Hess Midstream LP (HESM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.66	$0.75	+13.6%	—	$397.7M	—
Q1 26	$0.67	$0.68	+1.5%	—	$388.7M	—
Q4 25	$0.72	$0.72	0.0%	—	$403.1M	—
Q3 25	$0.73	$0.75	+2.7%	—	$419.6M	—
Q2 25	$0.72	$0.74	+2.8%	—	$413.5M	—
Q1 25	$0.69	$0.65	-5.8%	—	$381M	—
Q4 24	$0.68	$0.68	0.0%	—	$395M	—
Q3 24	$0.66	$0.63	-4.5%	—	$377.6M	—
Q2 24	$0.56	$0.59	+5.4%	—	$364.6M	—
Q1 24	$0.63	$0.59	-6.3%	—	$354.7M	—
Q4 23	$0.61	$0.55	-9.8%	—	$359.5M	—
Q3 23	$0.52	$0.57	+9.6%	—	$362.5M	—
Q2 23	$0.49	$0.5	+2.0%	—	$323.5M	—
Q1 23	$0.52	$0.47	-9.6%	—	$304.3M	—
Q4 22	$0.54	$0.49	-9.3%	—	$313.9M	—
Q3 22	$0.52	$0.53	+1.9%	—	$334.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.87	—	—	$1.6B	—
FY24	—	$2.51	—	—	$1.5B	—
FY23	—	$2.11	—	—	$1.3B	—
FY22	—	$2.03	—	—	$1.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$509.8M	$579.5M	$712M	$847.6M	$1.1B	$1.2B	$1.3B	$1.3B	$1.5B	$1.6B
YoY change	-9.79%	+13.7%	+22.9%	+19%	+28.8%	+10.3%	+5.77%	+5.73%	+10.8%	+8.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	509.8M	579.5M	712M	847.6M	1.1B	1.2B	1.3B	1.3B	1.5B	1.6B
Cost of revenue	99.7M	116.5M	126.9M	142.5M	156.9M	165.6M	181.3M	192.5M	203.1M	214.1M
Gross profit	410.1M	463M	585.1M	705.1M	934.7M	1B	1.1B	1.2B	1.3B	1.4B
Gross margin	80.4%	79.9%	82.2%	83.2%	85.6%	86.2%	85.8%	85.7%	86.4%	86.8%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	10.4M	13.9M	14.1M	52.4M	21.1M	22.7M	23.1M	26.2M	26.1M	28.5M
Operating expenses	10.4M	13.7M	13.4M	51.7M	20.8M	22.7M	21.1M	23.7M	22.5M	24.4M
Operating income	206.3M	263.1M	378.2M	376.6M	576.5M	727.2M	791.2M	816.9M	919M	1B
Operating margin	40.5%	45.4%	53.1%	44.4%	52.8%	60.4%	62.1%	60.7%	61.6%	62.3%
Non-operating income, net	—	4.7M	600K	3.4M	10.2M	10.6M	5.3M	7.7M	14M	15.9M
Pretax income	204.9M	242M	325.5M	317.6M	492M	632.4M	647.2M	645.6M	730.8M	798.4M
Income tax	—	0	0	-100K	7.3M	14.6M	26.6M	37.9M	71.8M	113.8M
Net income	204.9M	242M	325.5M	317.7M	484.9M	617.8M	620.6M	607.7M	659M	684.6M
Net margin	40.2%	41.8%	45.7%	37.5%	44.4%	51.3%	48.7%	45.1%	44.2%	42.3%
EBITDA	306M	379.6M	505.1M	522.5M	743.7M	903.4M	977.8M	1B	1.1B	1.2B
EPS	3.76	0.75	1.27	1.22	1.33	1.81	2.03	2.11	2.51	2.87
Diluted EPS	3.76	0.75	1.27	1.22	1.31	1.76	2.01	2.08	2.49	2.86

