HESM

MKT CAP:$8B

Hess Midstream LP

Market Cap

$8B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$37.34+$2.69 (+7.76%)

Apr 24, 2026

Company Details

Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and comp...

CEO

Jonathan C. Stein

IPO Date

Apr 5, 2017

Website

www.hessmidstream.com

Key Metrics TTM

Revenue

$1.5B

+9.0% YoY

Net Income

$259M

EPS (Diluted)

$2.55

Free Cash Flow

$531M

Revenue / Share

$11.63

Gross Margin

80.1%

Operating Margin

62.0%

Net Margin

17.2%

FCF Margin

35.3%

P/S

5.2x

P/E

30.0x

Earnings Reports

Q1 2026

May 4, 2026

PENDING

FY 2025

Feb 25, 2026

$1.6BEPS $2.86

Q4 2025

Feb 25, 2026

$404MEPS $0.72

Q1 2025

May 8, 2025

$381M+7.4%EPS $0.65

Q2 2024

Aug 8, 2024

$365M+12.7%EPS $0.59

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$120M	$96M	$48M
Q4 16	$152M	$124M	$70M
Q1 17	$130M	$104M	$63M
Q1 20	$291M	$252M	$153M
Q3 20	$265M	$225M	$137M
Q4 20	$267M	$227M	$155M
Q4 21	$316M	$273M	$200M
Q2 22	$313M	$268M	$195M
Q3 22	$334M	$289M	$204M
Q2 23	$324M	$277M	$198M
Q3 23	$363M	$315M	$220M
Q4 23	$360M	$309M	$210M
Q1 24	$355M	$305M	$222M
Q2 24	$365M	$314M	$222M
Q1 25	$381M	$330M	$237M
Q4 25	$404M	$257M	$252M

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q4 16	15.2x	37.6x
Q1 17	14.9x	34.9x
Q1 20	11.2x	41.1x
Q3 20	9.3x	53.1x
Q4 20	8.2x	94.9x
Q4 21	6.8x	218.1x
Q2 22	6.7x	152.0x
Q3 22	6.3x	113.0x
Q2 23	6.0x	89.1x
Q3 23	5.8x	73.5x
Q4 23	5.6x	64.1x
Q1 24	5.5x	54.5x
Q2 24	5.4x	46.5x
Q1 25	5.3x	38.2x
Q4 25	5.2x	30.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$102M	$37M
Q4 16	$111M	$32M
Q1 17	$76M	$28M
Q1 20	$140M	$62M
Q3 20	$150M	$51M
Q4 20	$175M	$119M
Q4 21	$224M	$180M
Q2 22	$213M	$157M
Q3 22	$235M	$169M
Q2 23	$205M	$162M
Q3 23	$216M	$163M
Q4 23	$248M	$184M
Q1 24	$185M	$131M
Q2 24	$272M	$208M
Q1 25	$202M	$157M
Q4 25	$246M	$36M

