Filing Flows › Western Midstream Partners, LP (WES) › Q2 2026
Western Midstream Partners, LP (WES) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 5, 2026
Western Midstream Partners, LP (WES) reported revenue of $1.2B for the second quarter 2026 (Q2 2026), +30% from a year earlier and +9% from the quarter before. Operating margin was 43.0%, net earnings $404M (33.0% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | +9% | +30% |
| Operating profit | $527M | +12% | +18% |
| Net earnings | $404M | +15% | +18% |
| Operating cash flow | $535M | +14% | -5% |
| Free cash flow | $264M | — | — |
What changed
Revenue was $1.2B in Q2 2026, up 30% year over year and up 9% from the previous quarter. Service Revenues - Fee Based was the largest line at 80% of revenue. Service Revenues - Fee Based added $0.13B year over year (up 15%), 46% of the total change.
Operating profit was $0.53B, a 43.0% margin (down 4.2 points year over year). Of the extra revenue versus Q2 2025, 29% reached operating profit, below the 47% margin then. Total costs grew 40% against revenue growth of 30%. The fastest-growing cost line was Cost of revenue (+175%). Net earnings were $0.40B, up 18% year over year. The effective tax rate was 1.2%.
Operating cash flow was $0.53B (down 5% year over year), 129% of net income including minority interests. Non-cash charges added back $0.21B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.10B. After capital expenditures ($0.27B) and contributions to equity investments – related parties ($810K) and distributions from equity investments in excess of cumulative earnings – related parties ($18K), free cash flow as the company reports it was $0.26B.
Questions
What was Western Midstream Partners, LP's revenue in the second quarter 2026?
Western Midstream Partners, LP (WES) reported revenue of $1.2B for the second quarter 2026 (Q2 2026), +30% from a year earlier and +9% from the quarter before.
Was Western Midstream Partners, LP profitable in the second quarter 2026?
Operating profit was $527M (43.0% of revenue) and net earnings $404M.