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Western Midstream Partners, LP expects full-year 2026 adjusted EBITDA above the midpoint of its $2.75 billion to $2.95 billion guidance range, driven by the Brazos acquisition, strong commodity prices and increased customer activity.
Useful current figures from the complete screener profile.
* Q4 derived as the full year minus Q1 to Q3.
TL;DR. Third-quarter Adjusted EBITDA rose 12% year over year to $708.3 million, throughput reached records, and management expects full-year Adjusted EBITDA above the midpoint, strong fourth-quarter results and 2027 growth across all three product lines; the distribution was maintained at $0.93 per unit with approximately $1.8 billion of liquidity. Offsetting positives, net income and third-quarter Adjusted EBITDA declined from their comparison periods, unit margins weakened, capital spending will exceed guidance, after-distribution Free Cash Flow was negative, operating costs are expected to rise, and basin and portfolio throughput headwinds remain.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Blended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Illustrative technical + ownership context — a signal mix, not investment advice.
| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | 736.53M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income (loss) 415.25M
+24.63M Distributions from equity investments
+13.51M Non-cash equity-based compensation expense
+108.98M Interest expense
+5.15M Income tax expense
+205.95M Depreciation and amortization
+551K Long-lived asset and other impairments
+329K Other expense
+4.6M Gain (loss) on divestiture and other, net
+150K Gain (loss) on early extinguishment of debt
-21.54M Equity income, net – related parties
-2.83M Other income
-476K Acquisition-related expenses and other, net
-17.72M Adjusted EBITDA attributable to noncontrolling interests
= Adjusted EBITDA 736.53M
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| Adjusted Gross Margin non-GAAP | 1.07B | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Gross margin 901.33M
+24.63M Distributions from equity investments
+205.95M Depreciation and amortization
-33.41M Reimbursed electricity-related charges recorded as revenues
-23.98M Adjusted Gross Margin attributable to noncontrolling interests
= Adjusted Gross Margin 1.07B
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| Adjusted Gross Margin for crude-oil and NGLs assets non-GAAP | 153.07M | Three Months Ended June 30, 2026 | — |
| Adjusted Gross Margin for natural-gas assets non-GAAP | 658.32M | Three Months Ended June 30, 2026 | — |
| Adjusted Gross Margin for produced-water assets non-GAAP | 257.26M | Three Months Ended June 30, 2026 | — |
| crude-oil and NGLs throughput | 523 | second-quarter 2026 | — |
| crude-oil and NGLs throughput in the Delaware Basin | 265 | Three Months Ended June 30, 2026 filing | — |
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| Distributable Cash Flow non-GAAP | 537.16M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net income (loss) 415.25M
+24.63M Distributions from equity investments
+13.51M Non-cash equity-based compensation expense
+5.15M Income tax expense
+205.95M Depreciation and amortization
+551K Long-lived asset and other impairments
+329K Other expense
-52.81M Recognized service revenues - fee based in excess of (less than) customer billings
+4.6M Gain (loss) on divestiture and other, net
+150K Gain (loss) on early extinguishment of debt
-21.54M Equity income, net – related parties
+476K Items impacting comparability
-26.68M Cash paid for maintenance capital expenditures
-6.71M Capitalized interest
-10.17M Cash paid for (reimbursement of) income taxes
-495K Other income (net of interest income)
-14.08M Distributable cash flow attributable to noncontrolling interests
= Distributable cash flow 537.16M
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| Free Cash Flow non-GAAP | 263.61M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Net cash provided by operating activities 534.74M
-270.34M Capital expenditures
-810K Contributions to equity investments – related parties
+18K Distributions from equity investments in excess of cumulative earnings – related parties
= Free Cash Flow 263.61M
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| natural-gas throughput | 5.3 | second-quarter 2026 | — |
| natural-gas throughput in the Delaware Basin | 2,140 | Three Months Ended June 30, 2026 filing | — |
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| natural-gas throughput in the DJ Basin | 1,547 | Three Months Ended June 30, 2026 filing | — |
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| Per-Bbl Adjusted Gross Margin for crude-oil and NGLs assets non-GAAP | $3.21 | Three Months Ended June 30, 2026 | — |
| Per-Bbl Adjusted Gross Margin for produced-water assets non-GAAP | $0.96 | Three Months Ended June 30, 2026 filing | — |
| Per-Bbl Gross margin for crude-oil and NGLs assets | $2.39 | Three Months Ended June 30, 2026 | — |
| Per-Bbl Gross margin for produced-water assets | $0.8 | Three Months Ended June 30, 2026 | — |
| Per-Mcf Adjusted Gross Margin for natural-gas assets non-GAAP | $1.35 | Three Months Ended June 30, 2026 | — |
| Per-Mcf Gross margin for natural-gas assets | $1.13 | Three Months Ended June 30, 2026 | — |
| produced-water throughput | 2,939 | second-quarter 2026 | — |
| produced-water throughput in the Delaware Basin | 2,993 | Three Months Ended June 30, 2026 filing | — |
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| second-quarter distribution per unit | $0.93 | second-quarter 2026 | — |
| Total throughput attributable to WES for crude-oil and NGLs assets | 523 | Three Months Ended June 30, 2026 | — |
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| Total throughput attributable to WES for natural-gas assets | 5,343 | Three Months Ended June 30, 2026 | — |
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| Total throughput attributable to WES for produced-water assets | 2,939 | Three Months Ended June 30, 2026 filing | — |
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| Total throughput for crude-oil and NGLs assets | 533 | Three Months Ended June 30, 2026 | — |
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| Total throughput for natural-gas assets | 5,518 | Three Months Ended June 30, 2026 | — |
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| Total throughput for produced-water assets | 2,993 | Three Months Ended June 30, 2026 filing | — |
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
WES
this stock
Western Midstream Partners, LP
|
$16.47B | +0.9% | +6.6% | — | 1.5% |
|
ENB
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|
$105.08B | -2.0% | — | — | 0.0% |
|
EPD
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|
$78.97B | +15.5% | -6.4% | 12.1 | 0.9% |
|
WMB
Williams Companies, Inc.
|
$78.38B | +6.6% | +13.8% | 25.2 | 2.2% |
|
KMI
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|
$67.25B | +9.0% | +12.2% | 18.6 | 2.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| WES | -14.1% | -12.7% | -15.5% | -14.1% | +0.9% |
| SPY | -2.7% | -5.6% | -0.5% | -2.7% | +7.8% |
| vs SPY | -11.4% | -7.1% | -15.1% | -11.4% | -6.9% |
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.
