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Western Midstream Partners, LP (WES) Stock: Price, Forecast & Analyst Target

Western Midstream Partners, LP (WES) — MoonshotScore 68/100 (Strong band), calculated Oct 5, 2026. Price $44.76 (+0.86%), as of the Oct 2, 2026 trading session; market cap $18.5B. Expected results Nov 3, 2026.

Educational signal · not a buy or sell recommendation · How to read this

Market value / cash and short-term investments: 176.58× (market value Oct 2, 2026; cash Jun 30, 2026) · expected results Nov 3, 2026

$44.76 +$0.38 (+0.86%) Market Cap $18.5B

Western Midstream Partners, LP · WES · NYSE · Energy · Oil & Gas Midstream

Research dated 2026-09-12: Western Midstream Partners owns and manages infrastructure that gathers, compresses, treats, processes and transports natural gas, while also handling liquids, crude oil and produced water. Its revenue mix is led by service fees rather than product sales. Recent operating improvement matters only if it keeps producing cash after asset spending without adding pressure to an already leveraged balance sheet.

Price as of Oct 2, 2026

Key Statistics

68 of 100

MoonshotScore v2 · Western Midstream Partners, LP (WES)

Strong
Business Quality Elite (90)
Financial Safety Strained (22)
Valuation Fair (72)
Growth Durability Flat (54)
Momentum Rising (71)
Why this rating? Method, drivers & history

Bands for the MoonshotScore: Exceptional 80-100 · Strong 65-79 · Fair 45-64 · Weak below 45.

  • Business Quality — Is this a genuinely good business?
  • Financial Safety — Could this blow up on me?
  • Valuation — Am I paying a fair price?
  • Growth Durability — Is the growth real and likely to last?
  • Momentum — Is the market already moving on this?
The ten-second read ·

Elite quality, at a cheap price, but a fragile balance sheet; the market is already moving on it. Business Quality: Elite; Financial Safety: Strained; Valuation: Fair; Growth Durability: Flat; Momentum: Rising.

  • quarterly revenue $1.22B (Q2 FY2026, quarter ended Jun 2026)
  • EPS beat 3 of 8
  • Altman Z 1.50 · Piotroski F 5

Holding back: balance-sheet strain

Helping: business quality, an attractive price, positive momentum

What has the MoonshotScore done over time?

MoonshotScore snapshots recorded for WES (29 recorded, newest six shown)
RecordedScoreBand
68Strong
67Strong
68Strong
68Strong
68Strong
68Strong

The score was 68 in the stored Oct 4, 2026 snapshot and remains 68 in the current publication computed Oct 5, 2026 (0); the largest pillar moves were Growth Durability +1; the pillar moves offset under the sector-relative weighting, so the headline score is unchanged. This current publication is not yet represented in the immutable snapshot archive.

Calculation uses the most recent completed US trading session. Live price changes do not update the score immediately.

Computed · Educational signal · not a buy or sell recommendation · How the MoonshotScore is computed →

Price & valuation

Dates shown where recorded
MeasureValueAs of
Latest provided price$44.76
Change on the day+0.86%
52-week range$36.90–$50.07
Market capitalisation$18.5B
Price / earnings (trailing)13.94
Shares traded on the day757.0K
Beta (volatility vs the S&P 500)0.66
Dividends per share (last 12 months)$3.68
Dividend yield (last 12 months)8.22%

Price & events

Weekly closing price with reported quarters marked Weekly closing price from Sep 5, 2025 to Oct 2, 2026: low $37, high $50, latest $45. 4 reported quarters marked, 2 above and 2 below the recorded estimate. 1 other dated event marked. $50 $37 high $50 Nov 4, 2025 · Earnings results · reported below the recorded estimate · close $391Feb 18, 2026 · Earnings results · reported below the recorded estimate · close $412May 6, 2026 · Earnings results · reported above the recorded estimate · close $433May 9, 2026 · Earnings call · management outlook · no recorded estimate to compare · close $434Aug 5, 2026 · Earnings results · reported above the recorded estimate · close $475 Sep 5, 2025 Oct 2, 2026 · $45 $38Sep 5, 2025$38Sep 19, 2025$39Oct 3, 2025$38Oct 17, 2025$37Oct 31, 2025$39Nov 14, 2025$39Nov 28, 2025$39Dec 12, 2025$39Dec 26, 2025$41Jan 9, 2026$41Jan 23, 2026$41Feb 6, 2026$41Feb 20, 2026$42Mar 6, 2026$42Mar 20, 2026$41Apr 2, 2026$41Apr 17, 2026$42May 1, 2026$46May 15, 2026$43May 29, 2026$45Jun 12, 2026$43Jun 26, 2026$45Jul 10, 2026$47Jul 24, 2026$47Aug 7, 2026$48Aug 21, 2026$50Sep 4, 2026$47Sep 18, 2026$45Oct 2, 2026

Triangles mark reported quarters on the line: pointing up is above the recorded estimate, down is below, a diamond means no estimate on file or a dated event that is not a results report. Numbers key to the dated list. Point at or tab to any week for its close.

Events behind the price

  • · Earnings results · below the recorded estimate
  • · Earnings results · below the recorded estimate
  • · Earnings results · above the recorded estimate
  • · Earnings call · management outlook
  • · Earnings results · above the recorded estimate

Results dates follow the earnings feed; call dates follow the transcript provider. Nearby dates do not establish that an event caused a price move.

Upcoming events

As of

  1. Next results dueProvider estimate

Management outlook

  • Additionally, we now expect our average adjusted gross margin to be approximately $1.28 per Mcf in 2026, which implies moderation in the second half relative to the first as our forecast reflects a more normalized commodity pricing environment for the full year average.

    Daniel Holderman · Statement from

  • We expect our second quarter per barrel adjusted gross margin to be slightly higher than the first quarter and for our average adjusted gross margin to still range between $3.10 and $3.15 per barrel for 2026.

    Daniel Holderman · Statement from

Statement dates identify the earnings call, not a deadline. Management expectations and provider estimates can change.

Read management statements

Other perspectives

Council score for Western Midstream Partners, LP (WES): perspectives

Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.

9-Factor Breakdown

Revenue Growth Neutral
Gross Margin Strong
Operating Leverage Neutral
Cash Runway Strong
R&D Intensity Neutral
Insider Activity Moderate
Trading Liquidity Strong
Price Momentum Weak
News Sentiment Neutral

Legends Council

6 lenses, 0 current

AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built

Dalio-style lens (simulated) Ray Dalio Favorable read
Griffin-style lens (simulated) Ken Griffin Favorable read
Simons-style lens (simulated) Jim Simons Favorable read
Englander-style lens (simulated) Izzy Englander Unfavorable read
Klarman-style lens (simulated) Seth Klarman Favorable read
Moon AI lens (model) Favorable read

Read on: Sep 11, 2026 · older than the 27 hours refresh window; not a current reading

Munger's Mindset

Balance Sheet & Valuation · historical

Financial Health Neutral
Margin of Safety Fairly Valued
Profit Margin Strong
Revenue Growth Neutral
Debt/Equity Negative
ROE Strong
Gross Margin Strong

Read on: Sep 10, 2026 · older than the 27 hours refresh window; not a current reading

How to read these bars and different assessments

Council is a separate blend of available disciplines; MoonshotScore above remains the five-pillar research rating.

