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WES (Western Midstream Partners, LP) Stock Financials & Earnings | Market Cap Arena
WES
Western Midstream Partners, LP
Mkt Cap
$17B
Energy
·
Oil & Gas Midstream
·
🇺🇸 United States
·
NYSE
Revenue (TTM)
$3.8B
Net Income (TTM)
$1.2B
EPS (TTM)
$3.00
Free Cash Flow (TTM)
$1.5B
Gross Margin
68.5%
Op. Margin
41.3%
Net Margin
30.4%
FCF Margin
38.9%
P/S Ratio (TTM)
4.4x
P/E Ratio (TTM)
14.3x
YoY Rev Growth
+6.6%
Employees
—
Earnings Reports
▶
Q4 2025
Browse All Reports
Quarterly
FY
Revenue & Profitability
Revenue
Gross Profit
Operating Income
Quarter
Revenue
Gross Profit
Op. Income
Q1 23
$734M
$538M
$290M
Q2 23
$738M
$550M
$337M
Q3 23
$776M
$601M
$361M
Q4 23
$858M
$652M
$392M
Q1 24
$888M
$684M
$679M
Q2 24
$906M
$688M
$470M
Q3 24
$883M
$685M
$396M
Q4 24
$929M
$726M
$426M
Q1 25
$917M
$705M
$410M
Q2 25
$942M
$728M
$444M
Q3 25
$952M
$689M
$442M
Q4 25
$1.0B
$510M
$290M
marketcaparena.com
Revenue Breakdown
WES
Western Midstream Partners, LP
Revenue Breakdown
Q4 2025
marketcaparena.com
Valuation
P/S Ratio
P/E Ratio
Quarter
P/S
P/E
Q1 23
5.2x
15.1x
Q2 23
5.4x
15.8x
Q3 23
5.5x
15.7x
Q4 23
5.4x
16.4x
Q1 24
5.1x
12.0x
Q2 24
4.9x
11.0x
Q3 24
4.7x
11.0x
Q4 24
4.6x
10.6x
Q1 25
4.6x
12.8x
Q2 25
4.6x
13.2x
Q3 25
4.5x
12.7x
Q4 25
4.4x
14.3x
marketcaparena.com
Operating Cash Flow
Operating Cash Flow
Free Cash Flow
Quarter
Operating CF
Free CF
Q1 23
$302M
$129M
Q2 23
$491M
$329M
Q3 23
$395M
$193M
Q4 23
$473M
$275M
Q1 24
$381M
$187M
Q2 24
$637M
$425M
Q3 24
$551M
$362M
Q4 24
$558M
$319M
Q1 25
$511M
$369M
Q2 25
$567M
$388M
Q3 25
$582M
$397M
Q4 25
$563M
$341M
marketcaparena.com
Capital Expenditures
CapEx
Quarter
CapEx
Q1 23
$173M
Q2 23
$161M
Q3 23
$202M
Q4 23
$199M
Q1 24
$194M
Q2 24
$212M
Q3 24
$189M
Q4 24
$238M
Q1 25
$142M
Q2 25
$179M
Q3 25
$185M
Q4 25
$222M
marketcaparena.com
OpEx vs Revenue Growth (YoY)
Revenue Growth
OpEx Growth
Quarter
Revenue Growth
OpEx Growth
Q1 23
-3.2%
+25.5%
Q2 23
-15.8%
-16.2%
Q3 23
-7.3%
-13.6%
Q4 23
+10.1%
+32.9%
Q1 24
+20.9%
-53.0%
Q2 24
+22.7%
+8.5%
Q3 24
+13.8%
+17.4%
Q4 24
+8.2%
+7.8%
Q1 25
+3.3%
+143.5%
Q2 25
+4.1%
+14.2%
Q3 25
+7.8%
+4.8%
Q4 25
+11.1%
+47.5%
marketcaparena.com
Stock-Based Compensation
SBC ($)
% of Revenue
Quarter
SBC ($)
% of Revenue
Q1 23
$7M
1.0%
Q2 23
$8M
1.0%
Q3 23
$7M
0.9%
Q4 23
$10M
1.2%
Q1 24
$9M
1.0%
Q2 24
$0
0.0%
Q3 24
$9M
1.0%
Q4 24
$0
0.0%
Q1 25
$8M
0.9%
Q2 25
$0
0.0%
Q3 25
$0
0.0%
Q4 25
$0
0.0%
marketcaparena.com
OpEx Breakdown
G&A
Quarter
G&A
Q1 23
$51M
Q2 23
$53M
Q3 23
$55M
Q4 23
$73M
Q1 24
$68M
Q2 24
$63M
Q3 24
$65M
Q4 24
$76M
Q1 25
$67M
Q2 25
$66M
Q3 25
$64M
Q4 25
$202M
marketcaparena.com
Revenue Segments
Product
Product and Service, Other
Service Fee Based
Service Product Based
Quarter
Product
Product and Service, Other
Service Fee Based
Service Product Based
Q1 23
$39M
$280K
$648M
$47M
Q2 23
$30M
$152K
$662M
$47M
Q3 23
$32M
$368K
$696M
$48M
Q4 23
$45M
$168K
$764M
$50M
Q1 24
$39M
$435K
$781M
$67M
Q2 24
$50M
$267K
$794M
$61M
Q3 24
$20M
$255K
$814M
$49M
Q1 25
$34M
$198K
$823M
$59M
Q2 25
$40M
$181K
$851M
$50M
Q3 25
$50M
$183K
$868M
$34M
Q4 25
$70M
$1M
$910M
$50M
marketcaparena.com
War Chest
Cash & Equivalents
Short-Term Investments
Quarter
Cash
Short-term Investments
Total
Q1 23
$113M
$0
$113M
Q2 23
$214M
$0
$214M
Q3 23
$489M
$0
$489M
Q4 23
$273M
$0
$273M
Q1 24
$295M
$0
$295M
Q2 24
$344M
$0
$344M
Q3 24
$1.1B
$0
$1.1B
Q4 24
$1.1B
$0
$1.1B
Q1 25
$448M
$0
$448M
Q2 25
$130M
$0
$130M
Q3 25
$177M
$0
$177M
Q4 25
$819M
$0
$819M
marketcaparena.com
Shares Outstanding
Shares Outstanding
Quarter
Shares (Diluted)
QoQ Change
Q1 23
386M
-0.2%
Q2 23
386M
-0.1%
Q3 23
385M
-0.2%
Q4 23
381M
-0.9%
Q1 24
382M
+0.1%
Q2 24
382M
+0.2%
Q3 24
383M
+0.1%
Q4 24
383M
+0.1%
Q1 25
382M
-0.1%
Q2 25
382M
-0.0%
Q3 25
383M
+0.1%
Q4 25
402M
+5.1%
marketcaparena.com
Revenue Per Employee
Revenue / Employee
Year
Revenue/Employee
Employees
FY 14
$4M
360
FY 15
$4M
364
FY 16
$5M
392
FY 17
$5M
438
FY 18
$3M
602
FY 19
$3M
979
FY 20
$3M
1K
FY 21
$3M
1K
FY 22
$3M
1K
FY 23
$2M
1K
FY 24
$2M
2K
FY 25
$16M
233
marketcaparena.com