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	362.5M	359.5M	354.7M	364.6M	377.6M	395M	381M	413.5M	419.6M	403.1M	388.7M	397.7M
Cost of revenue	47.7M	50.4M	49.8M	50.5M	51.5M	51.3M	51.5M	51.8M	56.6M	54.2M	58.5M	54.4M
Gross profit	314.8M	309.1M	304.9M	314.1M	326.1M	343.7M	329.5M	361.7M	363M	348.9M	330.2M	343.3M
Gross margin	86.8%	86%	86%	86.1%	86.4%	87%	86.5%	87.5%	86.5%	86.6%	84.9%	86.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	6M	8M	5.7M	5.2M	6.3M	8.9M	7.5M	8.1M	7.3M	5.6M	7.9M	5.5M
Operating expenses	5.4M	11M	4.8M	4.3M	5.4M	8M	6.5M	7.4M	6M	4.5M	6.5M	4.2M
Operating income	220M	210.1M	222M	222.3M	231.7M	243M	237.4M	260.2M	258.9M	251.6M	238.1M	253.2M
Operating margin	60.7%	58.4%	62.6%	61%	61.4%	61.5%	62.3%	62.9%	61.7%	62.4%	61.3%	63.7%
Non-operating income, net	2M	2.4M	2.7M	3.7M	3.7M	3.9M	3.4M	4M	5.2M	3.3M	3.2M	6.1M
Pretax income	176.2M	164.7M	176.2M	176.3M	183.6M	194.7M	184.4M	208.8M	207M	198.2M	185.9M	204.8M
Income tax	11.4M	11.9M	14.3M	16M	18.9M	22.6M	23M	29.1M	31.5M	30.2M	28.2M	31.1M
Net income	164.8M	152.8M	161.9M	160.3M	164.7M	172.1M	161.4M	179.7M	175.5M	168M	157.7M	173.7M
Net margin	45.5%	42.5%	45.6%	44%	43.6%	43.6%	42.4%	43.5%	41.8%	41.7%	40.6%	43.7%
EBITDA	269.7M	262.9M	271.8M	272.8M	283.2M	294.3M	288.9M	312M	320.7M	309.1M	299.8M	313.7M
EPS	0.57	0.55	0.6	0.59	0.63	0.68	0.65	0.74	0.75	0.72	0.68	0.75
Diluted EPS	0.57	0.55	0.59	0.59	0.63	0.68	0.65	0.74	0.75	0.72	0.68	0.75

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	1.1B	927.1M	1.2B	—	—	—	—	—	—	7.9B
Enterprise value	—	1B	1.8B	3B	—	—	—	—	—	—	8.5B
Shares outstanding	54.6M	53.8M	54.6M	54.6M	18M	25.6M	41.3M	56.2M	89M	123.1M	123.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	4.4	2.85	3.9	—	—	—	—	—	—	13.3
P/S	—	1.84	1.3	1.46	—	—	—	—	—	—	4.91
P/B	—	0.42	0.49	0.93	—	—	—	—	—	—	9.6
EV/EBITDA	—	2.68	3.56	5.72	—	—	—	—	—	—	6.9
EV/Sales	—	1.76	2.53	3.53	—	—	—	—	—	—	5.24
Earnings yield	—	22.7%	35.1%	25.7%	—	—	—	—	—	—	7.54%
FCF yield	—	18%	24.3%	13.3%	—	—	—	—	—	—	6.29%
PEG	—	—	—	—	—	—	—	—	—	—	9.82

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	80.4%	79.9%	82.2%	83.2%	85.6%	86.2%	85.8%	85.7%	86.4%	86.8%	86.3%
Operating margin	40.5%	45.4%	53.1%	44.4%	52.8%	60.4%	62.1%	60.7%	61.6%	62.3%	63.5%
Net margin	40.2%	41.8%	45.7%	37.5%	44.4%	51.3%	48.7%	45.1%	44.2%	42.3%	23.2%
ROE	9.15%	9.47%	17.3%	23.8%	36.6%	82%	117.3%	167.3%	141.6%	156.3%	150.7%
ROA	7.96%	9.18%	10.9%	9.69%	14.4%	17.7%	17.3%	16%	15.9%	15.6%	14.4%
ROIC	—	10.5%	13.8%	12.2%	17.6%	21.4%	22.2%	21.5%	21.1%	20.5%	20.9%
Return on tangible assets	7.96%	9.18%	10.9%	9.69%	14.4%	17.7%	17.3%	16%	15.9%	15.6%	15.9%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.14	1.5	1.31	0.54	0.81	0.78	0.83	0.65	0.68	0.85	0.77
Quick ratio	0.14	1.5	1.31	0.54	0.81	0.78	0.83	0.65	0.68	0.85	0.77
Debt / equity	—	—	0.52	1.32	1.44	3.4	5.45	8.84	7.46	8.61	9.48
Debt / assets	—	—	0.33	0.53	0.57	0.74	0.8	0.85	0.84	0.86	0.86
Net debt / EBITDA	—	—	1.73	3.35	2.56	2.84	2.95	3.15	3.09	3.05	2.96
Interest coverage	147.4	10.4	7.11	6.09	6.2	7	5.33	4.61	4.61	4.54	4.56
Effective tax rate	—	0%	0%	0%	1.48%	2.31%	4.11%	5.87%	9.82%	14.3%	15.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.34	10.8	13	15.5	60.5	47	30.8	24	16.8	13.1	12.5
EPS (basic)	3.76	0.75	1.27	1.22	1.33	1.81	2.03	2.11	2.51	2.87	2.87
EPS (diluted)	3.76	0.75	1.27	1.22	1.31	1.76	2.01	2.08	2.49	2.86	2.9
Book value per share	41	47.5	34.4	24.4	73.5	29.4	12.8	6.46	5.23	3.56	4.01
FCF per share	2.27	3.57	4.12	3.01	18.9	24.7	15.1	11.4	7.13	5.92	6.52
Cash per share	0.01	0.88	2	0.06	0.14	0.09	0.08	0.1	0.05	0.02	0.04
Capex per share	4.83	2.44	4.4	5.61	16.7	6.38	5.77	3.98	3.44	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	51.7%	22.7%	33.8%	36.1%	27.6%	13.6%	18.7%	16.6%	20.5%	—	—
Capex / operating cash flow	68.4%	38.7%	53.3%	67.1%	46%	20.9%	28.2%	26%	32.8%	—	—
Payout ratio	149.8%	198.8%	22.8%	26.9%	6.52%	8%	14.7%	21%	35.7%	51.2%	104.7%
Dividend yield	—	45.2%	7.99%	6.9%	—	—	—	—	—	—	8.2%

