Western Midstream Partners LP (WES) financial statements
Western Midstream Partners LP reported revenue of $3.8B in fiscal 2025, up 8.8% a year over 9 years.
Net income was $1.2B and the operating margin 41.7%, against 39.0% in 2016.
Free cash flow was $1.5B, and the company returned $1.4B in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Western Midstream Partners LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.4B | $2.3B | $2.7B | $2.8B | $2.9B | $3.3B | $3.1B | $3.6B | $3.8B |
| Cost of revenue | $494M | $909M | $432M | $444M | $188M | $322M | $421M | $165M | $172M | $207M |
| Gross profit | $1.3B | $1.5B | $1.9B | $2.3B | $2.6B | $2.6B | $2.8B | $2.9B | $3.4B | $3.6B |
| Selling, general and admin | $49M | $54M | $67M | $115M | $156M | $196M | $194M | $233M | $272M | $399M |
| Operating income | $705M | $802M | $861M | $1.2B | $879M | $1.3B | $1.6B | $1.4B | $2.0B | $1.6B |
| Interest expense | $117M | $143M | $184M | $303M | $380M | $377M | $334M | $348M | $379M | $390M |
| Pre-tax income | $605M | $677M | $690M | $821M | $523M | $934M | $1.3B | $1.1B | $1.6B | $1.2B |
| Income tax | $8M | -$60M | $59M | $13M | $6M | -$10M | $4M | $4M | $18M | $15M |
| Net income | $346M | $541M | $552M | $697M | $527M | $916M | $1.2B | $1.0B | $1.6B | $1.2B |
| Gross margin | 72.6% | 62.6% | 81.2% | 83.8% | 93.2% | 88.8% | 87.1% | 94.7% | 95.2% | 94.6% |
| Operating margin | 39.0% | 33.0% | 37.5% | 44.8% | 31.7% | 46.4% | 48.8% | 44.4% | 54.7% | 41.7% |
| Net margin | 19.2% | 22.3% | 24.0% | 25.4% | 19.0% | 31.8% | 37.4% | 32.9% | 43.6% | 30.7% |
Balance sheet
Fiscal years, from Western Midstream Partners LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $359M | $80M | $92M | $100M | $445M | $202M | $287M | $273M | $1.1B | $819M |
| Receivables | $193M | $160M | $221M | $260M | $453M | $432M | $549M | $666M | $701M | $759M |
| Total current assets | $596M | $255M | $345M | $402M | $943M | $685M | $900M | $992M | $1.8B | $1.7B |
| Property, plant and equipment | $5.0B | $5.7B | $8.4B | $9.1B | $8.7B | $8.5B | $8.5B | $9.7B | $9.7B | $11.2B |
| Goodwill | $418M | $416M | $446M | $446M | $5M | $5M | $5M | $5M | $5M | $353M |
| Total assets | $7.7B | $8.0B | $11.5B | $12.3B | $11.8B | $11.3B | $11.3B | $12.5B | $13.1B | $15.0B |
| Total current liabilities | $315M | $424M | $637M | $486M | $961M | $1.1B | $904M | $1.3B | $1.7B | $1.2B |
| Long-term debt | $3.1B | $3.5B | $4.8B | $8.0B | $7.4B | $6.4B | $6.6B | $7.3B | $6.9B | $8.2B |
| Total liabilities | $3.6B | $4.1B | $6.6B | $9.0B | $8.9B | $8.2B | $8.2B | $9.4B | $9.8B | $10.8B |
| Net debt | $2.8B | $3.4B | $4.7B | $7.9B | $7.0B | $6.2B | $6.3B | $7.0B | $5.8B | $7.4B |
Cash flow
Fiscal years, from Western Midstream Partners LP's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $913M | $1.0B | $1.3B | $1.3B | $1.6B | $1.8B | $1.7B | $1.7B | $2.1B | $2.2B |
| Capital spending | $480M | $1.0B | $1.9B | $1.2B | $424M | $314M | $487M | $735M | $834M | $728M |
| Free cash flow | $433M | $14M | -$600M | $135M | $1.2B | $1.5B | $1.2B | $926M | $1.3B | $1.5B |
| Stock-based compensation | $5M | $5M | $6M | $15M | $22M | $28M | $28M | $32M | $38M | $51M |
| Dividends paid | $374M | $442M | $502M | $969M | $696M | $534M | $736M | $978M | $1.2B | $1.4B |
| Share buybacks (net) | — | — | $0 | $0 | -$33M | -$217M | -$488M | -$135M | $0 | $0 |
| Net borrowing | $423M | $469M | $1.6B | $2.7B | -$123M | -$953M | -$130M | $1.1B | $35M | $104M |
| Free cash flow margin | 24.0% | 0.6% | -26.1% | 4.9% | 43.8% | 50.5% | 37.3% | 29.8% | 36.1% | 38.9% |
Questions
What was Western Midstream Partners LP's revenue in 2025?
$3.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Western Midstream Partners LP generate?
$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Western Midstream Partners LP's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.