Western Midstream Partners (WES) Q3 2026 Earnings
GAAP net income per common unit (diluted); quarter includes acquisition-related expenses and other, net of $12,514 thousand (items impacting comparability) and a $5,831 thousand loss on divestiture and other, net
How Did WES Stock React to Q3 2026 Earnings?
Did WES Beat Earnings? Q3 2026 Results
No. Western Midstream Partners reported Q3 2026 earnings of $0.78 a share on Nov 4, 2026, missing the $0.91 consensus estimate by 14.2%. Revenue was $1.2B against a $1.2B estimate.
Western Midstream Partners, LP delivered a disappointing third quarter of 2026, missing on both the top and bottom lines as integration costs and softening commodity prices weighed on results. The partnership posted GAAP net income of $0.78 per diluted unit, falling short of the $0.91 consensus estimate by 14.23%, with the quarter absorbing $12.51 million in acquisition-related expenses tied to the June 2026 Brazos Delaware II purchase and a $5.83 million loss on divestiture. Revenue of $1.19 billion, while rising 25.4% year over year, came in 1.16% below the $1.21 billion consensus. The single biggest drag was sequential margin compression: per-Mcf Adjusted Gross Margin for natural gas fell to $1.25 from $1.35, compounded by lower crude-oil and NGLs pricing and a 4% sequential decline in DJ Basin throughput. Despite the miss, management reaffirmed 2026 Adjusted EBITDA guidance of $2.75 billion to $2.95 billion, now expected above the midpoint, while the quarterly distribution held steady at $0.93 per unit, sustaining an annualized yield of roughly 8.4%.
- Record natural-gas throughput of 5.9 Bcf/d, up 8% sequentially
- Record Delaware Basin natural-gas throughput of 2.6 Bcf/d, up 20% sequentially, mostly driven by the Brazos Delaware acquisition
- Record Delaware Basin produced-water throughput of 3,047 MBbls/d, up 2% sequentially
- Adjusted EBITDA up 12% year over year
- Sequential Adjusted EBITDA decline due to lower crude-oil and NGLs pricing, lower DJ Basin throughput, and seasonally higher O&M expense
- Per-Mcf Adjusted Gross Margin for natural-gas assets declined to $1.25 from $1.35
“WES achieved record natural-gas throughput, partnership-wide and in the Delaware Basin, driven by increased throughput from our legacy assets and a full quarter of contribution from the Brazos Delaware acquisition that closed in June. The Brazos integration is progressing as expected, and we anticipate tying those assets into our West Texas Complex by mid-December, enabling us to reduce offloads and generate more value for WES unitholders.”
Western Midstream Partners CEO, on the earnings call
What Is Western Midstream Partners's Outlook?
WES reaffirmed its 2026 guidance: - Adjusted EBITDA of $2.750–$2.950 billion, now expected above the midpoint. Management says that is more than $250 million above the original February midpoint of $2.600 billion, or more than $150 million above it excluding Brazos. - Distributable Cash Flow of $2.050–$2.250 billion. - Free Cash Flow of $1.100–$1.300 billion. Management expects strong fourth-quarter results as more wells come online. 2026 capital expenditures are expected to be slightly above the high end of the $850.0 million–$1.0 billion range, driven by the Solitude investment and accelerating producer activity. For 2027, WES expects throughput growth across all three product lines. Drivers include a full year of Brazos, the Pathfinder pipeline start-up, North Loving II coming online, and new Powder River Basin agreements. 2027 capex is expected to be roughly in line with 2026, with about 80% directed to the Delaware Basin and most of the remainder to the Powder River Basin.
WES YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.2B | $952.5M | +25.4% |
| Gross Profit | $848.8M | $688.9M | +23.2% |
| Operating Income | $461.5M | $441.5M | +4.5% |
| Net Income | $324.8M | $331.7M | −2.1% |
WES Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.