NYSE : WES
Western Midstream Partners, LP — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 46.39 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 19.17B
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Financial statements
Western Midstream Partners, LP (WES) reported revenue of 4.33B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 4.32B | 3.84B | 3.60B | 3.11B | 3.25B | 2.88B |
| Other Revenue | 10.54M | 1.80M | 1.08M | 968.00K | 953.00K | 789.00K |
| Revenue | 4.33B | 3.84B | 3.61B | 3.11B | 3.25B | 2.88B |
| Cost of Revenue | 1.36B | 1.12B | 1.05B | 927.13M | 1.08B | 903.59M |
| Gross Profit | 2.97B | 2.72B | 2.55B | 2.18B | 2.18B | 1.97B |
| Selling, General & Admin | 420.47M | 398.92M | 271.53M | 232.63M | 194.02M | 195.55M |
| Other Operating Expenses | 72.93M | 69.34M | 62.67M | 56.46M | 78.56M | 64.27M |
| Operating Expenses | 1.27B | 1.18B | 984.62M | 889.76M | 854.94M | 811.45M |
| Operating Income | 1.71B | 1.54B | 1.57B | 1.29B | 1.32B | 1.16B |
| Interest Expense | -420.40M | -390.49M | -378.51M | -348.23M | -333.94M | -376.51M |
| Earnings From Equity Investments | 74.54M | 85.79M | 112.39M | 152.96M | 183.48M | 204.65M |
| Other Non Operating Income (Expenses) | 15.02M | 16.63M | 31.74M | 5.68M | 1.60M | -623.00K |
| EBT Excluding Unusual Items | 1.38B | 1.25B | 1.33B | 1.10B | 1.17B | 989.63M |
| Gain (Loss) on Sale of Investments | 109.90M | 5.40M | ||||
| Gain (Loss) on Sale of Assets | -16.50M | -11.11M | 296.77M | -10.10M | -6.22M | -5.36M |
| Asset Writedown | -15.23M | -14.76M | -6.21M | -52.88M | -20.59M | -30.54M |
| Other Unusual Items | -150.00K | 5.40M | 15.38M | 91.00K | -24.94M | |
| Pretax Income | 1.34B | 1.23B | 1.63B | 1.05B | 1.26B | 934.19M |
| Income Tax Expense | 18.07M | 15.09M | 18.11M | 4.38M | 4.19M | -9.81M |
| Earnings From Continuing Operations | 1.32B | 1.21B | 1.61B | 1.05B | 1.25B | 944.00M |
| Minority Interest in Earnings | -63.24M | -57.96M | -74.28M | -49.48M | -61.89M | -47.52M |
| Net Income | 1.26B | 1.15B | 1.54B | 998.53M | 1.19B | 896.48M |
| Net Income to Common | 1.26B | 1.15B | 1.54B | 998.53M | 1.19B | 896.48M |
| Shares Outstanding (Basic) | 394.78M | 386.07M | 380.40M | 383.03M | 394.95M | 411.31M |
| Shares Outstanding (Diluted) | 396.70M | 387.88M | 382.45M | 384.41M | 396.24M | 412.02M |
| EPS (Basic) | 3.18 | 2.99 | 4.04 | 2.61 | 3.01 | 2.18 |
| EPS (Diluted) | 3.17 | 2.98 | 4.02 | 2.60 | 3.00 | 2.18 |
| Free Cash Flow | 1.22B | 1.49B | 1.30B | 926.17M | 1.21B | 1.45B |
| Free Cash Flow Per Share | 3.07 | 3.85 | 3.41 | 2.41 | 3.06 | 3.53 |
| Dividend Per Share | 3.68 | 3.64 | 3.50 | 2.21 | 2.00 | 1.28 |
| Gross Margin | 68.67% | 70.78% | 70.80% | 70.16% | 66.93% | 68.59% |
| Operating Margin | 39.40% | 40.11% | 43.49% | 41.51% | 40.63% | 40.39% |
| Profit Margin | 29.00% | 30.04% | 42.63% | 32.14% | 36.58% | 31.16% |
| Free Cash Flow Margin | 28.15% | 38.89% | 36.14% | 29.81% | 37.34% | 50.51% |
| EBITDA | 2.50B | 2.27B | 2.24B | 1.89B | 1.90B | 1.71B |
| EBITDA Margin | 57.77% | 59.16% | 62.07% | 60.85% | 58.54% | 59.56% |
| D&A For EBITDA | 796.10M | 732.30M | 669.86M | 600.67M | 582.37M | 551.63M |