Yield

8.2%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.789

ex-dividend Aug 6, 2026

Payout ratio

105%

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 6, 2026	$0.789
May 7, 2026	$0.779
Feb 5, 2026	$0.764
Nov 6, 2025	$0.755
Aug 7, 2025	$0.737
May 8, 2025	$0.71
Feb 6, 2025	$0.7012
Nov 7, 2024	$0.6846

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$362.5M	$359.5M	$354.7M	$364.6M	$377.6M	$395M	$381M	$413.5M	$419.6M	$403.1M	$388.7M	$397.7M
YoY change	+8.47%	+14.5%	+16.6%	+12.7%	+4.17%	+9.87%	+7.41%	+13.4%	+11.1%	+2.05%	+2.02%	-3.82%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	300K	47.2M	109.3M	3.3M	2.6M	2.2M	3.1M	5.4M	4.3M	1.9M
Receivables	44.6M	58.5M	67.3M	87.6M	93.2M	120.3M	123M	124.4M	138.9M	150.2M
Inventory	0	—	—	—	—	—	—	—	—	—
Total current assets	47.7M	111.4M	180.4M	95.9M	101.4M	133.1M	132.3M	136.8M	149.4M	159M
Property, plant & equipment	2.3B	2.3B	2.6B	2.8B	2.9B	2.9B	3B	3B	3.1B	3.2B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	2.6B	2.6B	3B	3.3B	3.4B	3.5B	3.6B	3.8B	4.2B	4.4B
Accounts payable	28.8M	12.2M	18.6M	30.6M	30M	26.9M	35M	38.5M	55.9M	24.9M
Short-term debt	—	—	11.3M	—	10M	20M	2.5M	12.5M	22.5M	32.5M
Total current liabilities	332M	74.4M	138.1M	176.1M	125M	170.9M	159.5M	210.2M	219.3M	187.8M
Long-term debt	—	—	969.8M	1.8B	1.9B	2.5B	2.9B	3.2B	3.4B	3.7B
Total liabilities	336.3M	79.8M	1.1B	1.9B	2B	2.7B	3.1B	3.4B	3.7B	4B
Shareholders' equity	2.2B	2.6B	1.9B	1.3B	1.3B	753.1M	529M	363.2M	465.3M	437.9M
Total debt	—	—	981.1M	1.8B	1.9B	2.6B	2.9B	3.2B	3.5B	3.8B
Net debt	—	—	871.8M	1.8B	1.9B	2.6B	2.9B	3.2B	3.5B	3.8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.3M	5.4M	4.2M	99.6M	10.3M	4.3M	6.1M	4.5M	5.5M	1.9M	4.6M	5M
Receivables	122M	124.4M	2.8M	3.3M	3.5M	138.9M	4M	144M	150.5M	150.2M	156.2M	151.3M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	137.7M	136.8M	139.3M	214.1M	154.2M	149.4M	150.1M	150.9M	168.2M	159M	165.8M	157.2M
Property, plant & equipment	3B	3B	3B	3.1B	3.1B	3.1B	3.1B	3.2B	3.2B	3.2B	-2.1B	-2.1B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	3.8B	3.8B	3.9B	4.1B	4.1B	4.2B	4.3B	4.4B	4.4B	4.4B	4.3B	4.3B
Accounts payable	27.7M	38.5M	31.2M	38.1M	42.5M	55.9M	25.5M	32.4M	40.4M	24.9M	30.3M	31.7M
Short-term debt	10M	12.5M	15M	17.5M	20M	22.5M	25M	27.5M	30M	32.5M	35M	37.5M
Total current liabilities	173.8M	210.2M	157.2M	192.2M	220.9M	219.3M	186.1M	213.5M	224.3M	187.8M	181.2M	204M
Long-term debt	3.1B	3.2B	3.3B	3.4B	3.5B	3.4B	3.5B	3.7B	3.8B	3.7B	3.7B	3.6B
Total liabilities	3.3B	3.4B	3.5B	3.6B	3.7B	3.7B	3.8B	3.9B	4B	4B	3.9B	3.9B
