NYSE$WES

Western Midstream Partners LP · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Western Midstream reported Q4 2025, revenue of $1.03B, net income of $187.2M, diluted EPS of $0.47.

For Q4 2025, Western Midstream reported revenue of $1.03B, net income of $187.2M, diluted EPS was $0.47. Management discusses segment performance, capital allocation, and outlook in the earnings release.

  • Revenue $1.03B.
  • Net income $187.2M.
  • Diluted EPS $0.47.

Headline financials

Total Revenue

$1.03B

Previous: $929M+11.1%
EPS (adj)

$0.47

Previous: $0.85-44.7%
Per-Mcf Adjusted Gross Margin for Natural Gas Assets

$1.26

Previous: $1.30-3.1%
Per-Bbl Adjusted Gross Margin for Crude Oil and NGLs Assets

$2.77

Previous: $2.94-5.8%
Per-Bbl Adjusted Gross Margin for Produced Water Assets

$0.83

Previous: $0.96-13.5%
Total Throughput for Natural Gas Assets (MMcf/d)

5.3K

Previous: 5.2K+2.2%
Total Throughput for Crude Oil and NGLs Assets (MBbls/d)

518

Previous: 541-4.3%
Total Throughput for Produced Water Assets (MBbls/d)

2.7K

Previous: 1.1K+139.6%
Net Income

$187M

Previous: $326M-42.6%
Operating Income

$306M

Previous: $426M-28.2%

Revenue & EPS history

Western Midstream · Revenue · Quarterly

$1.03B

Q4 2025+11.1%vs Q4 2024
Beat estimate in 5 of 15 quarters(33%)
ActualEstimate

Forward guidance

The release discusses Western Midstream's outlook for upcoming periods, including capital allocation, operating priorities, and market risks, without relying solely on numeric EPS bridges.

Tailwinds

  • Western Midstream cites operational execution and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

+0.8%

Avg return

Earnings day

+0.6%

Avg return

5 days after

+0.1%

Avg return

30 days after

44%

24 / 54 earnings

Positive

+42.0%

Q3 2020

Best reaction

-11.9%

Q2 2019

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+5.1%+7.5%+7.3%
Q4 2025-6.0%-6.7%-5.1%
Q3 2025+2.5%+4.9%+7.1%
Q2 2025-5.0%-5.4%-5.7%
Q1 2025+2.2%+9.5%+6.2%
Q4 2024-1.2%-4.3%+2.5%
Q3 2024-1.2%-5.4%+6.6%
Q2 2024+1.5%-2.6%-3.0%
Q1 2024+2.3%+4.2%+7.3%
Q4 2023+9.1%+10.0%+12.4%
Q3 2023+6.7%+5.6%+11.3%
Q2 2023-2.1%+0.5%-7.5%
Q1 2023-0.8%+0.6%+2.9%
Q4 2022-3.5%-4.6%-10.1%
Q3 2022-1.6%-3.2%+0.3%
Q2 2022-6.2%-2.6%-1.1%
Q1 2022-0.5%+6.4%+16.9%
Q4 2021-2.6%+4.5%+0.6%
Q3 2021-1.5%+1.4%-7.6%
Q2 2021+2.8%+6.4%+6.9%
Q1 2021+0.8%+3.8%+4.8%
Q4 2020+11.3%+3.9%+12.6%
Q3 2020+42.0%+44.1%+93.1%
Q2 2020+2.1%-3.2%-15.1%
Q1 2020-5.5%-7.9%+24.8%
Q4 2019-2.6%-1.0%-75.2%
Q3 2019-3.9%-7.7%-17.1%
Q2 2019-11.9%-15.4%-22.5%
Q1 2019-6.0%-8.7%-11.4%
Q4 2018+3.7%+7.6%+1.5%
Q3 2018-1.7%+0.1%-0.8%
Q2 2018-3.9%-2.9%-9.8%
Q1 2018+1.7%+1.4%+8.3%
Q4 2017-2.2%-2.6%-11.3%
Q3 2017-0.4%-2.4%-8.5%
Q2 2017+0.7%-0.5%-3.2%
Q1 2017-1.6%-3.1%-5.0%
Q4 2016-1.0%-4.3%-4.8%
Q3 2016-0.8%-1.7%-0.0%
Q2 2016+1.9%-0.3%-2.7%
Q1 2016-0.5%
Q4 2015+14.9%
Q3 2015+1.5%
Q2 2015+1.0%
Q1 2015-0.6%
Q4 2014-3.8%
Q3 2014+1.9%
Q2 2014-1.7%
Q1 2014+0.4%
Q4 2013+4.1%
Q3 2013+2.2%
Q2 2013-0.9%
Q1 2013-3.5%
Q4 2012+3.6%
Q3 2012
Q2 2012
Q1 2012
Q4 2011

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