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
-6.5%
TRAILING MARKET
WES +1.2% vs S&P +7.7%
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 YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
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
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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | $0.85 | — | $1.12B | — |
| 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% |