Filing Flows › Western Midstream Partners, LP (WES) › Q2 2026 › vs Q1 2026
Western Midstream Partners, LP (WES) Q2 2026 vs Q1 2026 (quarter over quarter)
Western Midstream Partners, LP's revenue rose $101M (+9%) from $1.1B in Q1 2026 to $1.2B in Q2 2026. The biggest changes: Service Revenues - Fee Based +$46.8M (+5%); Product Sales +$25.1M (+25%); Service Revenues - Product Based +$23.9M (+27%). Operating margin 43.0% against 41.8% (+1.2 pts).
Western Midstream Partners, LP, Q2 2026: revenue $1.2B (+30% year over year), operating margin 43.0%, net earnings $404M, operating cash flow $535M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 43.0% | 41.8% | +1.2 pts |
| Net margin | 33.0% | 31.2% | +1.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Service Revenues - Fee Based | $980M | $933M | $46.8M | +5% |
| Product Sales | $125M | $99.6M | $25.1M | +25% |
| Service Revenues - Product Based | $113M | $88.8M | $23.9M | +27% |
| Other | $7.2M | $1.9M | $5.3M | +281% |
| Revenue | $1.2B | $1.1B | $101M | +9% |
| Operating profit | $527M | $469M | $57.5M | +12% |
| Costs & expenses | $698M | $654M | $43.6M | +7% |
| Pre-tax earnings | $420M | $363M | $57.9M | +16% |
| Other expense, net | $106M | $107M | −$360K | -0.3% |
| Cost of revenue | $117M | $103M | $14.6M | +14% |
| General & admin | $85.9M | $75.2M | $10.8M | +14% |
| Other operating costs | $495M | $476M | $18.3M | +4% |
| Net earnings | $404M | $350M | $53.3M | +15% |
| Minority interests | $11.7M | $8.8M | $2.9M | +34% |
| Income tax | $5.2M | $3.5M | $1.7M | +47% |
| Depreciation & amortization | $206M | $200M | $5.5M | +3% |
| Share-based compensation | $13.5M | $10.9M | $2.7M | +24% |
| Working capital & other | $88.3M | $91.7M | −$3.4M | -4% |
| Operating cash flow | $535M | $470M | $64.8M | +14% |
Questions
How much did Western Midstream Partners, LP's revenue grow quarter over quarter in Q2 2026?
Western Midstream Partners, LP's revenue rose $101M (+9%) from $1.1B in Q1 2026 to $1.2B in Q2 2026.
What drove Western Midstream Partners, LP's revenue change in Q2 2026?
Service Revenues - Fee Based +$46.8M (+5%); Product Sales +$25.1M (+25%); Service Revenues - Product Based +$23.9M (+27%).