Western Midstream Partners, LP
WES NYSE Natural Gas Transmission Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$3.8B
6.6%
vs prior year
Operating margin
Operating income as a share of revenue.
41.7%
13.0 pts
Net income
Profit after all expenses, interest and tax.
$1.2B
24.9%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $3.04 EPS (TTM)
What Western Midstream Partners, LP does
No business description yet.
- Legal name
- Western Midstream Partners, LP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 18, 2026
- Accession · CIK
- 0001423902-26-000030
0001423902
Revenue and margins
Western Midstream Partners, LP had $3.8B of revenue in fiscal 2025, up 6.6% on the year before.
FY16
Revenue $1.8B
FY17
Revenue $2.4B
FY18
Revenue $2.3B
FY19
Revenue $2.7B
FY20
Revenue $2.8B
FY21
Revenue $2.9B
FY22
Revenue $3.3B
FY23
Revenue $3.1B
FY24
Revenue $3.6B
FY25
Revenue $3.8B
Q2 '23
Revenue $738M
Q3 '23
Revenue $776M
Q4 '23
Revenue $858M
Q1 '24
Revenue $888M
Q2 '24
Revenue $906M
Q3 '24
Revenue $883M
Q4 '24
Revenue $929M
Q1 '25
Revenue $917M
Q2 '25
Revenue $942M
Q3 '25
Revenue $952M
Q4 '25
Revenue $1.0B
Q1 '26
Revenue $1.1B
FY16
Gross 72.6%
Operating 39.0%
Net 19.2%
FCF —
FY17
Gross 62.6%
Operating 33.0%
Net 22.3%
FCF —
FY18
Gross 81.2%
Operating 37.5%
Net 24.0%
FCF —
FY19
Gross —
Operating 44.8%
Net 25.4%
FCF —
FY20
Gross —
Operating 31.7%
Net 19.0%
FCF —
FY21
Gross —
Operating 46.4%
Net 31.8%
FCF —
FY22
Gross —
Operating 48.8%
Net 37.4%
FCF —
FY23
Gross —
Operating 44.4%
Net 32.9%
FCF —
FY24
Gross —
Operating 54.7%
Net 43.6%
FCF —
FY25
Gross —
Operating 41.7%
Net 30.7%
FCF —
Gross
Operating
Net
FCF
Q2 '23
Gross —
Operating 45.6%
Net 34.3%
FCF —
Q3 '23
Gross —
Operating 46.5%
Net 35.7%
FCF —
Q4 '23
Gross —
Operating 45.7%
Net 33.6%
FCF —
Q1 '24
Gross —
Operating 76.5%
Net 64.5%
FCF —
Q2 '24
Gross —
Operating 51.9%
Net 41.8%
FCF —
Q3 '24
Gross —
Operating 44.8%
Net 32.7%
FCF —
Q4 '24
Gross —
Operating 45.9%
Net 35.9%
FCF —
Q1 '25
Gross —
Operating 44.7%
Net 33.7%
FCF —
Q2 '25
Gross —
Operating 47.2%
Net 36.3%
FCF —
Q3 '25
Gross —
Operating 46.4%
Net 35.7%
FCF —
Q4 '25
Gross —
Operating 29.6%
Net 18.5%
FCF —
Q1 '26
Gross —
Operating 41.8%
Net 31.2%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income $346M
FY17
Net income $541M
FY18
Net income $552M
FY19
Net income $697M
FY20
Net income $527M
FY21
Net income $916M
FY22
Net income $1.2B
FY23
Net income $1.0B
FY24
Net income $1.6B
FY25
Net income $1.2B
Q2 '23
Net income $253M
Q3 '23
Net income $277M
Q4 '23
Net income $288M
Q1 '24
Net income $573M
Q2 '24
Net income $379M
Q3 '24
Net income $288M
Q4 '24
Net income $334M
Q1 '25
Net income $309M
Q2 '25
Net income $342M
Q3 '25
Net income $340M
Q4 '25
Net income $191M
Q1 '26
Net income $350M
FY16
Diluted EPS —
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS $1.59
FY20
Diluted EPS $1.18
FY21
Diluted EPS $2.18
FY22
Diluted EPS $3.00
FY23
Diluted EPS $2.60
FY24
Diluted EPS $4.02
FY25
Diluted EPS $2.98
Q2 '23
Diluted EPS $0.64
Q3 '23
Diluted EPS $0.70
Q4 '23
Diluted EPS $0.74
Q1 '24
Diluted EPS $1.47
Q2 '24
Diluted EPS $0.97
Q3 '24
Diluted EPS $0.74
Q4 '24
Diluted EPS $0.84
Q1 '25
Diluted EPS $0.79
Q2 '25
Diluted EPS $0.87
Q3 '25
Diluted EPS $0.87
Q4 '25
Diluted EPS $0.45
Q1 '26
Diluted EPS $0.85
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets 4.5%
FY17
