Filing Flows › Western Midstream Partners, LP (WES) › Q1 2026
Western Midstream Partners, LP (WES) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Western Midstream Partners, LP (WES) reported revenue of $1.1B for the first quarter 2026 (Q1 2026), +23% from a year earlier and +9% from the quarter before. Operating margin was 41.8%, net earnings $350M (31.2% of revenue).
Western Midstream Partners, LP, Q1 2026: revenue $1.1B (+22% year over year), operating margin 41.8%, net earnings $350M, operating cash flow $470M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.1B | +9% | +23% |
| Operating profit | $469M | +54% | +14% |
| Net earnings | $350M | +84% | +13% |
| Operating cash flow | $470M | -16% | -11% |
| Free cash flow | $234M | -30% | -40% |
What changed
Revenue was $1.1B in Q1 2026, up 23% year over year and up 9% from the previous quarter. Service Revenues - Fee Based was the largest line at 83% of revenue. Service Revenues - Fee Based added $0.11B year over year (up 13%), 53% of the total change.
Operating profit was $0.47B, a 41.8% margin (down 2.9 points year over year). Of the extra revenue versus Q1 2025, 29% reached operating profit, below the 45% margin then. Total costs grew 29% against revenue growth of 23%. The fastest-growing cost line was Cost of revenue (+148%). Net earnings were $0.35B, up 13% year over year. The effective tax rate was 1.0%.
Operating cash flow was $0.47B (down 11% year over year), 131% of net income including minority interests. Non-cash charges added back $0.20B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.24B left free cash flow of $0.23B.
Questions
What was Western Midstream Partners, LP's revenue in the first quarter 2026?
Western Midstream Partners, LP (WES) reported revenue of $1.1B for the first quarter 2026 (Q1 2026), +23% from a year earlier and +9% from the quarter before.
Was Western Midstream Partners, LP profitable in the first quarter 2026?
Operating profit was $469M (41.8% of revenue) and net earnings $350M.