Western Midstream Partners, LP (WES) Income Statement
WES 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWES revenue and net income
Where WES's revenue goes
2025Each bar shows an amount and its share of revenue. WES kept 30.4% of revenue as net income.
WES profit margins
WES growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.6% | +5.7% | +6.7% | +9.4% |
| Gross profit | −5.4% | +5.4% | +4.7% | +12.8% |
| Operating income | −19.5% | −0.0% | +12.5% | +46.7% |
| Net income | −25.7% | −1.3% | +17.3% | +29.5% |
| EPS (diluted) | −6.1% | +0.7% | +3.7% | +15.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WES quarterly EPS vs estimates
Western Midstream Partners beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.89).
WES income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.84B | $3.61B | $3.11B | $3.25B | $2.88B | $2.77B | $2.75B | $1.99B | $2.25B | $1.80B |
| Cost of revenue | $1.21B | $822.7M | $765.3M | $1.00B | $873.9M | $679.2M | $927.5M | $769.5M | $1.20B | $767.1M |
| Gross profit | $2.63B | $2.78B | $2.34B | $2.25B | $2.00B | $2.09B | $1.82B | $1.22B | $1.05B | $1.04B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $398.9M | $271.5M | $232.6M | $194.0M | $195.5M | $155.8M | $114.6M | $63.7M | $50.7M | $49.2M |
| Total operating expenses | $1.05B | $811.8M | $961.6M | $660.6M | $667.0M | $1.21B | $587.3M | $521.5M | $413.5M | $397.4M |
| Operating income | $1.59B | $1.97B | $1.38B | $1.59B | $1.34B | $878.9M | $1.23B | $625.4M | $704.4M | $704.5M |
| Interest income | $390.5M | $378.5M | $348.2M | $333.9M | $376.5M | $11.7M | $16.9M | $16.9M | $16.9M | $16.9M |
| Interest expense | $390.5M | $365.2M | $335.8M | $321.7M | $363.8M | $380.1M | $303.3M | $183.8M | $144.6M | $116.6M |
| Income before taxes | $1.23B | $1.63B | $1.05B | $1.26B | $934.2M | $522.9M | $821.2M | $451.5M | $578.1M | $605.4M |
| Income taxes | $15.1M | $18.1M | $4.4M | $4.2M | −$9.8M | $6.0M | $13.5M | $2.9M | $4.9M | $8.4M |
| Net income | $1.17B | $1.57B | $1.02B | $1.22B | $916.3M | $527.0M | $697.2M | $369.4M | $376.6M | $345.8M |
| EBITDA | $2.30B | $2.64B | $1.99B | $2.16B | $1.85B | $1.38B | $1.60B | $1.25B | $1.01B | $910.0M |
| EPS (diluted) | $3.07 | $3.27 | $2.61 | $3.01 | $2.28 | $2.56 | $1.56 | $1.69 | $1.72 | $1.56 |
| Gross margin | 68.5% | 77.2% | 75.4% | 69.1% | 69.6% | 75.5% | 66.2% | 61.3% | 46.6% | 57.5% |
| Operating margin | 41.3% | 54.7% | 44.4% | 48.8% | 46.4% | 31.7% | 44.8% | 31.4% | 31.3% | 39.0% |
| Net margin | 30.4% | 43.6% | 32.9% | 37.4% | 31.8% | 19.0% | 25.4% | 18.6% | 16.8% | 19.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.12B | $1.03B | $952.5M | $942.3M | $917.1M | $928.5M | $883.4M | $905.6M | $887.7M | $858.2M | $776.0M |
| Cost of revenue | $402.8M | $264.2M | $521.9M | $263.6M | $214.8M | $212.0M | $202.3M | $198.9M | $217.4M | $204.1M | $206.0M | $175.0M |
| Gross profit | $821.9M | $859.3M | $509.6M | $688.9M | $727.5M | $705.2M | $726.2M | $684.5M | $688.2M | $683.7M | $652.2M | $601.1M |
| Sales, general & admin | $85.9M | $75.2M | $201.9M | $64.1M | $66.1M | $66.8M | $76.0M | $64.7M | $62.9M | $67.8M | $73.1M | $55.0M |
| Total operating expenses | $295.2M | $398.6M | $219.9M | $247.4M | $283.0M | $295.4M | $300.5M | $288.6M | $218.4M | $4.3M | $260.3M | $240.3M |
