Jun 2026 (Q2 FY26) — Aug 6, 2026
Western Midstream Partners Q2 FY26 — Record EBITDA and Raised Full-Year Guidance
Read the full callWestern Midstream Partners (WES) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Western Midstream Partners earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,124 | +22.5% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 41.8 | −2.9 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 350 | +13.4% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
21 of 21 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Brazos Delaware II accretion to distributable cash flow per unit | immediately accretive to 2026 distributable cash flow per unit | Mar 2026 | It is accretive to per unit metrics, protects the partnership's balance sheet and investment-grade credit ratings and diversifies our customer base and ownership. | Achieved |
| Full-year adjusted EBITDA | $2.5 billion to $2.7 billion | Dec 2025 | We now expect 2026 adjusted EBITDA to be between $2.75 billion and $2.95 billion, implying a midpoint of $2.85 billion, an increase of $250 million compared to our original guidance range. | Revised Up |
| Full-year base distribution | at least $3.70 per unit | Dec 2025 | Finally, turning to the distribution. Our target of at least $3.70 per unit paid in 2026 remains unchanged. | On Track |
17 of Western Midstream Partners, LP's 38 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 35 more targets are in the full ledger.
Claimed
- Achieved record adjusted EBITDA of $737 million, an increase of 19% compared to the prior year period.
- Raised full-year 2026 adjusted EBITDA guidance by $250 million at the midpoint, now targeting $2.85 billion.
- Increased full-year 2026 distributable cash flow guidance by $200 million at the midpoint, now targeting $2.15 billion.
- Increased full-year 2026 free cash flow guidance by $200 million at the midpoint, now targeting $1.2 billion.
- Closed the Brazos Delaware II acquisition, expected to contribute approximately $100 million of adjusted EBITDA in H2 2026.
Qualified
- Third quarter per Mcf adjusted gross margin for natural gas assets expected to be slightly lower than Q2 due to moderated commodity prices.
- Third quarter per barrel adjusted gross margin for crude oil and NGLs assets expected to be slightly lower than Q2.
- Third quarter per barrel adjusted gross margin for produced water assets expected to be slightly lower than Q2.
- Operation and maintenance expense expected to increase in the high single-digit percentage range in Q3, driven by Brazos full run rate and asset maintenance.
Price
$44.36 −0.58% · −$0.26
Performance +17.5% 1Y
1Y: $37.74 on 17 Oct 2025 → $44.36. High $49.8 (18 Aug 2026), low $37.34 (4 Nov 2025).
- Previous close
- $44.62
- 52-week range
- $37.34 – $49.8
- One year
- +16.49%
Overview
- Symbol
- WES
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 21 judged targets kept · 17 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Brazos Delaware II accretion to distributable cash flow per unit | immediately accretive to 2026 distributable cash flow per unit | Mar 2026 | It is accretive to per unit metrics, protects the partnership's balance sheet and investment-grade credit ratings and diversifies our customer base and ownership. | Achieved |
| Full-year adjusted EBITDA | $2.5 billion to $2.7 billion | Dec 2025 | We now expect 2026 adjusted EBITDA to be between $2.75 billion and $2.95 billion, implying a midpoint of $2.85 billion, an increase of $250 million compared to our original guidance range. | Revised Up |
| Full-year base distribution | at least $3.70 per unit | Dec 2025 | Finally, turning to the distribution. Our target of at least $3.70 per unit paid in 2026 remains unchanged. | On Track |
Claimed
- Achieved record adjusted EBITDA of $737 million, an increase of 19% compared to the prior year period.
- Raised full-year 2026 adjusted EBITDA guidance by $250 million at the midpoint, now targeting $2.85 billion.
- Increased full-year 2026 distributable cash flow guidance by $200 million at the midpoint, now targeting $2.15 billion.
- Increased full-year 2026 free cash flow guidance by $200 million at the midpoint, now targeting $1.2 billion.
- Closed the Brazos Delaware II acquisition, expected to contribute approximately $100 million of adjusted EBITDA in H2 2026.
Qualified
- Third quarter per Mcf adjusted gross margin for natural gas assets expected to be slightly lower than Q2 due to moderated commodity prices.
- Third quarter per barrel adjusted gross margin for crude oil and NGLs assets expected to be slightly lower than Q2.
- Third quarter per barrel adjusted gross margin for produced water assets expected to be slightly lower than Q2.
- Operation and maintenance expense expected to increase in the high single-digit percentage range in Q3, driven by Brazos full run rate and asset maintenance.