Bars show each model's ordered assessment on its own scale, not a probability or a comparable investment return. The adjacent words give the assessment; more filled segments indicate a stronger model reading.

On Sep 10, 2026, the Munger lens read the price at that time as fairly valued against its own estimate of value.

Readings on this page are from Oct 5, 2026, except a card that shows its own read date.

Watch the WES film — every key number, told as a short cinematic story

~2 min · open the film

1 · What is it?

What is Western Midstream Partners, LP (WES), and what does it report?

Short answer · as of

Western Midstream sells the handling and movement of production through infrastructure; it is not primarily a driller.

Research dated 2026-09-12.

Western Midstream sells the handling and movement of production through infrastructure; it is not primarily a driller. Customers use its systems for natural gas gathering, compression, treatment, processing and transportation, alongside services for liquids, crude oil and produced water.

Reported revenue combines a dominant fee-based service stream with much smaller product sales and product-linked services. Revenue can therefore change with activity across the systems and with the product-related portion of the mix, while operating profit and cash flow reveal how much of that activity becomes economic value.

Sources (as of 2026-09-12): Business description; Revenue by segment; Quarterly income statement (USD thousands); Annual revenue and net result (USD millions); Operating cash flow by quarter (USD millions)

2 · Latest results

What do the latest results show for Western Midstream Partners, LP (WES)?

Short answer · as of

The most recent reported quarter, Q2 FY2026, carried revenue of $1.22B.

Research dated 2026-09-12.

The latest period extended the revenue advance and delivered higher operating profit, net income and diluted earnings than the preceding period. Operating cash flow also improved, and the latest release exceeded consensus for revenue and earnings. Gross profit moved the other way, so the top-line gain did not translate uniformly through the income statement.

Management had already warned that a more normalized commodity environment could moderate natural gas margin later in the year. It also expected results near the upper end of its cash-flow and operating guidance ranges before considering the Brazos transaction, separating management's outlook from the subsequently reported improvement.

Sources (as of 2026-09-12): Quarterly income statement (USD thousands); Operating cash flow by quarter (USD millions); Annual revenue and net result (USD millions); Reported versus estimated, last 8 quarters; Management outlook — dated call excerpts

Where is operating spending going?

Revenue alongside research and development, selling, general and administrative expenses, and the FMP standardized operating result.

Latest quarter · revenue
$1.22B Jun 30, 2026
Latest quarter · SG&A
$85.93M Jun 30, 2026
Latest quarter · FMP standardized operating result
$526.70M Jun 30, 2026
Where is operating spending going? — FMP standardized evidence
Period endRevenueR&DSG&AFMP standardized operating result
Jun 30, 2026$1.22BNot available$85.93M$526.70M
Mar 31, 2026$1.12BNot available$75.15M$461.39M
Dec 31, 2025$1.03BNot available$201.87M$289.76M
Sep 30, 2025$952.48MNot available$64.12M$441.56M

USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow.

Did results meet expectations?

Reported earnings and revenue alongside the estimates recorded by the provider.

Latest report · revenue
$1.22B Aug 5, 2026
Latest report · revenue estimate
$1.13B Aug 5, 2026
Latest report · revenue vs estimate
Above estimate Aug 5, 2026
Latest report · EPS vs estimate
Above estimate Aug 5, 2026
Did results meet expectations? — reported evidence
Report dateRevenue · reportedRevenue · estimateEPS · reportedEPS · estimate
Aug 5, 2026$1.22B$1.13B$0.9900$0.9070
May 6, 2026$1.12B$1.01B$0.8500$0.7420
Feb 18, 2026$1.03B$1.03B$0.4700$0.8450
Nov 4, 2025$952.48M$961.00M$0.8700$0.8800

Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined.

Quarterly income statement — 4 quarters
Revenue, net income and earnings per share by quarter
PeriodRevenueNet incomeEPS
Q2 FY2026$1.22B$404M$0.99 (diluted)
Q1 FY2026$1.12B$342M$0.87 (diluted)
Q4 FY2025$1.03B$187M$0.47 (diluted)
Q3 FY2025$952M$332M$0.87 (diluted)
3 · Financial strengths and risks

What are the financial strengths and risks for Western Midstream Partners, LP (WES)?

Short answer

Cash and short-term investments were $104.77M at the Jun 30, 2026 balance-sheet date. Operating cash flow was $524.85M for the quarter ended Jun 30, 2026, meaning operations generated cash. These figures do not establish a cash runway.

Research dated 2026-09-12.

Western Midstream has generated positive operating cash flow throughout the reported quarterly series, and its trailing margins show that the infrastructure portfolio remains profitable. Regular distributions have continued alongside that cash generation.

Liquidity carries the sharper risk. Capital spending in the latest period exceeded operating cash flow, cash and short-term investments ended after a steep drawdown, and debt remains far larger than immediately liquid resources. Long-term investments make up most of the broader cash-and-investment total, while the liquidity ratios remain below full coverage. A pullback in producer drilling could eventually reduce production available for gathering and processing, while commodity normalization can pressure the smaller product-linked economics.

Sources (as of 2026-09-12): Operating cash flow by quarter (USD millions); Cash, investments and debt; Cash and investment components; Cash decline over the reported window; Cash against market value; Trailing twelve-month ratio set; Recent dividends paid; Management outlook — dated call excerpts

Data-derived red flags

  • Financial-distress signal — its Altman Z-Score of 1.50 sits in the distress zone (elevated bankruptcy risk).
  • Inconsistent delivery — missed Wall Street EPS estimates in 4 of the last 8 reported quarters.

How much cash does the business generate or use?

Quarterly operating cash flow shows cash generated or used by operations.

Latest quarter · operating cash flow
$524.85M Jun 30, 2026
Previous quarter · operating cash flow
$479.79M Mar 31, 2026
How much cash does the business generate or use? — reported evidence
Period endOperating cash flowCapital expenditure (reported)
Jun 30, 2026$524.85M$741.79M
Mar 31, 2026$479.79M−$235.73M
Dec 31, 2025$563.04M−$222.21M
Sep 30, 2025$582.16M−$184.76M

Operating cash-flow bars share one scale and show magnitude; negative values mean cash used.

USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway.

4 · What to check next?

What should you watch next at Western Midstream Partners, LP (WES)?

Short answer · as of

The next earnings report is expected on Nov 3, 2026.

Research dated 2026-09-12.

