Western Midstream Partners (WES) Financials

$46.07 +0.20 (+0.43%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$46.36 +0.29 (+0.64%)

As of 05/15/2026 07:59 PM Eastern

Annual Income Statements for Western Midstream Partners

This table shows Western Midstream Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	166	346	541	552	697	527	916	1,217	1,022	1,574	1,181
Consolidated Net Income / (Loss)	11	597	737	631	808	517	944	1,251	1,048	1,611	1,212
Net Income / (Loss) Continuing Operations	11	597	737	631	808	517	944	1,251	1,048	1,611	1,212
Total Pre-Tax Income	57	605	677	690	821	523	934	1,256	1,052	1,629	1,228
Total Operating Income	83	626	687	861	994	652	1,132	1,588	1,380	1,971	1,601
Total Gross Profit	1,224	1,310	1,476	1,884	2,302	2,585	2,555	2,831	2,942	3,433	3,636
Total Revenue	1,752	1,804	2,430	2,300	2,746	2,773	2,877	3,252	3,106	3,605	3,843
Operating Revenue	1,752	1,804	2,430	2,300	2,746	2,773	2,877	3,252	3,106	3,605	3,843
Total Cost of Revenue	528	494	954	416	444	188	322	421	165	172	207
Operating Cost of Revenue	528	494	954	416	444	188	322	421	165	172	207
Total Operating Expenses	1,141	684	789	1,023	1,308	1,932	1,423	1,426	1,715	1,575	2,121
Selling, General & Admin Expense	376	357	400	548	756	737	777	849	995	1,152	1,315
Depreciation Expense	273	273	319	389	483	491	552	582	601	650	711
Other Operating Expenses / (Income)	33	40	53	-144	61	68	64	79	56	63	69
Impairment Charge	515	16	180	231	6.28	645	31	21	53	6.21	15
Other Special Charges / (Income)	-57	-1.63	-162	-1.31	1.41	-8.63	-0.04	-104	10	-297	11
Total Other Income / (Expense), net	-26	-20	-9.10	-172	-173	-129	-197	-149	-174	-229	-288
Interest Expense	114	117	143	184	303	369	401	334	333	373	390
Interest & Investment Income	88	96	132	17	254	238	205	183	153	112	86
Other Income / (Expense), net	-0.58	0.55	1.38	-4.76	-124	1.03	-0.62	1.60	5.68	32	17
Income Tax Expense	46	8.37	-60	59	13	6.00	-9.81	4.19	4.39	18	15
Net Income / (Loss) Attributable to Noncontrolling Interest	-154	251	197	79	110	-10	28	34	26	38	31
Basic Earnings per Share	$0.39	$1.53	$1.72	$1.69	$1.59	$1.18	$2.18	$3.01	$2.61	$4.04	$2.99
Weighted Average Basic Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.55M	411.31M	394.95M	383.03M	380.40M	386.07M
Diluted Earnings per Share	$0.39	$1.53	$1.72	$1.69	$1.59	$1.18	$2.18	$3.00	$2.60	$4.02	$2.98
Weighted Average Diluted Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.62M	412.02M	396.24M	384.41M	382.46M	387.88M
Weighted Average Basic & Diluted Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.55M	411.31M	394.95M	383.03M	380.40M	386.07M
Cash Dividends to Common per Share	$1.49	$1.77	$2.11	$2.35	$2.47	$1.24	$1.28	$2.00	$2.57	$3.50	$3.64

This table shows Western Midstream Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	277	288	573	379	288	334	309	342	340	191	350
Consolidated Net Income / (Loss)	284	296	586	388	296	342	317	351	349	196	359
Net Income / (Loss) Continuing Operations	284	296	586	388	296	342	317	351	349	196	359
Total Pre-Tax Income	285	297	588	388	311	342	320	353	351	204	363
Total Operating Income	361	473	679	470	396	426	410	444	442	306	469
Total Gross Profit	748	817	842	852	851	889	876	900	901	960	1,021
Total Revenue	776	858	888	906	883	929	917	942	952	1,031	1,124
Operating Revenue	776	858	888	906	883	929	917	942	952	1,031	1,124
Total Cost of Revenue	28	41	46	54	33	39	41	43	51	72	103
Operating Cost of Revenue	28	41	46	54	33	39	41	43	51	72	103
Total Operating Expenses	423	462	195	409	479	492	486	482	477	676	566
Selling, General & Admin Expense	259	273	263	286	296	307	293	291	277	454	339
Depreciation Expense	147	165	158	163	166	163	170	172	170	198	200
Other Operating Expenses / (Income)	15	16	14	17	13	19	18	18	16	18	19
Impairment Charge	0.25	0.00	0.02	1.53	4.65	0.00	0.00	0.69	12	2.51	0.61
Other Special Charges / (Income)	1.48	6.43	-240	-59	-0.47	2.66	4.67	0.91	2.47	3.07	6.37
Total Other Income / (Expense), net	-40	-59	-59	-54	-61	-56	-69	-64	-74	-81	-92
Interest Expense	74	184	94	86	94	99	97	95	92	106	113
Interest & Investment Income	35	36	33	27	24	28	20	27	17	21	15
Other Income / (Expense), net	-1.27	89	2.35	4.21	9.57	16	7.48	3.69	1.75	3.71	6.73
Income Tax Expense	0.91	1.41	1.52	0.76	15	0.44	3.44	2.24	2.09	7.32	3.50
Net Income / (Loss) Attributable to Noncontrolling Interest	7.10	7.40	13	8.92	7.41	7.97	7.55	9.08	9.26	5.59	8.76
Basic Earnings per Share	$0.71	$0.74	$1.47	$0.97	$0.74	$0.86	$0.79	$0.88	$0.87	$0.45	$0.86
Weighted Average Basic Shares Outstanding	383.56M	383.03M	380.02M	380.49M	380.51M	380.40M	380.99M	381.33M	381.33M	386.07M	399.10M
Diluted Earnings per Share	$0.70	$0.74	$1.47	$0.97	$0.74	$0.84	$0.79	$0.87	$0.87	$0.45	$0.85
Weighted Average Diluted Shares Outstanding	384.77M	384.41M	381.63M	382.25M	382.62M	382.46M	382.49M	382.33M	382.79M	387.88M	400.57M
Weighted Average Basic & Diluted Shares Outstanding	383.56M	383.03M	380.02M	380.49M	380.51M	380.40M	380.99M	381.33M	381.33M	386.07M	399.10M
Cash Dividends to Common per Share	$0.58	-	$0.88	$0.88	$0.88	-	$0.91	$0.91	$0.91	-	$0.93

