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Western Midstream Partners WES Q1 2026 earnings

Reported May 6, 2026 · After market close

Revenue$1.1BBeat by $111.7MDiluted EPS$0.85Beat by $0.11
Revenue estimate$1.0B
EPS estimate$0.74

Next report

Aug 5, 2026 (In 3 weeks)
Revenue estimate$1.1B
EPS estimate$0.85

Financials

Q1 2026

Income statement

See full
Revenue$1.1B+22.5%
Gross profit$1.0B+16.6%
Operating income$469.2M+14.5%
Net income$350.3M+13.4%
EPS (diluted)$0.85+7.6%

Balance sheet

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Cash & equivalents$647.5M+44.4%
Total debt$8.7B+18.7%
Total assets$14.9B+19.8%

Cash flow

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Operating cash flow$469.9M-11.5%
CapEx$235.7M+65.5%
Free cash flow$234.2M-39.7%

Valuation & ratios

Valuation

as of 07/13/26
See full
Market cap$18.44B+22.9%
Enterprise value$26.5B+21.1%
P/E15.1×+3.3×
P/S4.6×+0.5×

Profitability

See full
Gross margin93.4%-2.0pp
Operating margin41%-5.8pp
Net margin30.2%-5.9pp
FCF margin33.1%-7.8pp

Returns & leverage

See full
Current ratio1.1×-0.1×

Segments

By product

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Service Revenues - Fee Based$933.3M+13.4%
Service Revenues - Product Based$88.8M+49.8%

Versus estimates

Revenue

Q1 2026$1.1BBeat by $111.7M
Q4 2025$1.0BBeat by $1.6MQ3 2025$952.5MMiss by $8.5MQ2 2025$942.3MBeat by $2.2MQ1 2025$917.1MMiss by $2.5MQ4 2024$928.5MBeat by $2.1M

Diluted EPS

Q1 2026$0.85Beat by $0.11
Q4 2025$0.47Miss by $0.38Q3 2025$0.87Miss by $0.01Q2 2025$0.87Beat by $0.04Q1 2025$0.79Miss by $0.04Q4 2024$0.85Beat by $0.00

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Questions, answered.

When did Western Midstream Partners report Q1 2026 earnings?
Western Midstream Partners (WES) reported Q1 2026 earnings on May 6, 2026 after market close.
What were Western Midstream Partners's Q1 2026 revenue and EPS?
Western Midstream Partners reported revenue of $1.1B and diluted EPS of $0.85 for Q1 2026.
Did Western Midstream Partners beat estimates in Q1 2026?
Revenue beat the consensus estimate of $1.0B by $111.7M. EPS beat the consensus estimate of $0.74 by $0.11.
How did Western Midstream Partners's Q1 2026 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 22.5% from $917.1M a year earlier and diluted EPS grew 7.6% from $0.79.
Where can I find Western Midstream Partners's Q1 2026 SEC filings?
You can read the 8-K earnings release (0001423902-26-000043) and the 10-Q periodic report (0001423902-26-000044) directly on SEC EDGAR. The filing index links above go to sec.gov.