| EBIT | 1.71B | 1.54B | 1.57B | 1.29B | 1.32B | 1.16B |
| EBIT Margin | 39.40% | 40.11% | 43.49% | 41.51% | 40.63% | 40.39% |
| Effective Tax Rate | 1.35% | 1.23% | 1.11% | 0.42% | 0.33% | |
| Revenue as Reported | 4.33B | 3.84B | 3.61B | 3.11B | 3.25B | 2.88B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 104.77M | 819.49M | 1.09B | 272.79M | 286.66M | 202.00M |
| Cash & Short-Term Investments | 104.77M | 819.49M | 1.09B | 272.79M | 286.66M | 202.00M |
| Accounts Receivable | 945.80M | 762.57M | 713.58M | 675.49M | 552.24M | 436.96M |
| Other Receivables | 36.17M | 26.23M | 7.87M | 5.80M | 38.06M | 30.17M |
| Receivables | 981.97M | 788.80M | 721.45M | 681.29M | 590.30M | 467.13M |
| Inventory | 12.42M | 12.84M | 3.13M | 2.56M | 3.80M | 3.37M |
| Prepaid Expenses | 9.33M | 16.11M | 15.42M | 21.07M | 13.26M | 10.37M |
| Other Current Assets | 30.10M | 19.70M | 16.73M | 14.71M | 6.41M | 1.90M |
| Total Current Assets | 1.14B | 1.66B | 1.85B | 992.41M | 900.42M | 684.76M |
| Property, Plant & Equipment | 12.54B | 11.41B | 9.93B | 9.74B | 8.61B | 8.58B |
| Long-Term Investments | 493.47M | 504.86M | 541.43M | 904.53M | 944.70M | 1.17B |
| Goodwill | 391.48M | 353.26M | 4.78M | 4.78M | 4.78M | 4.78M |
| Other Intangible Assets | 1.38B | 913.76M | 649.74M | 681.41M | 713.08M | 744.74M |
| Long-Term Accounts Receivable | 7.36M | 7.13M | 30.83M | 29.70M | 19.18M | 17.25M |
| Other Long-Term Assets | 360.25M | 153.65M | 136.70M | 119.48M | 80.78M | 69.72M |
| Total Assets | 16.32B | 15.00B | 13.14B | 12.47B | 11.27B | 11.27B |
| Accounts Payable | 510.37M | 319.17M | 312.94M | 362.45M | 360.56M | 326.06M |
| Accrued Expenses | 291.13M | 360.94M | 280.35M | 285.22M | 283.35M | 258.43M |
| Short-Term Debt | 162.91M | 610.31M | ||||
| Current Portion of Long-Term Debt | 440.20M | 1.00B | 213.12M | 502.14M | ||
| Current Portion of Leases | 81.13M | 73.92M | 69.85M | 18.70M | 13.00M | 14.35M |
| Current Income Taxes Payable | 4.71M | 9.43M | 4.58M | 2.91M | 2.43M | 1.52M |
| Current Unearned Revenue | 192.03M | 22.88M | 11.05M | 16.87M | 20.90M | 27.76M |
| Other Current Liabilities | 6.88M | 9.94M | 12.83M | 7.61M | 10.49M | 9.93M |
| Total Current Liabilities | 1.25B | 1.24B | 1.69B | 1.30B | 903.86M | 1.14B |
| Long-Term Debt | 8.87B | 8.18B | 6.90B | 7.25B | 6.57B | 6.40B |
| Long-Term Leases | 10.07M | 122.55M | 167.13M | 77.13M | 37.48M | 36.98M |
| Long-Term Unearned Revenue | 1.09B | 744.26M | 599.52M | 428.63M | 348.38M | 285.38M |
| Long-Term Deferred Tax Liabilities | 116.98M | 111.28M | 29.68M | 15.47M | 14.42M | 12.43M |
| Other Long-Term Liabilities | 571.58M | 437.98M | 378.28M | 362.31M | 293.95M | 303.26M |
| Total Liabilities | 11.92B | 10.84B | 9.77B | 9.44B | 8.16B | 8.18B |
| Common Stock | 4.25B | 4.02B | 3.22B | 2.89B | 2.97B | 2.97B |
| Total Common Equity | 4.25B | 4.02B | 3.22B | 2.89B | 2.97B | 2.97B |
| Minority Interest | 148.35M | 146.52M | 150.37M | 134.90M | 138.51M | 128.81M |
| Shareholders' Equity | 4.40B | 4.16B | 3.38B | 3.03B | 3.11B | 3.10B |
| Total Liabilities & Equity | 16.32B | 15.00B | 13.14B | 12.47B | 11.27B | 11.27B |
| Total Debt | 9.13B | 8.82B | 8.14B | 7.96B | 6.83B | 6.95B |
