HESM · Hess Midstream LP - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $390.10M | - | $420.90M | $414.20M | $382.00M | - | $378.50M | $365.50M | $355.60M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $7.90M | - | $7.30M | $8.10M | $7.50M | - | $6.30M | $5.20M | $5.70M | - |
| Total Operating Expenses | $152.00M | - | $162.00M | $154.00M | $144.60M | - | $146.80M | $143.20M | $133.60M | - |
| D&A | $58.50M | - | $56.60M | $51.80M | $51.50M | - | $51.50M | $50.50M | $49.80M | - |
| Operating Income | $238.10M | - | $258.90M | $260.20M | $237.40M | - | $231.70M | $222.30M | $222.00M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $28.20M | - | $31.50M | $29.10M | $23.00M | - | $18.90M | $16.00M | $14.30M | - |
| Net Income | $87.60M | - | $97.70M | $90.30M | $71.60M | - | $58.60M | $49.50M | $44.60M | - |
| EPS - Basic | - | - | - | - | - | - | - | - | - | - |
| EPS - Diluted | - | - | - | - | - | - | - | - | - | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.60M | $1.90M | $5.50M | $4.50M | $6.10M | $4.30M | $10.30M | $99.60M | $4.20M | $5.40M |
| Accounts Receivable | $149.30M | $143.50M | $145.40M | $138.40M | $136.70M | $135.30M | $127.60M | $109.70M | $127.80M | $122.50M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $22.80M | $26.90M | $53.00M | $44.20M | $39.70M | $33.50M | $44.90M | $41.80M | $21.20M | $41.20M |
| Current Assets | $165.80M | $159.00M | $168.20M | $150.90M | $150.10M | $149.40M | $154.20M | $214.10M | $139.30M | $136.80M |
| Total Assets | $4.32B | $4.39B | $4.44B | $4.42B | $4.26B | $4.15B | $4.15B | $4.05B | $3.86B | $3.79B |
| Current Liabilities | $181.20M | $187.80M | $224.30M | $213.50M | $186.10M | $219.30M | $220.90M | $192.20M | $157.20M | $210.20M |
| Long-term Debt | $3.74B | $3.74B | $3.76B | $3.69B | $3.55B | $3.45B | $3.47B | $3.44B | $3.31B | $3.20B |
| Total Liabilities | $3.94B | $3.95B | $4.01B | $3.92B | $3.75B | $3.69B | $3.71B | $3.65B | $3.48B | $3.43B |
| Stockholders' Equity | - | - | - | - | - | - | - | - | - | - |
| Retained Earnings | - | - | - | - | - | - | - | - | - | - |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $253.30M | - | - | - | $202.40M | - | - | - | $185.30M | - |
| Investing Cash Flow | ($28.80M) | - | - | - | ($45.50M) | - | - | - | ($54.80M) | - |
| Financing Cash Flow | ($221.80M) | - | - | - | ($155.10M) | - | - | - | ($131.70M) | - |
| CapEx | $28.80M | - | - | - | $45.50M | - | - | - | $54.80M | - |
| Free Cash Flow | $224.50M | - | - | - | $156.90M | - | - | - | $130.50M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 61.0% | - | 61.5% | 62.8% | 62.1% | - | 61.2% | 60.8% | 62.4% | - |
| EBITDA margin | 76.0% | - | 75.0% | 75.3% | 75.6% | - | 74.8% | 74.6% | 76.4% | - |
| Net margin | 22.5% | - | 23.2% | 21.8% | 18.7% | - | 15.5% | 13.5% | 12.5% | - |
| Free cash flow margin | 57.5% | - | - | - | 41.1% | - | - | - | 36.7% | - |
