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Kinder Morgan vs Western Midstream Partners, LP: KMI and WES compared
Kinder Morgan is the larger company: $4.5B of revenue in its latest quarter (Q3 2026) against $1.2B for Western Midstream Partners, LP (Q3 2026). Western Midstream Partners, LP is growing faster (+25% against +9% a year earlier). Western Midstream Partners, LP is more profitable, with an operating margin of 38.6% against 25.6%.
Where the money goes: KMI and WES
Kinder Morgan (KMI) · Q3 2026
Kinder Morgan, Q3 2026: revenue $4.5B (+9% year over year), operating margin 25.6%, net earnings $764M, operating cash flow $1.6B. The chart follows the revenue to costs, profit and cash.
Western Midstream Partners, LP (WES) · Q3 2026
Western Midstream Partners, LP, Q3 2026: revenue $1.2B (+25% year over year), operating margin 38.6%, net earnings $332M. The chart follows the revenue to costs, profit and cash.
| Kinder Morgan (KMI) | Western Midstream Partners, LP (WES) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $4.5B | $1.2B |
| Revenue growth, Y/Y | +9% | +25% |
| Operating margin | 25.6% | 38.6% |
| Net earnings | $764M | $332M |
| Net margin | 16.9% | 27.8% |
| Operating cash flow | $1.6B | — |
| Free cash flow | $545M | — |
| Market value | $66.7B | $15.7B |
| P/E | 18.5× | 12.8× |
| Analysts’ mean target | $37.50 | $49.54 |
Where the revenue comes from
Kinder Morgan
- Services: $2.5B (55%)
- Commodity sales: $2.1B (45%)
Questions
Which is bigger, Kinder Morgan or Western Midstream Partners, LP?
Kinder Morgan is the larger company: $4.5B of revenue in its latest quarter (Q3 2026) against $1.2B for Western Midstream Partners, LP (Q3 2026).
Is Kinder Morgan or Western Midstream Partners, LP growing faster?
Western Midstream Partners, LP is growing faster (+25% against +9% a year earlier).
Which is more profitable, Kinder Morgan or Western Midstream Partners, LP?
Western Midstream Partners, LP is more profitable, with an operating margin of 38.6% against 25.6%.
More: Kinder Morgan earnings · how Kinder Morgan makes money · Western Midstream Partners, LP earnings · how Western Midstream Partners, LP makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 23, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.