp	44.7%-1.2pp	45.9%+1.0pp	44.8%-7.1pp	51.9%
Net Margin	31.2%+12.7pp	18.5%-17.2pp	35.7%-0.6pp	36.3%+2.6pp	33.7%-2.2pp	35.9%+3.3pp	32.7%-9.2pp	41.8%
Return on Equity	10.0%+5.4pp	4.6%-5.6pp	10.2%-0.1pp	10.3%+1.0pp	9.3%-0.6pp	9.9%+1.3pp	8.5%-2.5pp	11.1%
Return on Assets	2.4%+1.1pp	1.3%-1.5pp	2.8%0.0pp	2.8%+0.3pp	2.5%-0.1pp	2.5%+0.3pp	2.2%-0.9pp	3.1%
Current Ratio	1.09-0.2	1.34-0.1	1.43+0.1	1.30+0.1	1.18+0.1	1.09-0.0	1.11-0.6	1.68
Debt-to-Equity	2.34+0.4	1.97-0.1	2.080.0	2.080.0	2.08+0.0	2.050.0	2.05-0.0	2.08
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Western Midstream Partners Lp's annual revenue?

Western Midstream Partners Lp (WES) reported $3.8B in total revenue for fiscal year 2025. This represents a 6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

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

Western Midstream Partners Lp (WES) revenue grew by 6.6% year-over-year, from $3.6B to $3.8B in fiscal year 2025.

Is Western Midstream Partners Lp profitable?

Yes, Western Midstream Partners Lp (WES) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 30.7%.

What is Western Midstream Partners Lp's EBITDA?

Western Midstream Partners Lp (WES) had EBITDA of $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Western Midstream Partners Lp have?

As of fiscal year 2025, Western Midstream Partners Lp (WES) had $819.5M in cash and equivalents against $8.2B in long-term debt.

What is Western Midstream Partners Lp's gross margin?

Western Midstream Partners Lp (WES) had a gross margin of 94.6% in fiscal year 2025, 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 41.7% in fiscal year 2025, 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 30.7% in fiscal year 2025, 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 28.4% for fiscal year 2025, 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 $2.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Western Midstream Partners Lp's total assets?

Western Midstream Partners Lp (WES) had $15.0B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Western Midstream Partners Lp have outstanding?

Western Midstream Partners Lp (WES) had 394M shares outstanding as of fiscal year 2025.

What is Western Midstream Partners Lp's current ratio?

Western Midstream Partners Lp (WES) had a current ratio of 1.34 as of fiscal year 2025, 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 1.97 as of fiscal year 2025, 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 7.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Western Midstream Partners Lp's Piotroski F-Score?

Western Midstream Partners Lp (WES) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Western Midstream Partners Lp's earnings high quality?

Western Midstream Partners Lp (WES) has an earnings quality ratio of 1.88x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Western Midstream Partners Lp cover its interest payments?

Western Midstream Partners Lp (WES) has an interest coverage ratio of 4.1x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Western Midstream Partners Lp?

Western Midstream Partners Lp (WES) scores 54 out of 100 on our Financial Health Score, indicating moderate standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.