WES Q2 2025 Earnings
Reported Aug 6, 2025 at 4:45 PM ET · SEC Source
Q2 25 EPS
$0.87
BEAT +3.76%
Est. $0.84
Q2 25 Revenue
$942.3M
MISS 0.24%
Est. $944.6M
vs S&P Since Q2 25
-3.6%
TRAILING MARKET
WES +10.4% vs S&P +14.0%
Market Reaction
Did WES Beat Earnings? Q2 2025 Results
Western Midstream Partners posted a solid second quarter in 2025, with earnings per unit of $0.87 beating the $0.84 consensus by 3.76%, even as revenue of $942.32 million came in fractionally below the $944.62 million estimate, a miss of just 0.24%. … Read more Western Midstream Partners posted a solid second quarter in 2025, with earnings per unit of $0.87 beating the $0.84 consensus by 3.76%, even as revenue of $942.32 million came in fractionally below the $944.62 million estimate, a miss of just 0.24%. The top line still grew 4.0% year over year, underscoring steady underlying demand for the partnership's midstream services. The quarter's headline result was a record Adjusted EBITDA of $617.88 million, powered by sequential throughput growth across all product lines, including record Delaware Basin natural-gas volumes of 2.1 Bcf/d. The most transformative development, however, was WES's agreement to acquire Aris Water Solutions in a deal valued at approximately $2.00 billion, which is expected to add roughly $40.00 million in annualized cost synergies and be accretive to 2026 Free Cash Flow per unit. Management reaffirmed its 2025 Adjusted EBITDA guidance of $2.35 billion to $2.55 billion, keeping the partnership well-positioned as investors continue to weigh midstream MLPs for their distribution stability and cash flow durability.
Key Takeaways
- • Record Delaware Basin natural-gas throughput of 2.1 Bcf/d, up 7% sequentially
- • Record Delaware Basin crude-oil and NGLs throughput of 269 MBbls/d, up 5% sequentially
- • Record Delaware Basin produced-water throughput of 1,242 MBbls/d, up 4% sequentially
- • Sequential throughput growth across all products: 3% natural gas, 6% crude-oil and NGLs, 4% produced water
- • Productivity and efficiency focus resulting in cost reductions and process improvements
- • Fee-based contract structure protecting cash flows from commodity price volatility
WES YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
WES Revenue by Segment
Business unit performance breakdown
“WES had a successful second quarter as we generated the highest quarterly Adjusted EBITDA in our partnership's history, delivered increased throughput across all core operating basins and across all products, and executed on numerous significant growth initiatives. Additionally, our strategic focus on productivity and efficiency has resulted in cost reductions and process improvements, which should help WES remain competitive and better execute on our near-term growth plans. These results have kept WES on track to achieve our annual throughput growth expectations, and we remain within our previously announced financial guidance ranges for the year.”
— Oscar Brown, Q2 2025 Earnings Press Release
WES Earnings Trends
WES vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WES EPS Trend
Earnings per share: estimate vs actual
WES Revenue Trend
Quarterly revenue: estimate vs actual
WES Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 MISS FY | $0.94 | $0.47 | -50.20% | $1.03B | -2.57% |
| FY Full Year | $3.40 | $2.98 | -12.23% | $3.84B | -0.70% |
| Q3 25 MISS | $0.90 | $0.87 | -3.07% | $952.5M | -1.25% |
| Q2 25 BEAT | $0.84 | $0.87 | +3.76% | $942.3M | -0.24% |
| Q1 25 MISS | $0.82 | $0.79 | -3.89% | $917.1M | -1.02% |