This table details how cash moves in and out of Western Midstream Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	32	259	-279	13	7.82	665	-243	309	-899	1,634	-547
Net Cash From Operating Activities	783	913	1,043	1,348	1,324	3,278	1,767	1,701	1,661	4,246	4,415
Net Cash From Continuing Operating Activities	783	913	1,043	1,348	1,324	3,278	1,767	1,701	1,661	4,208	4,379
Net Income / (Loss) Continuing Operations	11	597	737	631	808	1,037	944	1,251	1,048	3,224	2,428
Consolidated Net Income / (Loss)	11	597	737	631	808	1,037	944	1,251	1,048	3,224	2,428
Depreciation Expense	273	273	319	389	483	982	552	582	601	1,301	1,422
Non-Cash Adjustments To Reconcile Net Income	474	39	55	236	38	1,293	92	-53	82	-538	146
Changes in Operating Assets and Liabilities, net	25	4.37	-68	87	-13	-34	172	-87	-77	221	384
Net Cash From Investing Activities	-500	-1,106	-1,133	-2,211	-3,388	-897	-258	-218	-1,607	-78	-2,170
Net Cash From Continuing Investing Activities	-500	-1,106	-1,290	-2,211	-3,388	-897	-249	5.76	-2,485	-207	-2,170
Purchase of Property, Plant & Equipment	-638	-480	-	-2,111	-3,290	-847	-314	-567	-2,491	-1,797	-2,193
Acquisitions	-26	-716	-	-134	-128	-39	-4.44	-9.63	-1.15	-19	0.00
Sale of Property, Plant & Equipment	0.93	0.62	1,439	3.94	0.34	41	16	528	-0.17	1,585	0.32
Sale and/or Maturity of Investments	16	21	32	30	30	64	41	64	39	62	63
Other Investing Activities, net	146	69	26	0.00	0.00	-116	11	-9.47	-32	-37	-40
Net Cash From Financing Activities	-250	452	-189	875	2,072	-1,716	-1,752	-1,399	-68	-2,533	-2,792
Net Cash From Continuing Financing Activities	-250	452	116	875	2,072	-2,934	-1,761	-1,409	-76	-2,533	-2,792
Repayment of Debt	-611	-900	0.00	-1,040	-1,468	-7,636	-1,444	-1,532	-1,377	-327	-2,217
Repurchase of Common Equity	-	-	0.00	0.00	-0.86	-33	-217	-488	-135	0.00	0.00
Payment of Dividends	-552	-683	469	-902	-1,097	-2,669	-567	-782	-1,017	-2,552	-2,930
Issuance of Debt	890	1,323	469	2,671	4,170	7,362	480	1,389	2,449	357	2,369
Other Financing Activities, net	-34	24	266	146	467	41	-13	3.63	3.52	-11	-14
Cash Interest Paid	95	108	137	141	294	700	375	355	327	722	762
Cash Income Taxes Paid	-0.14	0.84	1.19	2.41	0.10	-0.77	0.94	0.91	4.13	4.45	6.21

This table details how cash moves in and out of Western Midstream Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	474	-1,301	605	255	842	-68	-642	-319	48	366	-172
Net Cash From Operating Activities	1,569	-701	400	631	2,109	1,106	531	564	570	2,750	470
Net Cash From Continuing Operating Activities	1,550	-682	400	631	2,095	1,695	531	564	570	2,714	470
Net Income / (Loss) Continuing Operations	1,038	-458	586	388	1,567	683	317	351	349	1,412	359
Consolidated Net Income / (Loss)	1,038	-458	586	388	1,567	683	317	351	349	1,412	359
Depreciation Expense	583	-270	158	163	653	326	170	172	170	909	200
Amortization Expense	-	-	2.19	2.47	-	-	2.20	2.03	1.90	-	0.88
Non-Cash Adjustments To Reconcile Net Income	54	-37	-234	-52	-257	646	16	13	25	92	19
Changes in Operating Assets and Liabilities, net	-122	76	-112	130	135	40	26	26	24	308	-109
Net Cash From Investing Activities	-747	-530	397	-15	0.45	-461	-141	-174	-162	-1,694	-235
Net Cash From Continuing Investing Activities	-747	-1,408	979	191	-1,045	-204	-141	-174	-161	-1,694	-235
Purchase of Property, Plant & Equipment	-738	-1,418	-195	-212	-1,042	-221	-142	-179	-185	-1,687	-236
Acquisitions	-2.17	1.15	-	-	-	-19	0.00	-	-	-	-1.77
Sale of Property, Plant & Equipment	-0.12	-0.05	1,165	412	6.60	0.03	0.00	-	0.32	-	0.00
Sale and/or Maturity of Investments	40	-24	19	5.27	31	6.58	11	3.04	12	37	9.89
Other Investing Activities, net	-46	33	-11	-15	-41	30	-9.41	1.59	11	-44	-7.27
Net Cash From Financing Activities	-348	816	-774	-568	-479	-713	-1,032	-709	-361	-690	-407
Net Cash From Continuing Financing Activities	-345	808	-775	-568	-477	-2,615	-1,032	-709	-361	-690	-409
Repayment of Debt	-1,721	1,278	-35	-231	456	-6.46	-684	-337	-3.15	-1,192	-31
Payment of Dividends	-1,145	680	-230	-349	-1,274	-2,602	-348	-363	-363	-1,857	-391
Issuance of Debt	2,646	-1,153	-510	-1.21	359	-0.30	0.00	-1.17	-	2,370	-0.13
Other Financing Activities, net	2.47	4.00	0.77	13	-19	-6.67	-0.11	-7.54	4.54	-10	13
Cash Interest Paid	398	-230	131	47	437	108	120	78	120	444	125
Cash Income Taxes Paid	1.27	1.59	-	-	-	4.45	0.00	-	-	3.91	3.45

This table presents Western Midstream Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,303	7,736	8,016	11,457	12,346	11,830	11,273	11,272	12,472	13,145	14,998
Total Current Assets	301	596	255	345	402	943	685	900	992	1,847	1,657
Cash & Equivalents	100	359	80	92	100	445	202	287	273	1,090	819
Accounts Receivable	193	223	160	221	261	453	437	554	667	702	773
Other Current Assets	8.56	13	15	31	42	45	46	60	53	55	64
Plant, Property, & Equipment, net	4,859	5,050	5,731	8,410	9,065	8,710	8,513	8,542	9,655	9,715	11,221
Plant, Property & Equipment, gross	6,557	6,862	7,865	11,259	12,356	12,642	12,846	13,366	14,945	15,510	17,648
Accumulated Depreciation	1,698	1,812	2,134	2,848	3,291	3,932	4,333	4,824	5,290	5,795	6,427
Total Noncurrent Assets	2,143	2,091	2,030	2,702	2,879	2,177	2,075	1,830	1,824	1,583	2,121
Long-Term Investments	619	594	566	1,092	1,286	1,225	1,167	945	905	541	505
Goodwill	419	418	416	446	446	4.78	4.78	4.78	4.78	4.78	353
Intangible Assets	832	804	775	841	809	776	745	713	681	650	914
Other Noncurrent Operating Assets	13	15	13	63	78	171	159	167	233	387	349
Total Liabilities & Shareholders' Equity	7,303	7,736	8,016	11,457	12,346	11,830	11,273	11,272	12,472	13,145	14,998
Total Liabilities	3,383	3,625	4,071	6,565	9,001	8,935	8,177	8,164	9,442	9,770	10,835
Total Current Liabilities	236	315	424	637	486	961	1,140	904	1,304	1,692	1,236
Short-Term Debt	-	-	0.00	28	7.87	439	506	216	618	1,011	449
Accounts Payable	99	247	350	443	293	211	326	361	362	313	319
Accrued Expenses	119	45	48	129	150	270	263	255	263	329	408
Other Taxes Payable	18	23	27	37	35	41	45	73	61	38	60
Total Noncurrent Liabilities	3,148	3,310	3,647	5,927	8,515	7,974	7,037	7,260	8,138	8,078	9,599
Long-Term Debt	2,691	3,119	3,493	5,215	7,952	7,416	6,401	6,570	7,284	6,927	8,195
Asset Retirement Reserve & Litigation Obligation	129	143	143	300	336	260	298	290	359	370	428
Noncurrent Deferred & Payable Income Tax Liabilities	140	6.40	7.41	280	19	22	12	14	15	30	111
Other Noncurrent Operating Liabilities	189	41	3.49	132	208	276	326	386	480	751	865
Total Equity & Noncontrolling Interests	3,920	4,111	3,945	4,893	3,345	6,636	3,096	3,108	3,029	3,375	4,163
Total Preferred & Common Equity	1,491	1,048	1,061	2,340	4,102	6,502	2,958	2,972	2,897	3,236	4,021
Total Common Equity	1,491	1,048	1,061	2,340	3,196	2,761	2,958	2,972	2,897	3,236	4,021
Common Stock	1,491	1,048	1,061	2,340	3,196	6,502	2,958	2,972	2,897	3,236	4,021
Noncontrolling Interest	2,429	3,063	2,884	2,553	150	134	138	136	132	140	142

