Western Midstream Partners, LP

WESNYSEEnergy● Active

$44.37

$-0.72(-1.60%)

Market Cap$17.5B

P/E Ratio—

52W High$48.01

52W Low$36.9

Avg Volume1.5M

Open$45.04

Beta0.65

Free Cash Flow Financials Revenue

Western Midstream Partners, LP (WES) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

WES · free cash flow · updated Jun 8, 2026

Core FCF metrics

WES · FCF · TTM · margin & CAGR

Free cash flow was $1.46B for FY2025 (fiscal year ending 2025-12-31), up 14.9% year-over-year The FCF margin was 38.1%. Five-year CAGR stands at +3.8%.

FY2025 Free Cash Flow$1.46B▲ +14.9% YoY

Trailing 12M (TTM)$1.37Btrailing 4 quarters sum

FCF Margin38.1%$1.46B ÷ revenue

3-Year CAGR+6.5%FY2022 → FY2025

5-Year CAGR+3.8%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

WES · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$2.19B(728M)$1.46B▲ +14.9%38.1%

FY2024$2.11B(834M)$1.27B▲ +39.6%35.4%

FY2023$1.65B(735M)$913.1M▼ 24.8%29.4%

FY2022$1.70B(487M)$1.21B▼ 16.4%37.3%

FY2021$1.77B(314M)$1.45B▲ +19.4%50.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

WES · P/FCF · FCF yield · FCF per share

Western Midstream Partners, LP (WES) trades at a FCF yield of 7.85% and a price-to-free-cash-flow ratio of 13.0x. FCF per share stands at $3.42, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.85%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.42

TTM FCF ÷ Shares Outstanding

Price / FCF

x13.0

Share Price ÷ FCF per Share

EV / FCF (TTM)

x18.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

WES · cash flow statement · operating / investing / financing

For FY2025, Western Midstream Partners, LP generated $2.19B in operating cash flow and spent 728M in capital expenditures, yielding $1.46B in free cash flow.

Operating Activities

+$2.19B

Cash from core business operations

2025-12-31

Investing Activities

−$1.09B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.38B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($2.19B) − |CapEx| (728M) = FCF ($1.46B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

WES vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Western Midstream Partners, LPYOU

WES

$1.46B+14.9%38.1%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Western Midstream Partners, LP (WES) reported free cash flow of $1.46B for FY2025 (fiscal year ending 2025-12-31), up 14.9% year-over-year. The FCF margin was 38.1%.

Based on available data, Western Midstream Partners, LP has maintained positive free cash flow for at least 11 fiscal year(s). FCF peaked at $1.46B in FY2025. The 5-year CAGR stands at +3.8%.

Western Midstream Partners, LP's FCF yield is 7.85% and price-to-FCF ratio is 13.0x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

WES free cash flow · 8 questions

Western Midstream Partners, LP free cash flow was $1.46B for FY2025, up 14.9% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.37B.

WES free cash flowWES FCFWES FCF 2025WES free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Western Midstream Partners, LP · Western Midstream Partners, LP SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026