Consensus for the forthcoming release implies sequential moderation in revenue and earnings. Compare that outcome with gross profit and operating cash flow: continued top-line strength would be less persuasive if gross profit keeps slipping or asset spending again outruns internally generated cash.

Producer drilling updates and the treatment of Brazos deserve separate attention. Management's earlier guidance framing assumed no formal change in producer plans and excluded the transaction's effect, so either development could alter how reported growth should be interpreted. Cash rebuilding and distribution coverage remain important checks on balance-sheet discipline.

Sources (as of 2026-09-12): Next earnings report; Analyst revenue and earnings estimates (average); Quarterly income statement (USD thousands); Operating cash flow by quarter (USD millions); Cash and short-term investments over time (USD millions); Recent dividends paid; Management outlook — dated call excerpts

What management is planning

Management expectations, not completed milestones or guarantees. Selected verbatim excerpts; dates follow the transcript provider.

  1. Additionally, we now expect our average adjusted gross margin to be approximately $1.28 per Mcf in 2026, which implies moderation in the second half relative to the first as our forecast reflects a more normalized commodity pricing environment for the full year average.

    Daniel Holderman ·

  2. We expect our second quarter per barrel adjusted gross margin to be slightly higher than the first quarter and for our average adjusted gross margin to still range between $3.10 and $3.15 per barrel for 2026.

    Daniel Holderman ·

  3. Going forward, we now expect our second quarter per barrel adjusted gross margin to average approximately $0.93 and for our adjusted gross margin to average approximately $0.91 for the year, especially if the current crude oil strip for 2026 is realized.

    Daniel Holderman ·

  4. While we are not currently updating our annual guidance ranges as we have not yet received formal changes to our producers' drilling plans for this year, we do expect to be towards the high end of both the adjusted EBITDA and distributable cash flow ranges without taking into account the impact of the Brazos transaction.

    Oscar Brown ·

5 · Peer comparison

How does Western Midstream Partners, LP compare with its peers?

Short answer

Western Midstream Partners, LP's score ranks 7th of 13 in the bounded comparison shown, against 12 same-model peers. These are company scores, not expected investment returns. The set lists named competitors first, then companies in the same data-provider industry classification closest in market value; that classification is the provider's, not our judgment of business similarity.

Research dated 2026-09-12.

Western Midstream is broader than a pure long-haul pipeline operator. Its assets reach from gathering and compression through treatment, processing and transportation, while also collecting produced water and handling liquids and crude oil.

The predominantly fee-based mix can make revenue less directly dependent on commodity sales than at a producer or merchant, but product sales and product-linked services preserve some pricing sensitivity. Its partnership structure and recurring distributions also make cash conversion, capital spending and leverage especially relevant when comparing it with integrated gathering-and-processing peers.

Sources (as of 2026-09-12): Legal name; Business description; Revenue by segment; Operating cash flow by quarter (USD millions); Cash, investments and debt; Recent dividends paid

Peer set — price, market value and MoonshotScore
CompanyPriceMarket valueScore
Frontline Ltd. (FRO) Same industry, near in market value$53.48 Oct 5, 2026$11.9B99 5-pillar Oct 5, 2026
Cheniere Energy Partners, L.P. (CQP) Same industry, near in market value$62.78 Oct 5, 2026$29.7B84 5-pillar Oct 5, 2026
TechnipFMC plc (FTI) Named competitor$71.73 Oct 5, 2026$28.2B82 5-pillar Oct 5, 2026
Plains All American Pipeline, L.P. (PAA) Same industry, near in market value$24.05 Oct 5, 2026$16.8B78 5-pillar Oct 5, 2026
Hess Midstream LP (HESM) Same industry, near in market value$38.45 Oct 5, 2026$7.80B77 5-pillar Oct 5, 2026
Cheniere Energy, Inc. (LNG) Same industry, near in market value$275.40 Oct 5, 2026$56.2B76 5-pillar Oct 5, 2026
Western Midstream Partners, LP (WES) — this page$44.76$18.5B68
Antero Midstream Corporation (AM) Same industry, near in market value$20.77 Oct 5, 2026$9.66B67 5-pillar Oct 5, 2026
Viper Energy, Inc. (VNOM) Named competitor$41.29 Oct 5, 2026$14.6B65 5-pillar Oct 5, 2026
Nextpower Inc. (NXT) Named competitor$83.05 Oct 5, 2026$12.6B64 5-pillar Oct 5, 2026
DT Midstream, Inc. (DTM) Same industry, near in market value$123.32 Oct 5, 2026$12.3B63 5-pillar Oct 5, 2026
ONEOK, Inc. (OKE) Same industry, near in market value$88.79 Oct 5, 2026$55.4B59 5-pillar Oct 5, 2026
Pembina Pipeline Corporation (PBA) Same industry, near in market value$46.39 Oct 5, 2026$26.7B56 5-pillar Oct 5, 2026

Only 5-pillar scores are ranked together. Other models are not directly comparable. Price and score dates are shown separately; market-value dates are unavailable.

Screen more Energy stocks

The records behind this page

Analyst targets & estimates

What analysts have on file

Price target, low to high
$46.00 – $55.00
Consensus target
$49.71
Median target
$48.00

Consensus record · Captured .

Measured against a quoted price of $44.76 (as of Oct 2, 2026).

Insider activity

Form 4 records via FMP · Most recent available transactions

Transactions
12
Identified insiders
4
Purchases
2
Sales
0
Other transactions
10

Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.

Who holds the shares?

Institutional ownership reported through 13F filings.

Institutional ownership
44.7% Period end Jun 30, 2026
Previous quarter · ownership
41.3% Prior to period end Jun 30, 2026
Reporting holders
379 Period end Jun 30, 2026
Previous quarter · holders
357 Prior to period end Jun 30, 2026
Who holds the shares? — reported evidence
Holders in provider snapshotShares
Alps Advisors INC36,629,600
Invesco Ltd.24,122,314
Morgan Stanley21,230,903
Blackstone INC.10,367,520
Mirae Asset Global Etfs Holdings Ltd.8,637,568

Quarterly filings lag the period end. Holder rows are names in the provider snapshot, not a verified ranking; individual filing dates are not supplied. Related managers may appear separately, so these positions are not summed. Holder snapshot as of Jun 30, 2026.

What has been published about Western Midstream Partners, LP (WES)?

Read these with our analysis →

What Investors Ask About Western Midstream Partners, LP (WES) — Energy

Research dated 2026-09-12; the answers below are from that research, and the full attribution is under Sources. The last 3 questions are answered from this page's own dated data, not from the research.

How does Western Midstream earn from natural gas without drilling wells?

It charges for gathering, compressing, treating, processing and transporting production through its infrastructure. Fee-based services dominate the reported mix, although product sales and product-linked services add some commodity exposure.

Sources (as of 2026-09-12): Business description; Revenue by segment

Why did Western Midstream revenue rise while gross profit fell?

