10-K · February 18, 2026
Western Midstream’s 2025 10-K highlights solid cash generation and growth from the Aris Water Solutions acquisition but also shows one-time acquisition costs, higher interest expense from assumed and newly issued debt,…
Earnings analysis · 10-Q
WES earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Western Midstream Partners reported a robust Q1 2026 with total revenues of $1.12 billion and diluted EPS of $0.85, both exceeding consensus estimates. Adjusted EBITDA rose 15% YOY, driven by the recent Aris acquisition…
Read full summary
Western Midstream Partners reported a robust Q1 2026 with total revenues of $1.12 billion and diluted EPS of $0.85, both exceeding consensus estimates. Adjusted EBITDA rose 15% YOY, driven by the recent Aris acquisition and increased throughput across key segments, but free cash flow fell by 29%. Management anticipates favorable operating conditions and remains positioned for strong Adjusted EBITDA and distributions ahead.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.85
- Segment
- Natural Gas
- Segment
- Crude Oil
- Segment
- NGLs
- Segment
- Produced Water
What stood out
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Revenue Increases Sharply
Total revenues reached $1.12 billion, up 9.1% from $1.03 billion in Q4 2025 and a 22.5% increase from $917 million in Q1 2025.
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EPS Exceeds Estimates
Diluted EPS reported at $0.85, beating the consensus estimate of $0.77 and an improvement from $0.45 in Q4 2025.
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Strong Adjusted EBITDA Growth
Adjusted EBITDA rose to $683.1 million, a 15% increase year-over-year from $593.6 million in Q1 2025.
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Increased Water Asset Throughput
Produced water throughput surged 139% YOY to approximately 2,848 MBbls/d due to the Aris acquisition.
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Higher Gross Margins
Adjusted Gross Margin increased by 6% from Q4 2025 to $990.7 million, contributing to improved overall financial performance.
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Increased Cash Distribution
Quarterly distribution per unit increased to $0.930, up from $0.910 in Q4 2025.
What to watch
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High Capital Expenditures
Capital expenditures rose to $235.7 million in Q1 2026, up 65% YOY, affecting cash flow.
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Debt Level Concerns
Total debt as of March 31, 2026, stood at $8.6 billion, limiting financial flexibility.
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Interest Rate Volatility
Increased interest expense of $113.4 million, up 17% from Q1 2025, due to rising interest rates affecting financing costs.
Management's outlook
Management expects to be towards the high end of prior guidance ranges for Adjusted EBITDA and Distributable Cash Flow due to favorable commodity pricing.
Earlier filings 4
10-Q · November 6, 2024
Western Midstream reported Q3 (three months ended September 30, 2024) total revenues of $883,362,000 and diluted net income per common unit of $0.74. Revenue grew year-over-year driven by fee-based service revenue,…
10-Q · May 8, 2024
Western Midstream reported a strong Q1 with total revenues of $887,729,000 (up from $733,982,000 in Q1 2023) and diluted net income per common unit of $1.47 (up from $0.52). Operating income benefited from a…
10-Q · August 8, 2023
Western Midstream reported Q2 total revenues of $738,273,000 and diluted net income per common unit of $0.64, both below prior-year quarter levels. Operating income remained healthy at $336,672,000 (45.6% operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.