Western Midstream Partners LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Western Midstream Partners LP reported revenue of $3.8B (+6.6% year on year) and net income of $1.2B (-24.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenues and other | $3.8B | $3.6B | $3.1B | $3.3B |
| Equity income, net – related parties | $85.8M | $112.4M | $153.0M | $183.5M |
| Cost of product | $207.0M | $172.3M | $164.6M | $420.9M |
| Operation and maintenance | $915.9M | $880.6M | $762.5M | $654.6M |
| General and administrative | $398.9M | $271.5M | $232.6M | $194.0M |
| Property and other taxes | $69.3M | $62.7M | $56.5M | $78.6M |
| Depreciation and amortization | $710.8M | $650.4M | $600.7M | $582.4M |
| Long-lived asset and other impairments | $14.8M | $6.2M | $52.9M | $20.6M |
| Total operating expenses | $2.3B | $2.0B | $1.9B | $2.0B |
| Gain (loss) on divestiture and other, net | ($11.1M) | $296.8M | ($10.1M) | $103.7M |
| Operating income (loss) | $1.6B | $2.0B | $1.4B | $1.6B |
| Interest expense | ($390.5M) | ($378.5M) | ($348.2M) | ($333.9M) |
| Gain (loss) on early extinguishment of debt | $0 | $5.4M | $15.4M | $91.0K |
| Other income (expense), net | $16.6M | $31.7M | $5.7M | $1.6M |
| Income (loss) before income taxes | $1.2B | $1.6B | $1.1B | $1.3B |
| Income tax expense (benefit) | $15.1M | $18.1M | $4.4M | $4.2M |
| Net income (loss) | $1.2B | $1.6B | $1.0B | $1.3B |
| Net income (loss) attributable to noncontrolling interests | $31.5M | $37.7M | $25.8M | $34.4M |
| Net income (loss) attributable to Western Midstream Partners, LP | $1.2B | $1.6B | $1.0B | $1.2B |
| General partner interest in net (income) loss | ($26.5M) | ($36.6M) | ($23.7M) | ($27.5M) |
| Limited partners' interest in net income (loss) | $1.2B | $1.5B | $998.5M | $1.2B |
| Net income (loss) per common unit - basic | $2.99 | $4.04 | $2.61 | $3.01 |
| Net income (loss) per common unit - diluted | $2.98 | $4.02 | $2.6 | $3 |
| Weighted-average common units outstanding - basic | 386.1M | 380.4M | 383.0M | 395.0M |
| Weighted-average common units outstanding - diluted | 387.9M | 382.5M | 384.4M | 396.2M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenues and other | $1.2B | $1.1B | $952.5M | $942.3M |
| Equity income, net – related parties | $21.5M | $14.8M | $16.8M | $27.1M |
| Cost of product | $117.4M | $102.9M | $51.2M | $42.7M |
| Operation and maintenance | $285.4M | $264.2M | $212.4M | $224.6M |
| General and administrative | $85.9M | $75.2M | $64.1M | $66.1M |
| Property and other taxes | $19.7M | $19.5M | $15.7M | $17.8M |
| Depreciation and amortization | $205.9M | $200.4M | $170.3M | $172.1M |
| Long-lived asset and other impairments | $551.0K | $608.0K | $11.6M | $686.0K |
| Total operating expenses | $715.0M | $662.8M | $525.3M | $524.1M |
| Gain (loss) on divestiture and other, net | ($4.6M) | ($6.4M) | ($2.5M) | ($911.0K) |
| Operating income (loss) | $526.7M | $469.2M | $441.6M | $444.5M |
| Interest expense | ($109.0M) | ($113.4M) | ($92.4M) | ($95.2M) |
| Gain (Loss) on Extinguishment of Debt | ($150.0K) | — | $0 | $0 |