That divergence appeared in the latest period: revenue increased while gross profit eased. The company reports fee revenue alongside product and product-linked activity, and management had separately warned that normalized commodity pricing could moderate natural gas margin.

Sources (as of 2026-09-12): Quarterly income statement (USD thousands); Revenue by segment; Management outlook — dated call excerpts

Why do producer drilling plans matter to Western Midstream?

Drilling activity affects the production available for gathering, processing and related water handling. Management retained its guidance framing because producers had not formally changed their plans, making any later revision operationally important.

Sources (as of 2026-09-12): Business description; Management outlook — dated call excerpts

What does the Brazos transaction change for Western Midstream?

Management's expectation of reaching the upper end of its operating and distributable cash-flow guidance excluded the transaction's effect. Results therefore need to distinguish Brazos contributions from performance generated by the existing portfolio.

Sources (as of 2026-09-12): Management outlook — dated call excerpts

What is the WES stock price today?

The last price recorded on this page for Western Midstream Partners, LP (WES) is $44.76, as of the Oct 2, 2026 trading session (source: Financial Modeling Prep (FMP) · quote). It is a provider snapshot, not a live exchange feed, so check a brokerage quote before you trade.

What is the WES price target?

The analyst consensus price target for Western Midstream Partners, LP (WES) is $49.71 (range $46.00 to $55.00, median $48.00), per FMP data captured Oct 5, 2026. Targets are analyst opinions and change often; they are not a Stock Expert AI forecast.

Does WES pay a dividend?

Yes. Western Midstream Partners, LP (WES) shows a trailing 12-month dividend yield of 8.22%, as of Oct 2, 2026, in the data on this page. Payout ratio and cash-flow coverage decide whether it can last, and past dividends do not guarantee future payments.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Research written by Codex (gpt-5.6-sol) on 2026-09-12. AI-authored analysis; source dates are shown with each answer. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief.

Sources (as of 2026-09-12): Business description; Revenue by segment; Quarterly income statement (USD thousands); Operating cash flow by quarter (USD millions); Cash, investments and debt

Sources — records for every figure on this page (81 figures)

The 81 rows below are exactly the facts the evidence-backed sections of this page printed — the 10-second verdict, the MoonshotScore, price and market value, the five questions with their receipts, and the records behind this page. Known dates and sources are recorded on their own rows; an em dash or UNRECORDED tier preserves a stored observation without inventing either. The quarterly income statement is provider-standardized (FMP) under one row, and scale definitions — a 0-100 rating, the band ladder, the Piotroski 0–9 range — are fixed rather than measured. No number in those sections was generated by a model. The register does not cover quoted third-party headlines, the dated council readings, or the Frequently Asked Questions; each of those says where it came from where it stands.

"As of" is the date the value is true for where the source carries one — a quarter end, a filing date, a price close, the day the score was computed. A cached observation with no source date remains undated; the page publication date is not used as a substitute.

OFFICIAL — 2 facts from SEC filings and earnings calls

OFFICIAL facts used on this page
Fact IDFactValue as shownAs ofTierSource
prod.outlookManagement outlook — call excerptsDaniel Holderman (May 9, 2026): Additionally, we now expect our average adjusted gross margin to be approximately $1.28 per Mcf in 2026, which implies moderation in the second half relative to the first as our forecast reflects a more normalized commodity pricing environment for the full year average. Daniel Holderman (May 9, 2026): We expect our second quarter per barrel adjusted gross margin to be slightly higher than the first quarter and for our average adjusted gross margin to still range between $3.10 and $3.15 per barrel for 2026. Daniel Holderman (May 9, 2026): Going forward, we now expect our second quarter per barrel adjusted gross margin to average approximately $0.93 and for our adjusted gross margin to average approximately $0.91 for the year, especially if the current crude oil strip for 2026 is realized. Oscar Brown (May 9, 2026): While we are not currently updating our annual guidance ranges as we have not yet received formal changes to our producers' drilling plans for this year, we do expect to be towards the high end of both the adjusted EBITDA and distributable cash flow ranges without taking into account the impact of the Brazos transaction.OFFICIALCompany earnings call, transcript via Financial Modeling Prep (FMP) — Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording.
id.hqSEC filing business address9950 Woodloch Forest Drive, Suite 2800, THE Woodlands, TX, 77380-7046OFFICIALSEC EDGAR filer business address — The SEC filer business address. Our market-data provider separately lists "9950 Woodloch Forest Drive, The Woodlands, TX, 77380, US".

