Western Midstream Partners
WES · NYSENatural Gas Transmission · Fiscal year ends Dec 31
Western Midstream Partners reported revenue of $3.8B in the fiscal year ended Dec 2025, up 6.6% from the year before. Operating income was $1.6B, an operating margin of 41.7%, and net income was $1.2B. Net debt was $7.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.7B | $3.3B | $3.1B | $3.6B | $3.8B |
| Operating income | $1.3B | $1.6B | $1.4B | $2B | $1.6B |
| Interest expense | $377M | $334M | $348M | $379M | $390M |
| Pre-tax income | $934M | $1.3B | $1.1B | $1.6B | $1.2B |
| Income tax | −$10M | $4M | $4M | $18M | $15M |
| Net income | $916M | $1.2B | $1B | $1.6B | $1.2B |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $202M | $287M | $273M | $1.1B | $819M |
| Receivables | $432M | $549M | $666M | $701M | $759M |
| Current assets | $685M | $900M | $992M | $1.8B | $1.7B |
| Net PP&E | $8.5B | $8.5B | $9.7B | $9.7B | $11.2B |
| Goodwill | $5M | $5M | $5M | $5M | $353M |
| Total assets | $11.3B | $11.3B | $12.5B | $13.1B | $15B |
| Deferred revenue | $28M | $21M | $17M | $11M | $23M |
| Current liabilities | $1.1B | $904M | $1.3B | $1.7B | $1.2B |
| Long-term debt | $6.4B | $6.6B | $7.3B | $6.9B | $8.2B |
| Total liabilities | $8.2B | $8.2B | $9.4B | $9.8B | $10.8B |
| Backlog (remaining obligations) | $6.6B | $6.7B | $7B | $6B | $6.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $1.7B | $1.7B | $2.1B | $2.2B |
| Depreciation & amortisation | $552M | $582M | $601M | $650M | $711M |
| Stock-based compensation | $28M | $28M | $32M | $38M | $51M |
| Share buybacks | $217M | $488M | $135M | $0 | $0 |
| Dividends paid | $534M | $736M | $978M | $1.2B | $1.4B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 20.5% | −4.5% | 16.1% | 6.6% |
| Operating income growth (YoY) | – | 18.8% | −13.1% | 42.9% | −18.7% |
| Operating margin | 49.5% | 48.8% | 44.4% | 54.7% | 41.7% |
| Net margin | 34.0% | 37.4% | 32.9% | 43.7% | 30.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 13.2% | 15.3% | 12.4% | 17.2% | 11.6% |
| Cash conversion (CFO ÷ net income) | 1.93x | 1.40x | 1.63x | 1.36x | 1.88x |
| Receivable days | 58 | 62 | 78 | 71 | 72 |
| Interest cover | 3.55x | 4.76x | 3.96x | 5.21x | 4.10x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.2B | $6.3B | $7B | $5.8B | $7.4B |
| Current ratio | 0.60x | 1.00x | 0.76x | 1.09x | 1.34x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.