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Enterprise Products Partners vs Western Midstream Partners: revenue, profit, margins and growth compared

Enterprise Products Partners brought in $52.6B of revenue in fiscal 2025, Western Midstream Partners $3.8B in fiscal 2025. Revenue changed by -6.4% at Enterprise Products Partners and +6.6% at Western Midstream Partners on the year before, so Western Midstream Partners grew faster. Enterprise Products Partners kept 11.0% of its revenue as net profit, Western Midstream Partners 30.7%. Free cash flow was $3B at Enterprise Products Partners and $1.5B at Western Midstream Partners.

Side by side, latest fiscal year

EPDWES
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$52.6B$3.8B
Revenue growth-6.4%+6.6%
Net income$5.8B$1.2B
Net margin11.0%30.7%
Free cash flow$3B$1.5B
Free cash flow margin5.6%38.9%
Earnings per share (diluted)n/an/a
Cash$969M$819.5M
Debt$34.4B$8.6B
Price to earningsn/an/a
Market value$79.1B$18.7B
Dividend yieldn/an/a
Rank by revenue in sector#2 of 125 · Utilities#48 of 125 · Utilities

Over the years

Revenue
EPD FY2018: $36.5BEPD FY2019: $32.8BEPD FY2020: $27.2BEPD FY2021: $40.8BEPD FY2022: $58.2BEPD FY2023: $49.7BEPD FY2024: $56.2BEPD FY2025: $52.6BWES FY2018: $2.3BWES FY2019: $2.7BWES FY2020: $2.8BWES FY2021: $2.9BWES FY2022: $3.3BWES FY2023: $3.1BWES FY2024: $3.6BWES FY2025: $3.8BFY18FY19FY20FY21FY22FY23FY24FY25
EPD $52.6BWES $3.8B
Net income
EPD FY2018: $4.2BEPD FY2019: $4.6BEPD FY2020: $3.8BEPD FY2021: $4.6BEPD FY2022: $5.5BEPD FY2023: $5.5BEPD FY2024: $5.9BEPD FY2025: $5.8BWES FY2018: $551.6MWES FY2019: $697.2MWES FY2020: $527MWES FY2021: $916.3MWES FY2022: $1.2BWES FY2023: $1BWES FY2024: $1.6BWES FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
EPD $5.8BWES $1.2B
Net margin
EPD FY2018: 11.4%EPD FY2019: 14.0%EPD FY2020: 13.9%EPD FY2021: 11.4%EPD FY2022: 9.4%EPD FY2023: 11.1%EPD FY2024: 10.5%EPD FY2025: 11.0%WES FY2018: 23.9%WES FY2019: 25.4%WES FY2020: 19.0%WES FY2021: 31.8%WES FY2022: 37.4%WES FY2023: 32.9%WES FY2024: 43.6%WES FY2025: 30.7%FY18FY19FY20FY21FY22FY23FY24FY25
EPD 11.0%WES 30.7%
Revenue growth
EPD FY2019: -10.3%EPD FY2020: -17.0%EPD FY2021: +50.0%EPD FY2022: +42.6%EPD FY2023: -14.6%EPD FY2024: +13.1%EPD FY2025: -6.4%WES FY2019: +19.1%WES FY2020: +1.0%WES FY2021: +3.8%WES FY2022: +13.0%WES FY2023: -4.5%WES FY2024: +16.1%WES FY2025: +6.6%FY19FY20FY21FY22FY23FY24FY25
EPD -6.4%WES +6.6%
Free cash flow
EPD FY2018: $1.9BEPD FY2019: $2BEPD FY2020: $2.6BEPD FY2021: $6.3BEPD FY2022: $6.1BEPD FY2023: $4.3BEPD FY2024: $3.6BEPD FY2025: $3BWES FY2018: -$600.4MWES FY2019: $134.8MWES FY2020: $1.2BWES FY2021: $1.5BWES FY2022: $1.2BWES FY2023: $926.3MWES FY2024: $1.3BWES FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
EPD $3BWES $1.5B

Fiscal years as each company reports them; the two may end in different months.

Questions about Enterprise Products Partners and Western Midstream Partners

Which is bigger by revenue, Enterprise Products Partners or Western Midstream Partners?

Enterprise Products Partners is bigger by revenue: $52.6B in fiscal 2025, against $3.8B for Western Midstream Partners in fiscal 2025.

Which keeps more of its revenue as profit, Enterprise Products Partners or Western Midstream Partners?

Enterprise Products Partners had a net margin of 11.0% in fiscal 2025; Western Midstream Partners had 30.7% in fiscal 2025.

Which grew revenue faster, Enterprise Products Partners or Western Midstream Partners?

In their latest fiscal years revenue changed by -6.4% at Enterprise Products Partners and +6.6% at Western Midstream Partners.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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