| Operating income | $526.7M | $461.4M | $289.8M | $441.6M | $444.5M | $409.8M | $425.7M | $395.9M | $469.7M | $679.4M | $391.9M | $360.8M |
| Interest income | — | — | $105.7M | $92.4M | $95.2M | $97.3M | $99.3M | $94.1M | — | — | — | $82.8M |
| Interest expense | $109.0M | $113.4M | $111.9M | $92.4M | $92.1M | $94.1M | $96.0M | $90.9M | $94.1M | $94.5M | $97.6M | $82.8M |
| Income before taxes | $420.4M | $362.5M | $203.6M | $351.0M | $353.0M | $320.0M | $342.0M | $311.3M | $388.3M | $587.7M | $297.2M | $285.3M |
| Income taxes | $5.2M | $3.5M | $7.3M | $2.1M | $2.2M | $3.4M | $444,000 | $15.4M | $755,000 | $1.5M | $1.4M | $905,000 |
| Net income | $403.6M | $342.4M | $187.2M | $331.7M | $341.7M | $309.0M | $333.6M | $288.5M | $378.6M | $572.8M | $288.4M | $277.3M |
| EBITDA | $730.0M | $449.6M | $513.4M | $613.6M | $617.2M | $584.5M | $601.0M | $568.2M | $645.8M | $837.0M | $556.8M | $512.5M |
| EPS (diluted) | $0.99 | $0.87 | $0.47 | $0.90 | $0.88 | $0.82 | $0.88 | $0.75 | $0.80 | $0.84 | $0.76 | $0.69 |
| Gross margin | 67.1% | 76.5% | 49.4% | 72.3% | 77.2% | 76.9% | 78.2% | 77.5% | 76.0% | 77.0% | 76.0% | 77.5% |
| Operating margin | 43.0% | 41.1% | 28.1% | 46.4% | 47.2% | 44.7% | 45.9% | 44.8% | 51.9% | 76.5% | 45.7% | 46.5% |
| Net margin | 33.0% | 30.5% | 18.1% | 34.8% | 36.3% | 33.7% | 35.9% | 32.7% | 41.8% | 64.5% | 33.6% | 35.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WES's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WES financial results
In fiscal year 2025 (ended December 31, 2025), Western Midstream Partners reported revenue of $3.8 billion, up 6.6% from the year before. It had net income of $1.2 billion (down 25.7%), a net profit margin of 30.4%. Diluted earnings per share came to $3.07. Over five years revenue grew at an average rate of 6.7% a year.
See the WES stock overview for the latest quote and news, or the WES chart for price history and technical indicators.
WES income statement FAQ
What is Western Midstream Partners's annual revenue?
Western Midstream Partners reported total revenue of $3.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.6% from $3.6 billion the previous year.
Is Western Midstream Partners profitable?
Yes. Western Midstream Partners reported net income of $1.2 billion in fiscal 2025, a net profit margin of 30.4%; its operating margin was 41.3%.
What is Western Midstream Partners's gross margin?
Western Midstream Partners's gross margin was 68.5% in fiscal 2025: for every $100 of revenue, Western Midstream Partners kept $68 after the direct cost of its products and services.
How fast is Western Midstream Partners growing?
Revenue grew 6.7% a year on average over the last five fiscal years, from $2.8 billion to $3.8 billion.
What are Western Midstream Partners's earnings per share?
Western Midstream Partners earned $3.07 per diluted share in fiscal 2025, compared with $3.27 a year earlier.
When will Western Midstream Partners report its next earnings?
Western Midstream Partners is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 after the market closes.
When does Western Midstream Partners's fiscal year end?
Western Midstream Partners's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.