This table presents Western Midstream Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	11,473	11,112	11,219	11,627	12,265	12,181	12,981	12,457	12,160	12,125	14,925
Total Current Assets	896	735	797	1,136	1,066	1,068	1,833	1,190	905	917	1,539
Cash & Equivalents	159	113	214	489	295	344	1,125	448	130	177	647
Accounts Receivable	651	558	554	615	720	684	672	673	705	683	823
Other Current Assets	86	64	29	31	51	40	36	68	71	57	69
Plant, Property, & Equipment, net	8,540	8,541	8,601	8,664	9,725	9,644	9,696	9,727	9,740	9,726	11,295
Plant, Property & Equipment, gross	13,236	13,550	13,741	13,809	15,158	15,148	15,342	15,678	15,847	15,986	17,865
Accumulated Depreciation	4,697	5,009	5,140	5,145	5,432	5,503	5,647	5,950	6,107	6,260	6,571
Total Noncurrent Assets	2,037	1,836	1,821	1,826	1,474	1,468	1,453	1,540	1,514	1,482	2,090
Long-Term Investments	1,142	932	920	915	546	541	535	528	524	511	496
Goodwill	4.78	4.78	4.78	4.78	4.78	4.78	4.78	4.78	4.78	4.78	348
Intangible Assets	721	705	697	689	673	666	658	642	634	626	902
Other Noncurrent Operating Assets	169	194	199	217	249	257	255	366	352	341	345
Total Liabilities & Shareholders' Equity	11,473	11,112	11,219	11,627	12,265	12,181	12,981	12,457	12,160	12,125	14,925
Total Liabilities	8,467	8,011	8,197	8,671	8,889	8,756	9,604	9,123	8,826	8,797	11,418
Total Current Liabilities	746	581	622	636	708	634	1,646	1,011	695	640	1,407
Short-Term Debt	2.03	2.71	2.53	2.27	108	8.51	1,008	351	13	13	446
Accounts Payable	493	362	359	393	377	365	387	357	357	297	414
Accrued Expenses	190	163	224	190	174	226	204	257	289	279	498
Other Taxes Payable	61	53	36	50	49	35	47	46	35	51	50
Total Noncurrent Liabilities	7,721	7,430	7,575	8,036	8,181	8,122	7,958	8,112	8,131	8,156	10,010
Long-Term Debt	7,027	6,694	6,824	7,260	7,272	7,138	6,929	6,925	6,924	6,924	8,194
Asset Retirement Reserve & Litigation Obligation	311	294	302	308	367	372	375	379	385	390	443
Noncurrent Deferred & Payable Income Tax Liabilities	14	15	15	15	16	16	30	31	32	32	112
Other Noncurrent Operating Liabilities	369	427	434	452	527	597	624	777	790	810	1,261
Total Equity & Noncontrolling Interests	3,006	3,102	3,022	2,955	3,376	3,424	3,378	3,334	3,333	3,329	3,507
Total Preferred & Common Equity	2,868	2,967	2,889	2,824	3,237	3,283	3,237	3,193	3,189	3,182	3,366
Total Common Equity	2,868	2,967	2,889	2,824	3,237	3,283	3,237	3,193	3,189	3,182	3,366
Common Stock	2,868	2,967	2,889	2,824	3,237	3,283	3,237	3,193	3,189	3,182	3,366
Noncontrolling Interest	138	135	133	131	139	141	141	140	144	146	141

