Hess Midstream LP
HESM NYSE Crude Petroleum & Natural Gas Financials FY2017–FY2025
Revenue
Total sales reported in the income statement.
$1.6B
8.4%
vs prior year
Operating margin
Operating income as a share of revenue.
62.2%
0.7 pts
Net income
Profit after all expenses, interest and tax.
$353M
58.2%
Free cash flow
Cash from operations minus capital spending.
$728M
14.8%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
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Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
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What Hess Midstream LP does
No business description yet.
- Legal name
- Hess Midstream LP
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-071592
0001789832
Revenue and margins
Hess Midstream LP had $1.6B of revenue in fiscal 2025, up 8.4% on the year before.
FY17
Revenue $580M
FY18
Revenue $713M
FY19
Revenue $848M
FY20
Revenue $1.1B
FY21
Revenue $1.2B
FY22
Revenue $1.3B
FY23
Revenue $1.3B
FY24
Revenue $1.5B
FY25
Revenue $1.6B
Q3 '23
Revenue $363M
Q4 '23
Revenue $357M
Q1 '24
Revenue $356M
Q2 '24
Revenue $366M
Q3 '24
Revenue $379M
Q4 '24
Revenue $396M
Q1 '25
Revenue $382M
Q2 '25
Revenue $414M
Q3 '25
Revenue $421M
Q4 '25
Revenue $404M
Q1 '26
Revenue $390M
Q2 '26
Revenue $399M
FY17
Gross —
Operating 45.4%
Net 7.1%
FCF 33.2%
FY18
Gross —
Operating 53.1%
Net 9.9%
FCF 31.6%
FY19
Gross —
Operating 44.4%
Net 8.3%
FCF 19.4%
FY20
Gross —
Operating 52.8%
Net 2.2%
FCF 31.2%
FY21
Gross —
Operating 60.4%
Net 3.9%
FCF 52.5%
FY22
Gross —
Operating 62.0%
Net 6.6%
FCF 48.8%
FY23
Gross —
Operating 60.6%
Net 8.8%
FCF 47.7%
FY24
Gross —
Operating 61.5%
Net 14.9%
FCF 42.4%
FY25
Gross —
Operating 62.2%
Net 21.8%
FCF 44.9%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 60.6%
Net 9.7%
FCF 44.8%
Q4 '23
Gross —
Operating 58.9%
Net 10.5%
FCF 51.6%
Q1 '24
Gross —
Operating 62.4%
Net 12.5%
FCF 36.7%
Q2 '24
Gross —
Operating 60.8%
Net 13.5%
FCF 56.8%
Q3 '24
Gross —
Operating 61.2%
Net 15.5%
FCF 35.0%
Q4 '24
Gross —
Operating 61.4%
Net 17.8%
FCF 41.3%
Q1 '25
Gross —
Operating 62.1%
Net 18.7%
FCF 41.1%
Q2 '25
Gross —
Operating 62.8%
Net 21.8%
FCF 51.5%
Q3 '25
Gross —
Operating 61.5%
Net 23.2%
FCF 42.5%
Q4 '25
Gross —
Operating 62.2%
Net 23.1%
FCF 44.3%
Q1 '26
Gross —
Operating 61.0%
Net 22.5%
FCF 57.5%
Q2 '26
Gross —
Operating 63.5%
Net 24.2%
FCF 64.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income $41.2M
FY18
Net income $70.8M
FY19
Net income $70.1M
FY20
Net income $24.0M
FY21
Net income $46.4M
FY22
Net income $83.9M
FY23
Net income $119M
FY24
Net income $223M
FY25
Net income $353M
Q3 '23
Net income $35.3M
Q4 '23
Net income $37.5M
Q1 '24
Net income $44.6M
Q2 '24
Net income $49.5M
Q3 '24
Net income $58.6M
Q4 '24
Net income $70.4M
Q1 '25
Net income $71.6M
Q2 '25
Net income $90.3M
Q3 '25
Net income $97.7M
Q4 '25
Net income $93.3M
Q1 '26
Net income $87.6M
Q2 '26
Net income $96.4M
FY17
Diluted EPS —
FY18
Diluted EPS —
FY19
Diluted EPS —
FY20
Diluted EPS —
FY21
Diluted EPS —
FY22
Diluted EPS —
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity —
Return on assets —
FY18
Return on capital —
Return on equity —
Return on assets 2.4%
FY19
Return on capital —
Return on equity —
Return on assets 2.2%
FY20
Return on capital —
Return on equity —
Return on assets 0.7%
FY21
Return on capital —
Return on equity —
Return on assets 1.4%
FY22
Return on capital —
Return on equity —
Return on assets 2.4%
FY23
Return on capital —
Return on equity —
Return on assets 3.2%
FY24
Return on capital —
Return on equity —
Return on assets 5.6%
FY25
Return on capital —
Return on equity —
Return on assets 8.3%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $728M in fiscal 2025, 44.9% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $192M
FY18
Free cash flow $225M
FY19
Free cash flow $164M