FMP — 70 facts from Financial Modeling Prep endpoint families

FMP facts used on this page
Fact IDFactValue as shownAs ofTierSource
earn.nextNext earnings dateNov 3, 2026FMPFinancial Modeling Prep (FMP) earnings calendar — The date is our provider's estimate until the company confirms it.
px.lastLatest provided price$44.76FMPFinancial Modeling Prep (FMP) · quote — Dated to the US trading session the price belongs to, derived from the quote record's timestamp (weekend and pre-open reads roll back to the previous weekday; exchange holidays are not modelled). The record does not establish an exchange execution time. Retrieved 2026-10-05T10:44:44.558Z.
px.changeChange on the day+0.86%FMPFinancial Modeling Prep (FMP) · quote
px.mcapMarket capitalisation$18.5BFMPFinancial Modeling Prep (FMP) · quote — Date unknown Market cap record date: 2026-10-02. FMP quote timestamp: 2026-10-02T20:00:03.000Z. Captured from FMP at 2026-10-05T10:44:42.753Z. No share-count basis is inferred; this page preserves the reported amount instead of recalculating it from shares.
px.change_absChange on the day, in dollars+$0.38FMPFinancial Modeling Prep (FMP) · quote
fin.q_revenueRevenue, Q2 FY2026$1.22BFMPFinancial Modeling Prep (FMP) · income statement (quarterly)
px.range5252-week range$36.90–$50.07FMPFinancial Modeling Prep (FMP) quote
px.pePrice / earnings (trailing)13.94FMPFinancial Modeling Prep (FMP) · quote
px.volumeShares traded on the day757.0KFMPFinancial Modeling Prep (FMP) · quote
px.betaBeta0.66FMPFinancial Modeling Prep (FMP) company profile
id.ceoChief executiveOscar K. BrownFMPFinancial Modeling Prep (FMP) key executives (proxy-derived) — Titles and pay come from the company's proxy statement as our provider parsed it.
id.employeesEmployees1,704FMPFinancial Modeling Prep (FMP) employee count, from the company's filing
fin.annualRevenue and net result by fiscal year5 fiscal years, FY2021 through FY2025: FY2021 revenue $2.88B, net result $916.29M; FY2022 revenue $3.25B, net result $1.22B; FY2023 revenue $3.11B, net result $1.02B; FY2024 revenue $3.61B, net result $1.57B; FY2025 revenue $3.84B, net result $1.17BFMPFinancial Modeling Prep (FMP), from the company's 10-K income statements
fin.rev_mixReported revenue segmentsProduct $194.68M · Service Fee Based $3.45B · Service Product Based $193.87M · Product and Service, Other $1.80MFMPFinancial Modeling Prep (FMP) revenue segmentation, from the company's 10-K
fin.gross_marginGross margin (trailing twelve months)66.5%FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero.
fin.q_table.depth.2026-06-30.revenue_kRevenue — period end 2026-06-30$1.22BPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-06-30.sga_kSG&A — period end 2026-06-30$85.93MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-06-30.operating_result_kFMP standardized operating result — period end 2026-06-30$526.70MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.revenue_kRevenue — period end 2026-03-31$1.12BPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.sga_kSG&A — period end 2026-03-31$75.15MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2026-03-31.operating_result_kFMP standardized operating result — period end 2026-03-31$461.39MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.revenue_kRevenue — period end 2025-12-31$1.03BPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.sga_kSG&A — period end 2025-12-31$201.87MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-12-31.operating_result_kFMP standardized operating result — period end 2025-12-31$289.76MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.revenue_kRevenue — period end 2025-09-30$952.48MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.sga_kSG&A — period end 2025-09-30$64.12MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
fin.q_table.depth.2025-09-30.operating_result_kFMP standardized operating result — period end 2025-09-30$441.56MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements — Quarterly statement note
earn.history.depth.2026-08-05.revenue_actualRevenue · reported — report date 2026-08-05$1.22BReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-08-05.revenue_estimatedRevenue · estimate — report date 2026-08-05$1.13BReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-08-05.eps_actualEPS · reported — report date 2026-08-05$0.9900Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-08-05.eps_estimatedEPS · estimate — report date 2026-08-05$0.9070Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-06.revenue_actualRevenue · reported — report date 2026-05-06$1.12BReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-06.revenue_estimatedRevenue · estimate — report date 2026-05-06$1.01BReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-06.eps_actualEPS · reported — report date 2026-05-06$0.8500Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-05-06.eps_estimatedEPS · estimate — report date 2026-05-06$0.7420Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-18.revenue_actualRevenue · reported — report date 2026-02-18$1.03BReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-18.revenue_estimatedRevenue · estimate — report date 2026-02-18$1.03BReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-18.eps_actualEPS · reported — report date 2026-02-18$0.4700Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2026-02-18.eps_estimatedEPS · estimate — report date 2026-02-18$0.8450Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-04.revenue_actualRevenue · reported — report date 2025-11-04$952.48MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-04.revenue_estimatedRevenue · estimate — report date 2025-11-04$961.00MReport date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-04.eps_actualEPS · reported — report date 2025-11-04$0.8700Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
earn.history.depth.2025-11-04.eps_estimatedEPS · estimate — report date 2025-11-04$0.8800Report date · FMPFinancial Modeling Prep (FMP) earnings — Earnings-history note
fin.q_tableQuarterly income statement4 quarters through Q2 FY2026FMPFinancial Modeling Prep (FMP) · income statement (quarterly), as filed
fin.cash_investmentsCash and short-term investments$104.77MFMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review.
fin.opcf_latestLatest-quarter operating cash flow$524.85MFMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Period end: 2026-06-30. Negative operating cash flow means cash used. This figure is not a cash-runway estimate.
fin.long_term_investmentsLong-term investments (classification unverified)$493.47MFMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.
fin.total_debtTotal debt$9.13BFMPFinancial Modeling Prep (FMP), from the company's balance sheet — Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.
fin.price_to_bookPrice to book value4.18×FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm — A ratio our provider could not compute is absent rather than shown as zero.
fin.opcf.depth.2026-06-30.operating_cash_flow_mOperating cash flow — period end 2026-06-30$524.85MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2026-03-31.operating_cash_flow_mOperating cash flow — period end 2026-03-31$479.79MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2026-06-30.capex_mCapital expenditure (reported) — period end 2026-06-30$741.79MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2026-03-31.capex_mCapital expenditure (reported) — period end 2026-03-31−$235.73MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-12-31.operating_cash_flow_mOperating cash flow — period end 2025-12-31$563.04MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-12-31.capex_mCapital expenditure (reported) — period end 2025-12-31−$222.21MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-09-30.operating_cash_flow_mOperating cash flow — period end 2025-09-30$582.16MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
fin.opcf.depth.2025-09-30.capex_mCapital expenditure (reported) — period end 2025-09-30−$184.76MPeriod end · FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements — Cash-flow note
earn.pt_rangeAnalyst price target, low to high$46.00 – $55.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied
earn.pt_consensusConsensus analyst price target$49.71FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied
earn.pt_medianMedian analyst price target$48.00FMPFinancial Modeling Prep (FMP) · price-target consensus — Captured Oct 5, 2026 · Coverage not supplied
own.insidersInsider transactions via FMP12 transactions · 2 purchases, 0 sales, 10 other transactions · 4 identified insiders · most recent available transactionsFMPFinancial Modeling Prep (FMP), carrying Form 4 transaction records — Purchases and sales use the reported transaction category. Other transactions include awards, exercises, gifts, withholding and unclassified activity; an acquisition or disposition alone is not a purchase or sale. These records do not establish intent.
own.institutions.depth.ownership_pctInstitutional ownership44.7%FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026
own.institutions.depth.ownership_pct_previous_quarterPrevious quarter · ownership41.3%FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026
own.institutions.depth.holdersReporting holders379FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Period end Jun 30, 2026
own.institutions.depth.holders_previous_quarterPrevious quarter · holders357FMPFinancial Modeling Prep (FMP) institutional ownership summary, from 13F filings — 13F filings are quarterly and lag the quarter end by up to 45 days. Prior to period end Jun 30, 2026
own.top_holders.depth.holder_0.sharesAlps Advisors INC — shares in provider snapshot36,629,600FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_1.sharesInvesco Ltd. — shares in provider snapshot24,122,314FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_2.sharesMorgan Stanley — shares in provider snapshot21,230,903FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_3.sharesBlackstone INC. — shares in provider snapshot10,367,520FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.
own.top_holders.depth.holder_4.sharesMirae Asset Global Etfs Holdings Ltd. — shares in provider snapshot8,637,568FMPFinancial Modeling Prep (FMP) institutional holders, from 13F filings — Provider snapshot as of 2026-06-30; individual filing date not supplied.