This table displays calculated financial ratios and metrics derived from Western Midstream Partners' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.26%	2.98%	34.66%	-5.35%	19.42%	0.96%	3.77%	13.02%	-4.47%	16.06%	6.61%
EBITDA Growth	-49.75%	153.35%	11.94%	24.33%	8.80%	20.09%	3.36%	28.91%	-8.49%	65.66%	-7.98%
EBIT Growth	-83.35%	660.58%	9.83%	24.50%	1.58%	-24.92%	73.15%	40.54%	-12.85%	44.56%	-19.20%
NOPAT Growth	-96.42%	3,697.39%	21.08%	5.40%	24.10%	-34.05%	77.38%	38.40%	-13.19%	41.86%	-18.84%
Net Income Growth	-97.55%	5,279.17%	23.52%	-14.47%	28.07%	-36.01%	82.64%	32.57%	-16.26%	53.74%	-24.75%
EPS Growth	-61.76%	292.31%	12.42%	-1.74%	-5.92%	-25.79%	84.75%	37.61%	-13.33%	54.62%	-25.87%
Operating Cash Flow Growth	13.34%	16.64%	14.20%	29.29%	-1.79%	147.57%	-46.10%	-3.70%	-2.36%	155.55%	4.00%
Free Cash Flow Firm Growth	98.90%	1,282.15%	0.02%	-690.20%	100.71%	15,045.29%	7.21%	-2.32%	-81.80%	614.57%	-110.89%
Invested Capital Growth	0.61%	6.53%	8.20%	31.80%	10.81%	-8.46%	-4.92%	0.34%	12.59%	-0.74%	18.61%
Revenue Q/Q Growth	-5.43%	5.51%	14.22%	-4.98%	1.13%	-2.66%	2.56%	1.89%	2.60%	1.99%	2.75%
EBITDA Q/Q Growth	-47.39%	48.96%	10.63%	17.51%	-7.75%	33.51%	-22.12%	-4.79%	5.22%	16.81%	17.40%
EBIT Q/Q Growth	-78.90%	86.23%	10.88%	23.80%	-12.53%	-8.20%	-2.95%	23.85%	6.34%	-5.70%	-7.55%
NOPAT Q/Q Growth	-94.92%	92.90%	21.95%	10.05%	-17.31%	9.34%	-1.25%	22.24%	-0.46%	-2.26%	-7.57%
Net Income Q/Q Growth	-96.44%	100.36%	29.85%	-17.07%	16.02%	-4.55%	-2.07%	8.14%	-4.49%	2.93%	-10.70%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-39.54%	-4.07%	-0.91%	9.89%	-4.06%	2.55%	-11.57%
Operating Cash Flow Q/Q Growth	-7.65%	8.41%	15.75%	-1.26%	-6.07%	129.35%	-45.65%	-44.73%	0.88%	74.08%	59.35%
Free Cash Flow Firm Q/Q Growth	98.67%	245.84%	-26.38%	-2,259.65%	100.80%	49.52%	5.66%	3.40%	-78.26%	75.44%	-112.31%
Invested Capital Q/Q Growth	0.50%	-1.03%	2.30%	22.77%	2.35%	-2.25%	-3.45%	-0.82%	10.67%	0.27%	19.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.84%	72.61%	60.74%	81.93%	83.82%	93.22%	88.80%	87.06%	94.70%	95.22%	94.61%
EBITDA Margin	20.26%	49.84%	41.44%	54.43%	49.59%	58.98%	58.75%	67.01%	64.19%	91.63%	79.09%
Operating Margin	4.73%	34.69%	28.26%	37.45%	36.19%	23.52%	39.33%	48.83%	44.41%	54.66%	41.67%
EBIT Margin	4.70%	34.72%	28.31%	37.25%	31.68%	23.56%	39.31%	48.88%	44.59%	55.54%	42.10%
Profit (Net Income) Margin	0.63%	33.09%	30.35%	27.42%	29.41%	18.64%	32.81%	38.49%	33.74%	44.69%	31.55%
Tax Burden Percent	19.60%	98.62%	108.85%	91.45%	98.36%	98.85%	101.05%	99.67%	99.58%	98.89%	98.77%
Interest Burden Percent	68.77%	96.65%	98.48%	80.51%	94.38%	80.05%	82.60%	79.00%	75.97%	81.37%	75.87%
Effective Tax Rate	80.40%	1.38%	-8.85%	8.55%	1.64%	1.15%	-1.05%	0.33%	0.42%	1.11%	1.23%
Return on Invested Capital (ROIC)	0.28%	10.14%	11.44%	10.01%	10.36%	6.79%	12.91%	18.30%	14.92%	20.06%	14.95%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	9.17%	11.04%	5.46%	7.17%	3.95%	7.91%	12.33%	9.61%	14.87%	9.53%
Return on Net Nonoperating Assets (RNNOA)	0.00%	4.72%	6.87%	4.27%	9.25%	3.57%	6.49%	22.04%	19.23%	30.26%	17.22%
Return on Equity (ROE)	0.28%	14.87%	18.31%	14.27%	19.61%	10.36%	19.40%	40.34%	34.15%	50.32%	32.17%
Cash Return on Invested Capital (CROIC)	-0.33%	3.82%	3.56%	-17.43%	0.10%	15.62%	17.96%	17.97%	3.07%	20.80%	-2.08%
Operating Return on Assets (OROA)	1.16%	8.33%	8.73%	8.80%	7.31%	5.40%	9.79%	14.10%	11.67%	15.63%	11.50%
Return on Assets (ROA)	0.16%	7.94%	9.36%	6.48%	6.79%	4.28%	8.17%	11.10%	8.83%	12.58%	8.62%
Return on Common Equity (ROCE)	0.10%	4.70%	4.79%	5.49%	13.18%	6.18%	11.40%	38.56%	32.66%	48.19%	30.97%
Return on Equity Simple (ROE_SIMPLE)	0.74%	56.96%	69.49%	26.95%	19.69%	7.95%	31.91%	42.11%	36.17%	49.80%	0.00%
Net Operating Profit after Tax (NOPAT)	16	617	747	788	978	645	1,144	1,583	1,374	1,949	1,582
NOPAT Margin	0.93%	34.21%	30.76%	34.25%	35.60%	23.25%	39.74%	48.67%	44.22%	54.06%	41.15%
Net Nonoperating Expense Percent (NNEP)	0.28%	0.98%	0.39%	4.55%	3.19%	2.84%	5.00%	5.97%	5.31%	5.18%	5.42%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	16.00%	12.57%	17.23%	12.35%
Cost of Revenue to Revenue	30.16%	27.39%	39.26%	18.07%	16.18%	6.78%	11.20%	12.94%	5.30%	4.78%	5.39%
SG&A Expenses to Revenue	21.48%	19.80%	16.45%	23.83%	27.52%	26.57%	27.00%	26.10%	32.04%	31.96%	34.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.11%	37.92%	32.49%	44.48%	47.63%	69.69%	49.47%	43.87%	55.22%	43.68%	55.18%
Earnings before Interest and Taxes (EBIT)	82	626	688	857	870	653	1,131	1,589	1,385	2,002	1,618
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	355	899	1,007	1,252	1,362	1,635	1,690	2,179	1,994	3,303	3,040
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.66	4.76	4.40	1.61	1.74	1.70	2.59	2.92	3.48	4.45	3.73
Price to Tangible Book Value (P/TBV)	16.55	0.00	0.00	3.58	2.86	2.37	3.47	3.86	4.55	5.57	5.44
Price to Revenue (P/Rev)	2.27	2.76	1.92	1.64	2.02	1.69	2.66	2.67	3.24	3.99	3.90
Price to Earnings (P/E)	24.01	14.42	8.63	6.84	7.95	8.92	8.36	7.14	9.85	9.14	12.69
Dividend Yield	16.25%	14.44%	16.56%	21.89%	21.20%	14.42%	6.82%	8.33%	8.16%	8.51%	9.33%
Earnings Yield	4.16%	6.93%	11.59%	14.63%	12.57%	11.22%	11.97%	14.00%	10.15%	10.94%	7.88%
Enterprise Value to Invested Capital (EV/IC)	1.42	1.63	1.53	1.16	1.24	1.21	1.54	1.66	1.74	2.15	1.95
Enterprise Value to Revenue (EV/Rev)	4.78	5.66	4.28	4.51	4.47	3.97	4.63	4.42	5.45	5.78	5.84
Enterprise Value to EBITDA (EV/EBITDA)	23.59	11.36	10.33	8.30	9.01	6.74	7.89	6.60	8.49	6.31	7.38
Enterprise Value to EBIT (EV/EBIT)	101.69	16.31	15.12	12.12	14.10	16.87	11.79	9.05	12.22	10.40	13.87
Enterprise Value to NOPAT (EV/NOPAT)	515.29	16.55	13.91	13.18	12.55	17.09	11.66	9.09	12.32	10.69	14.19
Enterprise Value to Operating Cash Flow (EV/OCF)	10.70	11.19	9.97	7.70	9.27	3.36	7.55	8.45	10.19	4.91	5.08
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	43.96	44.74	0.00	1,252.56	7.43	8.38	9.26	59.85	10.31	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	0.76	0.89	1.07	2.38	1.18	2.23	2.18	2.61	2.35	2.08
Long-Term Debt to Equity	0.69	0.76	0.89	1.07	2.38	1.12	2.07	2.11	2.40	2.05	1.97
Financial Leverage	0.46	0.52	0.62	0.78	1.29	0.90	0.82	1.79	2.00	2.03	1.81
Leverage Ratio	1.77	1.87	1.96	2.20	2.89	2.42	2.37	3.63	3.87	4.00	3.73
Compound Leverage Factor	1.22	1.81	1.93	1.77	2.73	1.94	1.96	2.87	2.94	3.25	2.83
Debt to Total Capital	40.70%	43.14%	46.96%	51.73%	70.41%	54.20%	69.05%	68.58%	72.29%	70.17%	67.49%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.28%	0.07%	3.03%	5.06%	2.18%	5.65%	8.94%	3.50%
Long-Term Debt to Total Capital	40.70%	43.14%	46.96%	51.45%	70.34%	51.18%	63.99%	66.40%	66.64%	61.23%	63.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	36.74%	42.36%	38.77%	25.19%	1.32%	0.93%	1.38%	1.38%	1.20%	1.23%	1.11%
Common Equity to Total Capital	22.56%	14.50%	14.27%	23.09%	28.27%	19.05%	29.57%	30.04%	26.51%	28.60%	31.40%
Debt to EBITDA	7.58	3.47	3.47	4.19	5.85	4.80	4.09	3.11	3.96	2.40	2.84
Net Debt to EBITDA	5.56	2.41	2.83	3.24	4.83	3.78	3.28	2.55	3.37	1.91	2.41
Long-Term Debt to EBITDA	7.58	3.47	3.47	4.17	5.84	4.53	3.79	3.02	3.65	2.10	2.70
Debt to NOPAT	165.56	5.05	4.67	6.66	8.14	12.18	6.04	4.29	5.75	4.07	5.46
Net Debt to NOPAT	121.34	3.51	3.81	5.15	6.72	9.59	4.84	3.51	4.89	3.24	4.63
Long-Term Debt to NOPAT	165.56	5.05	4.67	6.62	8.13	11.50	5.60	4.15	5.30	3.55	5.18
Altman Z-Score	0.99	1.37	1.25	0.76	0.82	0.73	1.10	1.39	1.23	1.67	1.48
Noncontrolling Interest Sharing Ratio	64.31%	68.38%	73.82%	61.52%	32.80%	40.32%	41.23%	4.42%	4.37%	4.24%	3.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.28	1.89	0.60	0.54	0.83	0.98	0.60	1.00	0.76	1.09	1.34
Quick Ratio	1.24	1.85	0.57	0.49	0.74	0.93	0.56	0.93	0.72	1.06	1.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-20	232	232	-1,372	9.80	1,484	1,591	1,554	283	2,021	-220
Operating Cash Flow to CapEx	122.88%	190.47%	0.00%	63.99%	40.25%	406.44%	593.96%	4,358.16%	66.70%	5,048.96%	201.34%
Free Cash Flow to Firm to Interest Expense	-0.17	1.99	1.63	-7.46	0.03	4.02	3.96	4.65	0.85	5.42	-0.56
Operating Cash Flow to Interest Expense	6.87	7.83	7.32	7.33	4.37	8.89	4.40	5.10	4.99	11.38	11.31
Operating Cash Flow Less CapEx to Interest Expense	1.28	3.72	17.41	-4.13	-6.48	6.70	3.66	4.98	-2.49	11.15	5.69
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.24	0.31	0.24	0.23	0.23	0.25	0.29	0.26	0.28	0.27
Accounts Receivable Turnover	11.60	8.67	12.68	12.06	11.40	7.77	6.47	6.56	5.09	5.27	5.21
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.37	0.36	0.45	0.33	0.31	0.31	0.33	0.38	0.34	0.37	0.37
Accounts Payable Turnover	6.91	2.86	3.20	1.05	1.21	0.75	1.20	1.23	0.46	0.51	0.65
Days Sales Outstanding (DSO)	31.47	42.09	28.79	30.27	32.01	46.96	56.41	55.61	71.73	69.27	70.04
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	52.81	127.68	114.21	348.37	302.55	488.85	303.95	297.72	801.65	715.58	557.36
Cash Conversion Cycle (CCC)	-21.34	-85.59	-85.42	-318.10	-270.54	-441.89	-247.53	-242.11	-729.92	-646.31	-487.32
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,892	6,277	6,792	8,951	9,919	9,080	8,633	8,662	9,753	9,681	11,483
Invested Capital Turnover	0.30	0.30	0.37	0.29	0.29	0.29	0.32	0.38	0.34	0.37	0.36
Increase / (Decrease) in Invested Capital	36	385	515	2,160	968	-839	-447	29	1,091	-72	1,802
Enterprise Value (EV)	8,375	10,215	10,398	10,383	12,269	11,018	13,333	14,382	16,926	20,831	22,447
Market Capitalization	3,974	4,986	4,668	3,771	5,546	4,699	7,658	8,691	10,070	14,385	14,985
Book Value per Share	$6.81	$4.79	$4.85	$10.69	$7.05	$6.63	$7.24	$7.72	$7.63	$8.50	$9.86
Tangible Book Value per Share	$1.10	($0.79)	($0.60)	$4.81	$4.28	$4.76	$5.41	$5.85	$5.83	$6.78	$6.75
Total Capital	6,611	7,230	7,438	10,136	11,305	14,491	10,002	9,893	10,930	11,313	12,807
Total Debt	2,691	3,119	3,493	5,243	7,959	7,855	6,907	6,785	7,901	7,938	8,644
Total Long-Term Debt	2,691	3,119	3,493	5,215	7,952	7,416	6,401	6,570	7,284	6,927	8,195
Net Debt	1,972	2,166	2,847	4,059	6,574	6,185	5,537	5,554	6,724	6,306	7,320
Capital Expenditures (CapEx)	637	479	-1,439	2,107	3,290	807	297	39	2,491	84	2,193
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-34	-79	-249	-357	-176	-24	-152	-74	33	76	50
Debt-free Net Working Capital (DFNWC)	66	280	-169	-265	-76	421	50	212	306	1,167	869
Net Working Capital (NWC)	66	280	-169	-293	-84	-18	-455	-3.43	-312	155	420
Net Nonoperating Expense (NNE)	5.15	20	9.90	157	170	128	200	331	326	338	369
Net Nonoperating Obligations (NNO)	1,972	2,166	2,847	4,059	6,574	2,444	5,537	5,554	6,724	6,306	7,320
Total Depreciation and Amortization (D&A)	273	273	319	395	492	982	559	590	609	1,301	1,422
Debt-free, Cash-free Net Working Capital to Revenue	-1.93%	-4.37%	-10.24%	-15.52%	-6.40%	-0.86%	-5.27%	-2.29%	1.07%	2.11%	1.30%
Debt-free Net Working Capital to Revenue	3.76%	15.53%	-6.96%	-11.51%	-2.76%	15.18%	1.76%	6.53%	9.85%	32.36%	22.62%
Net Working Capital to Revenue	3.76%	15.53%	-6.96%	-12.73%	-3.04%	-0.64%	-15.83%	-0.11%	-10.03%	4.31%	10.94%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.72	$1.69	$1.59	$1.18	$2.18	$3.01	$2.61	$4.04	$2.99
Adjusted Weighted Average Basic Shares Outstanding	218.92M	218.93M	218.93M	218.94M	443.97M	413.06M	411.31M	394.95M	383.03M	380.40M	386.07M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.72	$1.69	$1.59	$1.18	$2.18	$3.00	$2.60	$4.02	$2.98
Adjusted Weighted Average Diluted Shares Outstanding	218.92M	218.93M	218.93M	218.94M	443.97M	413.06M	412.02M	396.24M	384.41M	382.46M	387.88M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$1.72	$1.69	$1.59	$1.18	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	218.92M	218.93M	218.93M	218.94M	415.79M	435.55M	411.31M	394.95M	383.03M	380.40M	386.07M
Normalized Net Operating Profit after Tax (NOPAT)	379	631	493	997	985	1,274	813	1,500	1,437	1,661	1,607
Normalized NOPAT Margin	21.63%	34.97%	20.29%	43.37%	35.87%	45.94%	28.27%	46.12%	46.24%	46.09%	41.82%
Pre Tax Income Margin	3.23%	33.55%	27.88%	29.99%	29.90%	18.86%	32.47%	38.61%	33.88%	45.19%	31.94%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.72	5.37	4.83	4.66	2.87	1.77	2.82	4.76	4.16	5.37	4.14
NOPAT to Interest Expense	0.14	5.29	5.24	4.28	3.22	1.75	2.85	4.74	4.13	5.22	4.05
EBIT Less CapEx to Interest Expense	-4.87	1.26	14.92	-6.80	-7.98	-0.42	2.08	4.64	-3.32	5.14	-1.47
NOPAT Less CapEx to Interest Expense	-5.45	1.18	15.34	-7.18	-7.62	-0.44	2.11	4.62	-3.36	5.00	-1.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4,972.45%	114.36%	-63.62%	143.08%	135.81%	516.40%	60.06%	62.50%	97.00%	276.46%	241.68%
Augmented Payout Ratio	4,972.45%	114.36%	-63.62%	143.08%	135.92%	522.70%	83.10%	101.46%	109.84%	276.46%	241.68%

