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

Western Midstream Partners brought in $3.8B of revenue in fiscal 2025, Williams Companies $14.9B in fiscal 2025. Revenue changed by +6.6% at Western Midstream Partners and +17.9% at Williams Companies on the year before, so Williams Companies grew faster. Western Midstream Partners kept 30.7% of its revenue as net profit, Williams Companies 17.6%. Free cash flow was $1.5B at Western Midstream Partners and $1B at Williams Companies.

Side by side, latest fiscal year

WESWMB
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.8B$14.9B
Revenue growth+6.6%+17.9%
Net income$1.2B$2.6B
Net margin30.7%17.6%
Free cash flow$1.5B$1B
Free cash flow margin38.9%6.7%
Earnings per share (diluted)n/a$2.14
Cash$819.5M$63M
Debt$8.6B$28.7B
Price to earningsn/a32.4
Market value$18.8B$84.7B
Dividend yieldn/a2.89%
Rank by revenue in sector#45 of 109 · Utilities#21 of 109 · Utilities

Over the years

Revenue
WES FY2018: $2.3BWES FY2019: $2.7BWES FY2020: $2.8BWES FY2021: $2.9BWES FY2022: $3.3BWES FY2023: $3.1BWES FY2024: $3.6BWES FY2025: $3.8BWMB FY2018: $8.7BWMB FY2019: $8.2BWMB FY2020: $7.7BWMB FY2021: $12.8BWMB FY2022: $17.8BWMB FY2023: $12BWMB FY2024: $12.6BWMB FY2025: $14.9BFY18FY19FY20FY21FY22FY23FY24FY25
WES $3.8BWMB $14.9B
Net income
WES FY2018: $551.6MWES FY2019: $697.2MWES FY2020: $527MWES FY2021: $916.3MWES FY2022: $1.2BWES FY2023: $1BWES FY2024: $1.6BWES FY2025: $1.2BWMB FY2018: -$155MWMB FY2019: $850MWMB FY2020: $211MWMB FY2021: $1.5BWMB FY2022: $2BWMB FY2023: $3.2BWMB FY2024: $2.2BWMB FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
WES $1.2BWMB $2.6B
Net margin
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%WMB FY2018: -1.8%WMB FY2019: 10.4%WMB FY2020: 2.7%WMB FY2021: 11.9%WMB FY2022: 11.5%WMB FY2023: 26.5%WMB FY2024: 17.6%WMB FY2025: 17.6%FY18FY19FY20FY21FY22FY23FY24FY25
WES 30.7%WMB 17.6%
Revenue growth
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%WMB FY2019: -5.6%WMB FY2020: -5.9%WMB FY2021: +65.6%WMB FY2022: +39.0%WMB FY2023: -32.5%WMB FY2024: +5.3%WMB FY2025: +17.9%FY19FY20FY21FY22FY23FY24FY25
WES +6.6%WMB +17.9%
Free cash flow
WES FY2018: -$600.4MWES FY2019: $134.8MWES FY2020: $1.2BWES FY2021: $1.5BWES FY2022: $1.2BWES FY2023: $926.3MWES FY2024: $1.3BWES FY2025: $1.5BWMB FY2018: $37MWMB FY2019: $1.6BWMB FY2020: $2.3BWMB FY2021: $2.7BWMB FY2022: $2.6BWMB FY2023: $3.4BWMB FY2024: $2.4BWMB FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
WES $1.5BWMB $1B

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

Questions about Western Midstream Partners and Williams Companies

Which is bigger by revenue, Western Midstream Partners or Williams Companies?

Williams Companies is bigger by revenue: $14.9B in fiscal 2025, against $3.8B for Western Midstream Partners in fiscal 2025.

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

Western Midstream Partners had a net margin of 30.7% in fiscal 2025; Williams Companies had 17.6% in fiscal 2025.

Which grew revenue faster, Western Midstream Partners or Williams Companies?

In their latest fiscal years revenue changed by +6.6% at Western Midstream Partners and +17.9% at Williams Companies.

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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