Filing Flows › Western Midstream Partners, LP (WES) › Q1 2025
Western Midstream Partners, LP (WES) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Western Midstream Partners, LP (WES) reported revenue of $917M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -1% from the quarter before. Operating margin was 44.7%, net earnings $309M (33.7% of revenue).
Western Midstream Partners, LP, Q1 2025: revenue $917M (+3% year over year), operating margin 44.7%, net earnings $309M, operating cash flow $531M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $917M | -1% | +3% |
| Operating profit | $410M | -4% | -40% |
| Net earnings | $309M | -7% | -46% |
| Operating cash flow | $531M | -4% | +33% |
| Free cash flow | $388M | +23% | +89% |
What changed
Revenue was $917.1M in Q1 2025, up 3% year over year and down 1% from the previous quarter. Service Revenues - Fee Based was the largest line at 90% of revenue. Service Revenues - Fee Based added $41.9M year over year (up 5%), 143% of the total change. Other declined 54%.
Operating profit was $409.8M, a 44.7% margin (down 31.8 points year over year). Operating profit fell $269.6M even though revenue rose $29.4M versus a year earlier, so costs grew faster than sales. Total costs grew 143% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+323%). Net earnings were $309.0M, down 46% year over year. The effective tax rate was 1.1%.
Operating cash flow was $530.8M (up 33% year over year), 168% of net income including minority interests. Non-cash charges added back $170.5M of depreciation and amortization and $8.2M of share-based compensation. Working capital and other items added $35.5M. Capital expenditures of $142.4M left free cash flow of $388.4M.
Questions
What was Western Midstream Partners, LP's revenue in the first quarter 2025?
Western Midstream Partners, LP (WES) reported revenue of $917M for the first quarter 2025 (Q1 2025), +3% from a year earlier and -1% from the quarter before.
Was Western Midstream Partners, LP profitable in the first quarter 2025?
Operating profit was $410M (44.7% of revenue) and net earnings $309M.