This table displays calculated financial ratios and metrics derived from Western Midstream Partners' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	393,667,434.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	393,667,434.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.89
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.35%	10.11%	20.95%	22.67%	13.83%	8.19%	3.31%	4.05%	7.82%	11.09%	22.51%
EBITDA Growth	-0.22%	45.13%	111.15%	79.27%	12.37%	162.78%	-29.93%	-2.74%	-41.87%	58.72%	14.80%
EBIT Growth	0.68%	17.21%	170.09%	124.59%	12.78%	-21.51%	-38.79%	-5.44%	9.34%	-29.93%	14.05%
NOPAT Growth	0.87%	-1.37%	171.59%	59.68%	4.64%	-9.73%	-40.17%	-5.80%	16.65%	-30.72%	14.62%
Net Income Growth	3.95%	-14.28%	181.37%	49.34%	4.04%	15.50%	-46.00%	-9.50%	17.91%	-42.54%	13.42%
EPS Growth	6.06%	-12.94%	182.69%	51.56%	5.71%	13.51%	-46.26%	-10.31%	17.57%	-46.43%	7.59%
Operating Cash Flow Growth	-6.23%	2.02%	32.17%	28.64%	34.40%	257.81%	32.80%	-10.68%	-72.96%	148.70%	-11.47%
Free Cash Flow Firm Growth	-50.27%	-238.21%	-284.66%	-269.35%	-265.93%	180.22%	242.04%	201.56%	210.74%	-403.05%	-231.71%
Invested Capital Growth	0.90%	12.59%	13.27%	11.14%	9.55%	-0.74%	-2.85%	-0.71%	-0.80%	18.61%	14.22%
Revenue Q/Q Growth	5.11%	10.59%	3.44%	2.02%	-2.46%	5.11%	-1.23%	2.75%	1.08%	8.29%	8.93%
EBITDA Q/Q Growth	164.01%	-69.01%	309.03%	-24.00%	65.49%	-27.53%	-23.12%	5.49%	-1.09%	97.87%	-44.39%
EBIT Q/Q Growth	70.34%	56.42%	43.18%	-30.48%	-14.46%	8.86%	-5.46%	7.40%	-1.08%	-30.24%	53.89%
NOPAT Q/Q Growth	22.48%	30.98%	43.86%	-30.81%	-19.74%	12.99%	-4.65%	8.94%	-0.62%	-32.89%	57.74%
Net Income Q/Q Growth	9.59%	3.99%	98.21%	-33.89%	-23.65%	15.44%	-7.33%	10.81%	-0.54%	-43.74%	82.93%
EPS Q/Q Growth	9.38%	5.71%	98.65%	-34.01%	-23.71%	13.51%	-5.95%	10.13%	0.00%	-48.28%	88.89%
Operating Cash Flow Q/Q Growth	219.64%	-144.67%	157.04%	57.97%	233.94%	-47.55%	-52.00%	6.25%	1.11%	382.34%	-82.91%
Free Cash Flow Firm Q/Q Growth	-5.37%	-320.90%	21.91%	-3.76%	7.28%	206.80%	38.26%	-25.82%	1.10%	-392.27%	39.92%
Invested Capital Q/Q Growth	1.12%	10.67%	1.66%	-2.31%	-0.32%	0.27%	-0.49%	-0.16%	-0.41%	19.89%	-4.17%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	96.44%	95.25%	94.81%	94.04%	96.28%	95.77%	95.48%	95.47%	94.63%	93.06%	90.84%
EBITDA Margin	121.43%	34.03%	94.84%	70.65%	119.87%	82.64%	64.33%	66.04%	64.62%	118.08%	60.27%
Operating Margin	46.49%	55.15%	76.53%	51.87%	44.81%	45.85%	44.68%	47.17%	46.36%	29.62%	41.76%
EBIT Margin	46.33%	65.52%	76.79%	52.34%	45.90%	47.53%	45.50%	47.56%	46.54%	29.98%	42.36%
Profit (Net Income) Margin	36.65%	34.46%	66.04%	42.80%	33.50%	36.79%	34.52%	37.22%	36.63%	19.03%	31.95%
Tax Burden Percent	99.68%	99.53%	99.74%	99.81%	95.06%	99.87%	98.93%	99.37%	99.40%	96.40%	99.03%
Interest Burden Percent	79.36%	52.85%	86.21%	81.93%	76.78%	77.49%	76.68%	78.76%	79.17%	65.83%	76.17%
Effective Tax Rate	0.32%	0.47%	0.26%	0.19%	4.94%	0.13%	1.07%	0.63%	0.60%	3.60%	0.97%
Return on Invested Capital (ROIC)	15.99%	18.52%	26.66%	19.29%	16.31%	16.99%	16.44%	17.83%	17.92%	10.37%	16.23%
ROIC Less NNEP Spread (ROIC-NNEP)	14.69%	15.66%	25.16%	17.93%	14.98%	15.71%	15.05%	16.38%	16.49%	8.93%	14.70%
Return on Net Nonoperating Assets (RNNOA)	28.56%	31.33%	47.35%	33.25%	28.71%	31.96%	28.80%	30.41%	30.80%	16.14%	29.65%
Return on Equity (ROE)	44.55%	49.85%	74.01%	52.53%	45.02%	48.95%	45.24%	48.24%	48.72%	26.51%	45.88%
Cash Return on Invested Capital (CROIC)	14.83%	3.07%	6.86%	10.94%	12.48%	20.80%	20.04%	17.79%	18.59%	-2.08%	2.62%
Operating Return on Assets (OROA)	12.14%	17.15%	21.42%	15.33%	13.19%	13.38%	13.38%	14.35%	13.87%	8.19%	12.53%
Return on Assets (ROA)	9.61%	9.02%	18.42%	12.54%	9.62%	10.36%	10.15%	11.23%	10.91%	5.20%	9.45%
Return on Common Equity (ROCE)	42.54%	47.67%	70.88%	50.30%	43.08%	46.87%	43.36%	46.20%	46.63%	25.52%	43.99%
Return on Equity Simple (ROE_SIMPLE)	38.86%	0.00%	44.05%	47.33%	48.36%	0.00%	42.01%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	360	471	678	469	376	425	405	442	439	295	465
NOPAT Margin	46.34%	54.88%	76.33%	51.77%	42.60%	45.79%	44.20%	46.87%	46.08%	28.56%	41.36%
Net Nonoperating Expense Percent (NNEP)	1.30%	2.86%	1.50%	1.36%	1.33%	1.28%	1.38%	1.45%	1.44%	1.44%	1.53%
Return On Investment Capital (ROIC_SIMPLE)	-	4.31%	-	-	-	3.76%	3.82%	4.30%	4.28%	2.30%	3.83%
Cost of Revenue to Revenue	3.56%	4.75%	5.19%	5.96%	3.72%	4.23%	4.52%	4.53%	5.37%	6.94%	9.16%
SG&A Expenses to Revenue	33.44%	31.87%	29.60%	31.61%	33.48%	33.09%	31.98%	30.86%	29.03%	44.04%	30.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	54.53%	53.79%	21.98%	45.20%	54.18%	52.95%	53.02%	51.18%	50.04%	65.51%	50.40%
Earnings before Interest and Taxes (EBIT)	359	562	682	474	405	441	417	448	443	309	476
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	942	292	842	640	1,059	767	590	622	616	1,218	677
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.32	3.48	4.09	4.53	4.42	4.45	4.79	4.54	4.61	3.73	4.79
Price to Tangible Book Value (P/TBV)	4.41	4.55	5.17	5.69	5.55	5.57	6.00	5.67	5.76	5.44	7.63
Price to Revenue (P/Rev)	3.10	3.24	4.06	4.34	4.05	3.99	4.21	3.94	3.93	3.90	3.99
Price to Earnings (P/E)	8.77	9.85	9.51	9.80	9.36	9.14	11.67	11.37	11.09	12.69	13.20
Dividend Yield	8.46%	8.16%	6.38%	6.66%	7.76%	8.51%	8.76%	9.34%	9.31%	9.33%	9.03%
Earnings Yield	11.41%	10.15%	10.51%	10.21%	10.69%	10.94%	8.57%	8.80%	9.02%	7.88%	7.57%
Enterprise Value to Invested Capital (EV/IC)	1.74	1.74	2.01	2.20	2.15	2.15	2.26	2.17	2.20	1.95	2.16
Enterprise Value to Revenue (EV/Rev)	5.08	5.45	6.11	6.20	5.86	5.78	5.98	5.69	5.64	5.84	5.87
Enterprise Value to EBITDA (EV/EBITDA)	8.11	8.49	8.17	7.82	7.33	6.31	7.12	6.89	8.14	7.38	7.60
Enterprise Value to EBIT (EV/EBIT)	11.80	12.22	10.98	10.24	9.76	10.40	12.50	12.20	12.04	13.87	14.18
Enterprise Value to NOPAT (EV/NOPAT)	11.14	12.32	11.05	10.75	10.39	10.69	12.96	12.67	12.32	14.19	14.49
Enterprise Value to Operating Cash Flow (EV/OCF)	9.33	10.19	11.32	11.20	8.49	4.91	4.96	4.85	7.61	5.08	5.46
Enterprise Value to Free Cash Flow (EV/FCFF)	11.81	59.85	31.10	21.13	17.98	10.31	11.09	12.17	11.79	0.00	87.84
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.46	2.61	2.19	2.09	2.35	2.35	2.18	2.08	2.08	2.08	2.46
Long-Term Debt to Equity	2.46	2.40	2.15	2.08	2.05	2.05	2.08	2.08	2.08	1.97	2.34
Financial Leverage	1.94	2.00	1.88	1.85	1.92	2.03	1.91	1.86	1.87	1.81	2.02
Leverage Ratio	3.88	3.87	3.61	3.63	3.89	4.00	3.68	3.60	3.74	3.73	4.00
Compound Leverage Factor	3.08	2.04	3.11	2.97	2.98	3.10	2.83	2.84	2.96	2.46	3.05
