Western Midstream Partners, LP income statement
In fiscal 2025, Western Midstream Partners, LP reported revenue of $3.84bn, up 6.6% on the year before, operating income of $1.60bn (a 41.7% margin) and net income of $1.18bn. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2011Dec 2011 | 2012Dec 2012 | 2013Dec 2013 | 2014Dec 2014 | 2015Dec 2015 | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Cost of revenue | — | — | — | — | — | 494 | 909 | 432 | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | 1,310 | 1,521 | 1,868 | — | — | — | — | — | — | — | — |
| General and administrative | 41 | 100 | 35 | 42 | 44 | 49 | 54 | 67 | 115 | 156 | 196 | 194 | 233 | 272 | 399 | 427 |
| 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 |
| Interest expense | 30 | 42 | 52 | 77 | 114 | 117 | 143 | 184 | 303 | 380 | 377 | 334 | 348 | 379 | 390 | 420 |
| Income before tax | 239 | 169 | 291 | 493 | 57 | 605 | 677 | 690 | 821 | 523 | 934 | 1,256 | 1,052 | 1,629 | 1,228 | 1,337 |
| Income tax | 59 | 49 | 5 | 39 | 46 | 8 | −60 | 59 | 13 | 6 | −10 | 4 | 4 | 18 | 15 | 18 |
| Net income | 94 | 61 | 164 | 288 | 166 | 346 | 541 | 552 | 697 | 527 | 916 | 1,217 | 1,022 | 1,574 | 1,181 | 1,284 |
| 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 |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 883 | 929 | 917 | 942 | 952 | 1,031 | 1,124 | 1,225 |
| General and administrative | 65 | 76 | 67 | 66 | 64 | 202 | 75 | 86 |
| Operating income | 396 | 426 | 410 | 444 | 442 | 306 | 469 | 527 |
| Interest expense | 94 | 99 | 97 | 95 | 92 | 106 | 113 | 109 |
| Income before tax | 311 | 342 | 320 | 353 | 351 | 204 | 363 | 420 |
| Income tax | 15 | 0 | 3 | 2 | 2 | 7 | 4 | 5 |
| Net income | 288 | 334 | 309 | 342 | 340 | 191 | 350 | 404 |
| EBITDA | 562 | 589 | 580 | 617 | 612 | 503 | 670 | 733 |
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