# Western Midstream Partners, LP: overview

WES · NYSE · CIK 1423902 · [Utilities](/sectors/utilities.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/wes.md) · [Financials](/companies/wes/financials.md) · [Filings](/companies/wes/filings.md) · [Insiders](/companies/wes/insiders.md)

Latest reported revenue: [$1.12bn](/filings/0001423902-26-000044.md) for Q1 FY2026, three months to 2026-03-31, from the 10-Q filed May 6, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001423902-26-000044).

## Last eight quarters

| Line item | Unit | Q2 FY2024 (2024-06-30) | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [905](/filings/0001423902-25-000067.md) | [883](/filings/0001423902-25-000106.md) | [928 d](/filings/0001423902-26-000030.md) | [917](/filings/0001423902-26-000044.md) | [942](/filings/0001423902-25-000067.md) | [952](/filings/0001423902-25-000106.md) | [1,030 d](/filings/0001423902-26-000030.md) | [1,122](/filings/0001423902-26-000044.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [51.9%](/filings/0001423902-25-000067.md) | [44.8%](/filings/0001423902-25-000106.md) | [45.9% d](/filings/0001423902-26-000030.md) | [44.7%](/filings/0001423902-26-000044.md) | [47.2%](/filings/0001423902-25-000067.md) | [46.4%](/filings/0001423902-25-000106.md) | [29.7% d](/filings/0001423902-26-000030.md) | [41.8%](/filings/0001423902-26-000044.md) |
| Net margin | % | [41.8%](/filings/0001423902-25-000067.md) | [32.7%](/filings/0001423902-25-000106.md) | [35.9% d](/filings/0001423902-26-000030.md) | [33.7%](/filings/0001423902-26-000044.md) | [36.3%](/filings/0001423902-25-000067.md) | [35.7%](/filings/0001423902-25-000106.md) | [18.5% d](/filings/0001423902-26-000030.md) | [31.2%](/filings/0001423902-26-000044.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities. Derived values: 6-month figure less the 3-month figure; 9-month figure less the 6-month figure; 12-month figure less the 9-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [2,697](/filings/0001423902-24-000022.md) | [3,251](/filings/0001423902-25-000033.md) | [3,106](/filings/0001423902-26-000030.md) | [3,604](/filings/0001423902-26-000030.md) | [3,842](/filings/0001423902-26-000030.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [49.5%](/filings/0001423902-24-000022.md) | [48.8%](/filings/0001423902-25-000033.md) | [44.4%](/filings/0001423902-26-000030.md) | [54.7%](/filings/0001423902-26-000030.md) | [41.7%](/filings/0001423902-26-000030.md) |
| Net margin | % | [34.0%](/filings/0001423902-24-000022.md) | [37.4%](/filings/0001423902-25-000033.md) | [32.9%](/filings/0001423902-26-000030.md) | [43.7%](/filings/0001423902-26-000030.md) | [30.7%](/filings/0001423902-26-000030.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | not reported | not reported | not reported | not reported | not reported |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/wes/insiders.md)

| Date | Insider | Role | Transaction | Shares | Reported price | Value | Filing |
| --- | --- | --- | --- | ---: | ---: | ---: | --- |
| 2024-08-14 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 19,500,000 | $35.75 | $697.1m | [Form 4](/filings/0000797468-24-000144.md) |
| 2024-08-14 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 19,500,000 | $35.75 | $697.1m | [Form 4](/filings/0000797468-24-000146.md) |
| 2023-09-12 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 5,100,000 | $25.00 | $127.5m | [Form 4](/filings/0001140361-23-044011.md) |
| 2023-09-12 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 5,100,000 | $25.00 | $127.5m | [Form 4](/filings/0001140361-23-044014.md) |
| 2022-07-21 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 10,000,000 | $25.25 | $252.5m | [Form 4](/filings/0001140361-22-026894.md) |
| 2022-07-21 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 10,000,000 | $25.25 | $252.5m | [Form 4](/filings/0001140361-22-026895.md) |
| 2021-12-13 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 2,500,000 | $20.09 | $50.2m | [Form 4](/filings/0001140361-21-041952.md) |
| 2021-12-13 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 2,500,000 | $20.09 | $50.2m | [Form 4](/filings/0001140361-21-041953.md) |
| 2021-03-25 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 11,500,000 | $17.25 | $198.4m | [Form 4](/filings/0001567619-21-007163.md) |
| 2021-03-25 | [Occidental Petroleum Corp](/insiders/797468.md) | 10% owner | Sale (S) | 11,500,000 | $17.25 | $198.4m | [Form 4](/filings/0001567619-21-007165.md) |