UNRECORDED — 2 facts from stored observations whose source was not recorded

UNRECORDED facts used on this page
Fact IDFactValue as shownAs ofTierSource
earn.historyReported versus estimated, recent quartersEPS beat 3 of 8UNRECORDEDStored earnings-history observation — Captured 2026-09-24 · Expired observation
fin.scoresDistress and quality screensAltman Z 1.50 · Piotroski F 5UNRECORDEDStored financial-scores observation — Captured 2026-10-03 · Expired observation

COMPUTED — 5 facts from our arithmetic, formula restated

COMPUTED facts used on this page
Fact IDFactValue as shownAs ofTierSource
fin.mcap_to_cashMarket value per dollar of cash and short-term investments176.58×—COMPUTEDComputed on this page from the figures above — The market capitalisation printed on this page divided by cash and short-term investments of $104.77M at Jun 30, 2026. Long-term investments are excluded and remain unclassified. Restrictions on cash and short-term investments require separate review. Market cap record date: 2026-10-02. Balance-sheet reference date: 2026-06-30. The inputs do not establish a single common source date for this ratio.
div.ttm_per_shareDividends per share, last 12 months (split-adjusted)$3.68COMPUTEDFinancial Modeling Prep (FMP) split-adjusted dividend history — Sum of 4 split-adjusted declared dividends with an ex-date in the 365 days to 2026-10-05, per current share. Ex-dates are not payment dates; special dividends are included. Not a declared annual rate.
div.ttm_yieldDividend yield, last 12 months8.22%COMPUTEDFinancial Modeling Prep (FMP) split-adjusted dividend history and quote — Split-adjusted dividends with ex-dates in the trailing 365-day window divided by the packet price, on the same current-share basis. Price date follows the quote, latest price bar or packet-build day when unstamped. Not a forecast or declared annual rate.
earn.history.depth.2026-08-05.revenue_actual.comparisonLatest report · revenue vs estimateAbove estimateReport date · COMPUTEDComputed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported revenue ($1.22B) with the recorded estimate ($1.13B) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns.
earn.history.depth.2026-08-05.eps_actual.comparisonLatest report · EPS vs estimateAbove estimateReport date · COMPUTEDComputed from Financial Modeling Prep (FMP) earnings — Earnings-history note — Method: compare reported EPS ($0.9900) with the recorded estimate ($0.9070) at displayed precision. Equal displayed values are in line. This compares reported results with recorded estimates, not investment returns.

OURS — 2 facts from Stock Expert AI's own score and rank

OURS facts used on this page
Fact IDFactValue as shownAs ofTierSource
ours.moonshotMoonshotScore v268 of 100 · Strong · pillars 90 / 22 / 72 / 54 / 71OURSStock Expert AI MoonshotScore v2 engine
ours.moonshot_changeMoonshotScore movement68 (stored snapshot Oct 4, 2026) → 68 (current publication computed Oct 5, 2026) (0)OURSStock Expert AI current score publication and immutable score snapshots — The current score publication is not yet represented in the immutable snapshot archive.

Fact-family notes

  1. Quarterly statement note. Source series as of 2026-06-30. USD. The operating result is the FMP-standardized value supplied by FMP; it may differ from a filing’s GAAP loss from operations when the provider classifies separately presented items differently. It is not net income or cash flow. Applies to Fact IDs: fin.q_table.depth.2026-06-30.revenue_k, fin.q_table.depth.2026-06-30.sga_k, fin.q_table.depth.2026-06-30.operating_result_k, fin.q_table.depth.2026-03-31.revenue_k, fin.q_table.depth.2026-03-31.sga_k, fin.q_table.depth.2026-03-31.operating_result_k, fin.q_table.depth.2025-12-31.revenue_k, fin.q_table.depth.2025-12-31.sga_k, fin.q_table.depth.2025-12-31.operating_result_k, fin.q_table.depth.2025-09-30.revenue_k, fin.q_table.depth.2025-09-30.sga_k, fin.q_table.depth.2025-09-30.operating_result_k.
  2. Earnings-history note. Source series as of 2026-08-05. Dates are report dates, not fiscal period ends. Revenue is in USD; EPS is USD per share, rounded to four decimals. The earnings feed does not establish a basic, diluted or adjusted basis. Earnings-feed EPS may differ from statement EPS; the two series are not combined. Applies to Fact IDs: earn.history.depth.2026-08-05.revenue_actual, earn.history.depth.2026-08-05.revenue_estimated, earn.history.depth.2026-08-05.revenue_actual.comparison, earn.history.depth.2026-08-05.eps_actual.comparison, earn.history.depth.2026-08-05.eps_actual, earn.history.depth.2026-08-05.eps_estimated, earn.history.depth.2026-05-06.revenue_actual, earn.history.depth.2026-05-06.revenue_estimated, earn.history.depth.2026-05-06.eps_actual, earn.history.depth.2026-05-06.eps_estimated, earn.history.depth.2026-02-18.revenue_actual, earn.history.depth.2026-02-18.revenue_estimated, earn.history.depth.2026-02-18.eps_actual, earn.history.depth.2026-02-18.eps_estimated, earn.history.depth.2025-11-04.revenue_actual, earn.history.depth.2025-11-04.revenue_estimated, earn.history.depth.2025-11-04.eps_actual, earn.history.depth.2025-11-04.eps_estimated.
  3. Cash-flow note. Source series as of 2026-06-30. USD. Negative operating cash flow means cash used. Capital expenditure keeps the provider’s reported sign; it is not added here to estimate free cash flow or runway. Applies to Fact IDs: fin.opcf.depth.2026-06-30.operating_cash_flow_m, fin.opcf.depth.2026-03-31.operating_cash_flow_m, fin.opcf.depth.2026-06-30.capex_m, fin.opcf.depth.2026-03-31.capex_m, fin.opcf.depth.2025-12-31.operating_cash_flow_m, fin.opcf.depth.2025-12-31.capex_m, fin.opcf.depth.2025-09-30.operating_cash_flow_m, fin.opcf.depth.2025-09-30.capex_m.
Published
Research standards
Methodology · Editorial policy · Corrections

Sources used for research written 2026-09-12

Historical evidence preserved with this analysis. Current figures are listed separately above.

