WES

Western Midstream Partners LP Common Units Representing Limited Partner InterestsStock · Utilities

$48.59−$0.32 (-0.65%)as of Aug 17, 3:55 PM ET

☾ After hours:$48.59+0.00%3:59 PM ET

WES financial statements

The full income statement, balance sheet, and cash-flow statement for Western Midstream Partners LP Common Units Representing Limited Partner Interests (WES), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 380.5M2024-09 380.6M2024-12 381.3M2025-03 381.3M2025-06 381.3M2025-09 408.0M2025-12 393.7M2026-03 393.8M2026-06 413.2M+8.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	3.84B YoY+6.6%	3.60B YoY+16.1%	3.11B YoY-4.5%	3.25B YoY+13.0%	2.88B YoY+3.8%
Selling, general & administrative	399M YoY+46.9%	272M YoY+16.7%	233M YoY+19.9%	194M YoY-0.8%	196M YoY+25.5%
General & administrative	399M YoY+46.9%	272M YoY+16.7%	233M YoY+19.9%	194M YoY-0.8%	196M YoY+25.5%
Amortization of intangibles	34.8M YoY+9.8%	31.7M YoY+0.0%	31.7M YoY+0.0%	31.7M YoY+0.0%	31.7M YoY-3.9%
Operating income	1.60B YoY-18.7%	1.97B YoY+42.9%	1.38B YoY-13.1%	1.59B YoY+18.8%	1.34B YoY+52.0%
Interest expense	390M YoY+3.2%	379M YoY+8.7%	348M YoY+4.3%	334M YoY-11.3%	377M YoY-0.9%
Other non-operating income	16.6M YoY-47.6%	31.7M YoY+458.9%	5.68M YoY+254.3%	1.60M YoY+357.3%	-623K YoY-160.8%
Equity-method income	85.8M YoY-23.7%	112M YoY-26.5%	153M YoY-16.6%	183M YoY-10.3%	205M YoY-9.7%
Pre-tax income	1.23B YoY-24.7%	1.63B YoY+54.8%	1.05B YoY-16.2%	1.26B YoY+34.4%	934M YoY+78.7%
Income tax	15.1M YoY-16.7%	18.1M YoY+313.0%	4.38M YoY+4.7%	4.19M YoY+142.7%	-9.81M YoY-263.5%
	1.18B YoY-24.9%	1.57B YoY+53.9%	1.02B YoY-16.0%	1.22B YoY+32.8%	916M YoY+73.9%
Net income to non-controlling interest	31.5M YoY-16.5%	37.7M YoY+46.1%	25.8M YoY-24.9%	34.4M YoY+24.0%	27.7M YoY+372.7%
Dividends per share	$3.64 YoY+11.2%	$3.27 YoY+27.1%	$2.57 YoY+34.5%	$1.91 YoY+44.5%	$1.32 YoY-21.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.66B YoY-10.3%	1.85B YoY+86.1%	992M YoY+10.2%	900M YoY+31.5%	685M YoY-27.4%
Cash & equivalents	819M YoY-24.8%	1.09B YoY+299.7%	273M YoY-4.8%	287M YoY+41.9%	202M YoY-54.6%
Accounts receivable	759M YoY+8.3%	701M YoY+5.3%	666M YoY+21.3%	549M YoY+27.2%	432M YoY-4.7%
Other current assets	64.3M YoY+17.1%	54.9M YoY+3.6%	53.0M YoY-11.0%	59.5M YoY+28.7%	46.3M YoY+2.2%
	15.0B YoY+14.1%	13.1B YoY+5.4%	12.5B YoY+10.6%	11.3B YoY-0.0%	11.3B YoY-4.7%
Property, plant & equipment	11.2B YoY+15.5%	9.71B YoY+0.6%	9.66B YoY+13.0%	8.54B YoY+0.3%	8.51B YoY-2.3%
Operating lease right-of-use	188M YoY-14.4%	220M YoY+160.4%	84.3M YoY+25.6%	67.1M YoY-6.5%	71.7M YoY+84.0%
