Western Midstream Partners, LP (WES) Financials

WES NYSE

Trailing 12 months to June 30, 2026

Revenue $4.3B +18.0% YoY

Net Income $1.3B +0.9% YoY

Free Cash Flow $983.7M -32.2% YoY

Operating Cash Flow $2.1B -3.1% YoY

Market Cap $18.7B as of Oct 26, 2026

Price / Sales 4.3x on $4.3B revenue, trailing 12 months to June 30, 2026

Price / Earnings 14.5x on $1.3B net income, trailing 12 months to June 30, 2026

Price / Book 4.2x on $4.4B equity, Q2 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 Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 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 $4.3B in revenue over the twelve months to Jun 30, 2026, up 18.0% 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 2026-10-24

Revenue keeps growing, but FY2025 profit weakened as overhead and leverage offset the cash-flow benefit from lower capital spending.

Cash conversion improved even as net income fell 24.9%: operating cash flow still rose 4.0%, indicating reported earnings understated the period’s cash production. Free cash flow reached $1.49B while capital spending was $728M, so the stronger cash result came partly from reduced reinvestment rather than stronger operating profit.

Leverage remains central to the balance sheet: liabilities represented 72.2% of assets and debt-to-equity was 2.0x, making financing structure an important part of the business model. The current ratio improved to 1.3x even as long-term debt increased 18.3%, separating better near-term coverage from greater borrowing.

FY2025 growth did not translate into operating leverage: revenue rose 6.6% while operating income fell 18.7%. Selling, general and administrative expense increased 46.9%, coinciding with operating margin dropping to 41.7%; the cost base absorbed more of the added revenue.

Financial Health Signals

Financial Health Score 69/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. 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 95/100, 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 70/100.

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 20/100, 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

Western Midstream Partners, LP converts 38.9% of revenue into free cash flow ($1.5B). This strong cash generation earns a score of 95/100.

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 83/100. 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

Export CSV

Earnings & Revenue

Revenue

$1.2B

YoY+30.0%

QoQ+9.0%

5Y CAGR+11.2%

10Y CAGR+11.1%

Western Midstream Partners, LP generated $1.2B in revenue in Q2 2026. This represents an increase of 30.0% from the same quarter a year earlier. Against the prior quarter it is up 9.0%.

EBITDA

$732.6M

YoY+18.8%

QoQ+9.4%

5Y CAGR+9.2%

10Y CAGR+11.7%

Western Midstream Partners, LP's EBITDA was $732.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 18.8% from the same quarter a year earlier. Against the prior quarter it is up 9.4%.

Net Income

$403.6M

YoY+18.1%

QoQ+15.2%

5Y CAGR+11.8%

10Y CAGR+16.3%

Western Midstream Partners, LP reported $403.6M in net income in Q2 2026. This represents an increase of 18.1% from the same quarter a year earlier. Against the prior quarter it is up 15.2%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$28.7M

YoY-92.6%

QoQ-87.8%

5Y CAGR-40.2%

10Y CAGR-2.5%

Western Midstream Partners, LP generated $28.7M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 92.6% from the same quarter a year earlier. Against the prior quarter it is down 87.8%.

Cash & Debt

$104.8M

YoY-19.2%

QoQ-83.8%

5Y CAGR-19.3%

10Y CAGR-4.1%

Western Midstream Partners, LP held $104.8M in cash against $8.9B in long-term debt as of Q2 2026.

Dividends Per Share

Not reported for Q2 2026.

Shares Outstanding

Not reported for Q2 2026.

Margins & Returns

Gross Margin

90.4%

YoY-5.1pp

QoQ-0.4pp

5Y change+1.3pp

Western Midstream Partners, LP's gross margin was 90.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 5.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.4 percentage points.

Operating Margin

43.0%

YoY-4.2pp

QoQ+1.2pp

5Y change-3.6pp

10Y change+2.1pp

Western Midstream Partners, LP's operating margin was 43.0% in Q2 2026, reflecting core business profitability. This is down 4.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.2 percentage points.

Net Margin

33.0%

YoY-3.3pp

QoQ+1.8pp

5Y change+0.8pp

10Y change+12.2pp

Western Midstream Partners, LP's net profit margin was 33.0% in Q2 2026, showing the share of revenue converted to profit. This is down 3.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.