| Other income (expense), net | $2.8M | $6.7M | $1.8M | $3.7M |
| Income (loss) before income taxes | $420.4M | $362.5M | $351.0M | $353.0M |
| Income tax expense (benefit) | $5.2M | $3.5M | $2.1M | $2.2M |
| Net income (loss) | $415.3M | $359.0M | $348.9M | $350.8M |
| Net income (loss) attributable to noncontrolling interests | $11.7M | $8.8M | $9.3M | $9.1M |
| Net income (loss) attributable to Western Midstream Partners, LP | $403.6M | $350.3M | $339.6M | $341.7M |
| General partner interest in net (income) loss | ($8.7M) | ($7.9M) | ($7.9M) | ($7.9M) |
| Limited partners' interest in net income (loss) | $394.9M | $342.4M | $331.7M | $333.8M |
| Net income (loss) per common unit - basic | $0.99 | $0.86 | $0.87 | $0.88 |
| Net income (loss) per common unit - diluted | $0.99 | $0.85 | $0.87 | $0.87 |
| Weighted-average common units outstanding - basic | 398.0M | 399.1M | 381.3M | 381.3M |
| Weighted-average common units outstanding - diluted | 399.4M | 400.6M | 382.8M | 382.3M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $819.5M | $1.1B | $272.8M | $286.7M |
| Accounts receivable, net | $773.2M | $701.8M | $666.6M | $554.3M |
| Other current assets | $64.3M | $54.9M | $53.0M | $59.5M |
| Total current assets | $1.7B | $1.8B | $992.4M | $900.4M |
| Cost | $17.6B | $15.5B | $14.9B | $13.4B |
| Less accumulated depreciation | $6.4B | $5.8B | $5.3B | $4.8B |
| Net property, plant, and equipment | $11.2B | $9.7B | $9.7B | $8.5B |
| Goodwill | $353.3M | $4.8M | $4.8M | $4.8M |
| Other intangible assets | $913.8M | $649.7M | $681.4M | $713.1M |
| Equity investments | $504.9M | $541.4M | $904.5M | $944.7M |
| Other assets | $348.7M | $387.0M | $233.5M | $167.0M |
| Total assets | $15.0B | $13.1B | $12.5B | $11.3B |
| Accounts and imbalance payables | $319.2M | $312.9M | $362.5M | $360.6M |
| Short-term debt | $448.8M | $1.0B | $617.7M | $215.8M |
| Accrued ad valorem taxes | $60.1M | $38.3M | $61.3M | $72.9M |
| Accrued liabilities | $408.4M | $329.4M | $262.6M | $254.6M |
| Total current liabilities | $1.2B | $1.7B | $1.3B | $903.9M |
| Long-term debt | $8.2B | $6.9B | $7.3B | $6.6B |
| Deferred income taxes | $111.3M | $29.7M | $15.5M | $14.4M |
| Asset retirement obligations | $427.9M | $370.2M | $359.2M | $290.0M |
| Other liabilities | $864.5M | $751.4M | $480.2M | $385.6M |
| Total long-term liabilities | $9.6B | $8.1B | $8.1B | $7.3B |
| Total liabilities | $10.8B | $9.8B | $9.4B | $8.2B |
| Common units (408,141,366 and 380,556,643 units issued and outstanding at December 31, 2025, and December 31, 2024, respectively) | $4.0B | $3.2B | $2.9B | $3.0B |
| General partner units (9,060,641 units issued and outstanding at December 31, 2025, and December 31, 2024) | $4.6M | $10.8M | $3.2M | $2.1M |
| Total partners' capital | $4.0B | $3.2B | $2.9B | $3.0B |
| Noncontrolling interests | $141.9M | $139.6M | $131.7M | $136.4M |
| Total equity and partners' capital | $4.2B | $3.4B | $3.0B | $3.1B |
| Total liabilities, equity, and partners' capital | $15.0B | $13.1B | $12.5B | $11.3B |
| Common units issued | $408.1M | $380.6M | $379.5M | $384.1M |
