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Western Midstream Partners, LP (WES) stock

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NYSE: WES NYSE Oil & Gas Storage & Transportation Next results ~November 4, 2026

B Fundamentals grade

Western Midstream Partners, LP is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($113.21) is 2.56x the share price ($44.27) and 2.02x the median of our other models ($56.12); the other models don't support a gap this wide.

Price vs value

Under review: our cash-flow value ($113.21) is 2.56x the share price ($44.27) and 2.02x the median of our other models ($56.12); the other models don't support a gap this wide. We'll show the comparison once resolved.

Western Midstream Partners, LP valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 1 selling2 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds155 adding, 112 cuttingOf 8 active managers that changed their stake, 6 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Western Midstream Partners files

Where Western Midstream Partners, LP stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.33bn, up 18.0% on a year earlier, faster than the 11.4% growth a quarter earlier. Free-cash-flow margin fell to 28.1% from 39.5% a year earlier. Operating margin narrowed to 40.2% from 45.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 5 financial-health checks.

Our model value for Western Midstream Partners is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Western Midstream Partners, LP's trailing-twelve-month revenue grew 18.0% year on year, with a free-cash-flow margin of 28.1%. Where it stands out: net margin of 29.6% ranks 4 of 29 oil & gas storage & transportation companies we cover. Where it lags: days sales outstanding of 79 days ranks 15 of 18 oil & gas storage & transportation companies we cover.

Our discounted-cash-flow model values the business at ~$110 per share in the base case (~$80–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 16.0% while net income grew 0.9%: a 17pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.0% over the last 12 months, against a median of 8.8% for oil & gas storage & transportation companies we cover.
  • Growth speeding up. The growth rate is 6.6 points higher than a quarter earlier.
  • High operating margin. 40.2% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
  • Strong cash generation. 28.1% of revenue turned into free cash flow, against a median of 13.6% for oil & gas storage & transportation companies we cover.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 5.4 points on a year ago.
  • High debt. Long-term debt exceeds cash by $8.8bn, more than 1.5 times annual revenue.
  • Below peers: days sales outstanding. Days sales outstanding of 79 days ranks 15 of 18 oil & gas storage & transportation companies we cover (median 43 days).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.00 against an average estimate of $0.92: beat by 8.8%
Revenue
$1.22bn, up 30.0% on a year earlier
Next report
November 4, 2026; average EPS estimate $0.92

Western Midstream Partners' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.3B
Operating margin
40.2%
Net margin
29.6%

Growth

Revenue growth
+18.0%
Change in growth rate
+6.6 pts

Cash

Free cash flow (TTM)
$1.2B
FCF margin
28.1%
Stock pay % of revenue
1.3%

Earnings

Last results
August 5, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Western Midstream Partners, LP valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($113.21) is 2.56x the share price ($44.27) and 2.02x the median of our other models ($56.12); the other models don't support a gap this wide.

Our value per share comes from a discounted-cash-flow model of Western Midstream Partners, LP's free cash flow after stock-based pay ( $1.7B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Western Midstream Partners, LP as an operating company, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$110 ~$80–$160 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$56 ~$48–$76 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Western Midstream Partners, LP with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

81 /100

Strong moat

How hard Western Midstream Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Net income has been a median 7.9% of total assets over 10 years.

  • Durability 19 / 20

    Operating margin has been a median 44.6%; its worst year was 26.8%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 8 of 10 years, at a median 30.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $1.2bn and EPS of $0.92 (range $0.86 to $0.99) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.72 +22% $4.8bn +24%
Next $3.85 +4% $4.9bn +4%

Next year's EPS estimate has moved +3.5% in 90 days, across 4 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.92 $1.00 +8.8%
Mar 2026 $0.78 $0.87 +11.7%
Dec 2025 $0.80 $0.48 −40.2%
Sept 2025 $0.90 $0.90 +0.6%

Adjusted EPS as companies report it, against the average analyst estimate.