Goodwill	353M YoY+7285.7%	4.78M YoY+0.0%	4.78M YoY+0.0%	4.78M YoY+0.0%	4.78M YoY+0.0%
Intangible assets	914M YoY+40.6%	650M YoY-4.6%	681M YoY-4.4%	713M YoY-4.3%	745M YoY-4.1%
Other non-current assets	349M YoY-9.9%	387M YoY+65.8%	233M YoY+39.8%	167M YoY+5.3%	159M YoY-7.2%
	1.24B YoY-26.9%	1.69B YoY+29.7%	1.30B YoY+44.3%	904M YoY-20.7%	1.14B YoY+18.7%
Accounts payable	319M YoY+2.0%	313M YoY-13.7%	362M YoY+0.5%	361M YoY+10.6%	326M YoY+54.8%
Accrued liabilities	408M YoY+24.0%	329M YoY+25.5%	263M YoY+3.1%	255M YoY-3.3%	263M YoY-2.5%
Deferred revenue	22.9M YoY+107.0%	11.1M YoY-34.5%	16.9M YoY-19.3%	20.9M YoY-24.7%	27.8M YoY-11.8%
Short-term & current debt	449M YoY-55.6%	1.01B YoY+63.7%	618M YoY+186.3%	216M YoY-57.3%	506M YoY+15.3%
Current lease liability	65.3M YoY+10.9%	58.9M YoY+423.1%	11.3M YoY+8.9%	10.3M YoY-2.0%	10.6M YoY+166.8%
Finance lease liability (current)	8.62M YoY-21.3%	11.0M YoY+47.3%	7.44M YoY+179.7%	2.66M YoY-29.9%	3.79M YoY-54.1%
	10.8B YoY+10.9%	9.77B YoY+3.5%	9.44B YoY+15.7%	8.16B YoY-0.2%	8.18B YoY-8.5%
Long-term debt	8.20B YoY+18.3%	6.93B YoY-4.9%	7.28B YoY+10.9%	6.57B YoY+2.6%	6.40B YoY-13.7%
Deferred revenue (non-current)	744M YoY+24.1%	600M YoY+39.9%	429M YoY+23.0%	348M YoY+22.1%	285M YoY+21.2%
Non-current lease liability	110M YoY-23.4%	144M YoY+196.7%	48.5M YoY+45.4%	33.3M YoY-6.0%	35.4M YoY+1.7%
Operating lease liability (total)	175M YoY-13.5%	203M YoY+239.4%	59.7M YoY+36.8%	43.7M YoY-5.1%	46.0M YoY+18.6%
Finance lease liability (total)	21.0M YoY-38.6%	34.3M YoY-5.0%	36.1M YoY+429.5%	6.82M YoY+28.0%	5.33M YoY-83.3%
Finance lease liability	12.4M YoY-46.7%	23.3M YoY-18.6%	28.7M YoY+589.1%	4.16M YoY+171.4%	1.53M YoY-93.5%
Deferred tax liabilities	111M YoY+274.9%	29.7M YoY+91.9%	15.5M YoY+7.2%	14.4M YoY+16.1%	12.4M YoY-44.0%
Other non-current liabilities	865M YoY+15.1%	751M YoY+56.5%	480M YoY+24.5%	386M YoY+18.4%	326M YoY+18.2%
Total non-current liabilities	9.60B YoY+18.8%	8.08B YoY-0.7%	8.14B YoY+12.1%	7.26B YoY+3.2%	7.04B YoY-11.7%
Total liabilities & equity	15.0B YoY+14.1%	13.1B YoY+5.4%	12.5B YoY+10.6%	11.3B YoY-0.0%	11.3B YoY-4.7%
	394M YoY+3.2%	381M YoY+0.2%	380M YoY-1.1%	385M YoY-4.6%	404M YoY-2.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.22B YoY+4.0%	2.14B YoY+28.6%	1.66B YoY-2.4%	1.70B YoY-3.7%	1.77B YoY+7.9%
Depreciation & amortization	711M YoY+9.3%	650M YoY+8.3%	601M YoY+3.1%	582M YoY+5.6%	552M YoY+12.3%
Intangible amortization	34.8M YoY+9.8%	31.7M YoY+0.0%	31.7M YoY+0.0%	31.7M YoY+0.0%	31.7M YoY-3.9%
