Western Midstream Partners (WES) Q2 2026 Earnings
How Did WES Stock React to Q2 2026 Earnings?
S&P 500 over the same 30 days: −0.34%.
Did WES Beat Earnings? Q2 2026 Results
Yes. Western Midstream Partners reported Q2 2026 earnings of $0.99 a share on Aug 5, 2026, beating the $0.92 consensus estimate by 7.4%. Revenue was $1.2B against a $1.1B estimate.
Western Midstream Partners delivered a standout second quarter for 2026, posting GAAP EPS of $0.99 and revenue of $1.22 billion, beating the Wall Street consensus of $0.92 per share and $1.14 billion by 7.41% and 7.00%, respectively, while revenue climbed 30.0% from the year-ago period. The primary catalyst was a combination of record throughput volumes across the Delaware and DJ Basins and a partial-quarter contribution from the Brazos Delaware acquisition, which closed in mid-June and added roughly 460 MMcf/d of natural-gas processing capacity; even with only about two and a half weeks of results baked in, the deal meaningfully lifted totals. Adjusted EBITDA reached a record $736.53 million, up 19% year over year, and the strong operational momentum prompted management to raise full-year 2026 guidance mid-points by 10% for both Adjusted EBITDA, now centered at $2.85 billion, and Distributable Cash Flow, now at $2.15 billion, with Free Cash Flow guidance lifted 20% to $1.20 billion. The stock touched a new 52-week high of $48.67 following the results, reflecting investor confidence in WES's integration progress and accelerating producer activity heading into the back half of the year.
- Record produced-water throughput in the Delaware Basin of 2,993 MBbls/d, up 5% sequentially
- Record natural-gas throughput in the Delaware Basin of 2,140 MMcf/d, up 5% sequentially (partly due to Brazos Delaware acquisition)
- Record DJ Basin natural-gas throughput of 1,547 MMcf/d, up 2% sequentially
- Elevated commodity pricing increasing contribution from fixed recovery natural-gas processing contracts
- Continued cost discipline reducing operation and maintenance expense by 2% year-over-year (excluding Aris acquisition) despite throughput growth
- Partial-month contribution from Brazos Delaware acquisition completed mid-June
“WES delivered record Adjusted EBITDA of $736.5 million in the second quarter, an increase of 8-percent sequentially and 19-percent compared to the prior-year period, and based on the strength of our first-half results, the Brazos Delaware acquisition, and continued elevated commodity prices, we are raising the mid-points of our full-year 2026 Adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow guidance ranges by 10-percent, 10-percent, and 20-percent, respectively.”
Western Midstream Partners CEO, on the earnings call
What Is Western Midstream Partners's Outlook?
WES raised full-year 2026 guidance mid-points by 10% for Adjusted EBITDA (to $2.850 billion) and Distributable Cash Flow (to $2.150 billion), and by 20% for Free Cash Flow (to $1.200 billion), reflecting Brazos Delaware acquisition contribution, throughput outperformance, and elevated commodity pricing. Capital expenditures expected toward the high end of the $850 million to $1.0 billion range due to higher customer activity levels and new Powder River Basin gathering infrastructure needs. Full-year distribution guidance of at least $3.70 per unit reaffirmed. Natural-gas throughput expected to increase mid-single digits year-over-year in 2026. Higher Delaware Basin producer activity in the second half of 2026 expected to position WES for stronger throughput growth in 2027. Pathfinder produced-water pipeline and North Loving II processing train on schedule for Q1 and Q2 2027 in-service, respectively.
WES YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $1.2B | $942.3M | +30.0% |
| Operating Income | $526.7M | $444.5M | +18.5% |
| Net Income | $415.3M | $341.7M | +21.5% |
WES Revenue by Segment
When Does Western Midstream Partners Report Next?
Figures from SEC filings and company reports. Not investment advice.