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Western Midstream Partners

WES Q4 2025 Earnings

Reported Feb 18, 2026 at 5:17 PM ET · SEC Source

Q4 25 EPS

$0.47

MISS 50.20%

Est. $0.94

Q4 25 Revenue

$1.03B

MISS 2.57%

Est. $1.06B

vs S&P Since Q4 25

-7.2%

TRAILING MARKET

WES -2.0% vs S&P +5.3%

Full Year 2025 Results

FY 25 EPS

$2.98

MISS 12.23%

Est. $3.40

FY 25 Revenue

$3.84B

MISS 0.70%

Est. $3.87B

Market Reaction

Did WES Beat Earnings? Q4 2025 Results

Western Midstream Partners delivered a sharply mixed fourth quarter, posting earnings of $0.47 per unit against a consensus estimate of $0.94, a 50.20% miss, while revenue of $1.03 billion fell 2.57% short of the $1.06 billion analysts expected, even… Read more Western Midstream Partners delivered a sharply mixed fourth quarter, posting earnings of $0.47 per unit against a consensus estimate of $0.94, a 50.20% miss, while revenue of $1.03 billion fell 2.57% short of the $1.06 billion analysts expected, even as top-line results grew 11.1% year over year. The primary culprit behind the earnings shortfall was a surge in G&A expenses to $201.87 million, up from $76.03 million in the prior-year period, largely reflecting acquisition-related costs tied to the transformative Aris Water Solutions deal, which drove a 121% sequential-quarter jump in produced-water throughput to 2,693 MBbls/d. Despite the quarterly stumble, full-year 2025 Adjusted EBITDA reached a record $2.48 billion and Free Cash Flow of $1.53 billion exceeded guidance, underscoring the strength of the underlying business. Looking ahead, management guided 2026 Adjusted EBITDA of $2.50 billion to $2.70 billion and trimmed capital expenditure expectations well below prior targets, as WES navigates a more cautious producer activity environment while integrating Aris and advancing major growth projects in the Delaware Basin, a competitive landscape that has MLP investors watching closely.

Key Takeaways

  • • Record Adjusted EBITDA driven by increased Delaware Basin throughput and cost reduction initiatives
  • • Operation and maintenance expense reduced 12% in Q4 2025 vs Q4 2024 excluding Aris acquisition
  • • Record annual natural-gas throughput of 5.2 Bcf/d, 4% YoY increase
  • • Delaware Basin natural-gas throughput grew 9% YoY; crude-oil and NGLs grew 6% YoY
  • • Produced-water throughput grew 40% YoY to 1,578 MBbls/d including Aris contribution
  • • Fee-based contract structure protecting majority of cash flows from commodity-price volatility

WES Forward Guidance & Outlook

WES provided 2026 guidance: Adjusted EBITDA of $2.500 billion to $2.700 billion (approximately 5% year-over-year growth at midpoint); total capital expenditures of $850 million to $1.000 billion (significantly below previous expectations of at least $1.1 billion); Distributable Cash Flow of $1.850 billion to $2.050 billion ($4.59 to $5.08 per unit). Management expects continued Delaware Basin throughput growth at a more moderate pace given lower producer activity levels from a more challenging commodity-price environment. Delaware Basin crude-oil/NGLs and natural-gas throughput expected to increase at low-to-mid single digits YoY, while produced-water throughput expected to increase over 80% primarily from the Aris acquisition. Portfolio-wide operated crude oil/NGLs throughput expected to decline by low-to-mid single digits, with natural gas relatively flat YoY. A distribution increase to $0.93 per unit (annualized $3.72) is planned starting Q1 2026, representing a 2.2% increase. Approximately half of the 2026 capital program is directed toward Pathfinder pipeline and North Loving II construction. Aris integration synergies of approximately 85% of the $40 million target expected by end of Q1 2026, with further O&M reductions anticipated for legacy WES assets.

24/7 Wall St

WES YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

WES Revenue by Segment

Business unit performance breakdown

“2025 was a successful and impactful year for WES. We delivered record Adjusted EBITDA and Free Cash Flow due to another year of steady throughput growth across all three products, including quarterly records in the Delaware and DJ Basins. We met or exceeded our 2025 financial guidance ranges, advanced our growth strategy with the acquisition of Aris Water Solutions, which meaningfully expands our produced-water capabilities and adds a new operating footprint in New Mexico, all while navigating industry challenges that included volatile Waha Hub pricing and associated third-party production curtailments. The consistency of our assets and the discipline of our teams were evident throughout the year.”

— Oscar K. Brown, Q4 2025 Earnings Press Release

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