Western Midstream Partners, LP (WES) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $17.7B
P/E (TTM): —
Price / sales: 4.37
EV / EBITDA: 10.69
Price / book: —

Cash flow

FCF yield: 7.6%
SBC-adjusted FCF yield: 7.3%
SBC impact: 4.0%
Stock compensation (TTM): $53.4M

Margins & growth

Profit margin: 30.2%
Operating margin: 41.0%
Quarterly revenue (year on year): 22.5%
Quarterly earnings (year on year): 13.4%

Balance sheet

Cash & investments: $647.5M
Debt: $8.6B
Net cash / (debt): -$8B

Where the revenue comes from

Service Fee Based is 90% of revenue.

By product or service

Year to Dec 31, 2025 · $3.8B

Service Fee Based90%
$3.5B+6.3% vs. a year earlier
Product5%
$194.7M+39.0% vs. a year earlier
Service Product Based5%
$193.9M-10.2% vs. a year earlier
Product and Service Other0.05%
$1.8M+66.3% vs. a year earlier

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

Where the money goes

Cost of RevenueR&D ExpenseSG&A Expense

Only the three costs filers report consistently. Anything a company does not break out sits outside these bands, so the stack is not the whole cost base.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$4.05BQ1 2026+5.4%

1Y: +11.43%2Y: +24.22%5Y: +51.50%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$2.4BQ1 2026+3.9%

1Y: +1.59%2Y: +0.79%5Y: +28.05%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$1.22BQ1 2026+3.5%30.2% of revenue

1Y: -6.68%2Y: -12.16%5Y: +26.09%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

30.2%Q1 2026-1.8%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

$1.34BQ1 2026-10.3%

1Y: -9.76%2Y: +33.66%5Y: +12.35%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Dividends paid

$1.47BQ1 2026+2.7%

1Y: +7.78%2Y: +46.20%5Y: +169.52%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Western Midstream Partners, LP

Ticker: WES
SEC classification: Natural Gas Transmission (4922)
Listed on: NYSE
Incorporated in: DE
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from Western Midstream Partners, LP’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: Gross Profit, R&D Expense, Profit per share, Shares outstanding, Interest Income, Net Interest Income, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Loans, Shareholders Equity, Short-term Investments, Inventory, Borrowings (total), and Depreciation. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.