Filing Flows › Utilities › Western Midstream Partners, LP (WES)
Western Midstream Partners, LP (WES) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Western Midstream Partners, LP (WES) Q3 2026 earnings results →
Q3 2026 Revenue up 25% year over year to $1.2B · 28¢ of every $1 of revenue kept as net profit · operating margin 38.6%
Western Midstream Partners, LP made $1.2B in Q3 2026 (+25% Y/Y). Operating margin 38.6%, net earnings $332M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.2B in Q3 2026, up 25% year over year.
Operating profit was $0.46B, a 38.6% margin (down 7.7 points year over year). Of the extra revenue versus a year earlier, 8% reached operating profit, below the 46% margin then. Total costs grew 43% against revenue growth of 25%. The fastest-growing cost line was Cost of revenue (+138%). Net earnings were $0.33B, down 2% year over year. The effective tax rate was 2.0%.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $1.2B | +25% | 38.6% | $332M | — |
| Q2 2026 | 10-Q | Aug 5, 2026 | $1.2B | +30% | 43.0% | $404M | $535M |
| Q1 2026 | 10-Q | May 6, 2026 | $1.1B | +22% | 41.8% | $350M | $470M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $942M | +4% | 47.2% | $342M | $564M |
| Q1 2025 | 10-Q | May 7, 2025 | $917M | +3% | 44.7% | $309M | $531M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Western Midstream Partners, LP
Western Midstream Partners, LP (“WES”) is a master limited partnership formed to develop, acquire, own, and operate midstream assets. With midstream assets located in Texas, New Mexico, Colorado, Utah, and Wyoming, WES is engaged in the business of gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural-gas liquids, and crude oil; and gathering, transporting, recycling, treating, and disposing of produced water for its customers. In its capacity as a natural-gas processor, WES also buys and sells residue, natural-gas liquids, and condensate on behalf of itself and its customers under certain gas processing contracts. A substantial majority of WES’s cash flows are protected from direct exposure to commodity-price volatility through fee-based contracts.
In its own words, from its 8-K, filed Aug 5, 2026.
Western Midstream Partners, LP against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +30%. Operating margin: 38.6% against the peers' median 24.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| 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% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
| Boardwalk Pipeline Partners, LP | Q3 2026 | $614M | +13% | 24.1% |
Source: Western Midstream Partners, LP 10-Q on SEC EDGAR · CIK 1423902 · Natural Gas Transmission
Guidance and outlook
13F: who owns WES and who is buying
More on WES
- How Western Midstream Partners, LP makes money: revenue by segment
- Western Midstream Partners, LP next earnings date and what analysts expect
- Western Midstream Partners, LP stock forecast, price target and fair value
- Who owns Western Midstream Partners, LP stock: holders, funds and Congress trades
- Western Midstream Partners, LP guidance and outlook
- Is Western Midstream Partners, LP a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q2 2025 results · Q1 2025 results