Western Midstream Partners Lp (WES) Financials

WES

Trailing 12 months to March 31, 2026

Revenue $4.0B +11.4% YoY

Net Income $1.2B -6.7% YoY

Operating Cash Flow $2.2B -4.7% YoY

Gross Profit $3.8B +9.1% YoY

Market Cap $20.4B as of Sep 10, 2026

Price / Sales 5.0x on $4.0B revenue, trailing 12 months to March 31, 2026

Price / Earnings 16.7x on $1.2B net income, trailing 12 months to March 31, 2026

Price / Book 5.8x on $3.5B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WES SEC filings page.

Western Midstream Partners Lp (WES) reported $4.0B in revenue over the twelve months to Mar 31, 2026, up 11.4% from the prior twelve months. This page shows its 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 2026-08-29

A leveraged infrastructure model converts accounting profit into cash, but FY2025 growth arrived with a margin reset.

FY2025 operating cash flow reached $2.2B while net income fell to $1.2B from FY2024, so cash performance diverged from the income statement. The implied operating-cash-to-net-income ratio improved to 1.9x from 1.4x, consistent with depreciation and other noncash or timing effects making reported profit a weaker proxy for cash than the prior year.

Operating margin fell to 41.7% from 54.7% in FY2024 despite revenue growth. Net margin likewise dropped to 30.7% from 43.7%, so additional sales did not translate proportionally into profit.

The debt-to-equity ratio eased to 2.0x from 2.1x, but the improvement was relative rather than a shift away from debt financing. Current ratio rose to 1.3x, while investing cash flow swung to -$1.1B from -$39M, showing materially heavier cash deployment in FY2025.

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

Western Midstream Partners Lp has an operating margin of 41.7%, meaning the company retains $42 of operating profit per $100 of revenue. This strong profitability earns a score of 94/100, reflecting efficient cost management and pricing power. This is down from 54.7% the prior year.

Growth

Western Midstream Partners Lp's revenue grew 6.6% year-over-year to $3.8B, a solid pace of expansion. This earns a growth score of 71/100.

Leverage

Western Midstream Partners Lp has elevated debt relative to equity (D/E of 1.97), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 22/100, reflecting increased financial risk.

Liquidity

Western Midstream Partners Lp's current ratio of 1.34 indicates adequate short-term liquidity, earning a score of 52/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Not available for Western Midstream Partners Lp, and counted as zero in the overall score.

Returns

Western Midstream Partners Lp earns a strong 28.4% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 85/100. This is down from 46.6% the prior year.

Piotroski F-Score Neutral

4/9

Western Midstream Partners Lp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 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

4.10x

Western Midstream Partners Lp earns $4.10 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

$1.1B

YoY+22.5%

QoQ+8.9%

5Y CAGR+10.7%

10Y CAGR+11.4%

Western Midstream Partners Lp generated $1.1B in revenue in Q1 2026. This represents an increase of 22.5% from the same quarter a year earlier. Against the prior quarter it is up 8.9%.

EBITDA

$669.6M

YoY+15.4%

QoQ+33.0%

5Y CAGR+9.6%

10Y CAGR+11.9%

Western Midstream Partners Lp's EBITDA was $669.6M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 15.4% from the same quarter a year earlier. Against the prior quarter it is up 33.0%.

Net Income

$350.3M

YoY+13.4%

QoQ+83.7%

5Y CAGR+13.5%

10Y CAGR+15.7%

Western Midstream Partners Lp reported $350.3M in net income in Q1 2026. This represents an increase of 13.4% from the same quarter a year earlier. Against the prior quarter it is up 83.7%.

EPS (Diluted)

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt

$647.5M

YoY+44.4%

QoQ-21.0%

5Y CAGR+62.9%

10Y CAGR+19.2%

Western Midstream Partners Lp held $647.5M in cash against $8.2B in long-term debt as of Q1 2026.

Shares Outstanding

394M

YoY+3.3%

QoQ0.0%

5Y CAGR-1.0%

10Y CAGR+6.0%

Western Midstream Partners Lp had 394M shares outstanding in Q1 2026. This represents an increase of 3.3% from the same quarter a year earlier. It is unchanged from the prior quarter.

Free Cash Flow

Not reported for Q1 2026.

Dividends Per Share

Not reported for Q1 2026.

Margins & Returns

Gross Margin

90.8%

YoY-4.6pp

QoQ-2.2pp

5Y CAGR+4.0pp

Western Midstream Partners Lp's gross margin was 90.8% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 4.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.2 percentage points.