| Common units outstanding | $408.1M | $380.6M | $379.5M | $384.1M |
| General partner units issued | $9.1M | $9.1M | $9.1M | $9.1M |
| General Partners' Capital Account, Units Outstanding | $9.1M | $9.1M | $9.1M | $9.1M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents | $104.8M | $647.5M | $177.3M | $129.7M |
| Accounts receivable, net | $955.1M | $822.7M | $682.7M | $704.6M |
| Other current assets | $78.8M | $69.2M | $57.1M | $70.6M |
| Total current assets | $1.1B | $1.5B | $917.1M | $905.0M |
| Cost | $19.3B | $17.9B | $16.0B | $15.8B |
| Less accumulated depreciation | $6.7B | $6.6B | $6.3B | $6.1B |
| Net property, plant, and equipment | $12.5B | $11.3B | $9.7B | $9.7B |
| Goodwill | $391.5M | $347.6M | $4.8M | $4.8M |
| Other intangible assets | $1.4B | $901.9M | $626.0M | $633.9M |
| Equity investments | $493.5M | $495.8M | $510.6M | $523.5M |
| Other assets | $367.6M | $345.1M | $340.6M | $352.1M |
| Total assets | $16.3B | $14.9B | $12.1B | $12.2B |
| Accounts and imbalance payables | $510.4M | $413.8M | $297.0M | $357.0M |
| Short-term debt | $168.1M | $445.6M | $13.1M | $13.2M |
| Accrued ad valorem taxes | $41.8M | $49.8M | $51.0M | $35.4M |
| Accrued liabilities | $528.8M | $498.0M | $279.3M | $289.1M |
| Total current liabilities | $1.2B | $1.4B | $640.5M | $694.8M |
| Long-term debt | $8.9B | $8.2B | $6.9B | $6.9B |
| Deferred income taxes | $117.0M | $111.9M | $31.9M | $31.7M |
| Asset retirement obligations | $471.7M | $443.2M | $389.8M | $385.2M |
| Other liabilities | $1.2B | $1.3B | $810.2M | $790.3M |
| Total long-term liabilities | $10.7B | $10.0B | $8.2B | $8.1B |
| Total liabilities | $11.9B | $11.4B | $8.8B | $8.8B |
| Common units (413,172,388 and 408,141,366 units issued and outstanding at June 30, 2026 and December 31, 2025, respectively) | $4.3B | $3.4B | $3.2B | $3.2B |
| General partner units (9,060,641 units issued and outstanding at June 30, 2026, and December 31, 2025) | $4.5M | $4.3M | $9.4M | $9.7M |
| Total partners' capital | $4.3B | $3.4B | $3.2B | $3.2B |
| Noncontrolling interests | $143.8M | $141.2M | $146.5M | $144.5M |
| Total equity and partners' capital | $4.4B | $3.5B | $3.3B | $3.3B |
| Total liabilities, equity, and partners' capital | $16.3B | $14.9B | $12.1B | $12.2B |
| Common units issued | $413.2M | $393.8M | $381.3M | $381.3M |
| Common units outstanding | $413.2M | $393.8M | $381.3M | $381.3M |
| General partner units issued | $9.1M | $9.1M | $9.1M | $9.1M |
| General partner units outstanding | $9.1M | $9.1M | $9.1M | $9.1M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $1.2B | $1.6B | $1.0B | $1.3B |
| Depreciation and amortization | $710.8M | $650.4M | $600.7M | $582.4M |
| Long-lived asset and other impairments | $14.8M | $6.2M | $52.9M | $20.6M |
| Non-cash equity-based compensation expense | $50.8M | $38.0M | $32.0M | $27.8M |
| Deferred income taxes | $3.9M | $14.2M | $1.0M | $2.0M |
| Accretion and amortization of long-term obligations, net | $6.9M | $9.2M | $8.2M | $7.1M |
| Equity income, net – related parties | ($85.8M) | ($112.4M) | ($153.0M) | ($183.5M) |
