Western Midstream Partners, LP (WES) Balance Sheet
WES balance sheet, 2025
December 31, 2025 · U.S. dollars$15.00B assets = $10.84B liabilities + $4.16B equity
Both columns are drawn to the same scale: what WES owns equals what it owes plus shareholders’ equity. Hover a block for its value.
WES financial health
Descriptive bands, not a rating. Fiscal 2025.
WES balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.74B2016 | $15.00B2025 | +7.6%/yr | |
| Total liabilities | $3.63B2016 | $10.84B2025 | +12.9%/yr | |
| Shareholders’ equity | $4.11B2016 | $4.02B2025 | −0.2%/yr | |
| Cash & short-term investments | $359.1M2016 | $819.5M2025 | +9.6%/yr | |
| Total debt | $6.21B2016 | $8.93B2025 | +4.1%/yr | |
| Net cash (debt) | −$5.85B2016 | −$8.11B2025 | −$2.3B | |
| Working capital | $280.2M2016 | $420.5M2025 | +$140.3M | |
| Book value per share | $18.782016 | $9.992025 | −6.8%/yr | |
| Current ratio | 1.892016 | 1.342025 | −0.55 | |
| Debt / equity | 1.512016 | 2.222025 | +0.71 | |
| Shares outstanding | 218.9M2016 | 402.5M2025 | +7.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
WES assets
WES liabilities and equity
WES debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
WES balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $819.5M | $1.09B | $272.8M | $286.7M | $202.0M | $444.9M | $100.0M | $92.1M | $79.6M | $359.1M |
| Cash & equivalents | $819.5M | $1.09B | $272.8M | $286.7M | $202.0M | $444.9M | $100.0M | $92.1M | $79.6M | $359.1M |
| Short-term investments | — | — | — | — | — | $1.22B | $1.29B | $845.3M | $566.2M | $594.2M |
| Receivables | $788.8M | $721.4M | $681.3M | $590.3M | $467.1M | $471.2M | $272.3M | $231.2M | $161.9M | $226.5M |
| Inventory | $12.8M | $2.5M | $2.6M | $3.8M | $3.4M | $882,000 | $24.4M | $6.4M | $10.8M | $7.1M |
| Other current assets | $35.8M | $32.8M | $35.8M | $19.7M | $12.3M | $26.1M | $5.8M | $6.2M | $3.0M | $2.9M |
| Total current assets | $1.66B | $1.85B | $992.4M | $900.4M | $684.8M | $943.1M | $402.4M | $335.8M | $255.2M | $595.6M |
| Property, plant & equipment (net) | $11.41B | $9.93B | $9.74B | $8.61B | $8.51B | $8.71B | $9.06B | $6.61B | $5.73B | $5.05B |
| Goodwill & intangible assets | $1.27B | $654.5M | $686.2M | $717.9M | $749.5M | $781.2M | $1.26B | $1.16B | $1.19B | $1.22B |
| Long-term investments | $504.9M | $541.4M | $904.5M | $944.7M | $1.17B | $1.22B | $1.55B | $1.11B | $826.2M | $854.2M |
| Other non-current assets | $160.8M | $167.5M | $149.2M | $100.0M | $158.7M | $171.0M | $78.2M | $22.5M | $12.6M | $15.1M |
| Total assets | $15.00B | $13.14B | $12.47B | $11.27B | $11.27B | $11.83B | $12.35B | $9.24B | $8.02B | $7.74B |
| Liabilities | ||||||||||
| Accounts payable | $319.2M | $312.9M | $362.5M | $360.6M | $326.1M | $210.7M | $293.1M | $350.3M | $349.8M | $123.3M |
| Short-term debt | $514.1M | $1.07B | $629.0M | $226.1M | $505.9M | $438.9M | $7.9M | $28.0M | $3.46B | $3.09B |
| Deferred revenue | $22.9M | $11.1M | $16.9M | $20.9M | $27.8M | $31.5M | $19.7M | $16.4M | −$350.0M | — |
| Total current liabilities | $1.24B | $1.69B | $1.30B | $903.9M | $1.14B | $960.9M | $486.0M | $536.9M | $424.4M | $315.4M |
| Long-term debt | $8.20B | $6.93B | $7.28B | $6.57B | $6.40B | $7.42B | $7.95B | $4.79B | $3.49B | $3.12B |
| Lease obligations | $86.3M | $93.2M | $36.1M | $6.8M | $5.3M | $31.9M | $7.9M | — | — | — |
| Other long-term liabilities | $1.40B | $1.15B | $854.9M | $690.1M | $636.5M | $558.0M | $563.6M | $409.7M | $154.3M | $190.5M |
| Total liabilities | $10.84B | $9.77B | $9.44B | $8.16B | $8.18B | $8.93B | $9.00B | $5.73B | $4.07B | $3.63B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $4.02B | $3.24B | $2.90B | $2.97B | $2.96B | $2.76B | $3.20B | $2.34B | $1.06B | $1.05B |