Return on capital —
Return on equity —
Return on assets 6.9%
FY18
Return on capital —
Return on equity —
Return on assets 5.7%
FY19
Return on capital —
Return on equity —
Return on assets 5.9%
FY20
Return on capital —
Return on equity —
Return on assets 4.4%
FY21
Return on capital —
Return on equity —
Return on assets 7.9%
FY22
Return on capital —
Return on equity —
Return on assets 10.8%
FY23
Return on capital —
Return on equity —
Return on assets 8.6%
FY24
Return on capital —
Return on equity —
Return on assets 12.3%
FY25
Return on capital —
Return on equity —
Return on assets 8.4%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
FY16
Free cash flow —
FY17
Free cash flow —
FY18
Free cash flow —
FY19
Free cash flow —
FY20
Free cash flow —
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY16
Cash from operations $913M
Capital spending —
FY17
Cash from operations $1.0B
Capital spending —
FY18
Cash from operations $1.3B
Capital spending —
FY19
Cash from operations $1.3B
Capital spending —
FY20
Cash from operations $1.6B
Capital spending —
FY21
Cash from operations $1.8B
Capital spending —
FY22
Cash from operations $1.7B
Capital spending —
FY23
Cash from operations $1.7B
Capital spending —
FY24
Cash from operations $2.1B
Capital spending —
FY25
Cash from operations $2.2B
Capital spending —
Cash from operations
Capital spending
Q2 '23
Cash from operations $491M
Capital spending —
Q3 '23
Cash from operations $395M
Capital spending —
Q4 '23
Cash from operations $473M
Capital spending —
Q1 '24
Cash from operations $400M
Capital spending —
Q2 '24
Cash from operations $631M
Capital spending —
Q3 '24
Cash from operations $551M
Capital spending —
Q4 '24
Cash from operations $554M
Capital spending —
Q1 '25
Cash from operations $531M
Capital spending —
Q2 '25
Cash from operations $564M
Capital spending —
Q3 '25
Cash from operations $570M
Capital spending —
Q4 '25
Cash from operations $558M
Capital spending —
Q1 '26
Cash from operations $470M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Western Midstream Partners, LP returned $1.4B to shareholders in fiscal 2025. The diluted share count rose 1.4%.
FY16
Dividends $374M
Buybacks —
FY17
Dividends $442M
Buybacks —
FY18
Dividends $502M
Buybacks $0.0M
FY19
Dividends $969M
Buybacks $0.0M
FY20
Dividends $696M
Buybacks $32.5M
FY21
Dividends $534M
Buybacks $217M
FY22
Dividends $736M
Buybacks $488M
FY23
Dividends $978M
Buybacks $135M
FY24
Dividends $1.2B
Buybacks $0.0M
FY25
Dividends $1.4B
Buybacks $0.0M
Dividends
Buybacks
Q2 '23
Dividends $337M
Buybacks $0.0M
Q3 '23
Dividends $221M
Buybacks $128M
Q4 '23
Dividends $223M
Buybacks $0.0M
Q1 '24
Dividends $223M
Buybacks $0.0M
Q2 '24
Dividends $341M
Buybacks $0.0M
Q3 '24
Dividends $341M
Buybacks $0.0M
Q4 '24
Dividends $341M
Buybacks $0.0M
Q1 '25
Dividends $341M
Buybacks —
Q2 '25
Dividends $355M
Buybacks —
Q3 '25
Dividends $355M
Buybacks —
Q4 '25
Dividends $380M
Buybacks —
Q1 '26
Dividends $380M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares —
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares 0.42B
FY20
Diluted shares 0.44B
FY21
Diluted shares 0.41B
FY22
Diluted shares 0.40B
FY23
Diluted shares 0.38B
FY24
Diluted shares 0.38B
FY25
Diluted shares 0.39B
Balance sheet
Cash, debt and the ratios that show how comfortably Western Midstream Partners, LP can carry it.
