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Western Midstream Partners, LP cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$234M in Q1 2026 · $1.1B over twelve months

Operating cash flow$470M
Capital spending−$236M
Free cash flow+$234M

Analysis

In Q1 2026, Western Midstream Partners, LP generated $470M of operating cash flow and spent $236M on capital projects, leaving free cash flow of $234M. That is $154M less than in Q1 2025 ($388M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.1B; the largest uses were dividends ($1.5B), other investing ($1.2B), capital spending ($1.0B); besides operations, cash came from net borrowing (+) / repaid (−) ($1.6B); the cash balance fell by $133M.

Operating cash flow was $470M against net income of $359M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$200M, receivables −$50.2M, other operating capital −$31.3M.

Its cash conversion cycle was -258 days (receivables 63 + inventory 0 − payables 321): suppliers fund its working capital.

Free cash flow

Western Midstream Partners, LP: free cash flow by quarterWestern Midstream Partners, LP: free cash flow by quarter$316MQ4 2024$388MQ1 2025$385MQ2 2025$385MQ3 2025$335MQ4 2025$234MQ1 2026
Operating cash flow less capital spending.
Western Midstream Partners, LP: operating cash flow against capital spendingWestern Midstream Partners, LP: operating cash flow against capital spendingOperating cash flowCapital spending$554M$239MQ4 2024$531M$142MQ1 2025$564M$179MQ2 2025$570M$185MQ3 2025$558M$222MQ4 2025$470M$236MQ1 2026
Latest (Q1 2026): Operating cash flow $470M, Capital spending $236M.

Capital allocation, year by year

Western Midstream Partners, LP: where the cash came from (up) and went (down), by fiscal yearWestern Midstream Partners, LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.8BFY2021: Net borrowing −$959MFY2021: Asset sales $8.1MFY2021: Capital spending −$314MFY2021: Acquisitions −$4.4MFY2021: Buybacks −$217MFY2021: Dividends −$534M$1.8BFY2021FY2022: Operating cash flow $1.7BFY2022: Net borrowing −$134MFY2022: Capital spending −$487MFY2022: Acquisitions −$9.6MFY2022: Buybacks −$488MFY2022: Dividends −$736M$1.7BFY2022FY2023: Operating cash flow $1.7BFY2023: Net borrowing $1.1BFY2023: Capital spending −$735MFY2023: Acquisitions −$1.2MFY2023: Buybacks −$135MFY2023: Dividends −$978M$2.7BFY2023FY2024: Operating cash flow $2.1BFY2024: Capital spending −$834MFY2024: Acquisitions −$9.7MFY2024: Dividends −$1.2B$2.1BFY2024FY2025: Operating cash flow $2.2BFY2025: Net borrowing $87.1MFY2025: Capital spending −$728MFY2025: Dividends −$1.4B$2.3BFY2025
Over these 5 years operating cash flow totalled $9.5B; the largest uses were dividends ($4.9B) and capital spending ($3.1B). Cash-flow statements as filed.

Where the cash came from and went

Western Midstream Partners, LP: sources (+) and uses (−) of cash, Q1 2026Western Midstream Partners, LP: sources (+) and uses (−) of cash, Q1 2026Operating cash flow$470MDividends−$380MCapital spending−$236MCash drawn (+) / kept (−)$172MOther financing−$27.2MOther investing$2.6MAcquisitions−$1.8MNet borrowing (+) / repaid (−)−$132K
Western Midstream Partners, LP: sources (+) and uses (−) of cash, TTM to Q3 2026Western Midstream Partners, LP: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$2.1BNet borrowing (+) / repaid (−)$1.6BDividends−$1.5BOther investing−$1.2BCapital spending−$1.0BCash drawn (+) / kept (−)$133MOther financing−$88.3MAcquisitions−$27.7M

From profit to cash

Western Midstream Partners, LP: net income to operating cash flow, Q1 2026Western Midstream Partners, LP: net income to operating cash flow, Q1 2026Net income$359MDepreciation & amortization$200MStock-based pay$10.9MDeferred taxes$621KImpairments$608KReceivables−$50.2MPayables−$28.3MOther operating capital−$31.3MOperating cash flow$470M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202663—321-258
Q4 202564—396-331
Q3 202567—588-521
Q2 202566—761-695
Q1 202567—727-659
Q4 202468—819-751

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026$470M−$236M−$1.8M−$380M−$132K$172M$234M
Q4 2025$558M−$222M—−$380M$1.1B−$642M$335M
Q3 2025$570M−$185M—−$355M—−$47.6M$385M
Q2 2025$564M−$179M—−$355M−$338M$319M$385M
Q1 2025$531M−$142M—−$341M−$664M$642M$388M
Q4 2024$554M−$239M−$9.7M−$341M−$150K$34.3M$316M

Western Midstream Partners, LP: income statement and cash flow

Western Midstream Partners, LP, Q3 2026: revenue $1.2B (+25% year over year), operating margin 38.6%. The chart follows the revenue to costs, profit and cash.

Western Midstream Partners, LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.