For the twelve months ended Sep 30, 2026, Western Midstream Partners LP reported $4.57B of revenue and $1.30B of net income.
WES revenue was $1.19B in fiscal Q3 2026 (ended Sep 30, 2026), up 25.4% from a year earlier and down 2.5% from the prior quarter. For the full fiscal 2025 it was $3.84B, up 6.6% from fiscal 2024. Compound annual growth was +6.7% over 5 years and +8.2% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.
WES net income was $331.91M in fiscal Q3 2026 (ended Sep 30, 2026), down 2.3% from a year earlier and down 20.1% from the prior quarter. For the full fiscal 2025 it was $1.18B, down 24.9% from fiscal 2024. Compound annual growth was +17.5% over 5 years and +21.7% over 10 years. It rose in 7 of the last 10 fiscal years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.84B | $3.61B | $3.11B | $3.25B | $2.88B | $2.77B | $2.75B | $2.31B | $2.43B | $1.80B |
| Cost of revenue | - | - | - | - | - | - | - | $431.92M | $908.69M | $494.19M |
| Gross profit | - | - | - | - | - | - | - | $1.87B | $1.52B | $1.31B |
| Selling, general and admin | $398.92M | $271.53M | $232.63M | $194.02M | $195.55M | $155.77M | $114.59M | $67.19M | $53.95M | $49.25M |
| Operating income | $1.60B | $1.97B | $1.38B | $1.59B | $1.34B | $878.91M | $1.23B | $861.28M | $801.70M | $704.53M |
| Interest expense | $390.49M | $378.51M | $348.23M | $333.94M | $376.51M | $380.06M | $303.29M | $183.83M | $142.52M | $116.63M |
| Pre-tax income | $1.23B | $1.63B | $1.05B | $1.26B | $934.19M | $522.85M | $821.17M | $689.59M | $677.46M | $605.35M |
| Income tax | $15.09M | $18.11M | $4.38M | $4.19M | -$9.81M | $6.00M | $13.47M | $58.93M | -$59.92M | $8.37M |
| Net income | $1.18B | $1.57B | $1.02B | $1.22B | $916.29M | $527.01M | $697.24M | $551.57M | $540.79M | $345.77M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $819.49M | $1.09B | $272.79M | $286.66M | $202.00M | $444.92M | $99.96M | $92.14M | $79.59M | $359.07M |
| Receivables | $759.18M | $701.23M | $665.89M | $548.86M | $431.65M | $452.72M | $260.46M | $221.12M | $160.19M | $192.61M |
| Current assets | $1.66B | $1.85B | $992.41M | $900.42M | $684.76M | $943.06M | $402.41M | $344.76M | $255.21M | $595.59M |
| Goodwill | $353.26M | $4.78M | $4.78M | $4.78M | $4.78M | $4.78M | $445.80M | $445.80M | $416.16M | $417.61M |
| Total assets | $15.00B | $13.14B | $12.47B | $11.27B | $11.27B | $11.83B | $12.35B | $11.46B | $8.02B | $7.74B |
| Current liabilities | $1.24B | $1.69B | $1.30B | $903.86M | $1.14B | $960.93M | $485.95M | $637.48M | $424.43M | $315.39M |
| Short-term debt | - | - | - | - | - | - | $7.87M | $28.00M | $0 | - |
| Long-term debt | $8.20B | $6.93B | $7.28B | $6.57B | $6.40B | $7.42B | $7.95B | $4.79B | $3.49B | $3.12B |
| Total debt | $8.20B | $6.93B | $7.28B | $6.57B | $6.40B | $7.42B | $7.96B | $4.82B | $3.49B | $3.12B |
| Total liabilities | $10.84B | $9.77B | $9.44B | $8.16B | $8.18B | $8.93B | $9.00B | $6.56B | $4.07B | $3.63B |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.22B | $2.14B | $1.66B | $1.70B | $1.77B | $1.64B | $1.32B | $1.35B | $1.04B | $913.08M |