Debt to Total Capital	71.08%	72.29%	68.61%	67.61%	70.15%	70.17%	68.58%	67.54%	67.58%	67.49%	71.13%
Short-Term Debt to Total Capital	0.02%	5.65%	1.01%	0.08%	8.91%	8.94%	3.30%	0.13%	0.13%	3.50%	3.67%
Long-Term Debt to Total Capital	71.06%	66.64%	67.60%	67.53%	61.24%	61.23%	65.27%	67.42%	67.45%	63.99%	67.46%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.29%	1.20%	1.30%	1.33%	1.24%	1.23%	1.32%	1.41%	1.43%	1.11%	1.16%
Common Equity to Total Capital	27.64%	26.51%	30.09%	31.06%	28.61%	28.60%	30.10%	31.05%	31.00%	31.40%	27.71%
Debt to EBITDA	3.83	3.96	3.03	2.63	2.81	2.40	2.38	2.29	2.68	2.84	2.76
Net Debt to EBITDA	3.09	3.37	2.68	2.30	2.22	1.91	2.06	2.07	2.41	2.41	2.40
Long-Term Debt to EBITDA	3.83	3.65	2.98	2.62	2.45	2.10	2.27	2.28	2.67	2.70	2.62
Debt to NOPAT	5.26	5.75	4.10	3.61	3.98	4.07	4.34	4.21	4.05	5.46	5.27
Net Debt to NOPAT	4.24	4.89	3.63	3.17	3.15	3.24	3.76	3.81	3.65	4.63	4.57
Long-Term Debt to NOPAT	5.26	5.30	4.04	3.61	3.48	3.55	4.13	4.20	4.05	5.18	4.99
Altman Z-Score	1.06	1.01	1.38	1.47	1.29	1.28	1.42	1.43	1.46	1.19	1.24
Noncontrolling Interest Sharing Ratio	4.52%	4.37%	4.23%	4.25%	4.30%	4.24%	4.17%	4.22%	4.28%	3.73%	4.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.79	0.76	1.51	1.68	1.11	1.09	1.18	1.30	1.43	1.34	1.09
Quick Ratio	1.74	0.72	1.43	1.62	1.09	1.06	1.11	1.20	1.34	1.29	1.04
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	281	-620	-484	-502	-466	497	688	510	516	-1,507	-906
Operating Cash Flow to CapEx	212.47%	-49.43%	0.00%	0.00%	203.74%	501.56%	372.74%	315.74%	309.17%	162.99%	199.34%
Free Cash Flow to Firm to Interest Expense	3.78	-3.37	-5.15	-5.86	-4.95	5.01	7.07	5.36	5.58	-14.26	-7.99
Operating Cash Flow to Interest Expense	21.15	-3.81	4.25	7.37	22.40	11.13	5.46	5.93	6.17	26.03	4.14
Operating Cash Flow Less CapEx to Interest Expense	11.19	-11.53	14.58	9.71	11.40	8.91	3.99	4.05	4.18	10.06	2.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.26	0.28	0.29	0.29	0.28	0.29	0.30	0.30	0.27	0.30
Accounts Receivable Turnover	4.78	5.09	5.10	5.53	5.50	5.27	5.22	5.29	5.52	5.21	5.41
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.35	0.34	0.36	0.38	0.39	0.37	0.37	0.38	0.39	0.37	0.39
Accounts Payable Turnover	0.49	0.46	0.43	0.47	0.45	0.51	0.46	0.43	0.51	0.65	0.70
Days Sales Outstanding (DSO)	76.30	71.73	71.58	65.95	66.42	69.27	69.97	69.04	66.08	70.04	67.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	747.12	801.65	848.09	784.35	819.87	715.58	799.79	842.65	714.84	557.36	524.37
Cash Conversion Cycle (CCC)	-670.82	-729.92	-776.51	-718.40	-753.46	-646.31	-729.82	-773.61	-648.76	-487.32	-456.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,813	9,753	9,915	9,686	9,655	9,681	9,633	9,618	9,578	11,483	11,004
Invested Capital Turnover	0.35	0.34	0.35	0.37	0.38	0.37	0.37	0.38	0.39	0.36	0.39
Increase / (Decrease) in Invested Capital	79	1,091	1,162	971	842	-72	-282	-68	-77	1,802	1,370
Enterprise Value (EV)	15,371	16,926	19,916	21,265	20,718	20,831	21,724	20,894	21,080	22,447	23,776
Market Capitalization	9,382	10,070	13,237	14,862	14,300	14,385	15,285	14,465	14,684	14,985	16,139
Book Value per Share	$7.34	$7.63	$8.52	$8.63	$8.51	$8.50	$8.37	$8.36	$8.35	$9.86	$8.55
Tangible Book Value per Share	$5.54	$5.83	$6.73	$6.87	$6.77	$6.78	$6.68	$6.69	$6.69	$6.75	$5.38
Total Capital	10,217	10,930	10,757	10,571	11,315	11,313	10,609	10,271	10,266	12,807	12,147
Total Debt	7,262	7,901	7,380	7,147	7,937	7,938	7,276	6,937	6,937	8,644	8,640
Total Long-Term Debt	7,260	7,284	7,272	7,138	6,929	6,927	6,925	6,924	6,924	8,195	8,194
Net Debt	5,858	6,724	6,539	6,262	6,277	6,306	6,300	6,284	6,249	7,320	7,497
Capital Expenditures (CapEx)	738	1,418	-971	-201	1,035	220	142	179	184	1,687	236
Debt-free, Cash-free Net Working Capital (DFCFNWC)	13	33	171	99	70	76	81	94	112	50	-70
Debt-free Net Working Capital (DFNWC)	502	306	467	443	1,195	1,167	530	223	290	869	578
Net Working Capital (NWC)	500	-312	358	434	186	155	179	210	277	420	132
Net Nonoperating Expense (NNE)	75	175	91	81	80	84	89	91	90	98	106
Net Nonoperating Obligations (NNO)	5,858	6,724	6,539	6,262	6,277	6,306	6,300	6,284	6,249	7,320	7,497
Total Depreciation and Amortization (D&A)	583	-270	160	166	653	326	173	174	172	909	201
Debt-free, Cash-free Net Working Capital to Revenue	0.42%	1.07%	5.26%	2.88%	1.97%	2.11%	2.23%	2.55%	3.00%	1.30%	-1.72%
Debt-free Net Working Capital to Revenue	16.59%	9.85%	14.31%	12.92%	33.79%	32.36%	14.57%	6.09%	7.74%	22.62%	14.27%
Net Working Capital to Revenue	16.51%	-10.03%	10.99%	12.67%	5.28%	4.31%	4.92%	5.73%	7.39%	10.94%	3.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.71	$0.74	$1.47	$0.97	$0.74	$0.86	$0.79	$0.88	$0.87	$0.45	$0.86
Adjusted Weighted Average Basic Shares Outstanding	383.56M	383.03M	380.02M	380.49M	380.51M	380.40M	380.99M	381.33M	381.33M	386.07M	399.10M
Adjusted Diluted Earnings per Share	$0.70	$0.74	$1.47	$0.97	$0.74	$0.84	$0.79	$0.87	$0.87	$0.45	$0.85
Adjusted Weighted Average Diluted Shares Outstanding	384.77M	384.41M	381.63M	382.25M	382.62M	382.46M	382.49M	382.33M	382.79M	387.88M	400.57M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	383.56M	383.03M	380.02M	380.49M	380.51M	380.40M	380.99M	381.33M	381.33M	386.07M	399.10M
Normalized Net Operating Profit after Tax (NOPAT)	361	477	439	411	380	428	410	443	453	300	472
Normalized NOPAT Margin	46.56%	55.63%	49.41%	45.40%	43.05%	46.08%	44.71%	47.04%	47.55%	29.08%	41.97%
Pre Tax Income Margin	36.77%	34.63%	66.21%	42.88%	35.24%	36.84%	34.89%	37.46%	36.85%	19.74%	32.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.85	3.06	7.25	5.53	4.31	4.44	4.29	4.71	4.80	2.93	4.20
NOPAT to Interest Expense	4.85	2.56	7.21	5.47	4.00	4.28	4.17	4.64	4.75	2.79	4.10
EBIT Less CapEx to Interest Expense	-5.11	-4.65	17.58	7.88	-6.69	2.22	2.83	2.83	2.80	-13.04	2.12
NOPAT Less CapEx to Interest Expense	-5.11	-5.15	17.54	7.82	-7.00	2.06	2.70	2.76	2.76	-13.18	2.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	82.10%	97.00%	73.04%	67.19%	74.95%	276.46%	340.81%	351.46%	270.64%	241.68%	236.95%
Augmented Payout Ratio	98.06%	109.84%	81.98%	75.40%	74.95%	276.46%	340.81%	351.46%	270.64%	241.68%	236.95%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, four-year trend snapshot of Western Midstream Partners (NYSE: WES), based on the quarterly statements provided. The focus is on meaningful shifts in revenue, profitability, cash flow, and leverage that may interest retail investors.

