WES Q3 2025 Earnings
Reported Nov 4, 2025 at 4:20 PM ET · SEC Source
Q3 25 EPS
$0.87
MISS 3.07%
Est. $0.90
Q3 25 Revenue
$952.5M
MISS 1.25%
Est. $964.5M
vs S&P Since Q3 25
+10.0%
BEATING MARKET
WES +16.3% vs S&P +6.4%
Market Reaction
Did WES Beat Earnings? Q3 2025 Results
Western Midstream Partners came up just short of Wall Street's expectations in Q3 2025, posting earnings of $0.87 per diluted unit against a consensus estimate of $0.90, a miss of 3.07%, while revenue of $952.48 million trailed the $964.52 million es… Read more Western Midstream Partners came up just short of Wall Street's expectations in Q3 2025, posting earnings of $0.87 per diluted unit against a consensus estimate of $0.90, a miss of 3.07%, while revenue of $952.48 million trailed the $964.52 million estimate by 1.25%, though it still represented a solid 7.8% increase year-over-year. The headline misses, however, obscure an operationally strong quarter: the partnership delivered its second consecutive record Adjusted EBITDA of $633.80 million, fueled primarily by lower operating and maintenance expenses, which fell to $212.38 million from $231.07 million in the year-ago period, rather than volume growth alone. Natural-gas throughput hit a record 5.5 Bcf/d, while system operability reached a near-perfect 99.6%. The closing of the Aris Water Solutions acquisition in October, which established WES as a leading three-stream midstream provider in the Delaware Basin, adds further momentum heading into 2026. Management raised its outlook, now expecting to land at the high end of its $2.35 billion to $2.55 billion Adjusted EBITDA range and above the top of its Free Cash Flow guidance of $1.27 billion to $1.48 billion.
Key Takeaways
- • Record natural-gas throughput of 5.5 Bcf/d, a 2% sequential increase
- • Lower operating costs driven by efficiency improvements and cost management efforts
- • System operability increased nearly 100 basis points year-over-year to 99.6%
- • Fee-based revenue structure protecting cash flows from commodity price volatility
- • Second consecutive quarter of record Adjusted EBITDA
WES YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
WES Revenue by Segment
Business unit performance breakdown
“I am pleased to report another strong operational and financial quarter for WES as we generated our second consecutive quarter of record Adjusted EBITDA. Lower operational costs, inclusive of efficiency improvements and cost management efforts, drove a sequential-quarter increase in Adjusted EBITDA, even though volumes remained relatively in line with the second-quarter. These efficiency efforts have also enhanced productivity and cost competitiveness, positioning our partnership well as we advance Aris integration activities and continue to execute our near-term growth plans.”
— Oscar Brown, Q3 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% |