Shareholders' equity	445.3M	363.2M	381.7M	402.6M	441.8M	465.3M	512.9M	507.6M	426.5M	437.9M	374.8M	388M
Total debt	3.1B	3.2B	3.3B	3.5B	3.5B	3.5B	3.6B	3.7B	3.8B	3.8B	3.8B	3.7B
Net debt	3.1B	3.2B	3.3B	3.4B	3.5B	3.5B	3.6B	3.7B	3.8B	3.8B	3.8B	3.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	204.9M	242M	325.5M	317.7M	484.9M	617.8M	620.6M	607.7M	659M	684.6M
Depreciation & amortization	99.7M	116.5M	126.9M	142.5M	156.9M	165.6M	181.3M	192.5M	203.1M	214.1M
Stock-based compensation	0	200K	900K	1.5M	1.5M	1.4M	1.6M	1.7M	1.8M	1.6M
Change in working capital	79.7M	-22.8M	-7.7M	-6.3M	-2.9M	-27.2M	5.4M	10.5M	-11.5M	-56.2M
Operating cash flow	385.4M	339.7M	450.6M	456.3M	654.2M	779.5M	844.3M	858.7M	933.6M	983.8M
Capital expenditure	-263.6M	-131.4M	-240.3M	-306.4M	-301M	-163.2M	-238.2M	-223.5M	-306.1M	—
Investing cash flow	-263.6M	-131.4M	-307.6M	-497.5M	-301M	-163.2M	-238.2M	-223.5M	-306.1M	—
Dividends paid	-306.9M	-481.2M	-74.1M	-85.4M	-31.6M	-49.4M	-91M	-127.5M	-235.3M	-350.2M
Share repurchases	—	—	—	0	0	-750M	-400M	-400M	-300M	-400M
Financing cash flow	-123.7M	148.9M	-405.7M	-79.2M	-341.4M	-632.7M	-622M	-640.6M	-635.3M	-730.6M
Net change in cash	-1.9M	357.2M	-262.7M	-120.4M	11.8M	-16.4M	-15.9M	-5.4M	-7.8M	253.2M
Free cash flow	123.7M	192.3M	225M	164.3M	340.6M	632.3M	622.9M	642.9M	634.2M	728.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	164.8M	152.8M	161.9M	160.3M	164.7M	172.1M	161.4M	179.7M	175.5M	168M	157.7M	173.7M
Depreciation & amortization	47.7M	50.4M	49.8M	50.5M	51.5M	51.3M	51.5M	51.8M	56.6M	54.2M	58.5M	54.4M
Stock-based compensation	300K	400K	500K	100K	500K	700K	300K	300K	800K	200K	200K	100K
Change in working capital	-15.6M	25.5M	-39.3M	32.5M	-22.8M	18.1M	-43.5M	6.9M	-7.4M	-12.2M	-6.3M	11.7M
Operating cash flow	210.6M	243.2M	189.2M	261.6M	215.4M	267.4M	197.5M	276.9M	258.9M	245.6M	253.3M	278.6M
Capital expenditure	-52.7M	-63.5M	-54.8M	-63.9M	-92.3M	-95.1M	-45.5M	—	—	—	—	—
Investing cash flow	-52.7M	-63.5M	-54.8M	-63.9M	-92.3M	-95.1M	-45.5M	—	—	—	—	—
Dividends paid	-34.2M	-42.3M	-50.7M	-52.1M	-61.1M	-71.4M	-73M	-82.9M	-96.6M	-97.7M	-98.9M	-99.9M
Share repurchases	-100M	-100M	-100M	-100M	-100M	0	-100M	-200M	-100M	0	-60M	0
Financing cash flow	-162.5M	-182M	-131.7M	-112.3M	-221.9M	-169.4M	-155.1M	-215.1M	-177.9M	-182.5M	-221.8M	-255.1M
Net change in cash	-4.6M	-2.3M	2.7M	85.4M	-98.8M	2.9M	-3.1M	61.8M	81M	63.1M	31.5M	23.5M
Free cash flow	162.8M	184.1M	130.5M	207.7M	132.6M	163.4M	156.9M	213.5M	178.9M	178.9M	224.5M	255.5M

Hess Midstream LP Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement