Filing Flows › Western Midstream Partners, LP (WES) › Q2 2026 › vs Q2 2025
Western Midstream Partners, LP (WES) Q2 2026 vs Q2 2025 (year over year)
Western Midstream Partners, LP's revenue rose $282M (+30%) from $942M in Q2 2025 to $1.2B in Q2 2026. The biggest changes: Service Revenues - Fee Based +$129M (+15%); Product Sales +$84.5M (+210%); Service Revenues - Product Based +$62.2M (+123%). Operating margin 43.0% against 47.2% (-4.2 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 43.0% | 47.2% | -4.2 pts |
| Net margin | 33.0% | 36.3% | -3.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Service Revenues - Fee Based | $980M | $851M | $129M | +15% |
| Product Sales | $125M | $40.3M | $84.5M | +210% |
| Service Revenues - Product Based | $113M | $50.4M | $62.2M | +123% |
| Other | $7.2M | $181K | $7.0M | 40× |
| Revenue | $1.2B | $942M | $282M | +30% |
| Operating profit | $527M | $444M | $82.2M | +18% |
| Costs & expenses | $698M | $498M | $200M | +40% |
| Pre-tax earnings | $420M | $353M | $67.4M | +19% |
| Other expense, net | $106M | $91.5M | $14.8M | +16% |
| Cost of revenue | $117M | $42.7M | $74.8M | +175% |
| General & admin | $85.9M | $66.1M | $19.8M | +30% |
| Other operating costs | $495M | $389M | $106M | +27% |
| Net earnings | $404M | $342M | $61.9M | +18% |
| Minority interests | $11.7M | $9.1M | $2.6M | +29% |
| Income tax | $5.2M | $2.2M | $2.9M | +130% |
| Depreciation & amortization | $206M | $172M | $33.8M | +20% |
| Share-based compensation | $13.5M | $10.7M | $2.8M | +26% |
| Working capital & other | $88.3M | −$39.5M | $128M | — |
| Operating cash flow | $535M | $564M | −$29.2M | -5% |
Questions
How much did Western Midstream Partners, LP's revenue grow year over year in Q2 2026?
Western Midstream Partners, LP's revenue rose $282M (+30%) from $942M in Q2 2025 to $1.2B in Q2 2026.
What drove Western Midstream Partners, LP's revenue change in Q2 2026?
Service Revenues - Fee Based +$129M (+15%); Product Sales +$84.5M (+210%); Service Revenues - Product Based +$62.2M (+123%).