Western Midstream Partners (WES) Operating Margin (2012 - 2026)
Western Midstream Partners' Operating Margin was 43.01% in Q2 2026, down 4.16 percentage points from 47.17% a year earlier but up 1.25 percentage points from the prior quarter.
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Analysis
Western Midstream Partners (WES) Operating Margin (2012 - 2026) Analysis & Trends
On a trailing twelve-month basis, Western Midstream Partners' Operating Margin was 40.23% through Jun 30, 2026, down 5.42 percentage points year-over-year; for FY2025, it came in at 41.67%, down 13.00 percentage points from FY2024.
- Operating Margin shows a five-year change of +9.97 percentage points (FY2020 to FY2025).
- In earlier years, Operating Margin was 54.66% in FY2024 (+10.25 pp), 44.41% in FY2023 (-4.42 pp), 48.83% in FY2022 (+2.39 pp) and 46.44% in FY2021 (+14.74 pp).
- Quarterly Operating Margin has moved between 29.62% (Q4 2025) and 76.53% (Q1 2024) over five years.
- Compared with a year earlier, Operating Margin has declined for three straight quarters, with an average year-over-year change of -7.48 percentage points over the last eight quarters.
- The best year-over-year quarter for Operating Margin over five years was Q1 2024 (a gain of 36.99 percentage points); the worst was Q1 2025 (a drop of 31.85 percentage points).
- Per Business Quant data, WES's Operating Margin in the three quarters before Q2 2026 was 41.76% (Q1 2026), 29.62% (Q4 2025) and 46.36% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 104.84 Bn | 100.44 Bn | 4.84 Bn | 9.93% |
| 2 | Williams Companies | 89.20 Bn | 87.92 Bn | 2.54 Bn | 38.72% |
| 3 | Enterprise Products Partners | 79.12 Bn | 77.51 Bn | - | 12.31% |
| 4 | Kinder Morgan | 75.45 Bn | 75.15 Bn | 3.07 Bn | 30.06% |
| 5 | Energy Transfer | 69.26 Bn | 62.44 Bn | 7.40 Bn | 10.41% |
| 6 | Tc Energy | 64.74 Bn | 60.82 Bn | 2.81 Bn | 135.28% |
| 7 | Targa Resources | 63.52 Bn | 63.00 Bn | 2.14 Bn | 27.80% |
| 8 | Cheniere Energy | 59.48 Bn | 54.30 Bn | 5.29 Bn | 74.84% |
| 9 | Mplx | 59.26 Bn | 52.82 Bn | 2.91 Bn | 41.61% |
| 10 | Western Midstream Partners | 17.75 Bn | 16.00 Bn | 1.11 Bn | 43.01% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 43.01% |
| Mar 31, 2026 | 41.76% |
| Dec 31, 2025 | 29.62% |
| Sep 30, 2025 | 46.36% |
| Jun 30, 2025 | 47.17% |
| Mar 31, 2025 | 44.68% |
| Dec 31, 2024 | 45.85% |
| Sep 30, 2024 | 44.81% |
| Jun 30, 2024 | 51.87% |
| Mar 31, 2024 | 76.53% |
| Dec 31, 2023 | 45.67% |
| Sep 30, 2023 | 46.49% |
| Jun 30, 2023 | 45.60% |
| Mar 31, 2023 | 39.54% |
| Dec 31, 2022 | 55.00% |
| Sep 30, 2022 | 42.63% |
| Jun 30, 2022 | 45.34% |
| Mar 31, 2022 | 53.39% |
| Dec 31, 2021 | 45.29% |
| Sep 30, 2021 | 50.18% |
API Access
Western Midstream Partners Operating 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=operating-margin&ticker=WES&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-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=operating-margin&ticker=WES&period=max&api_key=YOUR_API_KEY");
const data = await res.json();