FY2025 · ended Dec 31, 2025 · Revenue $3.84B, +6.6% YoY · Filed Feb 18, 2026
Western Midstream Partners, LP (WES) files with the SEC under industry code 4922, Natural Gas Transmission. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $3.8 billion and net income of $1.2 billion. As of Sep 30, 2026 it held $44.5 million in cash and investments and $9.2 billion in total debt.
Revenue (TTM)
$4.57B
+22.2% vs year-ago TTM
Net income (TTM)
$1.28B
-3.6% vs year-ago TTM
Operating cash flow (TTM)
$2.13B
-4.0% vs year-ago TTM
Free cash flow
—
EPS
—
Dividend per share
None
Shares outstanding
393.67M
+3.2% vs prior year
Net cash
$-9.19B
as of Sep 30, 2026
Operating margin
38.6%
FY 2026
Company profile
- Industry
- Natural Gas Transmission (SIC 4922)
- Listed as
- WES (NYSE)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- The Woodlands, TX
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1423902
- Former names
- Western Gas Equity Partners, LP (until Feb 20, 2019); WGR Holdings LLC (until Oct 18, 2012)
Other Natural Gas Transmission companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $3.8B | $3.6B | $3.1B | $3.3B | $2.7B |
| Operating income | $1.6B | $2.0B | $1.4B | $1.6B | $1.3B |
| Net income | $1.2B | $1.6B | $1.0B | $1.2B | $916.3M |
| Operating cash flow | $2.2B | $2.1B | $1.7B | $1.7B | $1.8B |
| Total assets | $15.0B | $13.1B | $12.5B | $11.3B | $11.3B |
| Total liabilities | $10.8B | $9.8B | $9.4B | $8.2B | $8.2B |
| Cash and investments | $819.5M | $1.1B | $272.8M | $286.7M | $202.0M |
| Total debt | $8.8B | $8.2B | $8.0B | $6.8B | $7.0B |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 10-Q | Quarterly report | Nov 4, 2026 | Sep 30, 2026 |
| 8-K |
Current report
Results of operations
|
Nov 4, 2026 | Nov 4, 2026 |
| 10-Q | Quarterly report | Aug 5, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Results of operations
|
Aug 5, 2026 | Aug 5, 2026 |
| 8-K |
Current report
Material agreement, New debt, Other events
|
Jun 25, 2026 | Jun 22, 2026 |
| 8-K |
Current report
Material agreement, Unregistered share sale, Regulation FD disclosure
|
Jun 12, 2026 | Jun 11, 2026 |
All 684 Western Midstream Partners, LP SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.