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

Kinetik brought in $1.8B of revenue in fiscal 2025, Western Midstream Partners $3.8B in fiscal 2025. Revenue changed by +19.0% at Kinetik and +6.6% at Western Midstream Partners on the year before, so Kinetik grew faster. Kinetik kept 10.1% of its revenue as net profit, Western Midstream Partners 30.7%. Free cash flow was $111.6M at Kinetik and $1.5B at Western Midstream Partners.

Side by side, latest fiscal year

KNTKWES
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$1.8B$3.8B
Revenue growth+19.0%+6.6%
Net income$178.3M$1.2B
Net margin10.1%30.7%
Free cash flow$111.6M$1.5B
Free cash flow margin6.3%38.9%
Earnings per share (diluted)$2.63n/a
Cash$4M$819.5M
Debt$3.7B$8.6B
Price to earnings19.5n/a
Market value$8.3B$18.8B
Dividend yieldn/an/a
Rank by revenue in sector#64 of 109 · Utilities#45 of 109 · Utilities

Over the years

Revenue
KNTK FY2018: $76.8MKNTK FY2019: $135.8MKNTK FY2020: $410.2MKNTK FY2021: $662MKNTK FY2022: $1.2BKNTK FY2023: $1.3BKNTK FY2024: $1.5BKNTK FY2025: $1.8BWES FY2018: $2.3BWES FY2019: $2.7BWES FY2020: $2.8BWES FY2021: $2.9BWES FY2022: $3.3BWES FY2023: $3.1BWES FY2024: $3.6BWES FY2025: $3.8BFY18FY19FY20FY21FY22FY23FY24FY25
KNTK $1.8BWES $3.8B
Net income
KNTK FY2018: -$4.4MKNTK FY2019: -$358.5MKNTK FY2020: $0KNTK FY2021: $0KNTK FY2022: $40.7MKNTK FY2023: $289.4MKNTK FY2024: $80MKNTK FY2025: $178.3MWES FY2018: $551.6MWES FY2019: $697.2MWES FY2020: $527MWES FY2021: $916.3MWES FY2022: $1.2BWES FY2023: $1BWES FY2024: $1.6BWES FY2025: $1.2BFY18FY19FY20FY21FY22FY23FY24FY25
KNTK $178.3MWES $1.2B
Net margin
KNTK FY2018: -5.7%KNTK FY2019: -264.0%KNTK FY2020: 0.0%KNTK FY2021: 0.0%KNTK FY2022: 3.4%KNTK FY2023: 23.0%KNTK FY2024: 5.4%KNTK FY2025: 10.1%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
KNTK 10.1%WES 30.7%
Revenue growth
KNTK FY2019: +76.9%KNTK FY2020: +202.0%KNTK FY2021: +61.4%KNTK FY2022: +83.3%KNTK FY2023: +3.5%KNTK FY2024: +18.0%KNTK FY2025: +19.0%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
KNTK +19.0%WES +6.6%
Free cash flow
KNTK FY2018: -$83.3MKNTK FY2019: -$266.4MKNTK FY2020: -$79.3MKNTK FY2021: $157.5MKNTK FY2022: $406.8MKNTK FY2023: $271.6MKNTK FY2024: $373.8MKNTK FY2025: $111.6MWES FY2018: -$600.4MWES FY2019: $134.8MWES FY2020: $1.2BWES FY2021: $1.5BWES FY2022: $1.2BWES FY2023: $926.3MWES FY2024: $1.3BWES FY2025: $1.5BFY18FY19FY20FY21FY22FY23FY24FY25
KNTK $111.6MWES $1.5B

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

Questions about Kinetik and Western Midstream Partners

Which is bigger by revenue, Kinetik or Western Midstream Partners?

Western Midstream Partners is bigger by revenue: $3.8B in fiscal 2025, against $1.8B for Kinetik in fiscal 2025.

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

Kinetik had a net margin of 10.1% in fiscal 2025; Western Midstream Partners had 30.7% in fiscal 2025.

Which grew revenue faster, Kinetik or Western Midstream Partners?

In their latest fiscal years revenue changed by +19.0% at Kinetik 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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