Operating Margin

41.8%

YoY-2.9pp

QoQ+12.1pp

5Y CAGR-1.5pp

10Y CAGR+2.0pp

Western Midstream Partners Lp's operating margin was 41.8% in Q1 2026, reflecting core business profitability. This is down 2.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.1 percentage points.

Net Margin

31.2%

YoY-2.5pp

QoQ+12.7pp

5Y CAGR+3.7pp

10Y CAGR+9.8pp

Western Midstream Partners Lp's net profit margin was 31.2% in Q1 2026, showing the share of revenue converted to profit. This is down 2.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.7 percentage points.

Return on Equity

10.0%

YoY+0.7pp

QoQ+5.4pp

5Y CAGR+3.7pp

10Y CAGR+7.8pp

Western Midstream Partners Lp's ROE was 10.0% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 5.4 percentage points.

Capital Allocation

None of these metrics is reported for Q1 2026.

WES Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WES quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$4.0B	$3.8B+6.6%	$3.6B+16.1%	$3.1B-4.5%	$3.3B+13.0%	$2.9B+3.8%	$2.8B+1.0%	$2.7B+19.4%	$2.3B-5.3%	$2.4B+25.2%	$1.9B+10.8%	$1.8B+14.3%	$1.5B+27.8%	$1.2B+34.2%	$894.5M+4.2%	$858.1M
Cost of Revenue	$268.4M	$207.0M+20.2%	$172.3M+4.6%	$164.6M-60.9%	$420.9M+30.6%	$322.3M+71.3%	$188.1M-57.7%	$444.2M+6.9%	$415.5M-56.4%	$953.8M+84.4%	$517.4M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$3.8B	$3.6B+5.9%	$3.4B+16.7%	$2.9B+3.9%	$2.8B+10.8%	$2.6B-1.1%	$2.6B+12.3%	$2.3B+22.2%	$1.9B+27.7%	$1.5B+3.6%	$1.4B	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$407.3M	$398.9M+46.9%	$271.5M+16.7%	$232.6M+19.9%	$194.0M-0.8%	$195.5M+25.5%	$155.8M+35.9%	$114.6M+70.5%	$67.2M+24.6%	$53.9M+3.0%	$52.4M+17.8%	$44.4M+6.3%	$41.8M+8.6%	$38.5M-61.4%	$99.7M+145.9%	$40.6M
Operating Income	$1.7B	$1.6B-18.7%	$2.0B+42.9%	$1.4B-13.1%	$1.6B+18.8%	$1.3B+52.0%	$878.9M-28.6%	$1.2B+43.0%	$861.3M+7.4%	$801.7M+2.4%	$783.1M+407.9%	$154.2M-72.0%	$551.5M+71.3%	$321.9M+65.7%	$194.3M-20.8%	$245.3M