FY16
Cash $359M
Debt $3.1B
FY17
Cash $79.6M
Debt $3.5B
FY18
Cash $92.1M
Debt $4.8B
FY19
Cash $100.0M
Debt $8.0B
FY20
Cash $445M
Debt $7.9B
FY21
Cash $202M
Debt $6.9B
FY22
Cash $287M
Debt $6.8B
FY23
Cash $273M
Debt $7.9B
FY24
Cash $1.1B
Debt $8.0B
FY25
Cash $819M
Debt $8.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $202M | $287M | $273M | $1.1B | $819M |
| Debt incl. finance leases | $6.9B | $6.8B | $7.9B | $8.0B | $8.7B |
| Net debt / EBITDA | 3.6x | 3.0x | 3.9x | 2.6x | 3.4x |
| Interest coverage | 3.5x | 4.8x | 4.0x | 5.2x | 4.1x |
| Current ratio | 0.6x | 1.0x | 0.8x | 1.1x | 1.3x |
| Quick ratio | 0.6x | 1.0x | 0.8x | 1.1x | 1.3x |
| Total assets | $11.3B | $11.3B | $12.5B | $13.1B | $15.0B |
| Total liabilities | $8.2B | $8.2B | $9.4B | $9.8B | $10.8B |
| Net debt (− = net cash) | $6.7B | $6.5B | $7.7B | $6.9B | $7.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✓ | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Current ratio rose | — | ✕ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | — | — | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ |
| Gross margin rose | — | ✕ | ✓ | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ |
| F-score | — / 3 | 5 / 8 | 5 / 8 | 6 / 7 | 5 / 8 | 7 / 8 | 8 / 8 | 4 / 8 | 8 / 8 | 5 / 8 |
| Accruals ratio | −7.3% | −6.4% | −8.2% | −5.3% | −9.2% | −7.4% | −4.3% | −5.4% | −4.4% | −7.4% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.8B | $2.4B | $2.3B | $2.7B | $2.8B | $2.9B | $3.3B | $3.1B | $3.6B | $3.8B |
| Gross profit | $1.3B | $1.5B | $1.9B | — | — | — | — | — | — | — |
| Operating income | $705M | $802M | $861M | $1.2B | $879M | $1.3B | $1.6B | $1.4B | $2.0B | $1.6B |
| Interest expense | $117M | $143M | $184M | $303M | $380M | $377M | $334M | $348M | $379M | $390M |
| Pretax income | $605M | $677M | $690M | $821M | $523M | $934M | $1.3B | $1.1B | $1.6B | $1.2B |
| Income tax | $8.4M | −$59.9M | $58.9M | $13.5M | $6.0M | −$9.8M | $4.2M | $4.4M | $18.1M | $15.1M |
| Net income | $346M | $541M | $552M | $697M | $527M | $916M | $1.2B | $1.0B | $1.6B | $1.2B |
| Diluted EPS | — | — | — | $1.59 | $1.18 | $2.18 | $3.00 | $2.60 | $4.02 | $2.98 |
| Diluted shares | — | — | — | 0.42B | 0.44B | 0.41B | 0.40B | 0.38B | 0.38B | 0.39B |
| Cash flow | ||||||||||
| Cash from operations | $913M | $1.0B | $1.3B | $1.3B | $1.6B | $1.8B | $1.7B | $1.7B | $2.1B | $2.2B |
| Depreciation and amortization | $273M | $319M | $389M | $483M | $491M | $552M | $582M | $601M | $650M | $711M |
| Stock-based compensation | $5.0M | $5.2M | $6.4M | $15.5M | $22.5M | $27.7M | $27.8M | $32.0M | $38.0M | $50.8M |
| Share buybacks | — | — | $0.0M | $0.0M | $32.5M | $217M | $488M | $135M | $0.0M | $0.0M |
| Dividends paid | $374M | $442M | $502M | $969M | $696M | $534M | $736M | $978M | $1.2B | $1.4B |