| Net Cash (Debt) | -9.02B | -8.00B | -7.05B | -7.69B | -6.54B | -6.75B |
| Net Cash Per Share | -22.75 | -20.62 | -18.43 | -20.00 | -16.51 | -16.38 |
| Filing Date Shares Outstanding | 413.17M | 393.67M | 381.32M | 380.48M | 384.89M | 403.55M |
| Total Common Shares Outstanding | 413.17M | 408.14M | 380.56M | 379.52M | 384.07M | 402.99M |
| Working Capital | -110.58M | 420.46M | 155.50M | -311.65M | -3.43M | -455.43M |
| Book Value Per Share | 10.30 | 9.84 | 8.47 | 7.63 | 7.73 | 7.36 |
| Tangible Book Value | 2.48B | 2.75B | 2.57B | 2.21B | 2.25B | 2.22B |
| Tangible Book Value Per Share | 6.00 | 6.74 | 6.75 | 5.82 | 5.86 | 5.50 |
| Land | 111.35M | 13.04M | 12.50M | 10.98M | 10.96M | |
| Machinery | 5.47B | 3.92B | 3.65B | 3.20B | 3.06B | |
| Construction In Progress | 435.95M | 460.06M | 479.37M | 263.35M | 98.47M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.26B | 1.15B | 1.54B | 998.53M | 1.19B | 896.48M |
| Depreciation & Amortization | 796.10M | 732.30M | 669.86M | 600.67M | 582.37M | 551.63M |
| Other Amortization | -2.63M | |||||
| Loss (Gain) From Sale of Assets | 16.50M | 11.11M | -296.77M | 10.10M | -103.68M | -44.00K |
| Asset Writedown & Restructuring Costs | 15.23M | 14.76M | 6.21M | 52.88M | 20.59M | 30.54M |
| Loss (Gain) on Equity Investments | 5.39M | 5.18M | -999.00K | 2.21M | 2.67M | 8.87M |
| Stock-Based Compensation | 56.20M | 50.80M | 37.99M | 32.01M | 27.78M | 27.68M |
| Other Operating Activities | 53.41M | 47.62M | 73.15M | 43.73M | 71.45M | 70.59M |
| Change in Accounts Receivable | -59.17M | 36.02M | -42.80M | -78.35M | -116.30M | 16.37M |
| Change in Accounts Payable | -10.21M | -3.97M | -21.93M | -68.02M | -7.81M | 114.89M |
| Change in Other Net Operating Assets | 5.50M | 174.29M | 175.19M | 67.56M | 34.79M | 49.86M |
| Operating Cash Flow | 2.13B | 2.22B | 2.14B | 1.66B | 1.70B | 1.77B |
| Capital Expenditures | -913.03M | -727.99M | -833.86M | -735.17M | -487.23M | -313.67M |
| Sale of Property, Plant & Equipment | 128.00K | 162.00K | 792.25M | 264.32M | 8.10M | |
| Cash Acquisitions | -1.19B | -368.64M | -443.00K | -877.75M | -40.13M | |
| Investment in Securities | 24.67M | 31.39M | 21.16M | 37.95M | 54.27M | 36.95M |
| Other Investing Activities | -37.07M | -20.13M | -18.28M | -32.33M | -9.47M | 11.08M |
| Investing Cash Flow | -2.11B | -1.09B | -39.17M | -1.61B | -218.24M | -257.54M |
| Short-Term Debt Issued | 613.43M | 2.21M | ||||
| Long-Term Debt Issued | 1.18B | 789.04M | 2.45B | 1.39B | 480.00M | |
| Total Debt Issued | 2.41B | 1.18B | 789.04M | 3.06B | 1.39B | 480.00M |
| Short-Term Debt Repaid | -7.97M | -615.93M | -21.63M | |||
| Long-Term Debt Repaid | -1.08B | -143.85M | -1.97B | -1.52B | -1.43B | |
| Total Debt Repaid | -879.65M | -1.09B | -759.79M | -1.97B | -1.52B | -1.45B |
| Net Debt Issued (Repaid) | 1.54B | 95.73M | 29.26M | 1.09B | -127.33M | -974.60M |
| Issuance of Common Stock | 1.42M | 8.53M | ||||
| Repurchase of Common Stock | -134.60M | -487.59M | -217.47M | |||
| Common Dividends Paid | -1.46B | -1.40B | -1.22B | -955.83M | -719.20M | -522.27M |
| Other Financing Activities | -123.41M | -105.76M | -92.20M | -71.71M | -65.83M | -46.44M |
