Western Midstream Partners (WES) Net Margin (2012 - 2026)
Western Midstream Partners' Net Margin was 27.20% in Q3 2026, down 7.63 percentage points from 34.83% a year earlier and down 5.05 percentage points from the prior quarter.
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Analysis
Western Midstream Partners (WES) Net Margin (2012 - 2026) Analysis & Trends
On a trailing twelve-month basis, Western Midstream Partners' Net Margin was 27.31% through Sep 30, 2026, down 7.26 percentage points year-over-year; for FY2025, it came in at 30.04%, down 12.59 percentage points from FY2024.
- Net Margin shows a five-year change of +11.43 percentage points (FY2020 to FY2025).
- In earlier years, Net Margin was 42.63% in FY2024 (+10.49 pp), 32.14% in FY2023 (-4.44 pp), 36.58% in FY2022 (+5.42 pp) and 31.16% in FY2021 (+12.55 pp).
- Quarterly Net Margin has moved between 18.15% (Q4 2025) and 63.03% (Q1 2024) over five years.
- Compared with a year earlier, Net Margin has declined for four straight quarters, with an average year-over-year change of -7.56 percentage points over the last eight quarters.
- The best year-over-year quarter for Net Margin over five years was Q1 2024 (a gain of 35.92 percentage points); the worst was Q1 2025 (a drop of 30.11 percentage points).
- Per Business Quant data, WES's Net Margin in the three quarters before Q3 2026 was 32.24% (Q2 2026), 30.47% (Q1 2026) and 18.15% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 106.26 Bn | 104.14 Bn | 4.35 Bn | 6.11% |
| 2 | Williams Companies | 86.41 Bn | 89.20 Bn | 2.59 Bn | 21.69% |
| 3 | Enterprise Products Partners | 82.58 Bn | 80.98 Bn | 14.00 Mn | 9.05% |
| 4 | Kinder Morgan | 71.13 Bn | 71.22 Bn | 2.97 Bn | 16.82% |
| 5 | Tc Energy | 67.40 Bn | 71.05 Bn | - | - |
| 6 | Energy Transfer | 66.89 Bn | 62.98 Bn | 6.57 Bn | 3.07% |
| 7 | Targa Resources | 63.77 Bn | 62.98 Bn | 2.02 Bn | 11.76% |
| 8 | Cheniere Energy | 63.04 Bn | 62.60 Bn | 2.97 Bn | 18.95% |
| 9 | Mplx | 58.00 Bn | 52.25 Bn | 3.19 Bn | 32.29% |
| 10 | Western Midstream Partners | 17.45 Bn | 15.97 Bn | 1.07 Bn | 27.20% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 27.20% |
| Jun 30, 2026 | 32.24% |
| Mar 31, 2026 | 30.47% |
| Dec 31, 2025 | 18.15% |
| Sep 30, 2025 | 34.83% |
| Jun 30, 2025 | 35.42% |
| Mar 31, 2025 | 32.91% |
| Dec 31, 2024 | 35.09% |
| Sep 30, 2024 | 31.90% |
| Jun 30, 2024 | 40.84% |
| Mar 31, 2024 | 63.03% |
| Dec 31, 2023 | 32.82% |
| Sep 30, 2023 | 34.90% |
| Jun 30, 2023 | 33.47% |
| Mar 31, 2023 | 27.11% |
| Dec 31, 2022 | 42.16% |
| Sep 30, 2022 | 30.98% |
| Jun 30, 2022 | 34.18% |
| Mar 31, 2022 | 39.82% |
| Dec 31, 2021 | 33.12% |
API Access
Western Midstream Partners Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=WES&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "WES", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=WES&period=max&api_key=YOUR_API_KEY");
const data = await res.json();