WES · CIK 0001423902
Western Midstream Partners, LP
Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.
Natural Gas Transmission
Company profile
Revenue
$3.8B
▲ +6.6% vs FY2024
Net income
$1.2B
▼ −24.9% vs FY2024
Operating cash flow
$2.2B
▲ +4.0% vs FY2024
Total assets
$15.0B
▲ +14.1% vs FY2024
Revenue
Annual, as reported
Net income
Annual, as reported
Recent quarters
momentum · last 12 quartersRevenue — Mar ’26 quarter
$1.1B
▲ +22.3% vs Mar ’25
Net income — Mar ’26 quarter
$350.3M
▲ +13.4% vs Mar ’25
Revenue — trailing 12 months
$4.0B
▲ +11.4% vs Mar ’25
Quarterly revenue
Discrete quarters; Q4 derived from the annual figure
Quarterly net income
Discrete quarters; Q4 derived from the annual figure
| Quarter | Revenue | Rev. YoY | Gross margin | Net income | Net margin | Diluted EPS |
|---|---|---|---|---|---|---|
| Mar ’26 | $1.1B | 22.3% | — | $350.3M | 31.2% | — |
| Dec ’25 | $1.0B | 11.0% | — | $190.7M | 18.5% | — |
| Sep ’25 | $952.3M | 7.8% | — | $339.6M | 35.7% | — |
| Jun ’25 | $942.1M | 4.1% | — | $341.7M | 36.3% | — |
| Mar ’25 | $916.9M | 3.3% | — | $309.0M | 33.7% | — |
| Dec ’24 | $928.4M | 8.2% | — | $333.6M | 35.9% | — |
| Sep ’24 | $883.1M | 13.9% | — | $288.5M | 32.7% | — |
| Jun ’24 | $905.4M | 22.7% | — | $378.6M | 41.8% | — |
Profitability & returns
quality of earningsMargins
Share of revenue kept at each line
Operating marginNet margin
Returns on capital
Net income vs year-end equity and assets
Cash flow
cash generationOperating cash flow
Net cash from operations
Shareholder returns
capital allocationCapital returned
Cash paid out as dividends and share repurchases
Dividends paidBuybacks
Growth rates
compounding, annualizedRevenue CAGR
+5.7%
3y
+8.6%
5y
+8.2%
10y
Net income CAGR
−1.0%
3y
+17.5%
5y
+21.7%
10y
Key ratios
derived per fiscal year| Fiscal year | Op. margin | Net margin | ROA | Current ratio |
|---|---|---|---|---|
| FY2025 | 41.7% | 30.7% | 7.9% | 1.34× |
| FY2024 | 54.7% | 43.7% | 12.0% | 1.09× |
| FY2023 | 44.4% | 32.9% | 8.2% | 0.76× |
| FY2022 | 48.8% | 37.4% | 10.8% | 1.00× |
| FY2021 | 49.5% | 34.0% | 8.1% | 0.60× |
| FY2020 | 34.5% | 20.7% | 4.5% | 0.98× |
| FY2019 | 44.9% | 25.4% | 5.6% | 0.83× |
| FY2018 | 37.4% | 23.9% | 4.8% | 0.54× |
| FY2017 | 33.0% | 22.3% | 6.7% | 0.60× |
| FY2016 | 39.0% | 19.2% | 4.5% | 1.89× |
| FY2015 | 8.8% | 9.4% | 2.3% | 1.28× |
| FY2014 | 36.0% | 18.8% | 4.1% | 0.78× |
Annual figures
as reported| Fiscal year | Revenue | Gross profit | Op. income | Net income | Diluted EPS | Op. cash flow | Capex | Total assets | Liabilities | Equity | Cash | LT debt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FY2025 | $3.8B | — | $1.6B | $1.2B | — | $2.2B | — | $15.0B | $10.8B | — | $819.5M | — |
| FY2024 | $3.6B | — | $2.0B | $1.6B | — | $2.1B | — | $13.1B | $9.8B | — | $1.1B | — |
| FY2023 | $3.1B | — | $1.4B | $1.0B | — | $1.7B | — | $12.5B | $9.4B | — | $272.8M | — |
| FY2022 | $3.3B | — | $1.6B | $1.2B | — | $1.7B | — | $11.3B | $8.2B | — | $286.7M | — |
| FY2021 | $2.7B | — | $1.3B | $916.3M | — | $1.8B | — | $11.3B | $8.2B | — | $202.0M | — |
| FY2020 | $2.5B | — | $878.9M | $527.0M | — | $1.6B | — | $11.8B | $8.9B | — | $444.9M | — |
| FY2019 | $2.7B | — | $1.2B | $697.2M | — | $1.3B | — | $12.3B | $9.0B | — | $100.0M | — |
| FY2018 | $2.3B | — | $861.3M | $551.6M | — | $1.3B | — | $11.5B | $6.6B | — | $92.1M | — |
| FY2017 | $2.4B | — | $801.7M | $540.8M | — | $1.0B | — | $8.0B | $4.1B | — | $79.6M | — |
| FY2016 | $1.8B | — | $704.5M | $345.8M | — | $913.1M | — | $7.7B | $3.6B | — | $359.1M | — |
| FY2015 | $1.8B | — | $154.2M | $165.5M | — | $782.8M | — | $7.3B | $3.4B | — | $99.7M | — |
| FY2014 | $1.5B | — | $551.5M | $288.0M | — | $690.7M | — | $7.0B | $2.8B | — | $67.2M | — |
Latest filings
the most recent regulatory filings8-KCurrent report — material event2026-06-25 ↗S-3ASRSecurities registration2026-06-22 ↗8-KCurrent report — material event2026-06-12 ↗10-QQuarterly report2026-05-06 ↗8-KCurrent report — material event2026-05-06 ↗SCHEDULE 13G/ASEC filing2026-04-08 ↗4Insider ownership filing2026-03-12 ↗4/AInsider ownership filing2026-02-19 ↗10-KAnnual report2026-02-18 ↗8-KCurrent report — material event2026-02-18 ↗
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