$WES · Western Midstream Partners, LP
Western Midstream Partners filed its Q3 FY2026 10-Q. Total revenues and other rose 25.4% YoY to $1.194B, driven by fee-based service revenue of $1.019B (up from $868.3M). Net income attributable to WES was $331.9M, down from $339.6M a year earlier, with diluted EPS of $0.78 versus $0.87. Operating margin was 38.6%. The quarter reflects the June 11, 2026 Brazos Delaware acquisition and the Q4 2025 Aris acquisition, plus an August 2026 entry into the Solitude pipeline joint venture.
- Revenue rose 25.4% YoY to $1.194B in Q3 FY2026.
- Net income attributable to WES fell to $331.9M from $339.6M a year earlier.
- Diluted EPS declined to $0.78 from $0.87 YoY.
- Fee-based service revenue grew to $1.019B from $868.3M.
- Closed Brazos Delaware acquisition June 11, 2026 and Aris in Q4 2025.
Extended-hours last trade $42.36, down 0.42% vs regular close and 0.36% vs price-at-filing, a muted reaction to the mixed quarter.
Strong revenue growth from recent acquisitions is being partly offset by higher interest and operating costs, squeezing net income.
Midstream MLPs continue consolidating Permian and Delaware Basin assets, with WES scaling via the Brazos Delaware and Aris deals.
Rising interest expense ($116.6M vs $92.4M YoY) and higher O&M costs ($291.5M vs $212.4M) pressure margins despite revenue growth.