WES Financials Western Midstream Partners, Lp

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:19 UTC Overview →

Growth & profitability

Revenue has grown 8.6% per year over the past 5 years.
Net income has grown faster than revenue (17.5% vs 8.6% per year).
Operating margin has expanded, at 41.7% in the latest year.

Financial health

Total debt ($8.6B) exceeds cash ($819M); net debt is $7.8B.
Total debt has grown slower than revenue (1.9% vs 8.6% per year).
Operating income covered interest expense 4.1× in the latest year, up from 2.3× 5 years ago.
Total debt is 3.7× EBITDA.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 121.2% of earnings.
The dividend has grown 15.5% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$3.8B	$1.2B	0.0%	41.7%	—	7.9%	—	$8.6B	$819M
2024	$3.6B	$1.6B	0.0%	54.7%	—	12.0%	—	$7.9B	$1.1B
2023	$3.1B	$1.0B	0.0%	44.4%	—	8.2%	—	$7.9B	$273M
2022	$3.3B	$1.2B	0.0%	48.8%	—	10.8%	—	$6.8B	$287M
2021	$2.7B	$916M	0.0%	49.5%	—	8.1%	—	$6.9B	$202M
2020	$2.5B	$527M	0.0%	34.5%	—	4.5%	—	$7.9B	$445M
2019	$2.7B	$697M	0.0%	44.9%	—	5.6%	—	$8.0B	$100M
2018	$2.3B	$552M	82.0%	37.4%	—	4.8%	—	$5.2B	$92M
2017	—	$541M	—	—	—	5.7%	—	$3.6B	$80M
2016	—	$407M	—	—	—	5.3%	—	$3.1B	$359M
2015	—	$166M	—	—	—	2.3%	—	$2.7B	$100M
2014	—	$288M	—	—	—	3.8%	—	$2.4B	$67M
2013	—	$163M	—	—	—	3.5%	—	$1.4B	$113M
2012	—	$61M	—	—	—	1.6%	—	$1.2B	$423M
2011	—	$94M	—	—	—	—	—	$669M	$227M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$1.1B	$350M	0.0%	41.8%	—	2.3%	—	$8.6B	$647M
Dec '25	$1.0B	$191M	0.0%	29.7%	—	1.3%	—	$8.6B	$819M
Sep '25	$952M	$340M	0.0%	46.4%	—	2.8%	—	$6.9B	$177M
Jun '25	$942M	$342M	0.0%	47.2%	—	2.8%	—	$6.9B	$130M
Mar '25	$917M	$309M	0.0%	44.7%	—	2.5%	—	$7.3B	$448M
Dec '24	$928M	$334M	0.0%	45.9%	—	2.5%	—	$7.9B	$1.1B
Sep '24	$883M	$288M	0.0%	44.8%	—	2.2%	—	$7.9B	$1.1B
Jun '24	$905M	$379M	0.0%	51.9%	—	3.1%	—	$7.1B	$344M
Mar '24	$887M	$573M	0.0%	76.6%	—	4.7%	—	$7.4B	$295M
Dec '23	$858M	$288M	0.0%	45.7%	—	2.3%	—	$7.9B	$273M
Sep '23	$776M	$277M	0.0%	46.5%	—	2.4%	—	$7.3B	$489M
Jun '23	$738M	$253M	0.0%	45.6%	—	2.3%	—	$6.8B	$214M
Mar '23	$734M	$204M	0.0%	39.6%	—	1.8%	—	$6.7B	$113M
Dec '22	$779M	$336M	0.0%	55.0%	—	3.0%	—	$6.8B	$287M
Sep '22	$837M	$266M	0.0%	42.6%	—	2.3%	—	$7.0B	$159M
Jun '22	$876M	$306M	0.0%	45.4%	—	2.7%	—	$6.7B	$97M
Mar '22	$758M	$309M	0.0%	53.4%	—	2.7%	—	$6.9B	$248M
Dec '21	$674M	$244M	0.0%	48.4%	—	2.2%	—	$6.9B	$202M
Sep '21	$719M	$256M	0.0%	53.3%	—	2.2%	—	$7.1B	$100M
Jun '21	$673M	$231M	0.0%	49.8%	—	2.0%	—	$7.4B	$306M

Valuation over time

How the market has priced WES against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 8.5× (Mar '23) to 14.7× (Nov '26).
The price-to-sales ratio has risen from 3.2× (Mar '23) to 4.5× (Nov '26).
The dividend yield has risen from 7.1% (Mar '23) to 8.2% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is WES growing its revenue and profit?

Over the past 5 years, Western Midstream Partners, Lp's revenue has grown 8.6% per year, and net income grown 17.5% per year. These are computed facts, not advice.

How much debt does WES have?

As of FY2025, Western Midstream Partners, Lp reported $8.6B of total debt against $819M of cash; operating income covered interest expense 4.1×.

What is WES's profit margin?

In FY2025, gross margin was —, operating margin 41.7%, and net margin 30.7%.

What is WES's P/E ratio?

Western Midstream Partners, Lp's P/E (TTM) is 14.24 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the WES stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 14.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.