Pulling SEC filings + quote and writing the call…
Pulling SEC filings + quote and writing the call…

Western Midstream Partners, LP
Next earnings Aug 4, 2026 (after close) · consensus $0.85 EPS, $1.09B rev
Last earnings -3.6% on 2026-05-06
High-margin midstream MLP throwing off $2.22B operating cash and a $1.43B distribution — a cash-yield buy with leverage to watch.
Sources: SEC EDGAR (CIK 0001423902, latest 10-Q filed 2026-05-06) · EODHD · analysis by claude-code · as of 6/21/2026, 8:43:00 PM.
Research and education only — not financial advice. Calls are generated from SEC filings and a delayed/third-party price feed, may be wrong or out of date, and are not a recommendation to buy or sell any security. Do your own research.
Western Midstream is a classic fee-based natural-gas-gathering-and-transmission MLP, and the FY2025 numbers show the model working: revenue grew 6.6% to $3.84B at a 41.7% operating margin and 30.7% net margin — profitability most operating companies never see. Operating cash flow rose 4.0% to $2.22B, comfortably funding the $1.43B distribution (up 14.8% YoY), which is the entire reason most investors own a midstream partnership. Net income did fall 24.9% to $1.18B and operating income dropped 18.7% to $1.60B, but against a five-year history that has run $0.9-1.6B, FY2025 sits mid-range; the prior year's $1.57B was the outlier high.
The risks, catalysts, 12-month price target and the cited SEC figures behind this rating — with Pro.
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| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $2.70B | $3.25B | $3.11B | $3.60B | $3.84B |
| Gross profit | — | — | — | — | — |
| Operating income | $1.34B | $1.59B | $1.38B | $1.97B | $1.60B |
| Net income | $916M | $1.22B | $1.02B | $1.57B | $1.18B |
| Diluted EPS | — | — | — | — | — |
| Net margin | 34.0% | 37.4% | 32.9% | 43.7% | 30.7% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
1482 tracked peers · median
Disclosed under the STOCK Act
Self-reported periodic transaction reports (STOCK Act). Amounts are disclosed ranges; a trade may be a spouse's. Disclosures lag the trade by up to ~45 days. Source: House Clerk + Senate eFD.
Source: EODHD. Yield = trailing-12-month dividends ÷ price.
Dates from 8-K (Item 2.02); beat/miss = reported EPS vs consensus (Finnhub, recent quarters); move = prior close → close on/after.
Recent news tone vs the market's typical (which skews positive). A soft signal, not a recommendation.
| 2026-03-11 | PHILLIPS ROBERT G Director | Buy | 1.25K @ $40.19 | $50.2K |
| 2026-02-12 | Brown Oscar K President & CEO | Exercise | 24.0K | |
| 2026-02-12 | Brown Oscar K President & CEO | Tax | 10.5K @ $42.35 | $445K |
| 2026-02-12 | SCHULTE DAVID J Director | Exercise | 3.84K | |
| 2026-02-12 | STEWART LISA A Director | Exercise | 3.84K | |
| 2026-02-12 | PHILLIPS ROBERT G Director | Exercise | 4.05K | |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Exercise | 10.8K | |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Tax | 4.26K @ $42.35 | $180K |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Exercise | 14.9K | |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Sell | 5.88K @ $42.35 | $249K |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Exercise | 10.0K | |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Tax | 3.94K @ $42.35 | $167K |