Return on Equity

9.2%

YoY-1.1pp

QoQ-0.8pp

5Y change+1.6pp

10Y change+7.0pp

Western Midstream Partners, LP's quarterly ROE was 9.2% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.8 percentage points.

Capital Allocation

Capital Expenditures

$506.1M

YoY+183.3%

QoQ+114.7%

5Y CAGR+45.3%

10Y CAGR+15.6%

Western Midstream Partners, LP invested $506.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 183.3% from the same quarter a year earlier. Against the prior quarter it is up 114.7%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 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	$4.3B	$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	$343.1M	$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	$4.0B	$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	$427.1M	$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	$420.4M	$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	$18.1M	$15.1M-16.7%	$18.1M+313.0%	$4.4M+4.7%	$4.2Mn/m	-$9.8M-263.5%	$6.0M-55.5%	$13.5M-77.1%	$58.9Mn/m	-$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	$1.3B	$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	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$1.2B+30.0%	$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%
Cost of Revenue	$117.4M+175.2%	$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%
Gross Profit	$1.1B+23.1%	$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%
SG&A Expenses	$85.9M+29.9%	$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%
Operating Income	$526.7M+18.5%	$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%
EBITDA	$732.6M+18.8%	$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%
Interest Expense	$109.0M+14.5%	$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%
Income Tax	$5.2M+130.1%	$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%
Net Income	$403.6M+18.1%	$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%

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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$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	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$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	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$16.3B+34.2%	$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%
Current Assets	$1.1B+25.8%	$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%
Cash & Equivalents	$104.8M-19.2%	$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%
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Accounts Receivable	$938.6M+33.2%	$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%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Goodwill	$391.5M+8084.8%	$347.6M+7168.3%	$353.3M+7285.7%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%	$4.8M0.0%
Total Liabilities	$11.9B+35.0%	$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%
Current Liabilities	$1.2B+79.8%	$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%
Non-Current Liabilities	$10.7B+31.2%	$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%
Long-Term Debt	$8.9B+28.3%	$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%
Total Equity	$4.4B+32.1%	$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%

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	$2.1B	$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	$1.1B	$728.0M-12.7%	$833.9M+13.4%	$735.1M+50.9%	$487.2M+55.3%	$313.7M-26.0%	$423.6M-64.4%	$1.2B-39.0%	$1.9B+89.5%	$1.0B+85.6%	$554.1M-13.1%	$638.0M-20.8%	$805.0M+930.4%	$78.1M-87.8%	$638.1M+326.2%	$149.7M
Free Cash Flow	$983.7M	$1.5B+14.7%	$1.3B+40.7%	$926.3M-23.7%	$1.2B-16.4%	$1.5B+19.7%	$1.2B+800.1%	$134.8Mn/m	-$600.4M-4270.7%	$14.4M-97.1%	$502.0M+246.6%	$144.8Mn/m	-$114.3M-122.0%	$519.8Mn/m	-$360.6M-430.3%	$109.2M
Investing Cash Flow	-$2.1B	-$1.1Bn/m	-$39.2Mn/m	-$1.6Bn/m	-$218.2Mn/m	-$257.5Mn/m	-$448.3Mn/m	-$3.4Bn/m	-$2.2Bn/m	-$1.1Bn/m	-$1.2Bn/m	-$500.3M	N/A	N/A	N/A	N/A
Financing Cash Flow	-$44.8M	-$1.4Bn/m	-$1.3Bn/m	-$67.9Mn/m	-$1.4Bn/m	-$1.8Bn/m	-$844.2M-140.8%	$2.1B+136.7%	$875.2Mn/m	-$188.9M-143.6%	$433.1Mn/m	-$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%	$137.0Mn/m	$0n/m	$0
Share Buybacks	N/A	$0n/m	$0-100.0%	$134.6M-72.4%	$487.6M+124.2%	$217.5M+568.4%	$32.5Mn/m	$0n/m	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$534.7M-5.2%	$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%
Depreciation & Amortization	$205.9M+19.7%	$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%
Stock-Based Compensation	$24.4M	$10.9M+31.6%	N/A	N/A	N/A	$8.2M-12.5%	N/A	N/A
Capital Expenditures	$506.1M+183.3%	$235.7M+65.5%	$222.2M-6.9%	$184.8M-2.5%	$178.6M-15.7%	$142.4M-26.5%	$238.8M+20.2%	$189.4M-6.2%
Free Cash Flow	$28.7M-92.6%	$234.2M-39.7%	$335.4M+6.3%	$385.5M+6.5%	$385.4M-8.2%	$388.4M+88.6%	$315.7M+14.9%	$361.9M+87.6%
Investing Cash Flow	-$1.1Bn/m	-$234.9Mn/m	-$608.9Mn/m	-$161.5Mn/m	-$174.0Mn/m	-$140.8M-135.5%	-$230.3Mn/m	-$190.7Mn/m
Financing Cash Flow	$29.9Mn/m	-$407.0Mn/m	$693.5Mn/m	-$361.1M-186.0%	-$708.7Mn/m	-$1.0Bn/m	-$358.4M-194.6%	$420.0M+373.7%
Dividends Paid	$374.6M+5.5%	$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%
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	$0n/m	$0-100.0%

