Equity Profile

WES

Western Midstream Partners, LP

EnergyOil & Gas Storage & Transportation$18.9B

Aug5Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Western Midstream Partners, LP (WES) operates in the energy sector, focusing on the storage and transportation of oil and gas. As a midstream company, it plays a crucial role in the energy supply chain, connecting producers to markets, which is vital for energy infrastructure stability.

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and performance, reflecting how much profit the company makes for each share.

N/A

Revenue Growth

Revenue growth indicates the company's ability to expand its operations and market share, which is critical in the competitive energy sector.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

WES Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

-4.07%

Avg Stock Reaction

+0.26%

Last Quarter Recap

In Q1 2026, WES reported an EPS of $0.85, exceeding expectations by 15.18%. However, the stock price fell by 3.55% the following day, indicating market skepticism despite the earnings beat.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of WES's earnings report, given the recent EPS beat. However, there are concerns about whether the company can maintain its performance amid fluctuating energy prices.

Bull Case

If WES can report strong revenue growth and maintain or improve its operating margins, it could signal robust demand and operational efficiency, leading to a positive market reaction.

Bear Case

Conversely, if the company reports disappointing revenue or margin contraction, it could raise concerns about its ability to navigate the current energy market, resulting in a negative stock response.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported revenue growth compared to last quarter?

Revenue growth is crucial for assessing the company's ability to capitalize on market opportunities and maintain investor confidence.

How will the operating margin compare to previous quarters?

Operating margin is a key indicator of efficiency and profitability, and any significant changes could impact market perception.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating WES's ability to leverage recent investments in infrastructure, which could lead to stronger-than-expected revenue growth.

Supporting Evidence

The options market is pricing a 4.6% move, suggesting higher volatility than historical averages, indicating potential for a surprise.

WES has a history of beating EPS estimates, with a 63% success rate in the last eight quarters.

Recent trends in energy demand could favor WES's operational strengths, which may not be fully reflected in current analyst forecasts.

Key Risk

If revenue growth exceeds expectations significantly, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on the company's ability to balance revenue growth with operational efficiency in a volatile energy market.

Bull Confirmed If

Revenue growth exceeding 10% year-over-year would confirm the bull case and indicate strong market demand.

Bear Confirmed If

A decline in operating margin below 30% would confirm the bear case, raising concerns about cost management.

Pre-Earnings Positioning

Options Market

Implied Move

±4.6%

Historical Avg

±1.2%

Pricing rich

The options market is pricing in a significant move of about 4.6% in either direction, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±4.6% while WES has averaged ±1.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

29.7%

Calls (51K)P/C Ratio: 1.02Puts (76K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If WES beats expectations, history suggests the stock could see a modest decline of around 0.25% on the first day, but this would confirm strong operational performance.

In-Line / Cautious

If results are in line with expectations, the market may react cautiously, reflecting uncertainty about future growth prospects.

Miss

A miss on earnings could lead to a decline of approximately 1.10%, as historical patterns indicate that the market often reacts negatively to earnings misses.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new contracts or partnerships that could drive revenue growth.
2Management's commentary on cost management strategies and their impact on margins.
3Insights into market demand trends for oil and gas transportation.
4Details on any operational challenges faced in the last quarter.
5Future guidance on capital expenditures and growth initiatives.

See the full picture

AI-powered briefs, options data, and 20 quarters of history — everything you need before earnings.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of profitability and performance, reflecting how much profit the company makes for each share.

N/A

Revenue Growth

Revenue growth indicates the company's ability to expand its operations and market share, which is critical in the competitive energy sector.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

WES Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

63%

Avg EPS Surprise

-4.07%

Avg Stock Reaction

+0.26%

Last Quarter Recap

In Q1 2026, WES reported an EPS of $0.85, exceeding expectations by 15.18%. However, the stock price fell by 3.55% the following day, indicating market skepticism despite the earnings beat.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

If WES can report strong revenue growth and maintain or improve its operating margins, it could signal robust demand and operational efficiency, leading to a positive market reaction.

Bear Case

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the reported revenue growth compared to last quarter?

Revenue growth is crucial for assessing the company's ability to capitalize on market opportunities and maintain investor confidence.

How will the operating margin compare to previous quarters?

Operating margin is a key indicator of efficiency and profitability, and any significant changes could impact market perception.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating WES's ability to leverage recent investments in infrastructure, which could lead to stronger-than-expected revenue growth.

Supporting Evidence

The options market is pricing a 4.6% move, suggesting higher volatility than historical averages, indicating potential for a surprise.

WES has a history of beating EPS estimates, with a 63% success rate in the last eight quarters.

Recent trends in energy demand could favor WES's operational strengths, which may not be fully reflected in current analyst forecasts.

Key Risk

If revenue growth exceeds expectations significantly, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on the company's ability to balance revenue growth with operational efficiency in a volatile energy market.

Bull Confirmed If

Revenue growth exceeding 10% year-over-year would confirm the bull case and indicate strong market demand.

Bear Confirmed If

A decline in operating margin below 30% would confirm the bear case, raising concerns about cost management.

Pre-Earnings Positioning

Options Market

Implied Move

±4.6%

Historical Avg

±1.2%

Pricing rich

The options market is pricing in a significant move of about 4.6% in either direction, suggesting that investors expect volatility around the earnings announcement.

Options are pricing ±4.6% while WES has averaged ±1.2% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.2%

30d HV

29.7%

Calls (51K)P/C Ratio: 1.02Puts (76K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If WES beats expectations, history suggests the stock could see a modest decline of around 0.25% on the first day, but this would confirm strong operational performance.

In-Line / Cautious

If results are in line with expectations, the market may react cautiously, reflecting uncertainty about future growth prospects.

Miss

A miss on earnings could lead to a decline of approximately 1.10%, as historical patterns indicate that the market often reacts negatively to earnings misses.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on new contracts or partnerships that could drive revenue growth.
2Management's commentary on cost management strategies and their impact on margins.
3Insights into market demand trends for oil and gas transportation.
4Details on any operational challenges faced in the last quarter.
5Future guidance on capital expenditures and growth initiatives.