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Western Midstream Partners Cash Flow Statement

Operating, investing, and financing cash movements

Western Midstream Partners generated $2.2B in operating cash flow over the trailing twelve months. After $821.3M in capital expenditures, free cash flow was $1.3B. Free cash flow decreased 0.1% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$2.2BNet Cash From Investing (TTM)-$1.2BNet Cash From Financing (TTM)-$2.5BCapital Expenditures (TTM)$821.3MDepreciation And Amortization Cf (TTM)$740.7MNet Change In Cash (TTM)-$180.1M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$16.9B
P/E Ratio13.81

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$9.7M$0———$1.8M
Capital expenditures$238.8M$142.4M$178.6M$184.8M$222.2M$235.7M
Payments for Capital Improvements$238.8M$142.4M$178.6M$184.8M$222.2M$235.7M
Payment for (Proceeds from) Other Investing Activity—$9.4M$0-$11.1M$23.5M$7.3M
Payments to Acquire Businesses and Interest in Affiliates$9.7M$0———$1.8M
Net cash from investing activities-$230.3M-$140.8M-$174M-$161.5M-$608.9M-$234.9M
Other investing activities—$9.4M$0-$11.1M$23.5M$7.3M
Dividend Received from Consumer Healthcare JV$3.3M$11M$3M$12M$5.4M$9.9M
Distributions from DIRECTV in Excess of Earnings$3.3M$11M$3M$12M$5.4M$9.9M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures incurred but not yet paid—$88.9M——$17.6M$97.4M
Income taxes paid$2.2M$0$2.3M$0$806K$3.4M
Interest paid$53.8M$119.9M$78.1M$120.3M$62.8M$124.8M
Capital expenditures incurred but not yet paid—$88.9M——$17.6M$97.4M
Capital Expenditures Incurred but Not Yet Paid—$88.9M——$17.6M$97.4M
Income Taxes Paid, Net$2.2M$0$2.3M$0$806K$3.4M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Share of Profits (Losses) of Related Party$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Change in accounts payable—-$46.7M—-$40.8M—-$28.3M
Change in accounts receivable$30.2M-$28.6M$31.4M-$22M-$16.9M$50.2M
Other working capital changes$9K$190K$43K$53K$17K-$4K
Deferred income taxes$33K$1.7M$299K$224K$1.7M$621K
Depreciation and amortization$163M$170.5M$172.1M$170.3M$197.9M$200.4M
Equity in income of investees$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Distributions from equity method investments$28.3M$23.3M$28.1M$17.8M$21.8M$15.8M
Impairment charges$2K$3K$686K$11.6M$2.5M$608K
Income (Loss) from Equity Method Investments$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Income (Loss) from Equity Method Investments$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Income (Loss) from Equity Method Investments$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Net cash from operating activities$554.4M$530.8M$564M$570.2M$557.6M$469.9M
Net income$341.6M$316.6M$350.8M$348.9M$196.3M$359M
Accretion and amortization of long-term obligations, net$2.4M$2.2M$2M$1.9M$815K$882K
Distributions of earnings from equity method investees$28.3M$23.3M$28.1M$17.8M$21.8M$15.8M
Gain loss on disposition of assets and other net$0-$4.7M-$911K-$2.5M-$3.1M-$6.4M
Impairment charges for facilities consolidation$2K$3K$686K$11.6M$2.5M$608K
Equity in earnings (losses) of equity method investees$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Income (Loss) from Equity Method Investments$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Stock-based compensation$9.4M$8.2M$10.7M$10.5M$21.4M$10.9M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in Bank Checks Outstanding-$3.3M-$113K-$7.5M—-$4.9M$13.5M
Proceeds from issuance of debt$0$0-$1.2M$0$1.2B-$132K
Repayments of debt—$663.8M$336.8M$0$80M$0
Dividends paid$340.9M$341M$355.3M$355.3M$379.5M$379.7M
Other, net-$4.9M-$20.1M-$725K-$3.1M-$17.5M-$31.2M
Payment of Deferred Purchase Consideration-$4.9M-$20.1M-$725K-$3.1M-$17.5M-$31.2M
Noncontrolling interest transactions and other-$4.9M-$20.1M-$725K-$3.1M-$17.5M-$31.2M
Net cash from financing activities-$358.4M-$1B-$708.7M-$361.1M—-$407M
Other financing activities-$4.9M-$20.1M-$725K-$3.1M-$17.5M-$31.2M
Noncontrolling Interests Activity and Other-$4.9M-$20.1M-$725K-$3.1M-$17.5M-$31.2M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$315.7M$388.4M$385.4M$385.5M$335.4M$234.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net increase (decrease) in cash$0-$642M-$318.7M——-$172M
Accrued payables for capital expenditures—$88.9M——$17.6M$97.4M