| Investing cash flow | -$1.09B | -$39.17M | -$1.61B | -$218.24M | -$257.54M | -$448.25M | -$3.39B | -$2.21B | -$1.13B | -$1.11B |
| Financing cash flow | -$1.41B | -$1.28B | -$67.91M | -$1.40B | -$1.75B | -$844.20M | $2.07B | $875.19M | -$188.88M | $451.84M |
| Dividends paid | $1.43B | $1.25B | $978.43M | $735.75M | $533.76M | $695.83M | $969.07M | $502.46M | $441.97M | $374.08M |
| Share repurchases | $0 | $0 | $134.60M | $487.59M | $217.47M | $32.53M | $0 | $0 | - | - |
| Stock-based compensation | $50.80M | $37.99M | $32.01M | $27.78M | $27.68M | $22.46M | $15.49M | $6.43M | $5.17M | $4.99M |
| Depreciation and amortization | $710.78M | $650.43M | $600.67M | $582.37M | $551.63M | $491.09M | $483.25M | $389.16M | $318.77M | $272.93M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 6.6% | 16.1% | -4.5% | 13.0% | 3.8% | 1.0% | 19.1% | -5.1% | 34.7% | 3.0% |
| Net income growth, YoY | -24.9% | 53.9% | -16.0% | 32.8% | 73.9% | -24.4% | 26.4% | 2.0% | 56.4% | 108.9% |
| Gross margin | - | - | - | - | - | - | - | 81.3% | 62.6% | 72.6% |
| Operating margin | 41.7% | 54.7% | 44.4% | 48.8% | 46.4% | 31.7% | 44.8% | 37.4% | 33.0% | 39.0% |
| Net margin | 30.7% | 43.6% | 32.9% | 37.4% | 31.8% | 19.0% | 25.4% | 23.9% | 22.3% | 19.2% |
| Return on assets | 7.9% | 12.0% | 8.2% | 10.8% | 8.1% | 4.5% | 5.6% | 4.8% | 6.7% | 4.5% |
| Current ratio | 1.34 | 1.09 | 0.76 | 1.00 | 0.60 | 0.98 | 0.83 | 0.54 | 0.60 | 1.89 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.19B | $1.22B | $1.12B | $1.03B | $952.48M | $942.32M | $917.12M | $928.50M | $883.36M | $905.63M | $887.73M | $858.21M |
| Selling, general and admin | $87.78M | $85.93M | $75.15M | $201.87M | $64.12M | $66.15M | $66.79M | $76.03M | $64.73M | $62.93M | $67.84M | $73.06M |
| Operating income | $461.55M | $526.70M | $469.19M | $305.56M | $441.56M | $444.48M | $409.80M | $425.74M | $395.87M | $469.75M | $679.37M | $391.92M |
| Interest expense | $116.58M | $108.98M | $113.39M | $105.67M | $92.35M | $95.17M | $97.29M | $99.34M | $94.15M | $90.52M | $94.51M | $97.62M |
| Pre-tax income | $345.76M | $420.40M | $362.53M | $203.59M | $350.96M | $353.00M | $319.99M | $342.02M | $311.28M | $388.32M | $587.74M | $297.16M |
| Income tax | - | - | $3.50M | $7.32M | $2.09M | $2.24M | $3.44M | $444.0K | $15.39M | $755.0K | $1.52M | $1.41M |
| Net income | $331.91M | $415.25M | $359.03M | $190.68M | $339.62M | $350.76M | $316.55M | $333.61M | $288.48M | $387.56M | $586.22M | $288.35M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $44.50M | - | $647.50M | $819.49M | $177.29M | $129.73M | $448.45M | $1.09B | $1.12B | $344.12M | $295.25M | $272.79M |
| Receivables | $1.06B | - | $812.80M | $759.18M | $682.34M | $704.41M | $672.60M | $701.23M | $670.61M | $684.00M | $720.17M | $665.89M |
| Current assets | $1.18B | - | $1.54B | $1.66B | $917.05M | $905.01M | $1.19B | $1.85B | $1.83B | $1.07B | $1.07B | $992.41M |
