Q1 26 EPS
$0.85
Q1 26 Revenue
$1.12B
vs S&P Since Q1 26
+1.4%
BEATING MARKET
WES +2.1% vs S&P +0.7%
Market Reaction
Did WES Beat Earnings? Q1 2026 Results
Western Midstream Partners, LP delivered a strong first-quarter 2026, beating analyst expectations with earnings of $0.85 per diluted unit on revenue of $1.12 billion, a 22.5% year-over-year increase that reflected the full-quarter contribution of th… Read more Western Midstream Partners, LP delivered a strong first-quarter 2026, beating analyst expectations with earnings of $0.85 per diluted unit on revenue of $1.12 billion, a 22.5% year-over-year increase that reflected the full-quarter contribution of the Aris water infrastructure acquisition completed in late 2025. Adjusted EBITDA climbed 15% year-over-year to $683.14 million, supported by throughput growth across all three product lines and a 7% sequential decline in operation and maintenance costs, demonstrating that higher volumes are translating into meaningful operating leverage. The Delaware Basin remained the partnership's core growth engine, with produced-water throughput surging 140% year-over-year to 2,795 MBbls/d. Alongside results, WES announced a $1.60 billion agreement to acquire Brazos Delaware II, expected to add roughly $100 million in incremental Adjusted EBITDA in 2026, and management signaled confidence in tracking toward the high end of full-year guidance. The partnership also maintained its $0.93 quarterly distribution, underscoring its commitment to unit-holder returns amid an active growth cycle.
Key Takeaways
- • Full quarter contribution from the Aris acquisition
- • Throughput growth across all three products (natural gas, crude-oil and NGLs, produced water)
- • Cost reduction and efficiency strategies reducing operation and maintenance expense by 7% year-over-year (excluding Aris)
- • Excess NGL volumes and higher skim oil volumes at elevated commodity prices
- • Record crude-oil and NGLs throughput in the Delaware Basin of 272 MBbls/d
- • Record produced-water throughput of 2,795 MBbls/d (140% year-over-year increase)
WES YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
WES Revenue by Segment
Business unit performance breakdown
“WES delivered record Adjusted EBITDA of $683.1 million in the first-quarter of 2026, increasing 7-percent sequentially and 15-percent compared to the prior-year period, which was primarily driven by a full quarter's contribution from the Aris acquisition, throughput growth across all three products, and successful cost reduction efforts.”
— Oscar K. Brown, Q1 2026 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% |