Share-based compensation	50.8M YoY+33.7%	38.0M YoY+18.7%	32.0M YoY+15.2%	27.8M YoY+0.4%	27.7M YoY+23.2%
Deferred income taxes	3.94M YoY-72.2%	14.2M YoY+1261.2%	1.04M YoY-47.8%	2.00M YoY+120.5%	-9.77M YoY-396.4%
Change in receivables	-36.0M YoY-184.2%	42.8M YoY-45.4%	78.3M YoY-32.6%	116M YoY+810.6%	-16.4M YoY-108.4%
Other operating activities	303K YoY+22.2%	248K YoY-43.9%	442K YoY-13.3%	510K YoY+96.2%	260K YoY+34.7%
	-1.09B YoY-2670.6%	-39.2M YoY+97.6%	-1.61B YoY-636.5%	-218M YoY+15.3%	-258M YoY+42.5%
Capital expenditure	728M YoY-12.7%	834M YoY+13.4%	735M YoY+50.9%	487M YoY+55.3%	314M YoY-26.0%
Free cash flow	1.49B YoY+14.7%	1.30B YoY+40.7%	926M YoY-23.7%	1.21B YoY-16.4%	1.45B YoY+19.7%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Other investing activities	20.1M YoY+10.1%	18.3M YoY-43.4%	32.3M YoY+241.5%	9.47M YoY+185.4%	-11.1M YoY-119.2%
	-1.41B YoY-10.0%	-1.28B YoY-1784.8%	-67.9M YoY+95.1%	-1.40B YoY+20.2%	-1.75B YoY-107.6%
Long-term debt issued	1.18B YoY+50.1%	789M YoY-67.8%	2.45B YoY+76.3%	1.39B YoY+189.4%	480M YoY-87.0%
Long-term debt repaid	1.08B YoY+651.2%	144M YoY-92.7%	1.97B YoY+29.6%	1.52B YoY+6.0%	1.43B YoY-62.3%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00 YoY-100.0%	135M YoY-72.4%	488M YoY+124.2%	217M YoY+568.4%
Dividends paid	1.43B YoY+14.8%	1.25B YoY+27.4%	978M YoY+33.0%	736M YoY+37.8%	534M YoY-23.3%
Other financing activities	-41.5M YoY-24.2%	-33.4M YoY-79.2%	-18.6M YoY-36.5%	-13.6M YoY-25.8%	-10.8M YoY+23.6%
Net change in cash	-271M YoY-133.1%	818M YoY+5995.7%	-13.9M YoY-116.4%	84.7M YoY+134.8%	-243M YoY-170.4%
Interest paid	381M YoY+5.6%	361M YoY+10.4%	327M YoY-8.0%	355M YoY-5.2%	375M YoY+7.2%
Income taxes paid	3.11M YoY+39.6%	2.23M YoY-46.1%	4.13M YoY+353.0%	912K YoY-2.8%	938K YoY+344.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	15.5B YoY+6.1%	14.7B YoY+32.0%	11.1B YoY+7.4%	10.3B YoY+15.0%	8.99B YoY+57.4%
P/E	13.2× YoY+41.4%	9.3× YoY-10.3%	10.4× YoY+12.8%	9.2× YoY-6.2%	9.8× YoY-9.5%
P/S	4.0× YoY-0.4%	4.1× YoY+10.8%	3.7× YoY+13.2%	3.2× YoY+3.7%	3.1× YoY+51.7%
P/FCF	10.4× YoY-7.5%	11.2× YoY+0.8%	11.2× YoY+55.3%	7.2× YoY+16.2%	6.2× YoY+31.5%
	7.6% YoY-29.3%	10.7% YoY+11.4%	9.6% YoY-11.4%	10.9% YoY+6.7%	10.2% YoY+10.4%
	9.6% YoY+8.1%	8.9% YoY-0.8%	9.0% YoY-35.6%	13.9% YoY-13.9%	16.2% YoY-24.0%
	9.2% YoY+8.2%	8.5% YoY-3.2%	8.8% YoY+23.4%	7.1% YoY+19.9%	5.9% YoY-51.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: WES's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all WES filings on SEC EDGAR → Not investment advice.