EBITDA	N/A	$2.3B-11.8%	$2.6B+32.4%	$2.0B-8.8%	$2.2B+15.0%	$1.9B+37.8%	$1.4B-20.1%	$1.7B+37.1%	$1.3B+11.6%	$1.1B+3.8%	$1.1B+152.8%	$426.8M-44.1%	$763.3M+54.3%	$494.8M+57.1%	$314.9M-12.1%	$358.4M
Interest Expense	$406.6M	$390.5M+3.2%	$378.5M+8.7%	$348.2M+4.3%	$333.9M-11.3%	$376.5M-0.9%	$380.1M+25.3%	$303.3M+65.0%	$183.8M+29.0%	$142.5M+30.4%	$109.3M-4.0%	$113.9M+48.3%	$76.8M+48.2%	$51.8M+23.2%	$42.1M+38.6%	$30.3M
Income Tax	$15.2M	$15.1M-16.7%	$18.1M+313.0%	$4.4M+4.7%	$4.2M+142.7%	-$9.8M-263.5%	$6.0M-55.5%	$13.5M-77.1%	$58.9M+198.3%	-$59.9M-281.8%	$33.0M-27.6%	$45.5M+16.6%	$39.1M+815.6%	$4.3M-91.3%	$48.9M-16.9%	$58.8M
Net Income	$1.2B	$1.2B-24.9%	$1.6B+53.9%	$1.0B-16.0%	$1.2B+32.8%	$916.3M+73.9%	$527.0M-24.4%	$697.2M+26.4%	$551.6M+2.0%	$540.8M+32.8%	$407.1M+146.0%	$165.5M-42.5%	$288.0M+77.2%	$162.5M+164.8%	$61.4M-34.8%	$94.2M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$1.1B+22.5%	$1.0B+11.1%	$952.5M+7.8%	$942.3M+4.1%	$917.1M+3.3%	$928.5M+8.2%	$883.4M+13.8%	$905.6M+22.7%
Cost of Revenue	$102.9M+148.0%	$71.6M+82.2%	$51.2M+55.8%	$42.7M-21.0%	$41.5M-10.0%	$39.3M-3.6%	$32.8M+19.1%	$54.0M+20.7%
Gross Profit	$1.0B+16.6%	$959.9M+7.9%	$901.3M+6.0%	$899.6M+5.6%	$875.6M+4.0%	$889.2M+8.8%	$850.5M+13.6%	$851.6M+22.8%
SG&A Expenses	$75.2M+12.5%	$201.9M+165.5%	$64.1M-0.9%	$66.1M+5.1%	$66.8M-1.6%	$76.0M+4.1%	$64.7M+17.6%	$62.9M+17.8%
Operating Income	$469.2M+14.5%	$305.6M-28.2%	$441.6M+11.5%	$444.5M-5.4%	$409.8M-39.7%	$425.7M+8.6%	$395.9M+9.7%	$469.7M+39.5%
EBITDA	$669.6M+15.4%	$503.4M-14.5%	$611.9M+8.9%	$616.6M-2.6%	$580.3M-30.7%	$588.7M+5.7%	$561.9M+10.6%	$633.2M+31.9%
Interest Expense	$113.4M+16.5%	$105.7M+6.4%	$92.4M-1.9%	$95.2M+5.1%	$97.3M+2.9%	$99.3M+1.8%	$94.1M+13.8%	$90.5M+5.0%
Income Tax	$3.5M+1.9%	$7.3M+1549.3%	$2.1M-86.4%	$2.2M+196.6%	$3.4M+125.7%	$444K-68.4%	$15.4M+1600.6%	$755K+14.6%
Net Income	$350.3M+13.4%	$190.7M-42.8%	$339.6M+17.7%	$341.7M-9.8%	$309.0M-46.1%	$333.6M+15.7%	$288.5M+4.0%	$378.6M+49.7%

