Western Midstream Partners, LP (WES) stock
WESNYSENatural Gas TransmissionFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 4, 2026Score 9/3025% below fair value
$42.23+0.45 (+1.08%)
Close on Nov 13, 2026Market cap $17.45BP/E –Yield –
Western Midstream Partners, LP operating margin
Operating margin is operating income as a percentage of revenue.
Western Midstream Partners, LP's operating margin for the twelve months ending Sep 30, 2026 was 38.5%. For fiscal 2025 it was 41.7%, against 54.7% the year before. The highest annual figure on record is 54.7% in fiscal 2024.
Annual operating margin
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| FY2025 | Dec 31, 2025 | 41.7% | −13.0 |
| FY2024 | Dec 31, 2024 | 54.7% | +10.3 |
| FY2023 | Dec 31, 2023 | 44.4% | −4.4 |
| FY2022 | Dec 31, 2022 | 48.8% | +2.4 |
| FY2021 | Dec 31, 2021 | 46.4% | +14.7 |
| FY2020 | Dec 31, 2020 | 31.7% | −13.1 |
| FY2019 | Dec 31, 2019 | 44.8% | +7.4 |
| FY2018 | Dec 31, 2018 | 37.5% | +4.5 |
| FY2017 | Dec 31, 2017 | 33.0% | −6.1 |
| FY2016 | Dec 31, 2016 | 39.0% | +30.2 |
| FY2015 | Dec 31, 2015 | 8.8% | −27.2 |
| FY2014 | Dec 31, 2014 | 36.0% | +6.2 |
| FY2013 | Dec 31, 2013 | 29.8% | +8.1 |
| FY2012 | Dec 31, 2012 | 21.7% | −6.5 |
| FY2011 | Dec 31, 2011 | 28.2% | – |
Quarterly operating margin
Change is against the same quarter a year earlier.
| Period | Period end | Value | Change (pts) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | 38.6% | −7.7 |
| Q2 FY2026 | Jun 30, 2026 | 43.0% | −4.2 |
| Q1 FY2026 | Mar 31, 2026 | 41.8% | −2.9 |
| Q4 FY2025 | Dec 31, 2025 | 29.6% | −16.2 |
| Q3 FY2025 | Sep 30, 2025 | 46.4% | +1.5 |
| Q2 FY2025 | Jun 30, 2025 | 47.2% | −4.7 |
| Q1 FY2025 | Mar 31, 2025 | 44.7% | −31.8 |
| Q4 FY2024 | Dec 31, 2024 | 45.9% | +0.2 |
| Q3 FY2024 | Sep 30, 2024 | 44.8% | −1.7 |
| Q2 FY2024 | Jun 30, 2024 | 51.9% | +6.3 |
| Q1 FY2024 | Mar 31, 2024 | 76.5% | +37.0 |
| Q4 FY2023 | Dec 31, 2023 | 45.7% | −9.3 |
| Q3 FY2023 | Sep 30, 2023 | 46.5% | +3.9 |
| Q2 FY2023 | Jun 30, 2023 | 45.6% | +0.3 |
| Q1 FY2023 | Mar 31, 2023 | 39.5% | −13.8 |
| Q4 FY2022 | Dec 31, 2022 | 55.0% | +9.7 |
| Q3 FY2022 | Sep 30, 2022 | 42.6% | −7.6 |
| Q2 FY2022 | Jun 30, 2022 | 45.3% | −1.2 |
| Q1 FY2022 | Mar 31, 2022 | 53.4% | +10.1 |
| Q4 FY2021 | Dec 31, 2021 | 45.3% | −12.3 |
| Q3 FY2021 | Sep 30, 2021 | 50.2% | −0.9 |
| Q2 FY2021 | Jun 30, 2021 | 46.6% | −9.1 |
| Q1 FY2021 | Mar 31, 2021 | 43.3% | +71.1 |
| Q4 FY2020 | Dec 31, 2020 | 57.6% | +11.5 |
| Q3 FY2020 | Sep 30, 2020 | 51.1% | +10.8 |
| Q2 FY2020 | Jun 30, 2020 | 55.6% | +10.4 |
| Q1 FY2020 | Mar 31, 2020 | -27.8% | −75.2 |
| Q4 FY2019 | Dec 31, 2019 | 46.1% | +7.9 |
| Q3 FY2019 | Sep 30, 2019 | 40.3% | −3.5 |
| Q2 FY2019 | Jun 30, 2019 | 45.3% | +23.2 |
| Q1 FY2019 | Mar 31, 2019 | 47.5% | +2.6 |
| Q4 FY2018 | Dec 31, 2018 | 38.2% | +4.0 |
| Q3 FY2018 | Sep 30, 2018 | 43.8% | +12.7 |
| Q2 FY2018 | Jun 30, 2018 | 22.0% | −17.3 |
| Q1 FY2018 | Mar 31, 2018 | 44.9% | +18.2 |
| Q4 FY2017 | Dec 31, 2017 | 34.2% | −1.1 |
| Q3 FY2017 | Sep 30, 2017 | 31.1% | – |
| Q2 FY2017 | Jun 30, 2017 | 39.4% | – |
| Q1 FY2017 | Mar 31, 2017 | 26.7% | – |
| Q4 FY2016 | Dec 31, 2016 | 35.3% | – |
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