| Distributions from equity-investment earnings – related parties | $91.0M | $111.4M | $155.2M | $186.2M |
| (Gain) loss on divestiture and other, net | $11.1M | ($296.8M) | $10.1M | ($103.7M) |
| (Gain) loss on early extinguishment of debt | $0 | ($5.4M) | ($15.4M) | ($91.0K) |
| Other | $303.0K | $248.0K | $442.0K | $510.0K |
| (Increase) decrease in accounts receivable, net | $36.0M | ($42.8M) | ($78.3M) | ($116.3M) |
| Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | ($4.0M) | ($21.9M) | ($68.0M) | ($7.8M) |
| Change in other items, net | $174.3M | $175.2M | $67.6M | $34.8M |
| Net cash provided by operating activities | $2.2B | $2.1B | $1.7B | $1.7B |
| Capital expenditures | ($728.0M) | ($833.9M) | ($735.1M) | ($487.2M) |
| Acquisitions from third parties | ($368.6M) | ($443.0K) | ($877.7M) | ($40.1M) |
| Contributions to equity investments - related parties | $0 | ($9.7M) | ($1.2M) | ($9.6M) |
| Distributions from equity investments in excess of cumulative earnings – related parties | $31.4M | $30.9M | $39.1M | $63.9M |
| Proceeds from the sale of assets | $162.0K | $792.3M | ($87.0K) | $264.3M |
| (Increase) decrease in materials and supplies inventory and other | ($20.1M) | ($18.3M) | ($32.3M) | ($9.5M) |
| Net cash provided by (used in) investing activities | ($1.1B) | ($39.2M) | ($1.6B) | ($218.2M) |
| Borrowings, net of debt issuance costs | $1.2B | $789.0M | $2.4B | $1.4B |
| Repayments of debt | ($1.1B) | ($143.9M) | ($2.0B) | ($1.5B) |
| Commercial paper borrowings (repayments), net | $0 | ($610.3M) | $609.9M | — |
| Increase (decrease) in outstanding checks | ($8.0M) | ($5.6M) | $3.5M | $2.2M |
| Distributions to Partnership unitholders | ($1.4B) | ($1.2B) | ($978.4M) | ($735.8M) |
| Distributions to Chipeta noncontrolling interest owner | ($2.1M) | ($4.4M) | ($7.6M) | ($10.7M) |
| Distributions to noncontrolling interest owner of WES Operating | ($29.5M) | ($25.4M) | ($22.9M) | ($24.9M) |
| Unit repurchases from Occidental | $0 | $0 | ($134.6M) | ($487.6M) |
| Other | ($41.5M) | ($33.4M) | ($18.6M) | ($13.6M) |
| Net cash provided by (used in) financing activities | ($1.4B) | ($1.3B) | ($67.9M) | ($1.4B) |
| Net increase (decrease) in cash and cash equivalents | ($271.0M) | $817.7M | ($13.9M) | $84.7M |
| Cash and cash equivalents at beginning of period | $1.1B | $272.8M | $286.7M | $202.0M |
| Cash and cash equivalents at end of period | $819.5M | $1.1B | $272.8M | $286.7M |
| Interest paid, net of capitalized interest | $381.0M | $360.8M | $326.9M | $355.4M |
| Accrued capital expenditures | $79.7M | $64.1M | $99.6M | $82.4M |
| Income taxes paid (reimbursements received) | $3.1M | $2.2M | $4.1M | $912.0K |
| Acquisition-related issuance of common units | $1.0B | — | — | — |
| Asset retirement cost additions and revisions, net | $40.6M | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $774.3M | $359.0M | $1.0B | $667.3M |
| Depreciation and amortization | $406.4M | $200.4M | $512.9M | $342.6M |
| Long-lived asset and other impairments | $1.2M | $608.0K | $12.3M | $689.0K |
| Non-cash equity-based compensation expense | $24.4M | $10.9M | $29.4M | $19.0M |
