Friday 6 November 2026 Export WES’s income statement to Excel — free account

Western Midstream Partners, LP

Western Midstream Partners, LP’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, up 6.61% from fiscal 2024.

Revenue: +25.4%
EPS: −9.20%
Free cash flow: +44.5%
Total debt: +32.0%

Quarter to September 2026, against a year earlier

39.99 2.55 −5.99%

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Market cap: $16.5B
P/E: 12.9×
Fwd P/E: 12.5×
Dividend yield: 9.25%
F-score: 4/9
Altman Z: n/a
Beneish M: −2.62
Dividend safety: 26/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Western Midstream Partners, LP (WES) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by products and services, and margins
Service Revenues - Fee Based	3,453	89.84%
Product Sales	195	5.07%
Service Revenues - Product Based	194	5.04%
Other	2	0.05%
Gross margin		94.61%
Operating margin		41.67%
Pre-tax margin		31.94%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Service Revenues - Fee Based	3,453 89.89%	3,248 90.13%	2,769 89.16%	2,602 80.04%	2,284 84.67%	2,361 92.66%	2,388 86.99%	1,906 82.66%
Product Sales	195 5.07%	140 3.89%	145 4.67%	399 12.27%	291 10.79%	139 5.44%	287 10.46%	311 13.49%
Service Revenues - Product Based	194 5.05%	216 5.99%	192 6.17%	250 7.68%	123 4.55%	48 1.90%	70 2.55%	89 3.85%
Other	2 0.05%	1 0.03%	1 0.03%	1 0.03%	1 0.03%	1 0.05%	1 0.05%	2 0.09%
Revenue	3,842	3,604	3,106	3,251	2,697	2,548	2,745	2,305

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Crude-oil and NGLs equity investments throughput	Q3 FY2026	109.0K	102.0K	+6.86%
Crude-oil and NGLs gathering, treating, and transportation throughput	Q3 FY2026	426.0K	418.0K	+1.91%
Crude-oil and NGLs throughput attributable to noncontrolling interests	Q3 FY2026	9.0K	10.0K	−10.00%
Delaware Basin natural-gas throughput	Q3 FY2026	2.6B	2.1B	+21.25%
DJ Basin natural-gas throughput	Q3 FY2026	1.5B	1.5B	−1.00%
Natural-gas equity investments throughput	Q3 FY2026	467.0M	553.0M	−15.55%
Natural-gas gathering, treating, and transportation throughput	Q3 FY2026	451.0M	394.0M	+14.47%
Natural-gas processing throughput	Q3 FY2026	5.0B	4.6B	+9.04%
Natural-gas throughput attributable to noncontrolling interests	Q3 FY2026	193.0M	191.0M	+1.05%
Other natural-gas throughput	Q3 FY2026	978.0M	962.0M	+1.66%
Powder River Basin natural-gas throughput	Q3 FY2026	400.0M	424.0M	−5.66%
Produced-water throughput attributable to noncontrolling interests	Q3 FY2026	55.0K	25.0K	+120.00%
Remaining performance obligations	Q3 FY2026	$7.8B	$6.8B	+14.23%
Total operated throughput for natural-gas assets	Q3 FY2026	5.4B	5.0B	+8.53%
Total throughput attributable to WES for crude-oil and NGLs assets	Q3 FY2026	526.0K	510.0K	+3.14%
Total throughput attributable to WES for natural-gas assets	Q3 FY2026	5.7B	5.4B	+7.19%
Total throughput attributable to WES for produced-water assets	Q3 FY2026	3.0M	1.2M	+145.85%
Total throughput for crude-oil and NGLs assets	Q3 FY2026	535.0K	520.0K	+2.88%
Total throughput for natural-gas assets	Q3 FY2026	5.9B	5.5B	+6.97%
Total throughput for produced-water assets	Q3 FY2026	3.0M	1.2M	+145.33%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023	Q2 FY2023	Q1 FY2023	Q4 FY2022	Q3 FY2022	Q2 FY2022	Q1 FY2022	Q4 FY2021	Q3 FY2021	Q2 FY2021	Q1 FY2021	Q4 FY2020	Q3 FY2020	Q2 FY2020	Q3 FY2018	Q2 FY2018	Q1 FY2018
Crude-oil and NGLs equity investments throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude-oil and NGLs gathering, treating, and transportation throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Crude-oil and NGLs throughput attributable to noncontrolling interests	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Delaware Basin natural-gas throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
DJ Basin natural-gas throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural-gas equity investments throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural-gas gathering, treating, and transportation throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural-gas processing throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural-gas throughput attributable to noncontrolling interests	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other natural-gas throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Powder River Basin natural-gas throughput	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Produced-water throughput attributable to noncontrolling interests	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total operated throughput for natural-gas assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput attributable to WES for crude-oil and NGLs assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput attributable to WES for natural-gas assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput attributable to WES for produced-water assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput for crude-oil and NGLs assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput for natural-gas assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total throughput for produced-water assets	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.