| FCF / Net income | 2.56 | - | - | - | 2.19 | - | - | - | 2.93 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 2.0% | - | 1.7% | 2.0% | 2.0% | - | 1.7% | 1.4% | 1.6% | - |
| Effective tax rate | 24.4% | - | 24.4% | 24.4% | 24.3% | - | 24.4% | 24.4% | 24.3% | - |
| Return on assets | 2.0% | - | 2.2% | 2.0% | 1.7% | - | 1.4% | 1.2% | 1.2% | - |
| Return on equity | - | - | - | - | - | - | - | - | - | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.92 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 |
| Quick ratio | 0.92 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 |
| Cash ratio | 0.03 | 0.01 | 0.02 | 0.02 | 0.03 | 0.02 | 0.05 | 0.52 | 0.03 | 0.03 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | 0.87 | 0.85 | 0.85 | 0.83 | 0.83 | 0.83 | 0.84 | 0.85 | 0.86 | 0.84 |
| Debt / EBITDA | 12.60 | - | 11.93 | 11.82 | 12.28 | - | 12.25 | 12.62 | 12.18 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | - | - | - | - | - | - | - | - | - | - |
| Liabilities / Assets | 0.91 | 0.90 | 0.90 | 0.89 | 0.88 | 0.89 | 0.89 | 0.90 | 0.90 | 0.90 |
| Efficiency | ||||||||||
| Asset turnover | 0.09 | - | 0.09 | 0.09 | 0.09 | - | 0.09 | 0.09 | 0.09 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 140d | - | 126d | 122d | 131d | - | 123d | 110d | 131d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 2.1% | - | 11.2% | 13.3% | 7.4% | - | 4.2% | 12.8% | 16.6% | - |
| Revenue CAGR (3y) | 8.5% | - | 7.9% | 9.7% | 6.9% | - | 7.6% | 7.4% | 7.2% | - |
| Revenue CAGR (5y) | 6.2% | - | 9.7% | 9.0% | 5.6% | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 0.3% | - | 11.7% | 17.0% | 6.9% | - | 5.3% | 12.2% | 17.6% | - |
| Net income growth (YoY) | 22.3% | - | 66.7% | 82.4% | 60.5% | - | 66.0% | 97.2% | 115.5% | - |
| EPS growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 43.1% | - | - | - | 20.2% | - | - | - | -2.9% | - |
| FCF CAGR (5y) | 10.1% | - | - | - | 20.4% | - | - | - | - | - |
| Book value growth (YoY) | - | - | - | - | - | - | - | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$1.62B totalGathering$870.60M · 53.7%
Processing And Storage$620.00M · 38.2%
Terminaling And Export$130.70M · 8.1%
Peer comparison
Same SIC group: Crude Petroleum & Natural Gas
Comparing Hess Midstream LP against the 5 most active filers in the same SIC group.
Dividends
$3.04/share trailing 12 months · +9.8% YoY
| Ex-date | Per share |
|---|---|
| May 7, 2026 | $0.7790 |
| Feb 5, 2026 | $0.7640 |
| Nov 6, 2025 | $0.7550 |
| Aug 7, 2025 | $0.7370 |
| May 8, 2025 | $0.7100 |
| Feb 6, 2025 | $0.7010 |
| Nov 7, 2024 | $0.6850 |
| Aug 8, 2024 | $0.6680 |
| May 1, 2024 | $0.6520 |
| Feb 7, 2024 | $0.6340 |
| Nov 1, 2023 | $0.6180 |
| Aug 2, 2023 | $0.6010 |
| May 3, 2023 | $0.5850 |
| Feb 1, 2023 | $0.5700 |
| Nov 2, 2022 | $0.5630 |
| Aug 3, 2022 | $0.5560 |
| May 4, 2022 | $0.5490 |
| Feb 2, 2022 | $0.5170 |
| Nov 3, 2021 | $0.5100 |
| Aug 6, 2021 | $0.5040 |
| Apr 30, 2021 | $0.4530 |
| Feb 3, 2021 | $0.4470 |
| Nov 4, 2020 | $0.4420 |
| Aug 5, 2020 | $0.4360 |