Western Midstream Partners, LP
EnergyNYSE:WES · New York Stock Exchange
+$0.47 today
Vol 0.76M · Avg 1.46M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Earnings Waterfall
Revenue to Net Income
Key Ratios
Analysis
$4.0B of revenue converted into $1.2B of net income for the selected period. Gross margin is 68.9% and net margin is 29.9%, showing how much revenue survives after costs and taxes. EPS is $3.08, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8B +6.6% | $3.6B +16.1% | $3.1B -4.5% | $3.3B +13.0% | $2.9B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $1.2B +47.3% | $822.7M +7.5% | $765.3M -23.7% | $1.0B +14.8% | $873.9M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $2.6B -5.4% | $2.8B +18.9% | $2.3B +4.1% | $2.2B +12.2% | $2.0B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 68.5% -8.7pp | 77.2% +1.8pp | 75.4% +6.2pp | 69.1% -0.5pp | 69.6% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $398.9M +46.9% | $271.5M +16.7% | $232.6M +19.9% | $194.0M -0.8% | $195.5M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $1.0B +28.8% | $811.8M -15.6% | $961.6M +45.6% | $660.6M -1.0% | $667.0M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $710.8M +9.3% | $650.4M +8.3% | $600.7M +3.1% | $582.4M +5.6% | $551.6M | $374.2M | $1.2B | $631.8M |
| EBITDA | $2.3B -12.9% | $2.6B +33.0% | $2.0B -7.9% | $2.2B +16.8% | $1.8B | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 59.9% -13.4pp | 73.4% +9.3pp | 64.0% -2.4pp | 66.4% +2.1pp | 64.3% | 5.6% | 46.3% | 42.0% |
| Operating Income | $1.6B -19.5% | $2.0B +42.9% | $1.4B -13.1% | $1.6B +18.8% | $1.3B | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 41.3% -13.4pp | 54.7% +10.3pp | 44.4% -4.4pp | 48.8% +2.4pp | 46.4% | 16.6% | 24.1% | 22.0% |
| Interest Income | $0 | $0 | $0 | $0 | $0 | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $390.5M +6.9% | $365.2M +8.7% | $335.8M +4.4% | $321.7M -11.6% | $363.8M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | -$358.1M -4.9% | -$341.4M -4.3% | -$327.2M +1.5% | -$332.2M +17.4% | -$402.1M | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $1.2B -24.7% | $1.6B +54.8% | $1.1B -16.2% | $1.3B +34.4% | $934.2M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 31.9% -13.3pp | 45.2% +11.3pp | 33.9% -4.7pp | 38.6% +6.1pp | 32.5% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $15.1M -16.7% | $18.1M +313.0% | $4.4M +4.7% | $4.2M +142.7% | -$9.8M | $1.3B | -$1.6B | $745.2M |
| Net Income | $1.2B -25.7% | $1.6B +53.9% | $1.0B -16.0% | $1.2B +32.8% | $916.3M | $4.9B | $4.8B | $4.7B |
| Net Margin | 30.4% -13.2pp | 43.6% +10.7pp | 32.9% -4.5pp | 37.4% +5.6pp | 31.8% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $3 -25.5% | $4 +54.8% | $3 -13.3% | $3 +38.1% | $2 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $3 -25.4% | $4 +54.6% | $3 -13.3% | $3 +37.6% | $2 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $400.5M +5.3% | $380.4M -0.7% | $383.0M -3.0% | $395.0M -4.0% | $411.3M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $402.5M +5.2% | $382.5M -0.5% | $384.4M -3.0% | $396.2M -3.8% | $412.0M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
Sign in to unlockCompetitors
Peer companies in the same sector
Venture Global, Inc.
NYSE:VG
$32.02B
TechnipFMC plc
NYSE:FTI
$28.08B
Coterra Energy Inc.
CTRA
$24.72B
YPF Sociedad Anónima
NYSE:YPF
$21.85B
Nextpower Inc.
NASDAQ:NXT
$18.61B
Viper Energy, Inc.
NASDAQ:VNOM
$15.96B
Plains All American Pipeline, L.P.
NASDAQ:PAA
$15.80B
DT Midstream, Inc.
NYSE:DTM
$14.53B
Antero Midstream Corporation
NYSE:AM
$10.27B
Hess Midstream LP
NYSE:HESM
$7.96B
SEC Filings
Recent regulatory filings
No filings found.
How much revenue does WES generate?
Western Midstream Partners, LP (WES) reported $3.84B of revenue in fiscal 2025.
Is WES profitable?
Western Midstream Partners, LP (WES) reported $1.17B of net income, with a net margin of 30.4%.
Explore More
Continue the stock analysis
Jump to another research area for this company.