Not reported in any period shown, so not listed: R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

WES Balance Sheet

WES quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$15.0B+14.1%	$13.1B+5.4%	$12.5B+10.6%	$11.3B0.0%	$11.3B-4.7%	$11.8B-4.2%	$12.3B+7.8%	$11.5B+21.5%	$9.4B+21.9%	$7.7B+5.9%	$7.3B-3.5%	$7.6B+63.4%	$4.6B+19.8%	$3.9B	N/A
Current Assets	$1.7B-10.3%	$1.8B+86.1%	$992.4M+10.2%	$900.4M+31.5%	$684.8M-27.4%	$943.1M+134.4%	$402.4M+16.7%	$344.8M+34.5%	$256.3M-57.0%	$595.6M+97.6%	$301.4M+50.2%	$200.6M-3.5%	$207.8M-56.5%	$478.1M	N/A
Cash & Equivalents	$819.5M-24.8%	$1.1B+299.7%	$272.8M-4.8%	$286.7M+41.9%	$202.0M-54.6%	$444.9M+345.1%	$100.0M+8.5%	$92.1M+15.8%	$79.6M-77.8%	$359.1M+260.2%	$99.7M+48.3%	$67.2M-40.6%	$113.1M-73.2%	$422.6M+86.5%	$226.6M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$759.2M+8.3%	$701.2M+5.3%	$665.9M+21.3%	$548.9M+27.2%	$431.6M-4.7%	$452.7M+73.8%	$260.5M+17.8%	$221.1M+37.8%	$160.5M-16.7%	$192.6M+34.4%	$143.3M+20.5%	$118.9M+41.7%	$83.9M+72.9%	$48.5M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$353.3M+7285.7%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M-98.9%	$445.8M0.0%	$445.8M0.0%	$445.8M+6.8%	$417.6M-0.4%	$419.2M+0.1%	$418.6M+297.4%	$105.3M0.0%	$105.3M	N/A
Total Liabilities	$10.8B+10.9%	$9.8B+3.5%	$9.4B+15.7%	$8.2B-0.2%	$8.2B-8.5%	$8.9B-0.7%	$9.0B+37.1%	$6.6B+48.0%	$4.4B+22.3%	$3.6B+7.2%	$3.4B+12.9%	$3.0B+73.5%	$1.7B+17.4%	$1.5B	N/A
Current Liabilities	$1.2B-26.9%	$1.7B+29.7%	$1.3B+44.3%	$903.9M-20.7%	$1.1B+18.7%	$960.9M+97.7%	$486.0M-23.8%	$637.5M+16.3%	$548.0M+73.7%	$315.4M+33.9%	$235.6M-16.9%	$283.3M+48.0%	$191.5M+2.8%	$186.3M	N/A
Non-Current Liabilities	$9.6B+18.8%	$8.1B-0.7%	$8.1B+12.1%	$7.3B+3.2%	$7.0B-11.7%	$8.0B-6.4%	$8.5B+43.7%	$5.9B+52.5%	$3.9B+17.4%	$3.3B+5.2%	$3.1B+16.0%	$2.7B+76.7%	$1.5B+19.6%	$1.3B	N/A
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-6.7%	$8.0B+66.1%	$4.8B+37.1%	$3.5B+12.0%	$3.1B+15.9%	$2.7B+11.0%	$2.4B+70.9%	$1.4B+21.4%	$1.2B+74.6%	$669.2M
Total Equity	$4.2B+23.3%	$3.4B+11.4%	$3.0B-2.5%	$3.1B+0.4%	$3.1B+6.9%	$2.9B-13.5%	$3.3B-31.6%	$4.9B-2.0%	$5.0B+21.5%	$4.1B+4.9%	$3.9B-14.2%	$4.6B+57.3%	$2.9B+21.3%	$2.4B	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$14.9B+19.8%	$15.0B+14.1%	$12.1B-6.6%	$12.2B-0.2%	$12.5B+1.6%	$13.1B+5.4%	$13.0B+11.7%	$12.2B+8.6%
Current Assets	$1.5B+29.4%	$1.7B-10.3%	$917.1M-50.0%	$905.0M-15.3%	$1.2B+11.6%	$1.8B+86.1%	$1.8B+61.4%	$1.1B+34.0%
Cash & Equivalents	$647.5M+44.4%	$819.5M-24.8%	$177.3M-84.2%	$129.7M-62.3%	$448.4M+51.9%	$1.1B+299.7%	$1.1B+129.8%	$344.1M+60.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$812.8M+20.8%	$759.2M+8.3%	$682.3M+1.7%	$704.4M+3.0%	$672.6M-6.6%	$701.2M+5.3%	$670.6M+9.1%	$684.0M+23.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$347.6M+7168.3%	$353.3M+7285.7%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%
Total Liabilities	$11.4B+25.1%	$10.8B+10.9%	$8.8B-8.4%	$8.8B+0.8%	$9.1B+2.6%	$9.8B+3.5%	$9.6B+10.8%	$8.8B+6.8%
Current Liabilities	$1.4B+39.2%	$1.2B-26.9%	$640.5M-61.1%	$694.8M+9.6%	$1.0B+42.8%	$1.7B+29.7%	$1.6B+158.9%	$634.1M+2.0%
Non-Current Liabilities	$10.0B+23.4%	$9.6B+18.8%	$8.2B+2.5%	$8.1B+0.1%	$8.1B-0.8%	$8.1B-0.7%	$8.0B-1.0%	$8.1B+7.2%
Long-Term Debt	$8.2B+18.3%	$8.2B+18.3%	$6.9B-0.1%	$6.9B-3.0%	$6.9B-4.8%	$6.9B-4.9%	$6.9B-4.6%	$7.1B+4.6%
Total Equity	$3.5B+5.2%	$4.2B+23.3%	$3.3B-1.4%	$3.3B-2.6%	$3.3B-1.3%	$3.4B+11.4%	$3.4B+14.3%	$3.4B+13.3%

Not reported in any period shown, so not listed: Inventory, Retained Earnings.