Top-line growth in 2025 quarterlies: Q4 2025 Operating Revenue reached about $1.031B, up from roughly $928M in Q4 2024, with Total Gross Profit rising to about $959.9M (vs. $889.2M in Q4 2024). This indicates improving revenue and gross margin year-over-year.
Robust operating cash flow in late 2025: Net Cash From Continuing Operating Activities was about $2.714B in Q4 2025, highlighting strong cash generation even as capital needs vary across quarters (Q3 2025 CFO around $570M and Q2 2025 CFO around $564M).
Free cash flow potential in the latest quarter: In Q4 2025, cash from operations (~$2.714B) substantially exceeded capital expenditures for property, plant & equipment (~$1.687B), implying meaningful discretionary cash flow for the quarter.
Consistent quarterly dividends: The per-share dividend was around $0.91 in Q1 2025 and Q2 2025, and about $0.87 in Q3 2025, signaling a continued focus on returning cash to shareholders (dividend policy appears stable in the period).
Earnings power persists across several quarters: Net income to common has been positive in multiple quarters in 2023–2025 (for example, Q1 2025 net income to common was about $316.6M, and Q3 2025 was about $339.6M). This suggests ongoing earnings power, even as quarterly results swing.
Operating margins show quarterly volatility: In Q3 2025, Total Operating Income was about $441.6M on revenue of $952.5M, while Q4 2025 Operating Income dropped to about $305.6M on revenue of $1.031B, signaling margin pressure in the latest quarter driven by higher operating expenses.
Volatility in other income/expenses: Total Other Income / (Expense), net swings exist each quarter (e.g., a negative $80.6M in Q4 2025), contributing to quarterly pretax and net income fluctuations.
Bottom-line pressure in the latest quarter: Net Income to Common fell in Q4 2025 to about $190.7M from $339.6M in Q3 2025, indicating a notable quarter-over-quarter earnings pullback on higher expenses and other factors.
Significant capital outlays in some quarters: Q4 2025 saw a large PPE outlay (~$1.69B), which weighed on free cash flow despite strong CFO, reflecting ongoing capital deployment (e.g., maintenance vs. growth projects).
Financing activity and leverage dynamics: Financing activities generally showed net cash outflows (debt repayments and dividends) across quarters, contributing to negative net changes in cash in several periods and signaling ongoing leverage management needs.