| Dividends and buybacks | $374M | $442M | $502M | $969M | $728M | $751M | $1.2B | $1.1B | $1.2B | $1.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $359M | $79.6M | $92.1M | $100.0M | $445M | $202M | $287M | $273M | $1.1B | $819M |
| Total debt | $3.1B | $3.5B | $4.8B | $8.0B | $7.9B | $6.9B | $6.8B | $7.9B | $7.9B | $8.6B |
| Finance lease liabilities | — | — | — | $7.9M | $31.9M | $5.3M | $6.8M | $36.1M | $34.3M | $21.0M |
| Current assets | $596M | $255M | $345M | $402M | $943M | $685M | $900M | $992M | $1.8B | $1.7B |
| Current liabilities | $315M | $424M | $637M | $486M | $961M | $1.1B | $904M | $1.3B | $1.7B | $1.2B |
| Property and equipment, net | $5.0B | $5.7B | $8.4B | $9.1B | $8.7B | $8.5B | $8.5B | $9.7B | $9.7B | $11.2B |
| Goodwill | $418M | $416M | $446M | $446M | $4.8M | $4.8M | $4.8M | $4.8M | $4.8M | $353M |
| Intangible assets | $804M | $775M | $841M | $809M | $776M | $745M | $713M | $681M | $650M | $914M |
| Total assets | $7.7B | $8.0B | $11.5B | $12.3B | $11.8B | $11.3B | $11.3B | $12.5B | $13.1B | $15.0B |
| Total liabilities | $3.6B | $4.1B | $6.6B | $9.0B | $8.9B | $8.2B | $8.2B | $9.4B | $9.8B | $10.8B |
| Margins | ||||||||||
| Gross margin | 72.6% | 62.6% | 81.2% | — | — | — | — | — | — | — |
| Operating margin | 39.0% | 33.0% | 37.5% | 44.8% | 31.7% | 46.4% | 48.8% | 44.4% | 54.7% | 41.7% |
| EBITDA margin | 54.2% | 46.1% | 54.4% | 62.4% | 49.4% | 65.6% | 66.7% | 63.7% | 72.7% | 60.2% |
| Net margin | 19.2% | 22.3% | 24.0% | 25.4% | 19.0% | 31.8% | 37.4% | 32.9% | 43.6% | 30.7% |
| Returns | ||||||||||
| Return on capital employed | 9.5% | 10.6% | 8.0% | 10.4% | 8.1% | 13.2% | 15.3% | 12.4% | 17.2% | 11.6% |
| Return on assets | 4.5% | 6.9% | 5.7% | 5.9% | 4.4% | 7.9% | 10.8% | 8.6% | 12.3% | 8.4% |
| Growth | ||||||||||
| Revenue growth | — | 34.7% | −5.3% | 19.4% | 1.0% | 3.8% | 13.0% | −4.5% | 16.1% | 6.6% |
| Net income growth | — | 56.4% | 2.0% | 26.4% | −24.4% | 73.9% | 32.8% | −16.0% | 53.9% | −24.9% |
| EPS growth | — | — | — | — | −25.8% | 84.7% | 37.6% | −13.3% | 54.6% | −25.9% |
| Share count change | — | — | — | — | 4.8% | −5.4% | −3.8% | −3.0% | −0.5% | 1.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.8x | 3.0x | 3.8x | 4.6x | 5.4x | 3.6x | 3.0x | 3.9x | 2.6x | 3.4x |
| Interest coverage | 6.0x | 5.6x | 4.7x | 4.1x | 2.3x | 3.5x | 4.8x | 4.0x | 5.2x | 4.1x |
| Current ratio | 1.9x | 0.6x | 0.5x | 0.8x | 1.0x | 0.6x | 1.0x | 0.8x | 1.1x | 1.3x |
| Quick ratio | 1.9x | 0.6x | 0.5x | 0.8x | 1.0x | 0.6x | 1.0x | 0.8x | 1.1x | 1.3x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 0.3% | 0.2% | 0.3% | 0.6% | 0.8% | 1.0% | 0.9% | 1.0% | 1.1% | 1.3% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 5.0 | 6.0 | 5.0 | 7.0 | 8.0 | 4.0 | 8.0 | 5.0 |
| Accruals ratio | −7.3% | −6.4% | −8.2% | −5.3% | −9.2% | −7.4% | −4.3% | −5.4% | −4.4% | −7.4% |
Source: SEC EDGAR XBRL filings (CIK 0001423902). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.