WES
Western Midstream Partners, LP
$45.92
+0.18 (+0.39%)
At close · Jul 14
View the 10-Q filed May 6, 2026
Customer concentration
— top customer 10% of revenue
One customer — 10% of revenue (all periods presented in the consolidated statements of operations)
“Occidental was the only customer from which revenues exceeded 10% of consolidated revenues for all periods presented in the consolidated statements of operations.”
Market Cap
$17.87B
Shares
393,781,339
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Revenue
$3.84B
+6.6%
FY2025
Net Income
$1.18B
-24.9%
FY2025
Gross Margin
81.93%
+21.2pp
FY2018
Operating Margin
41.67%
-13pp
FY2025
Operating Cash Flow
$2.22B
+4%
FY2025
Chart any reported metric, KPI or segment over time — the full statement history lives here
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $4.05B | $3.84B | $3.61B | $3.11B | $3.25B | $2.88B | $2.77B | $2.75B | $2.3B | $2.43B | $1.94B | $1.75B | $1.53B | $1.2B | $894.48M | $858.14M | |
| $462.47M | — | — | — | — | — | — | — | $415.51M | $953.79M | $517.37M | — | — | — | — | — | |
| $2.17B | — | — | — | — | — | — | — | $1.88B | $1.48B | $1.42B | — | — | — | — | — | |
| — | — | — | — | — | — | — | — | 81.93% | 60.74% | 73.35% | — | — | — | — | — | |
| $407.29M | $398.92M | $271.53M | $232.63M | $194.02M | $195.55M | $155.77M | $114.59M | $67.2M | $53.95M | $52.36M | $44.43M | $41.78M | $38.48M | $99.73M | $40.56M | |
| — | $34.8M | $31.7M | $31.7M | $31.7M | $31.7M | $33M | $32M | $30.8M | $30.7M | $30.7M | $28.2M | $4.3M | $1.4M | $1.1M | — | |
| $740.74M | $710.78M | $650.43M | $600.67M | $582.37M | $551.63M | $491.09M | $483.26M | $389.16M | $318.77M | $295.96M | $272.61M | $211.81M | $172.86M | $120.61M | $113.13M | |
| $2.46B | $2.32B | $2.04B | $1.87B | $1.95B | $1.75B | $2.13B | $1.75B | $1.64B | $1.91B | $1.26B | $1.73B | $1.04B | $901.1M | $716.21M | $624.11M | |
| $1.66B | $1.6B | $1.97B | $1.38B | $1.59B | $1.34B | $878.91M | $1.23B | $861.28M | $801.7M | $783.08M | $154.18M | $551.48M | $321.91M | $194.31M | $245.29M | |
| — | 41.67% | 54.66% | 44.41% | 48.83% | 46.44% | 31.7% | 44.84% | 37.45% | 33% | 40.34% | 8.8% | 35.97% | 26.82% | 21.72% | 28.58% | |
| $2.4B | $2.31B | $2.62B | $1.98B | $2.17B | $1.89B | $1.37B | $1.71B | $1.25B | $1.12B | $1.08B | $426.79M | $763.29M | $494.77M | $314.92M | $358.43M | |
| $406.59M | $390.49M | $378.51M | $348.23M | $333.94M | $376.51M | $380.06M | $303.29M | $183.83M | $142.52M | $109.27M | $113.87M | $76.77M | $51.8M | $42.06M | $30.35M | |
| $15.88M | $16.63M | $31.74M | $5.68M | $1.6M | -$623K | $1.03M | -$123.79M | -$4.76M | $1.38M | $545K | -$578K | $938K | $1.94M | $292K | -$44K | |
| $80.13M | $85.79M | $112.39M | $152.96M | $183.48M | $204.65M | $226.75M | $237.52M | $195.47M | $115.14M | $101.69M | $71.25M | $57.84M | $22.95M | $16.04M | $11.26M | |
| $1.27B | $1.23B | $1.63B | $1.05B | $1.26B | $934.19M | $522.85M | $821.17M | $689.59M | $677.46M | $691.26M | $56.63M | $492.55M | $288.95M | $169.44M | $239.01M | |
| $15.15M | $15.09M | $18.11M | $4.39M | $4.19M | -$9.81M | $6M | $13.47M | $58.93M | -$59.92M | $32.97M | $45.53M | $39.06M | $4.27M | $48.88M | $58.8M | |
| $1.21B | $1.18B | $1.57B | $1.02B | $1.22B | $916.29M | $527.01M | $697.24M | $551.57M | $540.79M | $407.08M | $165.51M | $288.02M | $162.51M | $61.38M | $94.16M | |
| — | 30.73% | 43.65% | 32.91% | 37.43% | 31.85% | 19.01% | 25.39% | 23.98% | 22.26% | 20.97% | 9.45% | 18.78% | 13.54% | 6.86% | 10.97% | |
| $32.68M | $31.47M | $37.68M | $25.79M | $34.35M | $27.71M | -$10.16M | $110.46M | $79.08M | $196.6M | $251.21M | -$154.41M | $165.47M | $122.17M | $59.18M | $86.06M |
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2011–FY2025: $872.19M in buybacks, $8.58B in dividends.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
—
Oil & Gas Midstream median 3.73×
EV/EBIT
—
Oil & Gas Midstream median 15.02×
P/E (TTM)
—
Oil & Gas Midstream median 23.83×
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Product & Service (USD)
| Component | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|---|---|---|
| Service Fee Based | $3,453,052,000 | $3,248,262,000 | $2,768,757,000 | $2,602,053,000 | $2,462,835,000 | $2,584,323,000 | $2,388,191,000 | $1,905,728,000 |
| Product | $194,681,000 | $140,100,000 | $145,024,000 | $399,023,000 | $290,947,000 | $138,559,000 | $286,388,000 | $303,020,000 |
| Service Product Based | $193,866,000 | $215,776,000 | $191,727,000 | $249,692,000 | $122,584,000 | $48,369,000 | $70,127,000 | $88,785,000 |
| Product And Service Other | $1,804,000 | $1,085,000 | $968,000 | $953,000 | $789,000 | $1,341,000 | $1,468,000 | $2,125,000 |
Key facts
CIK
1423902
CUSIP
958669103
13F (30d)
26 filings
26 filers
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