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Western Midstream Partners (WES)
NYSE:WES
Earnings Data
Report Date
May 13, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.78Last Year’s EPS
0.79Same Quarter Last Year
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a largely constructive picture: Western Midstream delivered record adjusted EBITDA and free cash flow in 2025, successfully closed and integrated the Aris acquisition ahead of plan, realized meaningful cost synergies, and maintained a conservative balance sheet with flexibility to adjust capital spending. However, the company faces notable near-term headwinds — producer activity reductions (including reallocation by Oxy), Waha hub pricing-related curtailments, basin-specific declines (DJ and Powder River), and some one-time accounting and transaction impacts that pressure margins and 2026 free cash flow. Management emphasized discipline, flexibility in capex, and a long-term mid- to low-single-digit adjusted EBITDA growth target, while taking a conservative approach to distributions in 2026.Company Guidance
Record Adjusted EBITDA and Sequential Improvement
Fourth quarter adjusted EBITDA of $636 million (would have been $665 million excluding $29.5 million of noncash revenue adjustments), representing ~5% sequential quarter increase on an adjusted basis; full-year 2025 adjusted EBITDA of $2.48 billion, up ~6% year-over-year and above the midpoint of guidance.
Record Free Cash Flow and Strong Operating Cash
Record free cash flow of $1.53 billion for 2025 (exceeding the high end of guidance) and fourth quarter free cash flow of $341 million; fourth quarter cash flow from operations of $558 million.
Throughput Growth Across Products
Full-year 2025 throughput increased across all three products: natural gas averaged 5.2 Bcf/d (+4% YoY), crude oil & NGLs averaged 514,000 bpd (+1% YoY), and produced water averaged 1.6 million bpd (+40% YoY, including 2.5 months of Aris contribution); Q4 produced water throughput increased 121% sequentially due to Aris.
Accretive Aris Acquisition and Successful Integration
Aris Water Solutions acquisition materially expanded produced water capabilities and New Mexico presence; integration mostly complete, ahead of schedule, with $40 million targeted cost synergies and ~85% of those savings expected by end of Q1 2026.
Cost Reduction and Operational Efficiency Gains
Excluding Aris and reimbursable utility costs, operations & maintenance (O&M) expense annualized decreased by more than $100 million from Q1 to Q4 2025; multi-quarter trend of declining legacy O&M and G&A (cash G&A excluding acquisition-related costs ~flat YoY at ~$235 million).
Disciplined Capital Allocation and Flexible CapEx
2025 capital expenditures of $722 million were within guidance; 2026 expansion capex midpoint reduced to $925 million (from prior communications of at least $1.1 billion), demonstrating ability to quickly align investment with producer activity.
Strong Balance Sheet and Capital Return
Maintained net leverage around ~3x in 2025 including financing for Aris; declared distribution of $0.91 per unit for Q1 and proposed a $0.02 per unit increase for 2026, guiding full-year distribution of at least $3.70 per unit (~3% increase YoY).
Key Project Progress and Organic Growth Projects
North Loving Train I completed ahead of schedule and under budget (added ~250 MMcf/d processing capacity to ~2.2 Bcf/d); Pathfinder pipeline sanctioned; North Loving Train II sanctioned and expected online early Q2 2027; these projects support medium-term growth runway.
WES Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WES Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 18, 2026 | $43.90 | $41.49 | -5.49% |
Nov 04, 2025 | $36.52 | $37.41 | +2.44% |
Aug 06, 2025 | $38.51 | $36.71 | -4.68% |
May 07, 2025 | $33.56 | $34.19 | +1.86% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Western Midstream Partners (WES) report earnings?
Western Midstream Partners (WES) is schdueled to report earning on May 13, 2026, After Close (Confirmed).
What is Western Midstream Partners (WES) earnings time?
Western Midstream Partners (WES) earnings time is at May 13, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is WES EPS forecast?
WES EPS forecast for the fiscal quarter 2026 (Q1) is 0.78.