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Western Midstream Partners, LP (WES)
Energy · Oil & Gas Midstream · NYSE
Western Midstream Partners, LP revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.80B | $2.43B | $2.30B | $2.75B | $2.77B | $2.88B | $3.25B | $3.11B | $3.61B | $3.84B |
| Gross profit | $1.31B | $1.52B | $1.87B | — | — | — | $2.25B | $2.34B | $2.78B | $2.93B |
| Net income | $345.77M | $540.79M | $551.57M | $697.24M | $527.01M | $916.29M | $1.22B | $1.02B | $1.57B | $1.18B |
| Net margin | 19.2% | 22.3% | 24.0% | 25.4% | 19.0% | 31.8% | 37.4% | 32.9% | 43.6% | 30.7% |
Source: Western Midstream Partners, LP SEC filings (10-K). 15 years of history available in the interactive view.
What growth is priced into WES stock?
At today's market cap of $17.52B, Western Midstream Partners, LP is priced for free-cash-flow growth of about 0.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.49B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.3%/yr over the last five fiscal years and revenue 6.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 15 years of Western Midstream Partners, LP financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Western Midstream Partners, LP financial history by metric
About Western Midstream Partners, LP
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. It also buys and sells residue, NGLs, and condensates. The company operates assets located in Texas, New Mexico, and the Rocky Mountains. It also provides water handling solutions. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. Western Midstream Partners, LP was incorporated in 2007 and is based in The Woodlands, Texas.
Western Midstream Partners, LP — frequently asked questions
What is Western Midstream Partners, LP's revenue?
Western Midstream Partners, LP (WES) reported revenue of $3.84B for fiscal year 2025, up 6.6% from the prior year, according to its SEC filings.
Is Western Midstream Partners, LP profitable?
Yes. WES earned net income of $1.18B in fiscal 2025, a net margin of 30.7%.
What is WES's P/E ratio?
Western Midstream Partners, LP trades at a price-to-earnings ratio of about 14.6 based on the latest data in our nightly-refreshed cache.
How fast is Western Midstream Partners, LP growing?
WES's revenue grew at roughly 6.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Western Midstream Partners, LP have?
As of fiscal year 2025, WES carried roughly $8.62B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Western Midstream Partners, LP's gross margin?
WES's gross margin was 76.1% in fiscal 2025 — gross profit of $2.93B on revenue of $3.84B.
What is Western Midstream Partners, LP's market cap?
Western Midstream Partners, LP (WES) has a market capitalization of about $17.52B, based on the latest data in our nightly-refreshed cache.
When does Western Midstream Partners, LP's fiscal year end?
WES's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into WES stock?
At today's market cap of $17.52B, Western Midstream Partners, LP is priced for free-cash-flow growth of about 0.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.49B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.3%/yr over the last five fiscal years and revenue 6.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Western Midstream Partners, LP's official SEC filings (10-K and 10-Q), covering 15 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.