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [ALPS ADVISORS INC](/funds/1376113.md) | 2026-06-30 | $1.60bn | 36,629,600 |  | Reduced −2,007,754 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $1.06bn | 24,122,314 |  | Added +74,729 |
| [MORGAN STANLEY](/funds/895421.md) | 2026-06-30 | $929.1m | 21,230,903 |  | Added +16,680,538 |
| [Blackstone Inc.](/funds/1393818.md) | 2026-06-30 | $453.7m | 10,367,520 |  | Added +1,612,098 |
| [MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.](/funds/1705339.md) | 2026-06-30 | $378.0m | 8,637,568 |  | Reduced −232,248 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $373.2m | 8,527,559 |  | Reduced −230,953 |
| [TORTOISE CAPITAL ADVISORS, L.L.C.](/funds/1280965.md) | 2026-06-30 | $284.7m | 6,506,154 |  | Reduced −2,273,474 |
| [NEUBERGER BERMAN GROUP LLC](/funds/1465109.md) | 2026-06-30 | $270.9m | 6,190,369 |  | Reduced −93,341 |
| [KAYNE ANDERSON CAPITAL ADVISORS LP](/funds/949615.md) | 2026-06-30 | $171.9m | 3,928,197 |  | Added +10,106 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $156.1m | 3,567,482 |  | Reduced −154,756 |

## Recent filings

[All 646 filings](/companies/wes/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-08-05 | 16:26 ET | [10-Q](/filings/0001423902-26-000093.md) | Quarterly report, period 2026-06-30 | 0001423902-26-000093 |
| 2026-08-05 | 16:24 ET | [8-K](/filings/0001423902-26-000092.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001423902-26-000092 |
| 2026-06-25 | 16:16 ET | [8-K](/filings/0001423902-26-000060.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001423902-26-000060 |
| 2026-06-12 | 14:43 ET | [8-K](/filings/0001423902-26-000054.md) | 1.01 Entry into a material agreement; 3.02 Unregistered sale of equity; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001423902-26-000054 |
| 2026-05-06 | 16:15 ET | [10-Q](/filings/0001423902-26-000044.md) | Quarterly report, period 2026-03-31 | 0001423902-26-000044 |
| 2026-05-06 | 16:13 ET | [8-K](/filings/0001423902-26-000043.md) | 2.02 Results of operations; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001423902-26-000043 |
| 2026-02-18 | 17:20 ET | [10-K](/filings/0001423902-26-000030.md) | Annual report, period 2025-12-31 | 0001423902-26-000030 |
| 2026-02-18 | 17:17 ET | [8-K](/filings/0001423902-26-000029.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001423902-26-000029 |
| 2026-01-22 | 16:07 ET | [8-K](/filings/0001423902-26-000004.md) | 1.01 Entry into a material agreement; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001423902-26-000004 |
| 2025-12-04 | 16:42 ET | [8-K](/filings/0001423902-25-000110.md) | 1.01 Entry into a material agreement; 2.03 New direct financial obligation; 8.01 Other events; 9.01 Financial statements and exhibits | 0001423902-25-000110 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001423902-26-000030.md), filed Feb 18, 2026.

## Forecast league

Not in this season’s league. [This season’s league](/leagues.md)

## About the filer

- CIK: 1423902
- Tickers: WES
- Exchange: NYSE
- SIC code: 4922 Natural Gas Transmission
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 29, 2026, 16:55 ET. No prices; not investment advice.