Western Midstream Partners, LP (WES)
Operating cash flow minus capital spending left $1.5B of free cash flow in fiscal 2025. At September 30, 2026 it held $44.5M in cash against $9.2B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 4, 2026.
Key facts about Western Midstream Partners, LP
- Net worth
- Western Midstream Partners, LP has a market value (market cap) of $17B at the latest share price. A company's "net worth" usually means this market value or the shareholders' equity on its balance sheet.
- Revenue and profit
- In fiscal 2025 revenue was $3.8B (+6.6% year on year), with net income of $1.2B.
- Cash flow
- In fiscal 2025 operations brought in $2.2B of cash; after $728M of capital spending, free cash flow was $1.5B.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 4, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Western Midstream Partners, LP's next report is expected around February 17, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Western Midstream Partners, LP does
Western Midstream Partners, LP is registered with the SEC under industry code SIC 4922 (Natural Gas Transmission). Its shares trade on NYSE under the ticker WES.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $3.8B | $1.2B | n/a | $1.5B |
| 2024 | $3.6B | $1.6B | n/a | $1.3B |
| 2023 | $3.1B | $1B | n/a | $926.3M |
| 2022 | $3.3B | $1.2B | n/a | $1.2B |
| 2021 | $2.9B | $916.3M | n/a | $1.5B |
| 2020 | $2.8B | $527M | n/a | $1.2B |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where WES ranks in Utilities
Dividends
It paid out $1.4B in cash dividends, 121% of its net income.
| Fiscal year | Per share | Paid out | Of profit |
|---|---|---|---|
| 2025 | n/a | $1.4B | 121% |
| 2024 | n/a | $1.2B | 79% |
| 2023 | n/a | $978.4M | 96% |
| 2022 | n/a | $735.8M | 60% |
| 2021 | n/a | $533.8M | 58% |
| 2020 | n/a | $695.8M | 132% |
Latest SEC filings
What Western Midstream Partners, LP has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 4, 2026Quarterly report 10-Q · period to September 30, 2026Revenue rose 25% to $1.2B versus the same quarter last year; net income fell 2.3% to $331.9M.
- November 4, 2026
- October 7, 2026Passive stake changed SCHEDULE 13G/A
- September 25, 2026
- August 5, 2026
- August 5, 2026
- July 28, 2026
- July 9, 2026Passive stake changed SCHEDULE 13G/A
- June 25, 2026
- June 22, 2026
Insider trades
What the people running Western Midstream Partners, LP did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider bought or sold shares on the open market in the last 90 days. The 2 reported changes were pay in shares, option exercises, shares withheld for tax or gifts.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| October 28, 2026 | Brown Oscar KPresident & CEO, Director | Exercised options | 52,659 | - |
| October 28, 2026 | Brown Oscar KPresident & CEO, Director | Shares withheld for tax | 23,039 | $1M |
| August 12, 2026 | Forthuber Frederick A.Director | Bought | 5,140 | $249.9K |
| March 11, 2026 | Phillips Robert GDirector | Bought | 1,250 | $50.2K |
| February 12, 2026 | Dial Christopher B.SVP, GC and Secretary | Shares withheld for tax | 5,879 | $249K |
| February 12, 2026 | Shults Kristen S.SVP & Chief Financial Officer | Exercised options | 10,819 | - |
| February 12, 2026 | Shults Kristen S.SVP & Chief Financial Officer | Shares withheld for tax | 4,258 | $180.3K |
| February 12, 2026 | Shults Kristen S.SVP & Chief Financial Officer | Exercised options | 14,940 | - |
Who owns WES
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| ALPS Advisors, Inc.13G, passive with 1 related filers | 9.04% | October 7, 2026 |
| ALPS Advisors, Inc. (Tax ID: 84-1583423)13G, passive with 1 related filers | 7.47% | November 13, 2024 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 370 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Alps Advisors Inc | 36,629,600 | -2,007,754 |
| Invesco Ltd. | 24,122,314 | +74,729 |
| Morgan Stanley | 21,230,903 | +16,680,538 |
| Blackstone Inc. | 10,367,520 | +1,612,098 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 8,637,568 | -232,248 |
| Goldman Sachs Group Inc | 8,527,559 | -230,953 |
| Tortoise Capital Advisors, L.L.C. | 6,506,154 | -2,273,474 |
| Neuberger Berman Group LLC | 6,190,369 | -93,341 |
| Kayne Anderson Capital Advisors LP | 3,928,197 | +10,106 |
| UBS Group AG | 3,567,482 | -154,756 |
| Clearbridge Investments, LLC | 2,711,343 | +87,400 |
| Westwood Holdings Group Inc | 2,183,188 | +40,255 |
| Bnp Paribas Financial Markets | 1,992,817 | -114,273 |
| Miller Howard Investments Inc | 1,648,942 | +63,967 |
| Ing Groep NV | 1,587,500 | 0 |
| Fractal Investments LLC | 1,524,646 | -53,160 |
| Bank of America Corp | 1,366,602 | +238,318 |
| Barclays PLC | 1,336,050 | +274,140 |
| Berkley W R Corp | 1,266,970 | 0 |
| CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT | 1,259,900 | -417,000 |
Insiders
10 insiders reported holding 822,299 shares in total, about $33.8M at the last price.
| Holder | Shares |
|---|---|
| Dial Christopher B.SVP, GC and Secretary | 225,015 |
| Shults Kristen S.SVP & Chief Financial Officer | 143,752 |
| Brown Oscar KPresident & CEO, Director | 115,060 |
| Green Catherine A.SVP & Chief Accounting Officer | 115,036 |
| Holderman Daniel P.SVP & Chief Operating Officer | 91,384 |
| Owen Kenneth F.Director | 41,772 |
| Schulte David JDirector | 40,072 |
| Stewart Lisa ADirector | 39,772 |
| Phillips Robert GDirector | 5,296 |
| Forthuber Frederick A.Director | 5,140 |
Questions about WES
What does Western Midstream Partners, LP do?
Western Midstream Partners, LP is a company in the Utilities sector, listed on NYSE as WES. Its shares trade on NYSE under the ticker WES.
What is Western Midstream Partners, LP's net worth?
Western Midstream Partners, LP has a market value (market cap) of $17B at the latest share price. A company's "net worth" usually means this market value or the shareholders' equity on its balance sheet.
Is Western Midstream Partners, LP profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $1.3B.
When did Western Midstream Partners, LP last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 4, 2026. It covers the period to September 30, 2026.
When is Western Midstream Partners, LP's next earnings report?
Western Midstream Partners, LP's next report is expected around February 17, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Western Midstream Partners, LP tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.