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Sep 30, 2025
Western Midstream Q3 2025 Earnings Report
Western Midstream reported record results for Q3 2025, with strong net income, record Adjusted EBITDA, and solid free cash flow driven by cost efficiencies and operational execution.
Key Takeaways
Western Midstream delivered a strong Q3 2025, achieving record Adjusted EBITDA and maintaining steady cash flow, supported by stable throughput volumes and cost optimization. The closing of the Aris Water acquisition positions the company for expanded capabilities in produced-water management.
Recorded net income attributable to limited partners of $331.7 million.
Achieved record Adjusted EBITDA of $633.8 million for the second consecutive quarter.
Free cash flow totaled $397.4 million, with $42.2 million remaining after distributions.
Closed the acquisition of Aris Water Solutions, strengthening its position in the Delaware Basin.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
WES expects to finish 2025 at the high end of its Adjusted EBITDA and capital expenditures guidance, and above the top end of its Free Cash Flow guidance.
Positive Outlook
- Positioned at the high end of 2025 Adjusted EBITDA guidance ($2.35B–$2.55B).
- Expected to exceed the 2025 Free Cash Flow guidance range of $1.275B–$1.475B.
- Integration of Aris expected to deliver $40 million in targeted cost synergies.
- Operational efficiency improvements support increased profitability.
- Expanded access to strategic pore space to enhance project economics.
Challenges Ahead
- Crude oil and NGL throughput decreased 4% sequentially.
- Equity income from related parties declined YoY.
- Product-based service revenue declined YoY.
- Continued capital deployment with $156.7 million in Q3 capex.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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