| Deferred income taxes | $2.3M | $621.0K | $2.2M | $2.0M |
| Accretion and amortization of long-term obligations, net | $1.6M | $882.0K | $6.1M | $4.2M |
| Equity income, net – related parties | ($36.3M) | ($14.8M) | ($64.4M) | ($47.6M) |
| Distributions from equity-investment earnings – related parties | $40.4M | $15.8M | $69.2M | $51.4M |
| (Gain) loss on divestiture and other, net | $11.0M | $6.4M | $8.0M | $5.6M |
| (Gain) loss on early extinguishment of debt | $150.0K | — | $0 | $0 |
| Other | $325.0K | ($4.0K) | $286.0K | $233.0K |
| (Increase) decrease in accounts receivable, net | ($98.0M) | ($50.2M) | $19.2M | ($2.8M) |
| Increase (decrease) in accounts and imbalance payables and accrued liabilities, net | ($21.9M) | ($28.3M) | ($56.5M) | ($15.6M) |
| Change in other items, net | ($101.0M) | ($31.3M) | $110.0M | $67.8M |
| Net cash provided by operating activities | $1.0B | $469.9M | $1.7B | $1.1B |
| Capital expenditures | ($506.1M) | ($235.7M) | ($505.8M) | ($321.0M) |
| Acquisitions from third parties | ($818.7M) | — | $0 | $0 |
| Contributions to equity investments - related parties | ($2.6M) | ($1.8M) | — | — |
| Distributions from equity investments in excess of cumulative earnings – related parties | $9.9M | $9.9M | $26.0M | $14.0M |
| Proceeds from the sale of assets | $0 | $0 | $162.0K | $34.0K |
| (Increase) decrease in materials and supplies inventory and other | ($24.8M) | ($7.3M) | $3.3M | ($7.8M) |
| Net cash provided by (used in) investing activities | ($1.3B) | ($234.9M) | ($476.3M) | ($314.8M) |
| Borrowings, net of debt issuance costs | $1.1B | ($132.0K) | ($1.2M) | ($1.2M) |
| Repayments of debt | ($800.5M) | $0 | ($1.0B) | ($1.0B) |
| Commercial paper borrowings (repayments), net | $162.9M | — | $0 | $0 |
| Increase (decrease) in outstanding checks | $14.9M | $13.5M | ($3.1M) | ($7.7M) |
| Distributions to Partnership unitholders | ($754.3M) | ($379.7M) | ($1.1B) | ($696.2M) |
| Distributions to Chipeta noncontrolling interest owner | ($4.0M) | ($2.1M) | $0 | $0 |
| Distributions to noncontrolling interest owner of WES Operating | ($14.5M) | ($7.3M) | ($21.5M) | ($14.2M) |
| Other | ($34.2M) | ($31.2M) | ($24.0M) | ($20.9M) |
| Net cash provided by (used in) financing activities | ($377.1M) | ($407.0M) | ($2.1B) | ($1.7B) |
| Net increase (decrease) in cash and cash equivalents | ($714.7M) | ($172.0M) | ($913.2M) | ($960.7M) |
| Cash and cash equivalents at beginning of period | $819.5M | $819.5M | $1.1B | $1.1B |
| Cash and cash equivalents at end of period | $104.8M | $647.5M | $177.3M | $129.7M |
| Interest paid, net of capitalized interest | $223.6M | $124.8M | $318.2M | $198.0M |
| Accrued capital expenditures | $141.4M | $97.4M | $62.1M | $85.2M |
| Income taxes paid (reimbursements received) | $13.6M | $3.4M | $2.3M | $2.3M |
| Asset retirement cost additions and revisions, net | $30.9M | — | — | — |
| Acquisition-related issuance of units | $852.0M | — | — | — |
| WES unit redemption with Occidental | ($610.0M) | ($610.0M) | — | — |
Western Midstream Partners LP score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.