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Western Midstream Operating, LP earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 5, 2026
Q2 2026 Revenue up 30% year over year to $1.2B · 33¢ of every $1 of revenue kept as net profit · operating margin 43.0%
Western Midstream Operating, LP made $1.2B in Q2 2026 (+30% Y/Y): Service Revenues - Fee Based $980M, Product Sales $125M, Service Revenues - Product Based $113M. Operating margin 43.0%, net earnings $404M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.
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What changed this quarter
Revenue was $1.2B in Q2 2026, up 30% year over year. Service Revenues - Fee Based was the largest line at 80% of revenue. Service Revenues - Fee Based added $0.13B year over year (up 15%), 46% of the total change.
Operating profit was $0.53B, a 43.0% margin (down 4.2 points year over year). Of the extra revenue versus Q2 2025, 29% reached operating profit, below the 47% margin then. Total costs grew 40% against revenue growth of 30%. The fastest-growing cost line was Cost of revenue (+175%). Net earnings were $0.40B, up 18% year over year. The effective tax rate was 1.2%.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 5, 2026 | $1.2B | +30% | 43.0% | $404M | — |
| Q3 2025 | 10-Q | Nov 4, 2025 | $952M | +8% | 46.4% | $340M | $570M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $942M | — | 47.2% | $342M | — |
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About Western Midstream Operating, LP
General. Western Midstream Partners, LP (the “Partnership”) is a Delaware master limited partnership formed in September 2012. Western Midstream Operating, LP (together with its subsidiaries, “WES Operating”) is a Delaware limited partnership formed in 2007 to acquire, own, develop, and operate midstream assets. As of June 30, 2026, the Partnership owns, directly and indirectly, a 98.2 % limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of Western Midstream Operating GP, LLC, which holds the entire non - economic general partner interest in WES Operating. In addition, Occidental owns the Partnership’s general partner and, as of June 30, 2026, a 1.8 % limited partner interest in WES Operating through its ownership of WGR Asset Holding Company LLC (“WGRAH”). See Noncontrolling interests below.
In its own words, from its 10-Q, filed Aug 5, 2026.
Western Midstream Operating, LP against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +30% against the peers' median +30%. Operating margin: 43.0% against the peers' median 24.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
| Boardwalk Pipeline Partners, LP | Q3 2026 | $614M | +13% | 24.1% |
Source: Western Midstream Operating, LP 10-Q on SEC EDGAR · CIK 1414475 · Natural Gas Transmission