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Western Midstream Partners WES Q3 2025 earnings

Reported November 4, 2025 · After market close

Revenue$952.5MMiss by $8.5MDiluted EPS$0.87Miss by $0.01
Revenue estimate$961.0M
EPS estimate$0.88

Next report

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

Financials

Q3 2025

Income statement

See full
Revenue$952.5M+7.8%
Gross profit$901.3M+6.0%
Operating income$441.6M+11.5%
Net income$339.6M+17.7%
EPS (diluted)$0.87+17.6%

Balance sheet

See full
Cash & equivalents$177.3M-84.2%
Total debt$7.0B-11.8%
Total assets$12.1B-6.6%

Cash flow

See full
Operating cash flow$570.2M+3.4%
CapEx$184.8M-2.5%
Free cash flow$385.5M+6.5%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$14.98B+2.9%
Enterprise value$21.81B+2.0%
P/E11.3×+1.8×
P/S4×-0.1×

Profitability

See full
Gross margin95.3%+0.2pp
Operating margin46%-8.8pp
Net margin35.4%-7.8pp
FCF margin39.4%+3.7pp

Returns & leverage

See full
Current ratio1.4×+0.3×

Segments

By product

See full
Service Revenues - Fee Based$868.3M+6.6%
Service Revenues - Product Based$33.9M-30.9%

Versus estimates

Revenue

Q1 2026$1.1BBeat by $111.7MQ4 2025$1.0BBeat by $1.6M
Q3 2025$952.5MMiss by $8.5M
Q2 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 $0.11Q4 2025$0.47Miss by $0.38
Q3 2025$0.87Miss by $0.01
Q2 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 Q3 2025 earnings?
Western Midstream Partners (WES) reported Q3 2025 earnings on November 4, 2025 after market close.
What were Western Midstream Partners's Q3 2025 revenue and EPS?
Western Midstream Partners reported revenue of $952.5M and diluted EPS of $0.87 for Q3 2025.
Did Western Midstream Partners beat estimates in Q3 2025?
Revenue missed the consensus estimate of $961.0M by $8.5M. EPS missed the consensus estimate of $0.88 by $0.01.
How did Western Midstream Partners's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 7.8% from $883.4M a year earlier and diluted EPS grew 17.6% from $0.74.
Where can I find Western Midstream Partners's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001423902-25-000105) directly on SEC EDGAR. The filing index links above go to sec.gov.