Capital Expenditures

Quarter	CapEx
Q3 16	$65M
Q4 16	$79M
Q1 17	$47M
Q1 20	$78M
Q3 20	$99M
Q4 20	$55M
Q4 21	$43M
Q2 22	$56M
Q3 22	$66M
Q2 23	$43M
Q3 23	$53M
Q4 23	$64M
Q1 24	$55M
Q2 24	$64M
Q1 25	$46M
Q4 25	$210M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 17	+9.6%	-6.5%
Q1 20	+144.2%	+77.3%
Q3 20	+120.0%	+77.3%
Q4 20	+75.8%	+36.3%
Q4 21	+142.7%	+73.2%
Q2 22	+7.7%	-14.6%
Q3 22	+26.3%	+2.1%
Q2 23	+21.4%	+12.2%
Q3 23	+14.6%	+22.4%
Q4 23	+14.9%	+26.9%
Q1 24	+6.1%	+1.9%
Q2 24	+12.7%	+13.5%
Q1 25	+5.1%	+0.8%
Q4 25	+12.4%	+2.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q4 16	$0	0.0%
Q1 17	$0	0.0%
Q1 20	$500.0K	0.2%
Q3 20	$400.0K	0.2%
Q4 20	$300.0K	0.1%
Q4 21	$300.0K	0.1%
Q2 22	$400.0K	0.1%
Q3 22	$400.0K	0.1%
Q2 23	$400.0K	0.1%
Q3 23	$300.0K	0.1%
Q4 23	$400.0K	0.1%
Q1 24	$500.0K	0.1%
Q2 24	$100.0K	0.0%
Q1 25	$300.0K	0.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	SG&A
Q3 16	$2M	—
Q4 16	$3M	—
Q1 17	$2M	—
Q1 20	$8M	—
Q3 20	$4M	—
Q4 20	$5M	—
Q4 21	$6M	—
Q2 22	$5M	—
Q3 22	$6M	—
Q2 23	$6M	—
Q3 23	$6M	—
Q4 23	$8M	—
Q1 24	$6M	—
Q2 24	$5M	—
Q1 25	$8M	—
Q4 25	—	$6M

Revenue Segments

Quarter	Oil And Gas Service	Processing And Storage Services	Terminaling And Export Services	Water Gathering And Disposal Services	Oil and Gas Service	Affiliate Services	Third Party Services
Q1 20	$117M	$97M	$52M	$24M	—	—	—
Q3 20	$119M	$90M	$32M	$24M	—	—	—
Q4 20	$120M	$97M	$29M	$21M	—	—	—
Q4 21	$143M	$116M	$35M	$23M	—	—	—
Q2 22	—	$117M	$30M	$18M	$148M	—	—
Q3 22	—	$122M	$31M	$22M	$161M	—	—
Q2 23	—	$122M	$26M	$21M	$153M	—	—
Q3 23	—	$132M	$32M	$27M	$171M	—	—
Q1 24	—	—	—	—	—	$349M	$5M
Q2 24	—	—	—	—	—	$359M	$6M
Q1 25	—	—	—	—	—	$374M	$7M
Q4 25	—	—	—	—	—	$388M	$15M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$3M	$0	$3M
Q2 22	$2M	$0	$2M
Q3 22	$3M	$0	$3M
Q4 22	$3M	$0	$3M
Q1 23	$4M	$0	$4M
Q2 23	$3M	$0	$3M
Q3 23	$3M	$0	$3M
Q4 23	$5M	$0	$5M
Q1 24	$4M	$0	$4M
Q2 24	$100M	$0	$100M
Q3 24	$10M	$0	$10M
Q4 24	$4M	$0	$4M
Q1 25	$6M	$0	$6M
Q2 25	$5M	$0	$5M
Q3 25	$6M	$0	$6M
Q4 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	55M	0.0%	—
Q4 16	55M	0.0%	—
Q1 17	55M	0.0%	0.0%
Q1 20	18M	-67.0%	-67.0%
Q3 20	18M	+0.6%	-66.8%
Q4 20	18M	+1.3%	-66.4%
Q4 21	33M	+80.5%	-39.3%
Q2 22	44M	+32.0%	+142.8%
Q3 22	44M	+0.9%	+143.6%
Q2 23	50M	+13.8%	+173.8%
Q3 23	63M	+24.5%	+88.8%
Q4 23	68M	+9.4%	+56.5%
Q1 24	75M	+9.9%	+70.5%
Q2 24	84M	+11.4%	+66.9%
Q1 25	111M	+32.2%	+77.3%
Q4 25	129M	+16.8%	+89.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 16	—	—
Q4 16	—	—
Q1 17	—	—
Q1 20	—	—
Q3 20	—	—
Q4 20	—	—
Q4 21	—	—
Q2 22	—	—
Q3 22	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q1 25	—	—
Q4 25	$51M	8

Revenue / Employee