Western Midstream Partners, LP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Western Midstream Partners, LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,804	2,430	2,305	2,746	2,773	2,877	3,252	3,106	3,605	3,843
Cost of revenue	494	909	432	444	188	322	421	165	172	207
Gross profit	1,310	1,521	1,873	2,302	2,585	2,555	2,831	2,942	3,433	3,636
General and administrative	49.2	53.9	67.2	115	156	196	194	233	272	399
Operating income	705	802	861	1,231	879	1,336	1,588	1,380	1,971	1,601
Interest expense	117	143	184	303	380	377	334	348	379	390
Other non-operating income	0.55	1.38	-4.76	-124	1.03	-0.62	1.6	5.68	31.7	16.6
Pre-tax income	605	677	690	821	523	934	1,256	1,052	1,629	1,228
Income tax	8.37	-59.9	58.9	13.5	6	-9.81	4.19	4.39	18.1	15.1
Net income to minority interests	251	197	79.1	110	-10.2	27.7	34.4	25.8	37.7	31.5
Net income	346	541	552	697	527	916	1,217	1,022	1,574	1,181
EBITDA	977	1,120	1,250	1,715	1,370	1,888	2,170	1,980	2,621	2,312

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	359	79.6	92.1	100	445	202	287	273	1,090	819
Receivables	193	160	221	260	453	432	549	666	701	759
Other current assets	13.5	15.4	31.5	41.9	45.3	46.3	59.5	53	54.9	64.3
Total current assets	596	255	345	402	943	685	900	992	1,847	1,657
Property, plant and equipment	5,050	5,731	8,410	9,065	8,710	8,513	8,542	9,655	9,715	11,221
Lease right-of-use assets				3.99	39	71.7	67.1	84.3	220	188
Goodwill	418	416	446	446	4.78	4.78	4.78	4.78	4.78	353
Intangible assets	804	775	841	809	776	745	713	681	650	914
Other non-current assets	15.1	12.6	62.8	78.2	171	159	167	233	387	349
Total assets	7,736	8,016	11,457	12,346	11,830	11,273	11,272	12,472	13,145	14,998
Accounts payable	247	350	443	293	211	326	361	362	313	319
Accrued liabilities	45.2	48	129	150	270	263	255	263	329	408
Deferred revenue		0	16.2	19.7	31.5	27.8	20.9	16.9	11.1	22.9
Short-term debt		0	28	7.87	439	506	216	618	1,011	449
Total current liabilities	315	424	637	486	961	1,140	904	1,304	1,692	1,236
Long-term debt	3,119	3,493	4,787	7,952	7,416	6,401	6,570	7,284	6,927	8,195
Lease liabilities				3.04	34.8	35.4	33.3	48.5	144	110
Other non-current liabilities		3.49	132	208	276	326	386	480	751	865
Total liabilities	3,625	4,071	6,565	9,001	8,935	8,177	8,164	9,442	9,770	10,835
Total debt	3,119	3,493	4,787	7,952	7,855	6,907	6,785	7,901	7,938	8,644
Total liabilities and equity	7,736	8,016	11,457	12,346	11,830	11,273	11,272	12,472	13,145	14,998

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	597	737	631	808	517	944	1,251	1,048	1,611	1,212
Depreciation and amortization	273	319	389	483	491	552	582	601	650	711
Stock-based compensation	4.99	5.17	6.43	15.5	22.5	27.7	27.8	32	38	50.8
Deferred income tax	2.56	-53.1	139	7.61	3.3	-9.77	2	1.04	14.2	3.94
Change in receivables	-49	-16.2	-60.5	-45	-194	16.4	-116	-78.3	-42.8	36
Change in payables	58.4	-0.94	45.6	-30.9	144	115	-7.81	-68	-21.9	-3.97
Cash from operations	913	1,043	1,348	1,324	1,637	1,767	1,701	1,661	2,137	2,223
Capital expenditures	-480	-1,028	-1,949	-1,189	-424	-314	-487	-735	-834	-728
Cash from investing	-1,106	-1,133	-2,211	-3,388	-448	-258	-218	-1,607	-39.2	-1,085
Debt issued	1,323	469	2,671	4,170	3,681	480	1,389	2,449	789	1,184
Debt repaid	-900	0	-1,040	-1,468	-3,804	-1,433	-1,519	-1,968	-144	-1,081
Share buybacks			0	0	-32.5	-217	-488	-135	0	0
Dividends paid	-374	-442	-502	-969	-696	-534	-736	-978	-1,246	-1,431
Cash from financing	452	-189	875	2,072	-844	-1,752	-1,399	-67.9	-1,280	-1,408
Net change in cash	259	-279	12.6	7.82	345	-243	84.7	-13.9	818	-271
Free cash flow	433	14.4	-600	135	1,214	1,453	1,214	926	1,303	1,495
Interest paid	108	137	141	294	350	375	355	327	361	381
Income taxes paid	0.84	1.19	2.41	0.1	-0.38	0.94	0.91	4.13	2.23	3.11

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $45.60 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	93.4%	Gross profit / revenue.
Operating margin	41.0%	Operating income / revenue.
EBITDA margin	59.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	31.4%	Pre-tax income / revenue.
Net margin	30.2%	Net income / revenue.
FCF margin	33.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	53.4%	Cash from operations / revenue.
Effective tax rate	1.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.2%	Net income / average total assets.
Stock-based pay / revenue	1.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	20.3%	Capital expenditures / revenue.
D&A / revenue	18.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	5.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-18.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	0.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-11.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	2.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-24.9%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-1.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	7.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	14.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	10.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.09x	Current assets / current liabilities.
Quick ratio	1.04x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.46x	(Cash + short-term investments) / current liabilities.
Debt / assets	57.9%	Total debt / total assets.
Liabilities / assets	76.5%	Total liabilities / total assets.
Net debt	$7.99B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.33x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	4.08x	Operating income / interest expense.
Working capital	$132.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.4%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.27x	Revenue / average total assets.
Fixed asset turnover	0.36x	Revenue / average property, plant and equipment.
Receivables turnover	4.98x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	563 days	365 x average accounts payable / cost of revenue.
FCF conversion	109.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	120.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	109.6%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$18.84B	Share price x shares outstanding.
Enterprise value	$26.83B	Market cap + total debt - cash - short-term investments.
P/E	15.4x	Market cap / net income. Only when net income is positive.
P/S	4.65x	Market cap / revenue.
P/FCF	14.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.72x	Market cap / cash from operations, when positive.
EV/Sales	6.63x	Enterprise value / revenue.
EV/EBIT	16.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.1%	Free cash flow / market cap.
Earnings yield	6.5%	Net income / market cap (the inverse of P/E).
Dividend yield	7.8%	Dividends paid over the period / market cap.
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.

What was Western Midstream Partners, LP's revenue in fiscal 2025?

Western Midstream Partners, LP reported revenue of $3.84B for fiscal 2025, 6.6% higher than the year before.

Was Western Midstream Partners, LP profitable in fiscal 2025?

Yes. Net income was $1.18B, a net margin of 30.7%.

How much free cash flow did Western Midstream Partners, LP generate in fiscal 2025?

Cash from operations of $2.22B minus capital expenditures of $728.0M left free cash flow of $1.49B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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