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
Liabilities-to-Equity	2.60-0.3x	2.89-0.2x	3.12+0.5x	2.630.0x	2.64-0.4x	3.09+0.4x	2.69+1.3x	1.34+0.5x	0.890.0x	0.880.0x	0.86+0.2x	0.66+0.1x	0.590.0x	0.61	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	38.9%+2.8pp	36.1%+6.3pp	29.8%-7.5pp	37.3%-13.2pp	50.5%+6.7pp	43.8%+38.9pp	4.9%+31.0pp	-26.1%-26.7pp	0.6%-25.3pp	25.9%+17.6pp	8.3%+15.7pp	-7.5%-50.8pp	43.3%+83.6pp	-40.3%-53.0pp	12.7%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	90.4%-5.1pp	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
Operating Margin	43.0%-4.2pp	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
Net Margin	33.0%-3.3pp	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
Return on Equity	9.2%-1.1pp	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
Return on Assets	2.5%-0.3pp	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
Current Ratio	0.91-0.4x	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
Debt-to-Equity	2.02-0.1x	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
Liabilities-to-Equity	2.71+0.1x	3.26+0.5x	2.60-0.3x	2.64-0.2x	2.65+0.1x	2.74+0.1x	2.89-0.2x	2.84-0.1x
Asset Turnover	0.080.0x	0.080.0x	0.070.0x	0.080.0x	0.080.0x	0.070.0x	0.070.0x	0.070.0x
FCF Margin	2.3%-38.6pp	20.8%-21.5pp	32.5%-1.5pp	40.5%-0.5pp	40.9%-5.4pp	42.4%+19.1pp	34.0%+2.0pp	41.0%+16.1pp

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%	$18.7B	69/100
Plains All American Pipeline, L.P. Common Units PAA	FY2025	$44.3B	$1.4B	3.2%	$18.8B	36/100
Viper Energy, Inc. VNOM	FY2025	$1.4B	-$68.0M	-4.9%	$9.1B	67/100
DT Midstream, Inc. DTM	FY2025	$1.2B	$441.0M	35.5%	$12.6B	63/100
PEMBINA PIPELINE CORPORATION PBA	FY2025	$5.7B	$1.2B	21.8%	$29.3B	50/100
Targa Resources Corp. TRGP	FY2025	$17.0B	$1.9B	11.3%	$64.8B	45/100

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 $1.3B over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $1.2B, 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 free cash flow?

Western Midstream Partners, LP (WES) generated $1.5B in free cash flow during fiscal year 2025. This represents a 14.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

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.

What are Western Midstream Partners, LP's capital expenditures?

Western Midstream Partners, LP (WES) invested $728.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

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. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Western Midstream Partners, LP's liabilities-to-equity ratio?

Western Midstream Partners, LP (WES) had a liabilities-to-equity ratio of 2.60 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-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 14.5x earnings, its market capitalization divided by $1.3B net income, trailing 12 months to June 30, 2026. The market capitalization is $18.7B as of Oct 26, 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 4.3x sales, its market capitalization divided by $4.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $18.7B as of Oct 26, 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 69 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is the average 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.