EvidenceCaptured valueSource dateSource typeSource
Business description
Western Midstream Partners, LP, an energy infrastructure company operating with its subsidiaries, primarily acquires, owns, develops, and manages assets across the United States. Its core functions include the collection, compression, treatment, processing, and transportation of natural gas. The firm also handles the gathering, stabilization, and conveyance of condensate, natural gas liquids (NGLs), and crude oil, alongside the collection and disposal of water generated during production. Additionally, it engages in the buying and selling of natural gas, NGLs, and condensate. Western Midstream maintains operations in significant regions such as Texas, New Mexico, the Rocky Mountains, and north-central Pennsylvania. Western Midstream Holdings, LLC functions as its general partner. Formed in 2007, the company is headquartered in The Woodlands, Texas, and rebranded from Western Gas Equity Partners, LP to its current name in February 2019.
2026-09-12FMPFinancial Modeling Prep (FMP) company profile
Revenue by segment
Product: $194.68M; Service Fee Based: $3.45B; Service Product Based: $193.87M; Product and Service, Other: $1.80M
2025-12-31FMPFinancial Modeling Prep (FMP) revenue segmentation, from the company's 10-K
Quarterly income statement (USD thousands)
Captured record · 8 entries
  • Quarter ended 2026-06-30 — EPS: $0.99 per share, SG&A: $85.93M, EPS basic: $0.99 per share, EPS basis: diluted, Revenue: $1.22B, EPS diluted: $0.99 per share, Net result: $403.55M, Gross profit: $821.93M, Operating result: $526.70M
  • Quarter ended 2026-03-31 — EPS: $0.87 per share, SG&A: $75.15M, EPS basic: $0.88 per share, EPS basis: diluted, Revenue: $1.12B, EPS diluted: $0.87 per share, Net result: $342.39M, Gross profit: $859.34M, Operating result: $461.39M
  • Quarter ended 2025-12-31 — EPS: $0.47 per share, SG&A: $201.87M, EPS basic: $0.47 per share, EPS basis: diluted, Revenue: $1.03B, EPS diluted: $0.47 per share, Net result: $187.18M, Gross profit: $509.61M, Operating result: $289.76M
  • Quarter ended 2025-09-30 — EPS: $0.87 per share, SG&A: $64.12M, EPS basic: $0.87 per share, EPS basis: diluted, Revenue: $952.48M, EPS diluted: $0.87 per share, Net result: $331.73M, Gross profit: $688.91M, Operating result: $441.56M
  • Quarter ended 2025-06-30 — EPS: $0.87 per share, SG&A: $66.15M, EPS basic: $0.88 per share, EPS basis: diluted, Revenue: $942.32M, EPS diluted: $0.87 per share, Net result: $341.68M, Gross profit: $727.53M, Operating result: $444.48M
  • Quarter ended 2025-03-31 — EPS: $0.79 per share, SG&A: $66.79M, EPS basic: $0.79 per share, EPS basis: diluted, Revenue: $917.12M, EPS diluted: $0.79 per share, Net result: $309.01M, Gross profit: $705.16M, Operating result: $409.80M
  • Quarter ended 2024-12-31 — EPS: $0.85 per share, SG&A: $76.03M, EPS basic: $0.86 per share, EPS basis: diluted, Revenue: $928.50M, EPS diluted: $0.85 per share, Net result: $333.61M, Gross profit: $726.20M, Operating result: $425.74M
  • Quarter ended 2024-09-30 — EPS: $0.74 per share, SG&A: $64.73M, EPS basic: $0.74 per share, EPS basis: diluted, Revenue: $883.36M, EPS diluted: $0.74 per share, Net result: $288.48M, Gross profit: $684.50M, Operating result: $395.87M
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's 10-Q and 10-K income statements
Operating cash flow by quarter (USD millions)
Captured record · 8 entries
  • Quarter ended 2026-06-30 — Capital expenditure: $741.79M, Operating cash flow: $524.85M
  • Quarter ended 2026-03-31 — Capital expenditure: -$235.73M, Operating cash flow: $479.79M
  • Quarter ended 2025-12-31 — Capital expenditure: -$222.21M, Operating cash flow: $563.04M
  • Quarter ended 2025-09-30 — Capital expenditure: -$184.76M, Operating cash flow: $582.16M
  • Quarter ended 2025-06-30 — Capital expenditure: -$178.62M, Operating cash flow: $567.02M
  • Quarter ended 2025-03-31 — Capital expenditure: -$142.40M, Operating cash flow: $511.47M
  • Quarter ended 2024-12-31 — Capital expenditure: -$238.33M, Operating cash flow: $557.74M
  • Quarter ended 2024-09-30 — Capital expenditure: -$189.43M, Operating cash flow: $551.29M
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's 10-Q cash-flow statements
Cash, investments and debt
Total debt: $9.13B; Liquidity basis: cash and short-term investments; Total liabilities: $11.92B; Cash and short-term investments: $104.77M; Cash and investments: $598.20M; Long-term investments: $493.47M; Long-term investments classification: unclassified

Long-term investments are shown separately; their marketability is not established by the provider field. The cash and short-term investment balance does not establish unrestricted availability.

2026-06-30FMPFinancial Modeling Prep (FMP), from the company's balance sheet
Annual revenue and net result (USD millions)
Captured record · 5 entries
  • FY2025 — R&D: $0, Revenue: $3.84B, Period end: 2025-12-31, Net result: $1.17B
  • FY2024 — R&D: $0, Revenue: $3.61B, Period end: 2024-12-31, Net result: $1.57B
  • FY2023 — R&D: $0, Revenue: $3.11B, Period end: 2023-12-31, Net result: $1.02B
  • FY2022 — R&D: $0, Revenue: $3.25B, Period end: 2022-12-31, Net result: $1.22B
  • FY2021 — R&D: $0, Revenue: $2.88B, Period end: 2021-12-31, Net result: $916.29M
2025-12-31FMPFinancial Modeling Prep (FMP), from the company's 10-K income statements
Reported versus estimated, last 8 quarters
Captured record · 8 entries
  • Reported 2026-08-05 — EPS actual: $0.99 per share, EPS estimated: $0.907 per share, Revenue actual: $1.22B, Revenue estimated: $1.13B
  • Reported 2026-05-06 — EPS actual: $0.85 per share, EPS estimated: $0.742 per share, Revenue actual: $1.12B, Revenue estimated: $1.01B
  • Reported 2026-02-18 — EPS actual: $0.47 per share, EPS estimated: $0.845 per share, Revenue actual: $1.03B, Revenue estimated: $1.03B
  • Reported 2025-11-04 — EPS actual: $0.87 per share, EPS estimated: $0.88 per share, Revenue actual: $952.48M, Revenue estimated: $961.00M
  • Reported 2025-08-06 — EPS actual: $0.87 per share, EPS estimated: $0.829 per share, Revenue actual: $942.32M, Revenue estimated: $940.11M
  • Reported 2025-05-07 — EPS actual: $0.79 per share, EPS estimated: $0.833 per share, Revenue actual: $917.12M, Revenue estimated: $919.59M
  • Reported 2025-02-26 — EPS actual: $0.85 per share, EPS estimated: $0.849 per share, Revenue actual: $928.50M, Revenue estimated: $926.39M
  • Reported 2024-11-06 — EPS actual: $0.74 per share, EPS estimated: $0.83 per share, Revenue actual: $883.36M, Revenue estimated: $924.83M
2026-08-05FMPFinancial Modeling Prep (FMP) earnings
Management outlook — dated call excerpts
Captured record · 4 entries
  • Call of 2026-05-09 — Quote: Additionally, we now expect our average adjusted gross margin to be approximately $1.28 per Mcf in 2026, which implies moderation in the second half relative to the first as our forecast reflects a more normalized commodity pricing environment for the full year average., Speaker: Daniel Holderman
  • Call of 2026-05-09 — Quote: We expect our second quarter per barrel adjusted gross margin to be slightly higher than the first quarter and for our average adjusted gross margin to still range between $3.10 and $3.15 per barrel for 2026., Speaker: Daniel Holderman
  • Call of 2026-05-09 — Quote: Going forward, we now expect our second quarter per barrel adjusted gross margin to average approximately $0.93 and for our adjusted gross margin to average approximately $0.91 for the year, especially if the current crude oil strip for 2026 is realized., Speaker: Daniel Holderman
  • Call of 2026-05-09 — Quote: While we are not currently updating our annual guidance ranges as we have not yet received formal changes to our producers' drilling plans for this year, we do expect to be towards the high end of both the adjusted EBITDA and distributable cash flow ranges without taking into account the impact of the Brazos transaction., Speaker: Oscar Brown

Selected verbatim statements from the latest available call, dated by the transcript provider. Management expectations, not completed milestones or guarantees. Relative dates retain the speaker's wording.