| Goodwill | $394.20M | - | $347.64M | $353.26M | $4.78M | $4.78M | $4.78M | $4.78M | $4.78M | $4.78M | $4.78M | $4.78M |
| Total assets | $16.43B | - | $14.92B | $15.00B | $12.13B | $12.16B | $12.46B | $13.14B | $12.98B | $12.18B | $12.27B | $12.47B |
| Current liabilities | $1.45B | - | $1.41B | $1.24B | $640.47M | $694.80M | $1.01B | $1.69B | $1.65B | $634.12M | $708.14M | $1.30B |
| Long-term debt | $8.88B | - | $8.19B | $8.20B | $6.92B | $6.92B | $6.93B | $6.93B | $6.93B | $7.14B | $7.27B | $7.28B |
| Total debt | $8.88B | - | $8.19B | $8.20B | $6.92B | $6.92B | $6.93B | $6.93B | $6.93B | $7.14B | $7.27B | $7.28B |
| Total liabilities | $12.09B | - | $11.42B | $10.84B | $8.80B | $8.83B | $9.12B | $9.77B | $9.60B | $8.76B | $8.89B | $9.44B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | - | - | $469.90M | $557.64M | $570.21M | $563.98M | $530.79M | $554.45M | $551.29M | $631.42M | $399.71M | $473.30M |
| Investing cash flow | - | - | -$234.88M | -$608.91M | -$161.53M | -$173.97M | -$140.79M | -$230.32M | -$190.70M | -$14.99M | $396.85M | -$1.07B |
| Financing cash flow | - | - | -$407.02M | $693.47M | -$361.13M | -$708.72M | -$1.03B | -$358.40M | $420.03M | -$567.55M | -$774.10M | $378.70M |
| Dividends paid | - | - | $379.68M | $379.52M | $355.25M | $355.25M | $341.00M | $340.91M | $340.86M | $340.86M | $223.44M | $223.43M |
| Share repurchases | - | - | - | - | - | - | - | $0 | $0 | $0 | $0 | $0 |
| Stock-based compensation | - | - | $10.85M | $21.39M | $10.46M | $10.71M | $8.25M | $9.42M | $8.76M | $10.39M | $9.42M | $9.97M |
| Depreciation and amortization | - | - | $200.43M | $197.88M | $170.32M | $172.11M | $170.46M | $162.99M | $166.01M | $163.43M | $157.99M | $165.19M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 25.4% | 30.0% | 22.5% | 11.1% | 7.8% | 4.1% | 3.3% | 8.2% | 13.8% | 22.7% | 20.9% | 10.1% |
| Net income growth, YoY | -2.3% | 18.4% | 13.4% | -42.8% | 17.7% | -9.5% | -46.0% | 15.7% | 4.0% | 49.3% | 181.4% | -14.3% |
| Operating margin | 38.6% | 43.0% | 41.8% | 29.6% | 46.4% | 47.2% | 44.7% | 45.9% | 44.8% | 51.9% | 76.5% | 45.7% |
| Net margin | 27.8% | 33.9% | 32.0% | 18.5% | 35.7% | 37.2% | 34.5% | 35.9% | 32.7% | 42.8% | 66.0% | 33.6% |
| Current ratio | 0.81 | - | 1.09 | 1.34 | 1.43 | 1.30 | 1.18 | 1.09 | 1.11 | 1.68 | 1.51 | 0.76 |
Source: XBRL data Western Midstream Partners LP files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| WES | $4.57B | +22.3% | $1.30B | 28.4% | $16.94B |
| WMB | $15.43B | +10.1% | $3.07B | 19.9% | $168.77B |
| ENB | C$89.93B | +40.0% | C$6.73B | 7.5% | $103.53B |
| NGG | £17.69B | -3.8% | £3.24B | 18.3% | $88.47B |
| EPD | $64.40B | +21.5% | $6.59B | 10.2% | $79.15B |
| KMI | $18.34B | +11.7% | $3.60B | 19.6% | $68.09B |
| TRP | C$15.24B | +10.7% | C$3.52B | 23.1% | $62.83B |
| TRGP | $18.19B | +4.7% | $2.45B | 13.5% | $58.71B |
| MPLX | $13.21B | +3.1% | $4.34B | 32.9% | $57.54B |