Western Midstream Posts $2.48B 2025 EBITDA But Q4 EPS Miss Drives 6.7% Slide
Western Midstream Partners posted record 2025 adjusted EBITDA of $2.48 billion driven by Aris Water synergies, yet Q4 adjusted EPS of $0.48 and $1.0 billion revenue missed forecasts and erased 6.7%. For 2026, company guides $2.5–2.7 billion EBITDA, cuts CapEx to $925 million and advances its produced-water pipeline.
1. Record 2025 Performance
Western Midstream posted net income of $1.15 billion and adjusted EBITDA of $2.48 billion in 2025, driven by Aris Water integration generating $40 million in cost synergies and a 121% sequential increase in produced-water throughput.
2. Q4 2025 Shortfalls
In Q4, adjusted EPS of $0.48 and revenue of $1.0 billion trailed forecasts of $0.80 EPS and $1.018 billion revenue, prompting a 6.65% share drop as weak natural gas prices at the Waha Hub pressured producer activity.
3. 2026 Outlook and Guidance
For 2026, management forecasts adjusted EBITDA of $2.5–2.7 billion, lowers capital expenditures to a $925 million midpoint and prioritizes investment in the Pathfinder Produced Water Pipeline to support growth despite persistent gas price headwinds.