WES Cash Flow Statement

WES quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.2B	$2.2B+4.0%	$2.1B+28.6%	$1.7B-2.4%	$1.7B-3.7%	$1.8B+7.9%	$1.6B+23.7%	$1.3B-1.8%	$1.3B+29.3%	$1.0B-1.3%	$1.1B+34.9%	$782.8M+13.3%	$690.7M+15.5%	$597.9M+115.5%	$277.5M+7.2%	$258.9M
Depreciation & Amortization	N/A	$710.8M+9.3%	$650.4M+8.3%	$600.7M+3.1%	$582.4M+5.6%	$551.6M+12.3%	$491.1M+1.6%	$483.3M+24.2%	$389.2M+22.1%	$318.8M+7.7%	$296.0M+8.6%	$272.6M+28.7%	$211.8M+22.5%	$172.9M+43.3%	$120.6M+6.6%	$113.1M
Stock-Based Compensation	N/A	$50.8M+33.7%	$38.0M+18.7%	$32.0M+15.2%	$27.8M+0.4%	$27.7M+23.2%	$22.5M+45.0%	$15.5M+140.9%	$6.4M+24.4%	$5.2M+3.7%	$5.0M+12.2%	$4.4M+8.3%	$4.1M+7.4%	$3.8M+2.8%	$3.7M+6.5%	$3.5M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$78.1M	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$519.8M	N/A	N/A
Investing Cash Flow	-$1.2B	-$1.1B-2670.6%	-$39.2M+97.6%	-$1.6B-636.5%	-$218.2M+15.3%	-$257.5M+42.5%	-$448.3M+86.8%	-$3.4B-53.2%	-$2.2B-95.1%	-$1.1B+7.9%	-$1.2B-145.8%	-$500.3M	N/A	N/A	N/A	N/A
Financing Cash Flow	-$783.4M	-$1.4B-10.0%	-$1.3B-1784.8%	-$67.9M+95.1%	-$1.4B+20.2%	-$1.8B-107.6%	-$844.2M-140.8%	$2.1B+136.7%	$875.2M+563.4%	-$188.9M-143.6%	$433.1M+273.2%	-$250.1M	N/A	N/A	N/A	N/A
Dividends Paid	$1.5B	$1.4B+14.8%	$1.2B+27.4%	$978.4M+33.0%	$735.8M+37.8%	$533.8M-23.3%	$695.8M-28.2%	$969.1M+92.9%	$502.5M+13.7%	$442.0M+18.1%	$374.1M+22.1%	$306.5M+34.1%	$228.5M+66.8%	$137.0M	$0	$0
Share Buybacks	N/A	$0	$0-100.0%	$134.6M-72.4%	$487.6M+124.2%	$217.5M+568.4%	$32.5M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$469.9M-11.5%	$557.6M+0.6%	$570.2M+3.4%	$564.0M-10.7%	$530.8M+32.8%	$554.4M+17.1%	$551.3M+39.6%	$631.4M+28.6%
Depreciation & Amortization	$200.4M+17.6%	$197.9M+21.4%	$170.3M+2.6%	$172.1M+5.3%	$170.5M+7.9%	$163.0M-1.3%	$166.0M+12.7%	$163.4M+13.9%
Stock-Based Compensation	$10.9M+31.6%	N/A	N/A	N/A	$8.2M-12.5%	N/A	N/A	N/A
Investing Cash Flow	-$234.9M-66.8%	-$608.9M-164.4%	-$161.5M+15.3%	-$174.0M-1060.2%	-$140.8M-135.5%	-$230.3M+78.4%	-$190.7M+8.3%	-$15.0M+90.1%
Financing Cash Flow	-$407.0M+60.6%	$693.5M+293.5%	-$361.1M-186.0%	-$708.7M-24.9%	-$1.0B-33.3%	-$358.4M-194.6%	$420.0M+373.7%	-$567.5M-138.4%
Dividends Paid	$379.7M+11.3%	$379.5M+11.3%	$355.3M+4.2%	$355.3M+4.2%	$341.0M+52.6%	$340.9M+52.6%	$340.9M+53.9%	$340.9M+1.1%
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	$0-100.0%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