| Retained earnings (deficit) | — | — | — | $1.22B | $1.67B | — | — | — | $0 | $0 |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$3.29B | −$2.85B | −$2.14B | −$1.81B |
| Minority interest | $141.9M | $139.6M | $131.7M | $136.4M | $137.7M | $134.1M | $149.6M | $2.55B | $0 | $3.06B |
| Total shareholders' equity | $4.02B | $3.24B | $2.90B | $2.97B | $3.10B | $2.90B | $3.35B | $3.50B | $3.94B | $4.11B |
| Key figures | ||||||||||
| Total debt | $8.93B | $8.14B | $7.96B | $6.83B | $6.91B | $7.85B | $7.96B | $4.82B | $6.96B | $6.21B |
| Net cash (debt) | −$8.11B | −$7.05B | −$7.69B | −$6.54B | −$6.70B | −$7.41B | −$7.86B | −$4.72B | −$6.88B | −$5.85B |
| Working capital | $420.5M | $155.5M | −$311.6M | −$3.4M | −$455.4M | −$17.9M | −$83.5M | −$201.0M | −$169.2M | $280.2M |
| Tangible book value | $2.75B | $2.58B | $2.21B | $2.25B | $2.35B | $2.11B | $2.09B | $2.34B | $2.75B | $2.89B |
| Book value per share | $9.99 | $8.46 | $7.54 | $7.50 | $7.53 | $6.65 | $8.05 | $16.01 | $18.02 | $18.78 |
| Shares outstanding | 402.5M | 382.5M | 384.4M | 396.2M | 411.3M | 435.6M | 415.8M | 218.9M | 218.9M | 218.9M |
| Current ratio | 1.34 | 1.09 | 0.76 | 1.00 | 0.60 | 0.98 | 0.83 | 0.63 | 0.60 | 1.89 |
| Quick ratio | 1.30 | 1.07 | 0.73 | 0.97 | 0.59 | 0.95 | 0.77 | 0.60 | 0.57 | 1.86 |
| Debt / equity | 2.22 | 2.52 | 2.75 | 2.30 | 2.23 | 2.71 | 2.38 | 1.37 | 1.76 | 1.51 |
| Equity / assets | 26.8% | 24.6% | 23.2% | 26.4% | 27.5% | 24.5% | 27.1% | 37.9% | 49.2% | 53.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $104.8M | $647.5M | $819.5M | $177.3M | $129.7M | $448.4M | $1.09B | $1.12B | $344.1M | $295.2M | $272.8M | $489.5M |
| Cash & equivalents | $104.8M | $647.5M | $819.5M | $177.3M | $129.7M | $448.4M | $1.09B | $1.12B | $344.1M | $295.2M | $272.8M | $489.5M |
| Receivables | $982.0M | $848.6M | $788.8M | $706.5M | $728.8M | $694.7M | $721.4M | $688.9M | $698.6M | $737.2M | $681.3M | $626.3M |
| Inventory | $12.4M | $14.8M | $12.8M | $12.9M | $12.0M | $11.3M | $2.5M | $1.9M | $2.2M | $2.6M | $2.6M | $3.0M |
| Other current assets | $39.4M | $28.5M | $35.8M | $20.3M | $34.5M | $35.4M | $32.8M | $17.2M | $23.3M | $31.3M | $35.8M | $16.9M |
| Total current assets | $1.14B | $1.54B | $1.66B | $917.1M | $905.0M | $1.19B | $1.85B | $1.83B | $1.07B | $1.07B | $992.4M | $1.14B |
| Property, plant & equipment (net) | $12.54B | $11.29B | $11.41B | $9.73B | $9.74B | $9.73B | $9.93B | $9.70B | $9.64B | $9.73B | $9.74B | $8.66B |
| Goodwill & intangible assets | $1.78B | $1.25B | $1.27B | $630.8M | $638.7M | $646.6M | $654.5M | $662.4M | $670.4M | $678.3M | $686.2M | $694.1M |
| Long-term investments | $493.5M | $495.8M | $504.9M | $510.6M | $523.5M | $527.5M | $541.4M | $535.2M | $540.5M | $546.1M | $904.5M | $915.1M |
| Other non-current assets | $367.6M | $345.1M | $160.8M | $340.6M | $352.1M | $365.8M | $167.5M | $255.3M | $256.9M | $249.5M | $149.2M | $217.2M |
| Total assets | $16.32B | $14.92B | $15.00B | $12.13B | $12.16B | $12.46B | $13.14B | $12.98B | $12.18B | $12.27B | $12.47B | $11.63B |
| Liabilities | ||||||||||||
| Accounts payable | $510.4M | $413.8M | $319.2M | $297.0M | $357.0M | $357.3M | $312.9M | $387.2M | $364.8M | $377.5M | $362.5M | $393.4M |
| Short-term debt | $244.0M | $513.3M | $514.1M | $75.7M | $74.6M | $409.9M | $1.07B | $1.01B | $8.5M | $108.4M | $629.0M | $2.3M |
| Deferred revenue | $192.0M | $185.9M | $22.9M | $10.9M | $10.9M | $10.9M | $11.1M | $10.1M | $11.2M | $11.9M | $16.9M | $14.9M |
| Total current liabilities | $1.25B | $1.41B | $1.24B | $640.5M | $694.8M | $1.01B | $1.69B | $1.65B | $634.1M | $708.1M | $1.30B | $635.9M |
| Long-term debt | $8.87B | $8.18B | $8.20B | $6.92B | $6.92B | $6.93B | $6.93B | $6.93B | $7.11B | $7.24B | $7.25B | $7.26B |
| Lease obligations | $91.2M | $84.1M | $86.3M | $92.0M | $92.3M | $93.5M | $93.2M | $35.9M | $37.4M | $38.9M | $36.1M | $8.9M |
