Hess Midstream LP (HESM) Financial Statements
Industry: Crude Petroleum & Natural Gas
In fiscal 2025, Hess Midstream reported revenue of $1.62B, up 8.4% from $1.50B the year before. Net income was $352.9M (a 21.8% net margin), or $2.86 per diluted share. Gross margin was 62.2% and operating margin was 62.2%. Operating activities generated $983.8M of cash, leaving $728.2M of free cash flow. At fiscal year end, Hess Midstream held $4.39B in total assets against $3.95B in total liabilities, including $1.9M of cash and equivalents.
Open the full interactive Hess Midstream financials → Quarterly statements, key ratios, valuation history and price charts.
Hess Midstream Key Stats
| Share Price | $31.20 |
|---|---|
| Market Cap | $4.01B |
| P/E Ratio | 10.9 |
| Revenue YoY Growth | +8.4% |
| 52-Week Range | $29.56 – $40.97 |
| Shares Outstanding | 128.4 million (basic, 2026 Q2) |
Hess Midstream Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.09B | $1.20B | $1.28B | $1.35B | $1.50B | $1.62B |
| Cost of Goods Sold | $515.4M | $476.6M | $484.0M | $531.7M | $576.5M | $613.2M |
| Gross Profit | $576.5M | $727.2M | $791.2M | $816.9M | $919.0M | $1.01B |
| Operating Income | $576.5M | $727.2M | $791.2M | $816.9M | $919.0M | $1.01B |
| Pre-Tax Income | $492.2M | $632.4M | $647.2M | $645.6M | $730.8M | $798.4M |
| Income Tax | $7.3M | $14.6M | $26.6M | $37.9M | $71.8M | $113.8M |
| Net Income | $24.0M | $46.4M | $83.9M | $118.6M | $223.1M | $352.9M |
| Diluted EPS | $1.33 | $0.17 | $2.03 | — | — | $2.86 |
Hess Midstream Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $420.9M | $404.2M | $390.1M | $399.0M |
| Net Income | $97.7M | $93.3M | $87.6M | $96.4M |
| Diluted EPS | $0.75 | $0.76 | $0.68 | $0.75 |
Hess Midstream Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.6M | $2.2M | $3.1M | $5.4M | $4.3M | $1.9M |
| Current Assets | $101.4M | $133.1M | $132.3M | $136.8M | $149.4M | $159.0M |
| Total Assets | $3.37B | $3.49B | $3.59B | $3.79B | $4.15B | $4.39B |
| Current Liabilities | $125.0M | $170.9M | $159.5M | $210.2M | $219.3M | $187.8M |
| Total Long-Term Debt | $1.91B | $2.56B | $2.89B | $3.21B | $3.47B | $3.77B |
| Total Liabilities | $2.05B | $2.73B | $3.06B | $3.43B | $3.69B | $3.95B |
| Shareholders' Equity | $1.33B | $753.1M | $529.0M | $363.2M | $465.3M | $437.9M |
Hess Midstream Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $641.7M | $795.5M | $861.1M | $866.4M | $940.3M | $983.8M |
| Cash From Investing | -$301.0M | -$163.2M | -$238.2M | -$223.5M | -$306.1M | -$255.6M |
| Cash From Financing | -$341.4M | -$632.7M | -$622.0M | -$640.6M | -$635.3M | -$730.6M |
| Free Cash Flow | $340.6M | $632.3M | $622.9M | $642.9M | $634.2M | $728.2M |
Figures from Hess Midstream's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Hess Midstream financials page for every line item.
Hess Midstream Company Profile
| Ticker | HESM |
|---|---|
| Exchange | NYSE |
| Industry | Crude Petroleum & Natural Gas |
| Headquarters | Houston, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001789832 |
Frequently Asked Questions
What was Hess Midstream's revenue in fiscal 2025?
Hess Midstream (HESM) reported revenue of $1.62B for fiscal 2025.
What is Hess Midstream's annual revenue history?
Hess Midstream's annual revenue by fiscal year: 2020: $1.09B; 2021: $1.20B; 2022: $1.28B; 2023: $1.35B; 2024: $1.50B; 2025: $1.62B.
What was Hess Midstream's net income in fiscal 2025?
Hess Midstream reported net income of $352.9M for fiscal 2025.
What was Hess Midstream's earnings per share (EPS) in fiscal 2025?
Hess Midstream's diluted EPS was $2.86 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Hess Midstream generate in fiscal 2025?
Hess Midstream generated $728.2M of free cash flow in fiscal 2025.
What was Hess Midstream's revenue last quarter?
In its most recent reported quarter (2026 Q2), Hess Midstream reported revenue of $399.0M.
How much debt does Hess Midstream have?
Hess Midstream reported $3.77B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Hess Midstream are outstanding?
Hess Midstream reported a weighted average of 128.4 million basic shares outstanding in 2026 Q2.
What is Hess Midstream's market cap?
Based on its latest closing price, Hess Midstream (HESM) has a market capitalization of about $4.01B.
When does Hess Midstream's fiscal year end?
Hess Midstream's fiscal year end, as registered with the SEC, is December 31.
Where is Hess Midstream headquartered?
Hess Midstream lists its business address in Houston, Texas in its SEC filings.