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…
Earnings analysis · 10-Q
WLKP earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $0.4
What stood out
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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.
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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.
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EBITDA Jumps by $46.2 Million
EBITDA reached $121.2 million in Q1 2026, a substantial increase from $75.0 million in Q1 2025.
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MLP Distributable Cash Flow Increased Significantly
MLP distributable cash flow surged to $17.9 million, up from $4.7 million in the prior year.
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Strong Operating Cash Flow
Cash from operating activities rose to $110.2 million, compared to $45.8 million for the same period last year.
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Gross Margin Improvement
Gross profit margin increased to 30.7% in Q1 2026 from 22.8% in Q1 2025.
What to watch
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Higher Natural Gas Costs
The increase in natural gas prices by 33.9% in Q1 2026 impacted profitability despite higher sales volumes.
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Dependence on Westlake for Revenue
Continuing reliance on Westlake for a significant portion of revenue may pose risks if relationship dynamics change.
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Operational Risks Related to Production
Potential operational issues during production cycles could adversely affect cash flow and margins.
Management's outlook
No explicit numeric guidance provided in the MD&A.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.