Filing Flows › Western Midstream Partners, LP (WES) › Q2 2025
Western Midstream Partners, LP (WES) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Western Midstream Partners, LP (WES) reported revenue of $942M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +3% from the quarter before. Operating margin was 47.2%, net earnings $342M (36.3% of revenue).
Western Midstream Partners, LP, Q2 2025: revenue $942M (+4% year over year), operating margin 47.2%, net earnings $342M, operating cash flow $564M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $942M | +3% | +4% |
| Operating profit | $444M | +8% | -5% |
| Net earnings | $342M | +11% | -10% |
| Operating cash flow | $564M | +6% | -11% |
| Free cash flow | $385M | -0.8% | -8% |
What changed
Revenue was $942.3M in Q2 2025, up 4% year over year and up 3% from the previous quarter. Service Revenues - Fee Based was the largest line at 90% of revenue. Service Revenues - Fee Based added $57.6M year over year (up 7%), 157% of the total change. Other declined 32%.
Operating profit was $444.5M, a 47.2% margin (down 4.7 points year over year). Operating profit fell $25.3M even though revenue rose $36.7M versus a year earlier, so costs grew faster than sales. Total costs grew 14% against revenue growth of 4%. The fastest-growing cost line was Other operating costs (+22%). Net earnings were $341.7M, down 10% year over year. The effective tax rate was 0.6%.
Operating cash flow was $564.0M (down 11% year over year), 161% of net income including minority interests. Non-cash charges added back $172.1M of depreciation and amortization and $10.7M of share-based compensation. Working capital and other items added $30.4M. Capital expenditures of $178.6M left free cash flow of $385.4M.
Questions
What was Western Midstream Partners, LP's revenue in the second quarter 2025?
Western Midstream Partners, LP (WES) reported revenue of $942M for the second quarter 2025 (Q2 2025), +4% from a year earlier and +3% from the quarter before.
Was Western Midstream Partners, LP profitable in the second quarter 2025?
Operating profit was $444M (47.2% of revenue) and net earnings $342M.