| Financing Cash Flow | -44.80M | -1.41B | -1.28B | -67.91M | -1.40B | -1.75B |
| Net Cash Flow | -24.97M | -270.97M | 817.68M | -13.87M | 84.66M | -242.92M |
| Free Cash Flow | 1.22B | 1.49B | 1.30B | 926.17M | 1.21B | 1.45B |
| Free Cash Flow Margin | 28.15% | 38.89% | 36.14% | 29.81% | 37.34% | 50.51% |
| Free Cash Flow Per Share | 3.07 | 3.85 | 3.41 | 2.41 | 3.06 | 3.53 |
| Levered Free Cash Flow | 866.98M | 794.36M | 526.90M | 377.32M | 663.05M | 877.62M |
| Unlevered Free Cash Flow | 1.13B | 1.04B | 763.47M | 594.96M | 871.77M | 1.11B |
| Cash Interest Paid | 406.63M | 380.98M | 360.85M | 326.95M | 355.36M | 375.01M |
| Cash Income Tax Paid | 14.42M | 3.11M | 2.23M | 4.13M | 912.00K | 938.00K |
| Change in Working Capital | -63.89M | 206.34M | 110.46M | -78.80M | -89.32M | 181.11M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.27B | 16.12B | 14.62B | 11.10B | 10.34B | 9.09B |
| Enterprise Value | 27.30B | 23.09B | 21.59B | 18.01B | 17.35B | 16.25B |
| Last Close Price | 44.23 | 36.32 | 32.21 | 22.43 | 18.78 | 14.53 |
| PE Ratio | 13.96 | 13.96 | 9.52 | 11.12 | 8.69 | 10.14 |
| Forward PE | 10.97 | 10.65 | 11.34 | 9.12 | 8.19 | 8.16 |
| PS Ratio | 4.22 | 4.19 | 4.06 | 3.58 | 3.18 | 3.16 |
| PB Ratio | 4.30 | 3.87 | 4.33 | 3.67 | 3.33 | 2.94 |
| P/TBV Ratio | 7.38 | 5.86 | 5.69 | 5.03 | 4.59 | 4.10 |
| P/FCF Ratio | 14.99 | 10.78 | 11.22 | 11.99 | 8.52 | 6.26 |
| P/OCF Ratio | 8.57 | 7.25 | 6.84 | 6.68 | 6.08 | 5.15 |
| PEG Ratio | 1.08 | 1.05 | 1.41 | 9.12 | 1.17 | 3.18 |
| EV/Sales Ratio | 6.30 | 6.01 | 5.99 | 5.80 | 5.33 | 5.65 |
| EV/EBITDA Ratio | 10.91 | 10.16 | 9.65 | 9.53 | 9.11 | 9.48 |
| EV/EBIT Ratio | 15.99 | 14.98 | 13.77 | 13.97 | 13.13 | 13.98 |
| EV/FCF Ratio | 22.39 | 15.45 | 16.57 | 19.45 | 14.29 | 11.18 |
| Debt / Equity Ratio | 2.07 | 2.12 | 2.41 | 2.63 | 2.20 | 2.25 |
| Debt / EBITDA Ratio | 3.54 | 3.75 | 3.51 | 4.07 | 3.48 | 3.94 |
| Debt / FCF Ratio | 7.49 | 5.90 | 6.25 | 8.60 | 5.62 | 4.78 |
| Net Debt / Equity Ratio | 2.05 | 1.92 | 2.09 | 2.54 | 2.10 | 2.18 |
| Net Debt / EBITDA Ratio | 3.61 | 3.52 | 3.15 | 4.07 | 3.44 | 3.94 |
| Net Debt / FCF Ratio | 7.40 | 5.35 | 5.41 | 8.30 | 5.39 | 4.64 |
| Asset Turnover | 0.30 | 0.27 | 0.28 | 0.26 | 0.29 | 0.25 |
| Inventory Turnover | 111.29 | 140.69 | 370.45 | 291.82 | 300.12 | 425.02 |
| Quick Ratio | 0.87 | 1.30 | 1.07 | 0.73 | 0.97 | 0.59 |
| Current Ratio | 0.91 | 1.34 | 1.09 | 0.76 | 1.00 | 0.60 |
| Return on Equity (ROE) | 34.11% | 32.17% | 50.32% | 34.15% | 40.34% | 31.51% |
| Return on Assets (ROA) | 7.49% | 6.85% | 7.65% | 6.79% | 7.33% | 6.29% |
| Return on Invested Capital (ROIC) | 13.47% | 13.48% | 14.67% | 12.61% | 13.51% | 11.51% |
| Return on Capital Employed (ROCE) | 11.30% | 11.20% | 13.70% | 11.50% | 12.70% | 11.50% |
| Earnings Yield | 7.17% | 7.16% | 10.51% | 8.99% | 11.51% | 9.86% |
| FCF Yield | 6.67% | 9.27% | 8.91% | 8.34% | 11.74% | 15.98% |
| Dividend Yield | 8.41% | 9.22% | 9.11% | 7.56% | 7.43% | 5.69% |
| Payout Ratio | 117.38% | 121.12% | 79.19% | 95.72% | 60.46% | 58.26% |
| Buyback Yield / Dilution | -3.66% | -1.42% | 0.51% | 2.99% | 3.83% | 5.42% |
| Total Shareholder Return | 4.75% | 7.80% | 9.62% | 10.55% | 11.26% | 11.11% |