FY20
Free cash flow $341M
FY21
Free cash flow $632M
FY22
Free cash flow $623M
FY23
Free cash flow $643M
FY24
Free cash flow $634M
FY25
Free cash flow $728M
Q3 '23
Free cash flow $163M
Q4 '23
Free cash flow $184M
Q1 '24
Free cash flow $131M
Q2 '24
Free cash flow $208M
Q3 '24
Free cash flow $133M
Q4 '24
Free cash flow $163M
Q1 '25
Free cash flow $157M
Q2 '25
Free cash flow $214M
Q3 '25
Free cash flow $179M
Q4 '25
Free cash flow $179M
Q1 '26
Free cash flow $225M
Q2 '26
Free cash flow $256M
FY17
Cash from operations $337M
Capital spending $144M
FY18
Cash from operations $467M
Capital spending $242M
FY19
Cash from operations $471M
Capital spending $306M
FY20
Cash from operations $642M
Capital spending $301M
FY21
Cash from operations $796M
Capital spending $163M
FY22
Cash from operations $861M
Capital spending $238M
FY23
Cash from operations $866M
Capital spending $224M
FY24
Cash from operations $940M
Capital spending $306M
FY25
Cash from operations $984M
Capital spending $256M
Cash from operations
Capital spending
Q3 '23
Cash from operations $216M
Capital spending $52.7M
Q4 '23
Cash from operations $248M
Capital spending $63.5M
Q1 '24
Cash from operations $185M
Capital spending $54.8M
Q2 '24
Cash from operations $272M
Capital spending $63.9M
Q3 '24
Cash from operations $225M
Capital spending $92.3M
Q4 '24
Cash from operations $259M
Capital spending $95.1M
Q1 '25
Cash from operations $202M
Capital spending $45.5M
Q2 '25
Cash from operations $277M
Capital spending $63.4M
Q3 '25
Cash from operations $259M
Capital spending $80.0M
Q4 '25
Cash from operations $246M
Capital spending $66.7M
Q1 '26
Cash from operations $253M
Capital spending $28.8M
Q2 '26
Cash from operations $279M
Capital spending $23.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Hess Midstream LP returned $400M to shareholders in fiscal 2025, 55% of free cash flow. The diluted share count rose 0.0%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks $750M
FY22
Dividends —
Buybacks $400M
FY23
Dividends —
Buybacks $400M
FY24
Dividends —
Buybacks $300M
FY25
Dividends —
Buybacks $400M
Dividends
Buybacks
Q3 '23
Dividends —
Buybacks $100M
Q4 '23
Dividends —
Buybacks $100M
Q1 '24
Dividends —
Buybacks $100M
Q2 '24
Dividends —
Buybacks $100M
Q3 '24
Dividends —
Buybacks $100M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $100M
Q2 '25
Dividends —
Buybacks $200M
Q3 '25
Dividends —
Buybacks $100M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $60.0M
Q2 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares —
FY18
Diluted shares —
FY19
Diluted shares —
FY20
Diluted shares —
FY21
Diluted shares —
FY22
Diluted shares —
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably Hess Midstream LP can carry it.
FY17
Cash —
Debt —
FY18
Cash $109M
Debt $981M
FY19
Cash $3.3M
Debt $1.8B
FY20
Cash $2.6M
Debt $1.9B
FY21
Cash $2.2M
Debt $2.6B
FY22
Cash $3.1M
Debt $2.9B
FY23
Cash $5.4M
Debt $3.2B
FY24
Cash $4.3M
Debt $3.5B
FY25
Cash $1.9M
Debt $3.8B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $2.2M | $3.1M | $5.4M | $4.3M | $1.9M |
| Debt incl. finance leases | $2.6B | $2.9B | $3.2B | $3.5B | $3.8B |
| Net debt / EBITDA | 2.9x | 3.0x | 3.2x | 3.1x | 3.1x |
| Current ratio | 0.8x | 0.8x | 0.7x | 0.7x | 0.8x |
| Quick ratio | 0.8x | 0.8x | 0.7x | 0.7x | 0.8x |
| Total assets | $3.5B | $3.6B | $3.8B | $4.2B | $4.4B |
| Total liabilities | $2.7B | $3.1B | $3.4B | $3.7B | $4.0B |
| Net debt (− = net cash) | $2.6B | $2.9B | $3.2B | $3.5B | $3.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Current ratio rose | — | — | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | — | — | — | — | — | — | — | — |
| Gross margin rose | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| F-score | — / 3 | — / 3 | 4 / 7 | 5 / 7 | 5 / 7 | 6 / 7 | 5 / 7 | 7 / 7 | 6 / 7 |