2026-05-09OFFICIALCompany earnings call, transcript via Financial Modeling Prep (FMP)
Cash and investment components
Total basis: cash short and long-term investments; Total: $598.20M; Cash and short-term investments: $104.80M; Long-term investments: $493.50M; Long-term investments classification: unclassified

Sums the balance sheet's cash and short-term investments with its long-term investments.; The long-term investment field does not establish marketability; the sum is not a measure of available liquidity.; These provider fields do not establish investment access restrictions or explain differences from third-party cash figures.

2026-06-30COMPUTEDComputed from the balance sheet
Cash decline over the reported window
To: 2026-06-30; From: 2024-09-30; Periods: 7; Cash basis: cash and short-term investments; Closing balance: $104.80M; Decline: $1.02B; Opening balance: $1.12B; Average change per period: $145.70M

Change in cash, cash equivalents and short-term investments between the 2024-09-30 and 2026-06-30 balance sheets.; This is a balance change, not operating burn: financing and investing move it too.; Averaged over 7 reporting periods of unequal length.

2026-06-30COMPUTEDComputed from reported balances
Cash against market value
As of: 2026-06-30; Cash basis: cash and short-term investments; Net cash: -$9.02B; Total debt: $9.13B; Cash and investments: $104.80M

Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. Cash is the latest reported cash and short-term investment balance; long-term investments are excluded. Market capitalization is the latest provider value.; The reported balance does not establish unrestricted availability or liquidation value.; The two are measured on different dates — the balance sheet is a quarter-end, the market cap is a recent close.; Debt is total debt as reported, including operating lease liabilities where the filer includes them.

2026-06-30COMPUTEDComputed from the balance sheet and the latest market capitalization
Trailing twelve-month ratio set
Quick ratio: 0.91; Current ratio: 0.91; Debt to equity: 2.14; Net margin: 29.2%; Gross margin: 66.5%; Operating margin: 39.7%; Return on assets: 7.8%; Return on equity: 34.1%

Price-based multiples captured at research time are not repeated here; the page shows each once, from current figures with their own dates. A ratio our provider could not compute is absent rather than shown as zero.

2026-09-12FMPFinancial Modeling Prep (FMP) key-metrics-ttm + ratios-ttm
Recent dividends paid
Captured record · 4 entries
  • Ex date: 2026-07-31, Payment date: 2026-08-14, Amount per share: $0.93
  • Ex date: 2026-05-01, Payment date: 2026-05-15, Amount per share: $0.93
  • Ex date: 2026-02-02, Payment date: 2026-02-13, Amount per share: $0.91
  • Ex date: 2025-10-31, Payment date: 2025-11-14, Amount per share: $0.91

Declared amounts per share on their ex-dates. A single payment does not establish an annual rate, and a special dividend is not separated here.

2026-07-31FMPFinancial Modeling Prep (FMP) dividend history
Next earnings report
Date: 2026-11-03; EPS estimate: $0.89 per share; Revenue estimate: $1.18B

The date is our provider's estimate until the company confirms it.

2026-09-12FMPFinancial Modeling Prep (FMP) earnings calendar
Analyst revenue and earnings estimates (average)
Captured record · 4 entries
  • FY2027 — EPS average: $4.05 per share, Revenue average: $4.84B, Revenue low: $4.58B, Revenue high: $5.10B, Analysts (revenue): 5
  • FY2028 — EPS average: $4.41 per share, Revenue average: $4.95B, Revenue low: $4.73B, Revenue high: $5.26B, Analysts (revenue): 4
  • FY2029 — EPS average: $4.93 per share, Revenue average: $5.20B, Revenue low: $4.81B, Revenue high: $5.51B, Analysts (revenue): 2
  • FY2030 — EPS average: $5.17 per share, Revenue average: $4.80B, Revenue low: $4.44B, Revenue high: $5.07B, Analysts (revenue): 2
2026-09-12FMPFinancial Modeling Prep (FMP) analyst estimates
Cash and short-term investments over time (USD millions)
Captured record · 8 entries
  • 2026-06-30 — Amount: $104.80M, Cash basis: cash and short-term investments
  • 2026-03-31 — Amount: $647.50M, Cash basis: cash and short-term investments
  • 2025-12-31 — Amount: $819.50M, Cash basis: cash and short-term investments
  • 2025-09-30 — Amount: $177.30M, Cash basis: cash and short-term investments
  • 2025-06-30 — Amount: $129.70M, Cash basis: cash and short-term investments
  • 2025-03-31 — Amount: $448.40M, Cash basis: cash and short-term investments
  • 2024-12-31 — Amount: $1.09B, Cash basis: cash and short-term investments
  • 2024-09-30 — Amount: $1.12B, Cash basis: cash and short-term investments
2026-06-30FMPFinancial Modeling Prep (FMP), from the company's quarterly balance sheets
Legal name
Western Midstream Partners, LP
2026-02-18OFFICIALSEC EDGAR — 10-K filed 2026-02-18
Data Sources & Methodology
Figures come from Financial Modeling Prep (FMP). If FMP has no figure for a ticker, a price or fundamental may come from a Yahoo Finance fallback, or a price from an Alpaca fallback. SEC EDGAR is used only for filing links and company identity details (legal name, address), never for figures. AI analysis by Stock Expert AI proprietary algorithms. Technical indicators via industry-standard calculations. Last updated: .
Data Provenance
Sources: Financial Modeling Prep (FMP) — Primary · Yahoo Finance — Fallback · Alpaca — Tertiary
Last fetched:
Cache TTL: Quote 5min · Profile 7d · Financials 7d · Insider 48h
How we use AI: Numbers are pulled directly from FMP & Yahoo Finance — our AI writes the analysis, it never edits the figures.
Data provided as-is for educational purposes. Not financial advice. Methodology

Data provided for informational purposes only.

ETFs that hold WES

Funds in our ETF coverage that list WES among the top 10 holdings on their fund page, largest weight first. Each weight is the fund's reported holding weight as of the date in its row.

ETFWeightHoldings as of
MDIV ETF1.11%