WLKP earnings analysis
What we found in WLKP's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Westlake Chemical Partners LP (WLKP) reported strong Q1 2026 results, with revenue of $305.7 million, significantly exceeding the prior year's $237.6 million due to increased ethylene production. Net income attributable to the Partnership rose to $14.2 million, a notable increase from $4.9 million in Q1 2025. Operating cash flows also saw a substantial rise to $110.2 million from $45.8 million a year earlier, reflecting higher operational efficiency and volume increases.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Exceeds Previous Year by 28.7%
- Total revenue climbed to $305.7 million in Q1 2026, up 28.7% from $237.6 million in Q1 2025.
- Net Income Soars to $14.2 Million
- Net income attributable to the Partnership increased to $14.2 million from $4.9 million a year ago.
- EBITDA Jumps by $46.2 Million
- EBITDA reached $121.2 million in Q1 2026, a substantial increase from $75.0 million in Q1 2025.
- MLP Distributable Cash Flow Increased Significantly
- MLP distributable cash flow surged to $17.9 million, up from $4.7 million in the prior year.
- Strong Operating Cash Flow
- Cash from operating activities rose to $110.2 million, compared to $45.8 million for the same period last year.
- Gross Margin Improvement
- Gross profit margin increased to 30.7% in Q1 2026 from 22.8% in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher Natural Gas Costs
- The increase in natural gas prices by 33.9% in Q1 2026 impacted profitability despite higher sales volumes.
- Dependence on Westlake for Revenue
- Continuing reliance on Westlake for a significant portion of revenue may pose risks if relationship dynamics change.
- Operational Risks Related to Production
- Potential operational issues during production cycles could adversely affect cash flow and margins.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.4
- Gross margin
- 30.7%
- Operating margin
- 28.38%
What they said about what is next.
No explicit numeric guidance provided in the MD&A.
The filing reads better than the one before it.
What came before.
- 10-K · March 4, 2026
- Westlake Chemical Partners (WLKP) operates a single U.S. ethylene business (three plants + 200-mile pipeline) and is highly integrated with Westlake via long-term contracts. The Ethylene Sales Agreement (95% of planned…
- 10-Q · October 31, 2025
- Westlake Chemical Partners reported Q3 2025 net sales of $308,898 (in thousands) versus $277,095 (in thousands) a year ago, driven by higher ethylene prices and increased sales to Westlake but offset by higher ethane…
- 10-Q · August 6, 2025
- Westlake Chemical Partners reported Q2 2025 net sales of $297.1 million (up $12.9 million vs Q2 2024) and net income of $85.8 million, with net income attributable to the Partnership of $14.6 million (up $0.2 million vs…
- 10-Q · May 2, 2025
- Westlake Chemical Partners reported Q1 2025 net sales of $237,629,000 and net income of $42,309,000, with net income attributable to the Partnership of $4,948,000. Results reflect a production-driven volume shortfall…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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