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WESWestern Midstream Partners, LP
$43.69$17.2B
Overview & Verdict
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WES logoWestern Midstream Partners, LP(WES)Earnings, Financials & Key Ratios

WES•NYSE
$43.69
14.6× P/E·Price updated Jul 6, 2026
SectorEnergyIndustryMidstream Oil & GasSub-IndustryGas Gathering, Processing and NGLs
AboutWestern Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates primarily in the United States. It 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 produced water. It also buys and sells natural gas, NGLs, and condensate. The company operates assets located in Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania. Western Midstream Holdings, LLC operates as the general partner of the company. 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.Show more
  • Revenue$3.84B+6.6%
  • EBITDA$2.3B-12.4%
  • Net Income$1.17B-25.7%
  • EPS (Diluted)3.00-25.4%
  • Gross Margin68.46%-11.3%
  • EBITDA Margin59.75%-17.8%
  • Operating Margin41.26%-24.5%
  • Net Margin30.43%-30.3%
  • ROE31.03%-36.9%

WES Price & Volume

Western Midstream Partners, LP (WES) stock price & volume — 10-year historical chart

Loading chart...

Robust Throughput Growth Drives Midstream Margin Expansion

Investment Thesis • Updated 2026Q1

VerdictPositive
Growth:Accelerating
Profitability:Strong
Financial:Healthy
Cash Flow:Robust
Primary Risk:Producer volume concentration risk

Key Thesis Takeaways

  • Western Midstream demonstrates strong operational scalability with a 22.5% year-over-year revenue increase in 2026Q1, supported by critical infrastructure assets in the Delaware and DJ Basins.
  • While the partnership maintains a healthy 8.3% dividend yield and consistent cash generation, investors should monitor the structural risk posed by heavy volume dependency on Occidental Petroleum.
  • Future performance appears contingent on balancing capital-intensive infrastructure reinvestment, which reached 21.0% of revenue in 2026Q1, against the need to manage a debt-to-equity ratio of 2.48.

Verdict Logic

the partnership offers an attractive 8.3% dividend yield and maintains a robust PEG ratio of 0.70, suggesting that current valuation levels may undervalue its strong operational cash flow conversion.

WES Growth Metrics

Western Midstream Partners, LP (WES) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years9.43%
5 Years6.75%
3 Years5.73%
TTM11.43%

Profit CAGR

10 Years29.55%
5 Years17.29%
3 Years-1.32%
TTM-7.55%

EPS CAGR

10 Years22.63%
5 Years20.52%
3 Years0%
TTM-8.06%

Return on Capital

10 Years11.79%
5 Years14.21%
3 Years14.27%
Last Year12.58%

WES Recent Earnings

Western Midstream Partners, LP (WES) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.85+14.6%
$0.74
Rev
$1.1B+11.0%
$1.0B
Q1 2026
Feb 18, 2026
Metric
Actual
Est
EPS
$0.47-44.4%
$0.84
Rev
$1.0B+0.2%
$1.0B
Q4 2025
Nov 4, 2025
Metric
Actual
Est
EPS
$0.87-1.1%
$0.88
Rev
$952M-0.9%
$961M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.87+4.9%
$0.83
Rev
$942M+0.2%
$940M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.85vs $0.74+14.6%
$1.1Bvs $1.0B+11.0%
Q1 2026Feb 18, 2026
$0.47vs $0.84-44.4%
$1.0Bvs $1.0B+0.2%
Q4 2025Nov 4, 2025
$0.87vs $0.88-1.1%
$952Mvs $961M-0.9%
Q3 2025Aug 6, 2025
$0.87vs $0.83+4.9%
$942Mvs $940M+0.2%
Based on last 12 quarters of dataView full earnings history →

Latest WES News

Recent stock market news and headlines for Western Midstream Partners, LP (WES)

The Motley Fool·Jun 28, 2026
3 Dividend Stocks Yielding Over 8.5% to Buy With $1,000 Right Now -- and Hold for a Lifetime of Passive Income

Starwood Property Trust has maintained its current dividend for more than a decade. Main Street Capital has raised its monthly dividend for 12 quarters in a row.

Seeking Alpha·Jun 26, 2026
Western Midstream: The Best Yield In The Industry

Western Midstream Partners (WES) remains a high-conviction Strong Buy, supported by robust fee-based cash flows and an 8.56% yield. WES delivered record quarterly results with adj. EBITDA of $683.1M and distributable cash flow of $508.9M, driven by high volumes and accretive acquisitions. Recent acquisitions, including Brazos Delaware II and Aris Water, expand WES's Delaware Basin footprint and diversify growth into less cyclical water infrastructure.

Zacks Investment Research·Jun 24, 2026
Western Midstream (WES) Declines More Than Market: Some Information for Investors

In the most recent trading session, Western Midstream (WES) closed at $42.11, indicating a -3.22% shift from the previous trading day.

Fool - Investing News·Jun 24, 2026
Does the Tech Stock Frenzy Make You Nervous? Here Are 3 Steady, High-Yield Dividend Pipeline Stocks to Invest In Instead.

These three pipeline stocks look like great buys.

GuruFocus·Jun 22, 2026
Western Midstream Announces Pricing of Notes Offering

Western Midstream Announces Pricing of Notes Offering PR Newswire HOUSTON, June 22, 2026

Peers Comparison

Key metrics vs top competitors for Western Midstream Partners, LP (WES)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
WES logoWESWestern Midstream Partners, LPCurrent
$43.69$17.2B14.566.61%30.43%31.03%8.14%
EPD logoEPDEnterprise Products Partners L.P.
$36.47$78.9B13.71-6.44%11.42%19.49%—
ET logoETEnergy Transfer LP
$19.25$66.23B14.26-0.05%6.21%11.56%—
MPLX logoMPLXMPLX Lp
$56.97$57.84B11.828.37%37.54%32.81%—
PAA logoPAAPlains All American Pipeline, L.P.
$22.27$15.71B13.42-11.61%2.54%8.84%—
HESM logoHESMHess Midstream LP
$38.18$7.89B13.358.67%22.65%84.47%—

Compare WES vs Peers

Western Midstream Partners, LP (WES) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EPD

Most directly comparable listed peer for WES.

Scale Benchmark

vs CVX

Larger-name benchmark to compare WES against a more recognizable public peer.

Peer Set

Compare Top 5

vs EPD, ET, MPLX, PAA

WES SEC Filings & Documents

Western Midstream Partners, LP (WES) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Feb 18, 2026·SEC

Material company update

Jan 22, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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WES Frequently Asked Questions

Western Midstream Partners, LP (WES) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Western Midstream Partners, LP's revenue?

Western Midstream Partners, LP (WES) reported $4.05B in revenue for fiscal year 2025. This represents a 487% increase from $689.5M in 2008.

How fast is Western Midstream Partners, LP growing?

Western Midstream Partners, LP (WES) grew revenue by 6.6% over the past year. This is steady growth.

Is WES profitable?

Yes, Western Midstream Partners, LP (WES) is profitable, generating $1.21B in net income for fiscal year 2025 (30.4% net margin).

Dividend & Returns
Does WES pay dividends?

Yes, Western Midstream Partners, LP (WES) pays a dividend with a yield of 8.14%. This makes it attractive for income-focused investors.

What is WES's return on equity?

Western Midstream Partners, LP (WES) has a return on equity (ROE) of 31.0%. This is excellent, indicating efficient use of shareholder capital.

What is Western Midstream Partners, LP's free cash flow?

Western Midstream Partners, LP (WES) generated $1.37B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in WES back in 2008?

Total return calculator · dividends reinvested · 18+ years of data

See returns →