Western Midstream Partners (WES) Q3 FY2026 earnings: revenue $1.2 billion, up 25.4% on the year

Western Midstream Partners, LP (WES) reported revenue of $1.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 25.4% on the same quarter a year earlier. Net income was $332 million, down 2.3% on the year, and diluted earnings per share $0.78. The figures are the company's own, from the 10-Q it filed with the SEC on 4 November 2026.

Revenue

$1.2 billion

+25.4% on the year · -2.5% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

38.6%

46.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$332 million

-2.3% on the year · -17.8% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$0.78

-10.3% on the year · -21.2% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 new, 4 kept.

Adjusted EBITDA up 12% year over year: Adjusted EBITDA was $708.3 million, a 12% increase on the prior-year period.
Sequential Adjusted EBITDA decline: Adjusted EBITDA fell from $736.5 million in the second quarter, which management attributed to lower crude-oil and NGLs pricing, DJ Basin throughput, and seasonal maintenance expense.
Brazos contributed a full quarter: Brazos Delaware, acquired in June, contributed a full quarter of volumes this quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	1,194	1,225	952	-2.5%	+25.4%
Cost of revenue	122	117	51.2	+3.6%	+137.7%
Gross profit	1,073	1,107	901	-3.1%	+19.0%
Gross margin	89.8%	90.4%	94.6%
Operating income	462	527	442	-12.4%	+4.5%
Operating margin	38.6%	43.0%	46.4%
Interest expense	117	109	92.4	+7.0%	+26.2%
Pre-tax income	346	420	351	-17.8%	-1.5%
Income tax	n/a	5.2	2.1
Effective tax rate	n/a	1.2%	0.6%
Net income	332	404	340	-17.8%	-2.3%
Net margin	27.8%	33.0%	35.7%
Diluted EPS	$0.78	$0.99	$0.87	-21.2%	-10.3%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	568	535	570	+6.1%	-0.5%
Capital expenditure	302	270	185	+11.8%	+63.6%
Free cash flow	265	264	385	+0.3%	-31.2%
Free cash flow margin	22.2%	21.6%	40.5%
Cash from investing	-318	-1,107	-162
Cash from financing	-310	29.9	-361
Depreciation and amortisation	224	206	170	+8.7%	+31.4%
Share-based compensation	12.7	13.5	10.5	-5.8%	+21.7%
Dividends paid	393	375	355	+4.8%	+10.5%
Shares outstanding at period end	413m	413m	408m	+0.0%	+1.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Debt	9,155	9,053	6,937	+1.1%	+32.0%
Total liabilities and equity	16,434	16,318	12,125	+0.7%	+35.5%
Fixed assets	12,595	12,542	9,726	+0.4%	+29.5%
Goodwill	394	391	4.8	+0.7%	+8,141.7%
Intangible assets	1,409	1,385	626	+1.7%	+125.0%
Cash and equivalents	44.5	105	177	-57.5%	-74.9%
Receivables	1,060	939	682	+13.0%	+55.4%
Other assets	932	956	909	-2.6%	+2.5%
Total assets	16,434	16,318	12,125	+0.7%	+35.5%

Questions

What was Western Midstream Partners' revenue in Q3 FY2026?

Western Midstream Partners (WES) reported revenue of $1.2 billion for Q3 FY2026, the quarter ended 30 September 2026, up 25.4% on the same quarter a year earlier.

How much did Western Midstream Partners earn in Q3 FY2026?

Net income for Q3 FY2026 was $332 million, down 2.3% on the year, and diluted earnings per share $0.78.

When did Western Midstream Partners report Q3 FY2026 results?

Western Midstream Partners filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 4 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	719	758	876	838	779	734	738	776	858	888	906	883	929	917	942	952	1,031	1,124	1,225	1,194
Cost of revenue	72.0	72.8	149	107	92.7	51.5	44.7	27.6	40.8	46.1	54.0	32.8	39.3	41.5	42.7	51.2	71.6	103	117	122
Gross profit	647	685	728	731	687	683	694	748	817	842	852	851	889	876	900	901	960	1,021	1,107	1,073
Gross margin	90%	90%	83%	87%	88%	93%	94%	96%	95%	95%	94%	96%	96%	95%	95%	95%	93%	91%	90%	90%
Operating income	326	405	397	357	429	290	337	361	392	679	470	396	426	410	444	442	306	469	527	462
Operating margin	45%	53%	45%	43%	55%	40%	46%	46%	46%	77%	52%	45%	46%	45%	47%	46%	30%	42%	43%	39%
Interest expense	89.5	85.5	80.8	83.1	84.6	81.7	86.2	82.8	97.6	94.5	90.5	94.1	99.3	97.3	95.2	92.4	106	113	109	117
Pre-tax income	237	319	317	274	346	210	260	285	297	588	388	311	342	320	353	351	204	363	420	346
Tax rate	-6%	1%	0%	0%	0%	1%	0%	0%	0%	0%	0%	5%	0%	1%	1%	1%	4%	1%	1%	n/a
Net income	244	309	306	266	336	204	253	277	288	573	379	288	334	309	342	340	191	350	404	332
Net margin	34%	41%	35%	32%	43%	28%	34%	36%	34%	65%	42%	33%	36%	34%	36%	36%	18%	31%	33%	28%
Diluted EPS	$0.58	$0.75	$0.74	$0.66	$0.85	$0.52	$0.64	$0.70	$0.74	$1.47	$0.97	$0.74	$0.85	$0.79	$0.87	$0.87	$0.47	$0.85	$0.99	$0.78
Operating cash flow	662	276	467	469	489	302	491	395	473	400	631	551	554	531	564	570	558	470	535	568
Capital expenditure	95.9	84.0	107	150	146	173	161	202	199	194	212	189	239	142	179	185	222	236	270	302
Free cash flow	566	192	360	319	343	129	329	193	275	206	420	362	316	388	385	385	335	234	264	265
Buybacks	113	5.1	74.1	368	40.5	7.1	0.0	128	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	135	135	206	198	197	197	337	221	223	223	341	341	341	341	355	355	380	380	375	393
Shares outstanding	404m	403m	386m	385m	385m	385m	385m	380m	380m	380m	380m	381m	381m	381m	381m	408m	394m	394m	413m	413m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 4 November 2026: the filing.