WES Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

WES quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	94.6%-0.6pp	95.2%+0.5pp	94.7%+7.6pp	87.1%-1.7pp	88.8%-4.4pp	93.2%+9.4pp	83.8%+1.9pp	81.9%+21.2pp	60.7%-12.6pp	73.4%	N/A	N/A	N/A	N/A	N/A
Operating Margin	41.7%-13.0pp	54.7%+10.2pp	44.4%-4.4pp	48.8%+2.4pp	46.4%+14.7pp	31.7%-13.1pp	44.8%+7.4pp	37.5%+4.4pp	33.0%-7.3pp	40.3%+31.5pp	8.8%-27.2pp	36.0%+9.2pp	26.8%+5.1pp	21.7%-6.9pp	28.6%
Net Margin	30.7%-12.9pp	43.6%+10.7pp	32.9%-4.5pp	37.4%+5.6pp	31.9%+12.8pp	19.0%-6.4pp	25.4%+1.4pp	24.0%+1.7pp	22.3%+1.3pp	21.0%+11.5pp	9.4%-9.3pp	18.8%+5.2pp	13.5%+6.7pp	6.9%-4.1pp	11.0%
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%-2.6pp	20.8%+9.6pp	11.3%+0.4pp	10.8%+0.9pp	9.9%+5.7pp	4.2%-2.1pp	6.3%+0.7pp	5.6%+3.0pp	2.6%	N/A
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%-1.2pp	5.7%+0.8pp	4.8%-0.9pp	5.7%+0.5pp	5.3%+3.0pp	2.3%-1.5pp	3.8%+0.3pp	3.5%+1.9pp	1.6%	N/A
Current Ratio	1.34+0.2x	1.09+0.3x	0.76-0.2x	1.00+0.4x	0.60-0.4x	0.98+0.2x	0.83+0.3x	0.54+0.1x	0.47-1.4x	1.89+0.6x	1.28+0.6x	0.71-0.4x	1.09-1.5x	2.57	N/A
Debt-to-Equity	1.97-0.1x	2.05-0.4x	2.40+0.3x	2.110.0x	2.07-0.5x	2.56+0.2x	2.38+1.4x	0.98+0.3x	0.70-0.1x	0.76+0.1x	0.69+0.2x	0.530.0x	0.490.0x	0.49	N/A
Asset Turnover	0.260.0x	0.270.0x	0.250.0x	0.290.0x	0.260.0x	0.230.0x	0.220.0x	0.20-0.1x	0.260.0x	0.250.0x	0.240.0x	0.20-0.1x	0.260.0x	0.23	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	43.3%	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Gross Margin	90.8%-4.6pp	93.1%-2.7pp	94.6%-1.6pp	95.5%+1.4pp	95.5%+0.7pp	95.8%+0.5pp	96.3%-0.2pp	94.0%+0.1pp
Operating Margin	41.8%-2.9pp	29.6%-16.2pp	46.4%+1.6pp	47.2%-4.7pp	44.7%-31.9pp	45.9%+0.2pp	44.8%-1.7pp	51.9%+6.3pp
Net Margin	31.2%-2.5pp	18.5%-17.4pp	35.7%+3.0pp	36.3%-5.6pp	33.7%-30.8pp	35.9%+2.3pp	32.7%-3.1pp	41.8%+7.6pp
Return on Equity	10.0%+0.7pp	4.6%-5.3pp	10.2%+1.7pp	10.3%-0.8pp	9.3%-7.7pp	9.9%+0.4pp	8.5%-0.8pp	11.1%+2.7pp
Return on Assets	2.4%-0.1pp	1.3%-1.3pp	2.8%+0.6pp	2.8%-0.3pp	2.5%-2.2pp	2.5%+0.2pp	2.2%-0.2pp	3.1%+0.9pp
Current Ratio	1.09-0.1x	1.34+0.2x	1.43+0.3x	1.30-0.4x	1.18-0.3x	1.09+0.3x	1.11-0.7x	1.68+0.4x
Debt-to-Equity	2.34+0.3x	1.97-0.1x	2.080.0x	2.080.0x	2.08-0.1x	2.05-0.4x	2.05-0.4x	2.08-0.2x
Asset Turnover	0.080.0x	0.070.0x	0.080.0x	0.080.0x	0.070.0x	0.070.0x	0.070.0x	0.070.0x

Not reported in any period shown, so not listed: FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Western Midstream Partners Lp WES	FY2025	$3.8B	$1.2B	30.7%	$20.4B	54/100
Plains All Amer PAA	FY2025	$44.3B	$1.8B	4.0%	$18.3B	37/100
Viper Energy VNOM	FY2025	$1.4B	-$206.0M	-14.8%	$16.1B	56/100
Dt Midstream Inc DTM	FY2025	$1.2B	$441.0M	35.5%	$13.4B	64/100
Targa Res Corp TRGP	FY2025	$17.0B	$1.9B	11.3%	$63.1B	46/100

Where Western Midstream Partners Lp Ranks

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 P/E ratio?

Western Midstream Partners Lp (WES) trades at 16.7x earnings, its market capitalization divided by net income of $1.2B net income, trailing 12 months to March 31, 2026. The market capitalization is $20.4B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Western Midstream Partners Lp's price-to-sales ratio?

Western Midstream Partners Lp (WES) trades at 5.0x sales, its market capitalization divided by revenue of $4.0B revenue, trailing 12 months to March 31, 2026. The market capitalization is $20.4B as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Western Midstream Partners Lp (WES) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. 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 4.10x, 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.