| Accruals ratio | — | −13.2% | −12.8% | −18.6% | −21.8% | −22.0% | −20.3% | −18.1% | −14.8% |
| Altman Z'' | — | — | — | — | — | — | — | — | — |
9 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $580M | $713M | $848M | $1.1B | $1.2B | $1.3B | $1.3B | $1.5B | $1.6B |
| Operating income | $263M | $378M | $377M | $577M | $727M | $791M | $817M | $919M | $1.0B |
| Pretax income | $242M | $326M | $318M | $492M | $632M | $647M | $646M | $731M | $798M |
| Income tax | — | — | −$0.1M | $7.3M | $14.6M | $26.6M | $37.9M | $71.8M | $114M |
| Net income | $41.2M | $70.8M | $70.1M | $24.0M | $46.4M | $83.9M | $119M | $223M | $353M |
| Cash flow | |||||||||
| Cash from operations | $337M | $467M | $471M | $642M | $796M | $861M | $866M | $940M | $984M |
| Capital expenditure | $144M | $242M | $306M | $301M | $163M | $238M | $224M | $306M | $256M |
| Free cash flow | $192M | $225M | $164M | $341M | $632M | $623M | $643M | $634M | $728M |
| Depreciation and amortization | $117M | $127M | $143M | $157M | $166M | $181M | $193M | $203M | $214M |
| Stock-based compensation | $0.2M | $0.9M | $1.5M | $1.5M | $1.4M | $1.6M | $1.7M | $1.8M | $1.6M |
| Acquisitions | — | — | $89.2M | — | — | — | — | — | — |
| Share buybacks | — | — | — | — | $750M | $400M | $400M | $300M | $400M |
| Dividends and buybacks | — | — | — | — | $750M | $400M | $400M | $300M | $400M |
| Balance sheet | |||||||||
| Cash and short-term investments | — | $109M | $3.3M | $2.6M | $2.2M | $3.1M | $5.4M | $4.3M | $1.9M |
| Total debt | — | $981M | $1.8B | $1.9B | $2.6B | $2.9B | $3.2B | $3.5B | $3.8B |
| Finance lease liabilities | — | — | $0.0M | — | — | — | — | — | — |
| Current assets | — | $180M | $95.9M | $101M | $133M | $132M | $137M | $149M | $159M |
| Current liabilities | — | $138M | $176M | $125M | $171M | $160M | $210M | $219M | $188M |
| Property and equipment, net | — | $2.7B | $3.0B | $3.1B | $3.1B | $3.2B | $3.2B | $3.3B | $3.4B |
| Total assets | — | $3.0B | $3.3B | $3.4B | $3.5B | $3.6B | $3.8B | $4.2B | $4.4B |
| Total liabilities | — | $1.1B | $1.9B | $2.0B | $2.7B | $3.1B | $3.4B | $3.7B | $4.0B |
| Margins | |||||||||
| Operating margin | 45.4% | 53.1% | 44.4% | 52.8% | 60.4% | 62.0% | 60.6% | 61.5% | 62.2% |
| EBITDA margin | 65.5% | 70.9% | 61.2% | 67.2% | 74.2% | 76.3% | 74.8% | 75.0% | 75.4% |
| Net margin | 7.1% | 9.9% | 8.3% | 2.2% | 3.9% | 6.6% | 8.8% | 14.9% | 21.8% |
| FCF margin | 33.2% | 31.6% | 19.4% | 31.2% | 52.5% | 48.8% | 47.7% | 42.4% | 44.9% |
| Returns | |||||||||
| Return on capital employed | — | 13.3% | 12.1% | 17.7% | 21.9% | 23.1% | 22.8% | 23.4% | 24.0% |
| Return on assets | — | 2.4% | 2.2% | 0.7% | 1.4% | 2.4% | 3.2% | 5.6% | 8.3% |
| Growth | |||||||||
| Revenue growth | — | 23.0% | 19.0% | 28.7% | 10.2% | 5.9% | 5.8% | 10.9% | 8.4% |
| Net income growth | — | 71.8% | −1.0% | −65.8% | 93.3% | 80.8% | 41.4% | 88.1% | 58.2% |
| FCF growth | — | 17.0% | −27.0% | 107.3% | 85.6% | −1.5% | 3.2% | −1.4% | 14.8% |
| Financial health | |||||||||
| Net debt / EBITDA | — | 1.7x | 3.4x | 2.6x | 2.9x | 3.0x | 3.2x | 3.1x | 3.1x |
| Current ratio | — | 1.3x | 0.5x | 0.8x | 0.8x | 0.8x | 0.7x | 0.7x | 0.8x |
| Quick ratio | — | 1.3x | 0.5x | 0.8x | 0.8x | 0.8x | 0.7x | 0.7x | 0.8x |
| Capital allocation | |||||||||
| Capex / revenue | 24.9% | 33.9% | 36.1% | 27.6% | 13.6% | 18.7% | 16.6% | 20.5% | 15.8% |
| Stock comp / revenue | 0.0% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Payouts / FCF | — | — | — | — | 118.6% | 64.2% | 62.2% | 47.3% | 54.9% |
| Quality scores | |||||||||
| Piotroski F-score | — | — | 4.0 | 5.0 | 5.0 | 6.0 | 5.0 | 7.0 | 6.0 |
| Accruals ratio | — | −13.2% | −12.8% | −18.6% | −21.8% | −22.0% | −20.3% | −18.1% | −14.8% |
Source: SEC EDGAR XBRL filings (CIK 0001789832). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.