How our valuation uses these forecasts

Our cash-flow model grows Western Midstream Partners, LP's revenue by +13.0% next year and +12.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+11.8%, weight 62%) and the company's own record (+15.0%, weight 38%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy533%
Hold960%
Sell17%

Monthly trend

  1. Oct 20265915
  2. Sep 20265915
  3. Aug 202649114
  4. Jul 202649114

Counts of recommendations published by analysts covering Western Midstream Partners, LP, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.3%
of tradable shares
Days to cover
6.96
at average volume
Short interest, 1 month
−5%
to September 30, 2026
Held by institutions
44%
of shares
Held by insiders
36.6%
of shares
Employees
1,704
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Western Midstream Partners, LP’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Western Midstream Partners, LP in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Western Midstream Partners, LP
$3B $3.5B $4B $4.5B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3B Revenue (TTM), FY23 Q4: $3.1B Revenue (TTM), FY24 Q1: $3.3B Revenue (TTM), FY24 Q2: $3.4B Revenue (TTM), FY24 Q3: $3.5B Revenue (TTM), FY24 Q4: $3.6B Revenue (TTM), FY25 Q1: $3.6B Revenue (TTM), FY25 Q2: $3.7B Revenue (TTM), FY25 Q3: $3.7B Revenue (TTM), FY25 Q4: $3.8B Revenue (TTM), FY26 Q1: $4B Revenue (TTM), FY26 Q2: $4.3B $4.3B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3B
FY23 Q4 $3.1B
FY24 Q1 $3.3B
FY24 Q2 $3.4B
FY24 Q3 $3.5B
FY24 Q4 $3.6B
FY25 Q1 $3.6B
FY25 Q2 $3.7B
FY25 Q3 $3.7B
FY25 Q4 $3.8B
FY26 Q1 $4B
FY26 Q2 $4.3B
Revenue growth, TTM YoY Western Midstream Partners, LP
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -5.1% Revenue growth, TTM YoY, FY23 Q4: -4.5% Revenue growth, TTM YoY, FY24 Q1: 1.0% Revenue growth, TTM YoY, FY24 Q2: 11.0% Revenue growth, TTM YoY, FY24 Q3: 16.8% Revenue growth, TTM YoY, FY24 Q4: 16.1% Revenue growth, TTM YoY, FY25 Q1: 11.5% Revenue growth, TTM YoY, FY25 Q2: 7.1% Revenue growth, TTM YoY, FY25 Q3: 5.8% Revenue growth, TTM YoY, FY25 Q4: 6.6% Revenue growth, TTM YoY, FY26 Q1: 11.4% Revenue growth, TTM YoY, FY26 Q2: 18.0% 18.0%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -5.1%
FY23 Q4 -4.5%
FY24 Q1 1.0%
FY24 Q2 11.0%
FY24 Q3 16.8%
FY24 Q4 16.1%
FY25 Q1 11.5%
FY25 Q2 7.1%
FY25 Q3 5.8%
FY25 Q4 6.6%
FY26 Q1 11.4%
FY26 Q2 18.0%
Operating margin (TTM) Western Midstream Partners, LP
40% 45% 50% 55% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 46.8% Operating margin (TTM), FY23 Q4: 44.4% Operating margin (TTM), FY24 Q1: 54.3% Operating margin (TTM), FY24 Q2: 55.5% Operating margin (TTM), FY24 Q3: 54.8% Operating margin (TTM), FY24 Q4: 54.7% Operating margin (TTM), FY25 Q1: 46.8% Operating margin (TTM), FY25 Q2: 45.6% Operating margin (TTM), FY25 Q3: 46.0% Operating margin (TTM), FY25 Q4: 41.7% Operating margin (TTM), FY26 Q1: 41.0% Operating margin (TTM), FY26 Q2: 40.2% 40.2%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 46.8%
FY23 Q4 44.4%
FY24 Q1 54.3%
FY24 Q2 55.5%
FY24 Q3 54.8%
FY24 Q4 54.7%
FY25 Q1 46.8%
FY25 Q2 45.6%
FY25 Q3 46.0%
FY25 Q4 41.7%
FY26 Q1 41.0%
FY26 Q2 40.2%
FCF margin (TTM) Western Midstream Partners, LP
25% 30% 35% 40% 45% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 32.9% FCF margin (TTM), FY23 Q4: 29.8% FCF margin (TTM), FY24 Q1: 30.8% FCF margin (TTM), FY24 Q2: 31.9% FCF margin (TTM), FY24 Q3: 35.7% FCF margin (TTM), FY24 Q4: 36.1% FCF margin (TTM), FY25 Q1: 40.9% FCF margin (TTM), FY25 Q2: 39.5% FCF margin (TTM), FY25 Q3: 39.4% FCF margin (TTM), FY25 Q4: 38.9% FCF margin (TTM), FY26 Q1: 33.1% FCF margin (TTM), FY26 Q2: 28.1% 28.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 32.9%
FY23 Q4 29.8%
FY24 Q1 30.8%
FY24 Q2 31.9%
FY24 Q3 35.7%
FY24 Q4 36.1%
FY25 Q1 40.9%
FY25 Q2 39.5%
FY25 Q3 39.4%
FY25 Q4 38.9%
FY26 Q1 33.1%
FY26 Q2 28.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Western Midstream Partners took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $3.8B
  2. Selling, general and admin $399M · 10.4%
  3. Other operating costs $1.8B · 48.0%
  4. Operating income $1.6B · 41.7%
  5. Interest and other $405M · 10.5%
  6. Net income $1.2B · 30.7%

Shares of revenue. Source: Western Midstream Partners's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 869 894 1,085 1,533 1,752 1,804 2,430 2,300 2,746 2,773 2,877 3,252 3,106 3,605 3,843 4,332
Gross profit — — — — — 1,310 1,521 1,868 — — — — — — — —
EBITDA 358 315 473 763 427 977 1,120 1,250 1,715 1,370 1,888 2,170 1,980 2,621 2,312 2,518
Operating income 245 194 324 551 154 705 802 861 1,231 879 1,336 1,588 1,380 1,971 1,601 1,743
Net income 94 61 164 288 166 346 541 552 697 527 916 1,217 1,022 1,574 1,181 1,284
Growth (year on year)
Revenue — +2.9% +21.4% +41.3% +14.3% +3.0% +34.7% −5.3% +19.4% +1.0% +3.8% +13.0% −4.5% +16.1% +6.6% +18.0%
EBITDA — −12.1% +50.3% +61.2% −44.1% +129.0% +14.6% +11.6% +37.1% −20.1% +37.8% +15.0% −8.8% +32.4% −11.8% +7.2%
Operating income — −20.8% +66.5% +70.4% −72.0% +357.0% +13.8% +7.4% +43.0% −28.6% +52.0% +18.8% −13.1% +42.9% −18.7% +4.0%
Net income — −34.8% +166.9% +75.8% −42.5% +108.9% +56.4% +2.0% +26.4% −24.4% +73.9% +32.8% −16.0% +53.9% −24.9% +0.9%
Margins
Gross margin — — — — — 72.6% 62.6% 81.2% — — — — — — — —
EBITDA margin 41.2% 35.2% 43.6% 49.8% 24.4% 54.2% 46.1% 54.4% 62.4% 49.4% 65.6% 66.7% 63.7% 72.7% 60.2% 58.1%
Operating margin 28.2% 21.7% 29.8% 36.0% 8.8% 39.0% 33.0% 37.5% 44.8% 31.7% 46.4% 48.8% 44.4% 54.7% 41.7% 40.2%
Net margin 10.8% 6.9% 15.1% 18.8% 9.4% 19.2% 22.3% 24.0% 25.4% 19.0% 31.8% 37.4% 32.9% 43.6% 30.7% 29.6%
Free-cash-flow margin 12.6% −40.3% 37.9% −7.5% 8.3% 24.0% 0.6% −26.1% 4.9% 43.8% 50.5% 37.3% 29.8% 36.1% 38.9% 28.1%
Cash flow
Cash from operations 259 277 489 691 783 913 1,043 1,348 1,324 1,637 1,767 1,701 1,661 2,137 2,223 2,132
Capital spending 150 638 78 805 638 480 1,028 1,949 1,189 424 314 487 735 834 728 913
Free cash flow 109 −361 411 −114 145 433 14 −600 135 1,214 1,453 1,214 926 1,303 1,495 1,219
Stock-based pay 3 4 4 4 4 5 5 6 15 22 28 28 32 38 51 56
Free cash flow after stock pay 106 −364 407 −118 140 428 9 −607 119 1,191 1,426 1,186 894 1,265 1,444 1,163
Balance sheet
Cash 227 423 113 67 100 359 80 92 100 445 202 287 273 1,090 819 105
Total debt 669 1,168 1,420 2,430 2,720 3,148 3,592 5,243 7,967 7,855 6,907 6,785 7,901 7,938 8,644 9,053
Net debt (negative = net cash) 443 746 1,307 2,363 2,620 2,789 3,512 5,151 7,867 7,410 6,705 6,499 7,629 6,847 7,825 8,948
Returned to shareholders
Dividends 0 0 137 228 306 374 442 502 969 696 534 736 978 1,246 1,431 1,489
Buybacks — — — — — — — 0 0 33 217 488 135 0 0 —
Total returned 0 0 137 228 306 374 442 502 969 728 751 1,223 1,113 1,246 1,431 1,489

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 5 checks passed · June 30, 2026
What it owns · $16.3bn
Short-term assets $1.1bnLonger-term assets $15.2bn
What it owes, and who funded it · $11.9bn
Short-term liabilities $1.2bnLonger-term liabilities $10.7bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $1.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $10.7bn of longer-dated liabilities.
  • More cash than debt $105m of cash against $8.9bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $8.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.7bn against $420m of interest.

From Western Midstream Partners, LP's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$1.5B
Buybacks, last 3 fiscal years
$135M
Total shareholder yield
8.2%
dividends 8.2% + buybacks 0.0% of market value
Dividend payout ratio
116%
of net income paid out
Days sales outstanding
79 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated WES NGL PBA SOBO FRO GEL Median
Revenue, last 12 months $4.3bn $3.5bn $5.6bn $2.0bn $2.0bn $1.8bn $2.0bn
Revenue growth, last 12 months 18.0% 5.8% 3.3% −6.3% −8.8% 16.6% 8.8%
Revenue growth, 3-year average 11.9% −4.9% — — — −15.4% 4.0%
Revenue growth, latest quarter 30.0% 59.1% — — — 41.0% 10.7%
Gross margin 82.1% 29.5% 41.1% 84.2% — — 42.6%
Operating margin 40.2% 4.0% 36.1% 51.5% 30.4% 19.1% 27.3%
Operating margin, 3-year average 47.1% 6.2% 27.7% — — 15.0% 20.8%
Net margin 29.6% −3.8% 21.8% 21.8% 19.2% 4.3% 13.1%
Cash from operations / revenue 49.2% 11.6% 42.4% 36.1% 34.6% 24.2% 29.5%
Free-cash-flow margin 28.1% 2.9% — 27.1% 34.0% 18.5% 11.8%
Free-cash-flow margin, 3-year average 33.2% 3.9% — — — −4.4% 8.8%
Stock pay / revenue 1.3% 0.0% 1.2% — 0.3% 0.7% 0.5%
Change in share count — — 1.4% 0.3% 0.0% −0.0% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 18.0% 8.8% 7 of 29
Change in growth rate Growth +6.6pp +0.5pp 10 of 29
Operating margin Profitability 40.2% 28.1% 7 of 27
Net margin Profitability 29.6% 13.1% 4 of 29
Free-cash-flow margin Cash generation 28.1% 13.6% 5 of 28
Stock pay as % of revenue Cash generation 1.3% 0.8% 14 of 20
Long-term debt as % of assets Balance sheet 54.4% 46.2% 18 of 26
Days sales outstanding Balance sheet 79 days 43 days 15 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Service Fee Based $3.5B 89.8% ▲ 6.3%
Products $195M 5.1% ▲ 39.0%
Service Product Based $194M 5.0% ▼ 10.2%
Other $1.8M 0.0% ▲ 66.3%

From Western Midstream Partners, LP's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.8B
Institutions reporting
368
Shares held vs prior quarter
▲ 7.6%
Positions opened / closed
40 / 16

Top buyers and sellers, Q2 2026: 155 institutions bought and 112 sold ; the biggest buyer was Morgan Stanley (+16.7M shares) and the biggest seller Tortoise Capital Advisors, L.L.C (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Alps Advisors Inc $1.6B 36.6M 20.6% ▼ 5.2%
Invesco Ltd. $1.1B 24.1M 13.6% ▲ 0.3%
Morgan Stanley $929M 21.2M 11.9% ▲ 366.6%
Blackstone Inc. $454M 10.4M 5.8% ▲ 18.4%
Mirae Asset Global Etfs Holdings Ltd. $378M 8.6M 4.9% ▼ 2.6%
Goldman Sachs Group Inc $373M 8.5M 4.8% ▼ 2.6%
Tortoise Capital Advisors, L.L.C. $285M 6.5M 3.7% ▼ 25.9%
Neuberger Berman Group LLC $271M 6.2M 3.5% ▼ 1.5%
Chickasaw Capital Management LLC $241M 5.5M 3.1% ▼ 1.2%
Kayne Anderson Capital Advisors LP $172M 3.9M 2.2% ▲ 0.3%
UBS Group AG $156M 3.6M 2.0% ▼ 4.2%
Clearbridge Investments, LLC $119M 2.7M 1.5% ▲ 3.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Western Midstream Partners, LP's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $300,144 2 trades by 2 insiders, last 12 months Insider sales History → $248,976 1 trade by 1 insider · 0% under pre-set plans
Net ▲ $51,168 net buying
Insider Date Trade Shares Price Value
Forthuber Frederick A. Director August 12, 2026 Buy 5,140 $48.62 $249,907
Phillips Robert G Director March 11, 2026 Buy 1,250 $40.19 $50,238
Dial Christopher B. SVP, GC and Secretary February 12, 2026 Sell 5,879 $42.35 $248,976

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 16 trades and filings

No trades in Western Midstream Partners, LP disclosed in the last 12 months; 16 earlier trades on record.

  • Pete Sessions(R-TX 17):Sale (full), $1,001 - $15,000, traded January 18, 2022, filed February 11, 2022
  • Mark E. Green(R-TN 7):Sale (full), $250,001 - $500,000, traded October 22, 2020, filed October 29, 2020
  • Mark E. Green(R-TN 7):Purchase, $15,001 - $50,000, traded October 5, 2020, filed October 29, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 18, 2026
  • November 4, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Western Midstream Partners, LP was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Western Midstream Partners, LP in brief

What does Western Midstream Partners, LP do?
Western Midstream Partners, LP is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Western Midstream Partners, LP's stock ticker?
Western Midstream Partners, LP trades under the ticker WES on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Western Midstream Partners, LP's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Western Midstream Partners, LP reported revenue of $4.3B, 18.0% higher than a year earlier, according to its SEC filings.
What is Western Midstream Partners, LP's free cash flow?
Western Midstream Partners, LP's free-cash-flow margin is 28.1% of revenue over the trailing twelve months, ranking 5 of the 28 oil & gas storage & transportation companies we cover.
Who are Western Midstream Partners, LP's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Alps Advisors Inc, Invesco Ltd. and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Western Midstream Partners, LP pay a dividend?
Yes: Western Midstream Partners, LP paid $1.5B in dividends over the trailing twelve months, a dividend yield of 8.15% and a payout ratio of 116.0%.
Who are Western Midstream Partners, LP's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Western Midstream Partners, LP are NGL Energy Partners LP, Pembina Pipeline Corp, South Bow Corp, Frontline plc and Genesis Energy LP. The side-by-side comparison below sets their revenue, margins and growth against Western Midstream Partners, LP's.
Are insiders buying or selling Western Midstream Partners, LP stock?
Over the last 12 months, Western Midstream Partners, LP's directors and officers reported 2 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is Western Midstream Partners, LP's next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Western Midstream Partners, LP announces its own schedule.