The full ledger
Open Western Midstream Partners, LP’s full ledger
A free account opens 5 company ledgers a month. All 38 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 12, 2026
Western Midstream Q1 FY26 — Strong Performance Driven by Aris Integration and Brazos Acquisition
Read the full callEvery analysed call
Western Midstream Partners earnings calls (WES)
Financials
What the filings say
Net profit, year on year: +13% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 906 | 883 | 929 | 917 | 942 | 952 | 1,031 | 1,124 |
| Expenses | 523 | 512 | 528 | 523 | 524 | 525 | 744 | 663 |
| Operating profit | 470 | 396 | 426 | 410 | 444 | 442 | 306 | 469 |
| Operating margin | 51.9% | 44.8% | 45.9% | 44.7% | 47.2% | 46.4% | 29.6% | 41.8% |
| Interest | 91 | 94 | 99 | 97 | 95 | 92 | 106 | 113 |
| Profit before tax | 388 | 311 | 342 | 320 | 353 | 351 | 204 | 363 |
| Tax rate | 0.2% | 4.9% | 0.1% | 1.1% | 0.6% | 0.6% | 3.6% | 1.0% |
| Net profit | 379 | 288 | 334 | 309 | 342 | 340 | 191 | 350 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 6,565 | 9,001 | 8,935 | 8,177 | 8,164 | 9,442 | 9,770 | 10,835 |
| Fixed assets | 8,410 | 9,065 | 8,710 | 8,513 | 8,542 | 9,655 | 9,715 | 11,221 |
| Total assets | 11,457 | 12,346 | 11,830 | 11,273 | 11,272 | 12,472 | 13,145 | 14,998 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,348 | 1,324 | 1,637 | 1,767 | 1,701 | 1,661 | 2,137 | 2,223 |
| Cash from investing | -2,211 | -3,388 | -448 | -258 | -218 | -1,607 | -39 | -1,085 |
| Cash from financing | 875 | 2,072 | -844 | -1,752 | -1,399 | -68 | -1,280 | -1,408 |
| Net cash flow | — | — | 345 | -243 | 85 | -14 | 818 | -271 |
| Capital expenditure | -1,949 | -1,189 | -424 | -314 | -487 | -735 | -834 | -728 |
| Free cash flow | -600 | 135 | 1,214 | 1,453 | 1,214 | 926 | 1,303 | 1,495 |
WES revenue by segment
Service Fee Based shrank from 92% to 80% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Service Fee Based | 92% | 93% | 90% | 90% | 91% | 88% | 83% | 81% | +15.1% |
| Product | 2% | 3% | 4% | 4% | 5% | — | 9% | 10% | +209.7% |
| Service Product Based | 6% | 4% | 6% | 5% | 4% | 5% | 8% | 9% | +123.3% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
43 filings between Oct 28, 2025 and Aug 12, 2026.
Open market
decisions to buy or sellPurchases
$300.1K
2 purchases by 2 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 21
- Option exercise — converted options into shares
- 18
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Forthuber Frederick A. | $249.9K | — | Aug 12, 2026 |
| PHILLIPS ROBERT G | $50.2K | — | Mar 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 12, 2026 | Forthuber Frederick A. Director | Purchase | 5,140 | $249.9K |
| Mar 11, 2026 | PHILLIPS ROBERT G Director | Purchase | 1,250 | $50.2K |
| Feb 12, 2026 | Dial Christopher B. SVP, GC and Secretary | Tax withheld | 5,879 | $249.0K |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Option exercise | 10,819 | $0 |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Tax withheld | 4,258 | $180.3K |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Option exercise | 14,940 | $0 |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Tax withheld | 5,879 | $249.0K |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Option exercise | 10,009 | $0 |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Tax withheld | 3,939 | $166.8K |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Option exercise | 25,316 | $0 |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Tax withheld | 9,962 | $421.9K |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Option exercise | 30,704 | $0 |
| Feb 12, 2026 | Shults Kristen S. SVP & Chief Financial Officer | Tax withheld | 12,127 | $513.6K |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 7,018 | $0 |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Tax withheld | 2,762 | $117.0K |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 11,952 | $0 |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Tax withheld | 4,704 | $199.2K |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 8,008 | $0 |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Tax withheld | 3,152 | $133.5K |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 16,421 | $0 |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Tax withheld | 6,462 | $41.76M |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 19,916 | $0 |
| Feb 12, 2026 | Green Catherine A. SVP & Chief Accounting Officer | Tax withheld | 7,914 | $335.2K |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Option exercise | 10,819 | $0 |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Tax withheld | 4,258 | $180.3K |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Option exercise | 14,940 | $0 |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Tax withheld | 5,879 | $249.0K |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Option exercise | 10,009 | $0 |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Tax withheld | 3,939 | $166.8K |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Option exercise | 25,316 | $0 |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Tax withheld | 9,962 | $421.9K |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Option exercise | 30,704 | $0 |
| Feb 12, 2026 | Holderman Daniel P. SVP & Chief Operating Officer | Tax withheld | 12,114 | $513.0K |
| Feb 12, 2026 | Owen Kenneth F. Director | Option exercise | 3,843 | $0 |
| Feb 12, 2026 | PHILLIPS ROBERT G Director | Option exercise | 4,046 | $0 |
| Feb 12, 2026 | STEWART LISA A Director | Option exercise | 3,843 | $0 |
| Feb 12, 2026 | SCHULTE DAVID J Director | Option exercise | 3,843 | $0 |
| Feb 12, 2026 | Brown Oscar K President & CEO | Option exercise | 24,022 | $0 |
| Feb 12, 2026 | Brown Oscar K President & CEO | Tax withheld | 10,510 | $445.1K |
| Feb 3, 2026 | OCCIDENTAL PETROLEUM CORP /DE/ 10% owner | Other | 15,307,402 | — |
| Feb 3, 2026 | OCCIDENTAL PETROLEUM CORP /DE/ 10% owner | Other | 15,307,402 | — |
| Oct 28, 2025 | Brown Oscar K President & CEO | Option exercise | 52,660 | $0 |
| Oct 28, 2025 | Brown Oscar K President & CEO | Tax withheld | 20,722 | $803.6K |
| Feb 20, 2025 | Dial Christopher B. SVP, GC and Secretary | Option exercise | 13,007 | $0 |
| Feb 20, 2025 | Dial Christopher B. SVP, GC and Secretary | Tax withheld | 5,119 | $213.1K |
| Feb 20, 2025 | Dial Christopher B. SVP, GC and Secretary | Option exercise | 16,189 | $0 |
| Feb 20, 2025 | Dial Christopher B. SVP, GC and Secretary | Tax withheld | 6,371 | $265.2K |
| Feb 20, 2025 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 9,393 | $0 |
| Feb 20, 2025 | Green Catherine A. SVP & Chief Accounting Officer | Tax withheld | 3,697 | $153.9K |
| Feb 20, 2025 | Green Catherine A. SVP & Chief Accounting Officer | Option exercise | 11,692 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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