| Other long-term liabilities | $1.79B | $1.83B | $1.40B | $1.23B | $1.21B | $1.19B | $1.15B | $1.03B | $1.01B | $939.4M | $883.5M | $775.5M |
| Total liabilities | $11.92B | $11.42B | $10.84B | $8.80B | $8.83B | $9.12B | $9.77B | $9.60B | $8.76B | $8.89B | $9.44B | $8.67B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $4.25B | $3.37B | $4.02B | $3.18B | $3.19B | $3.19B | $3.24B | $3.24B | $3.28B | $3.24B | $2.90B | $2.82B |
| Minority interest | $143.8M | $141.2M | $141.9M | $146.5M | $144.5M | — | — | — | — | — | — | — |
| Total shareholders' equity | $4.26B | $3.37B | $4.02B | $3.18B | $3.19B | $3.19B | $3.24B | $3.24B | $3.28B | $3.24B | $2.90B | $2.82B |
| Key figures | ||||||||||||
| Total debt | $9.13B | $8.71B | $8.93B | $7.00B | $7.00B | $7.33B | $8.14B | $7.94B | $7.15B | $7.38B | $7.96B | $7.26B |
| Net cash (debt) | −$9.02B | −$8.06B | −$8.11B | −$6.82B | −$6.87B | −$6.89B | −$7.05B | −$6.81B | −$6.80B | −$7.09B | −$7.69B | −$6.77B |
| Working capital | −$110.6M | $132.2M | $420.5M | $276.6M | $210.2M | $179.0M | $155.5M | $186.5M | $434.2M | $358.2M | −$311.6M | $499.9M |
| Tangible book value | $2.48B | $2.12B | $2.75B | $2.55B | $2.55B | $2.55B | $2.58B | $2.57B | $2.61B | $2.56B | $2.21B | $2.13B |
| Book value per share | $10.66 | $8.40 | $9.99 | $8.31 | $8.34 | $8.35 | $8.45 | $8.46 | $8.59 | $8.48 | $7.60 | $7.34 |
| Shares outstanding | 399.4M | 400.6M | 402.5M | 382.8M | 382.3M | 382.5M | 382.9M | 382.6M | 382.3M | 381.6M | 381.1M | 384.8M |
| Current ratio | 0.91 | 1.09 | 1.34 | 1.43 | 1.30 | 1.18 | 1.09 | 1.11 | 1.68 | 1.51 | 0.76 | 1.79 |
| Quick ratio | 0.87 | 1.06 | 1.30 | 1.38 | 1.24 | 1.13 | 1.07 | 1.10 | 1.64 | 1.46 | 0.73 | 1.75 |
| Debt / equity | 2.14 | 2.59 | 2.22 | 2.20 | 2.19 | 2.30 | 2.52 | 2.45 | 2.18 | 2.28 | 2.75 | 2.57 |
| Equity / assets | 26.1% | 22.6% | 26.8% | 26.2% | 26.2% | 25.6% | 24.6% | 24.9% | 27.0% | 26.4% | 23.2% | 24.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
WES financial position
At the end of fiscal 2025 (December 31, 2025), Western Midstream Partners had total assets of $15.0 billion (up 14.1% from a year earlier), total liabilities of $10.8 billion and shareholders' equity of $4.0 billion. It held $819.5 million in cash and short-term investments against $8.9 billion of debt, net debt of $8.1 billion. Its current ratio was 1.34. In the latest quarter (ended June 30, 2026) total assets were $16.3 billion and equity $4.3 billion.
Related: WES income statement, WES cash flow statement, WES key metrics. See the WES stock overview for the latest quote and news.
WES balance sheet FAQ
What are Western Midstream Partners's total assets?
Western Midstream Partners reported total assets of $15.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $13.1 billion a year earlier.
How much debt does Western Midstream Partners have?
Western Midstream Partners had $8.9 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.22.
How much cash does Western Midstream Partners have?
Western Midstream Partners held $819.5 million in cash and short-term investments at the end of fiscal 2025; with $8.9 billion of debt that is net debt of $8.1 billion.
What is Western Midstream Partners's book value?
Western Midstream Partners's shareholders' equity (book value) was $4.0 billion at the end of fiscal 2025, or $9.99 per share.
What is Western Midstream Partners's current ratio?
Western Midstream Partners had current assets of $1.7 billion and current liabilities of $1.2 billion, a current ratio of 1.34 (it can cover its short-term obligations).
How much goodwill does Western Midstream Partners have?
Western Midstream Partners carried $1.3 billion of goodwill and intangible assets, 8.4% of total assets, at the end of fiscal 2025.