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Western Midstream Partners Income Statement

Revenue, expenses, and profitability over time

Western Midstream Partners generated $4.0B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.2B with a 30.18% net margin. Gross margin stands at 93.37% and operating margin at 41.01%. Based on the Q1 2026 filing.

Total Revenue (TTM)$4.0BGross Profit (TTM)$3.8BOperating Income (TTM)$1.7BNet Income (TTM)$1.2B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$16.9B
P/E Ratio13.81

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Shipping and Handling Costs$231.2M$226.5M$224.6M$212.4M$252.4M$264.2M
Depreciation and amortization$163M$170.5M$172.1M$170.3M$197.9M$200.4M
General and administrative$76M$66.8M$66.1M$64.1M$201.9M$75.2M
Impairment charges$2K$3K$686K$11.6M$2.5M$608K
Taxes other than income taxes$18.7M$17.8M$17.8M$15.7M$18M$19.5M
Total operating expenses$528.3M$523.1M$524.1M$525.3M$744.2M$662.8M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income from equity method investments$28.2M$20.4M$27.1M$16.8M$21.4M$14.8M
Other Charges$15.6M$7.5M$3.7M$1.8M$3.7M$6.7M
Interest expense$99.3M$97.3M$95.2M$92.4M$105.7M$113.4M
Other income (expense), net$15.6M$7.5M$3.7M$1.8M$3.7M$6.7M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$889.2M$875.6M$899.6M$901.3M$959.9M$1B
Operating income$425.7M$409.8M$444.5M$441.6M$305.6M$469.2M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$342M$320M$353M$351M$203.6M$362.5M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$444K$3.4M$2.2M$2.1M$7.3M$3.5M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income$333.6M$309M$341.7M$339.6M$190.7M$350.3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gain loss on disposition of assets and other net$0-$4.7M-$911K-$2.5M-$3.1M-$6.4M
Impairment Of Long Lived Assets Held For Use$2K$3K$686K$11.6M$2.5M$608K
Net Income (Loss) Allocated to General Partners$7.8M$7.2M$7.9M$7.9M$3.5M$7.9M
Common Unitholders’ interest in net income$325.9M$301.8M$333.8M$331.7M$187.2M$342.4M
Net Income Loss Net Of Tax Per Outstanding Limited Partnership Unit Diluted$0.85$0.79$0.87$0.87$0.45$0.85
Net Income Loss Per Outstanding Limited Partnership Unit Basic Net Of Tax$0.86$0.79$0.88$0.87$0.45$0.86
Other income, net (Note 6)$15.6M$7.5M$3.7M$1.8M$3.7M$6.7M
Taxes other than income taxes and other – net$18.7M$17.8M$17.8M$15.7M$18M$19.5M
Weighted Average Limited Partnership Units Outstanding Diluted266K382.5M382.3M382.8M5.3M400.6M
Weighted Average Limited Partnership Units Outstanding54K381M381.3M381.3M4.9M399.1M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$39.3M$41.5M$42.7M$51.2M$71.6M$102.9M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$928.5M$917.1M$942.3M$952.5M$1B$1.1B