05/17/26 03:46 PM ETAI Generated. May Contain Errors.

Western Midstream Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Western Midstream Partners' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Western Midstream Partners' net income appears to be on an upward trend, with a most recent value of $1.21 billion in 2025, rising from $11.10 million in 2015. The previous period was $1.61 billion in 2024. Find out what analysts predict for Western Midstream Partners in the coming months.

Western Midstream Partners' total operating income in 2025 was $1.60 billion, based on the following breakdown:

Total Gross Profit: $3.64 billion
Total Operating Expenses: $2.12 billion

Over the last 10 years, Western Midstream Partners' total revenue changed from $1.75 billion in 2015 to $3.84 billion in 2025, a change of 119.4%.

Western Midstream Partners' total liabilities were at $10.84 billion at the end of 2025, a 10.9% increase from 2024, and a 220.3% increase since 2015.

In the past 10 years, Western Midstream Partners' cash and equivalents has ranged from $79.59 million in 2017 to $1.09 billion in 2024, and is currently $819.49 million as of their latest financial filing in 2025.

Over the last 10 years, Western Midstream Partners' book value per share changed from 6.81 in 2015 to 9.86 in 2025, a change of 44.7%.

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Financial statements for NYSE:WES last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Western Midstream Partners (WES) Financials

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Western Midstream Partners (WES) Financials

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Quarterly Cash Flow Statements for Western Midstream Partners

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Quarterly Balance Sheets for Western Midstream Partners

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Quarterly Metrics And Ratios for Western Midstream Partners

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Key Financial Trends

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How has Western Midstream Partners' revenue changed over the last 10 years?

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