10-K · February 25, 2026
Hess Midstream filed its 2025 Form 10‑K highlighting a large, fee‑based midstream asset base in the Williston Basin, completed the Hess–Chevron merger on July 18, 2025 and now operates under Chevron as sponsor. Core…
Earnings analysis · 10-Q
HESM earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Hess Midstream LP reported a strong Q1 2026, with net income of $157.7 million, or $0.68 per share, surpassing both revenue and EPS estimates. Revenue reached $390.1 million, reflecting a year-over-year growth from $382…
Read full summary
Hess Midstream LP reported a strong Q1 2026, with net income of $157.7 million, or $0.68 per share, surpassing both revenue and EPS estimates. Revenue reached $390.1 million, reflecting a year-over-year growth from $382 million, driven by higher tariffs and services, despite some decreases in throughput volumes.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.68
- Segment
- gathering
- Segment
- processing and storage
- Segment
- terminaling and export
What stood out
-
Strong EPS Beat
Reported EPS of $0.68 exceeded consensus estimates of $0.65 by 4.6%.
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Revenue Growth
Q1 2026 revenue was $390.1 million, up from $382.0 million YoY.
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Increased Adjusted EBITDA
Adjusted EBITDA rose to $299.8 million, increasing by $7.5 million from last year.
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Operational Cash Flow Boost
Net cash from operating activities increased by $50.9 million to $253.3 million.
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Cash Distribution Increased
Cash distribution of $0.7792 per share was declared, up $0.0151 compared to Q4 2025.
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Reduction in Capex Spend
Capital expenditures decreased to $10.4 million from $50.1 million in Q1 2025.
What to watch
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Decreased Throughput Volumes
Throughput volumes for oil terminaling dropped 5%, and 9% for water gathering due to lower production.
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Interest Expense Concerns
Interest expense was $55.4 million, close to last year's $56.4 million, indicating ongoing debt servicing pressures.
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Commodity Price Vulnerability
Ongoing reliance on Chevron's production may expose the company to fluctuations in crude oil and gas prices, affecting demand.
Management's outlook
Adjusted Free Cash Flow guidance updated to a range of $910 to $960 million, with reaffirmed net income and Adjusted EBITDA guidance for 2026.
Earlier filings 4
10-Q · May 8, 2025
Hess Midstream reported Q1 2025 revenue of $382.0 million (up $26.4 million vs Q1 2024) with net income attributable to Hess Midstream LP of $71.6 million, or $0.65 per Class A Share. Adjusted EBITDA rose to $292.3…
10-Q · November 6, 2024
Hess Midstream reported Q3 2024 revenue of $378.5 million (up $15.4 million vs Q3 2023) and consolidated net income of $164.7 million, with net income attributable to Hess Midstream LP of $58.6 million, or $0.63 per…
10-Q · August 3, 2023
Hess Midstream reported Q2 2023 revenues of $324.0 million, up $10.6 million from Q2 2022, and delivered Adjusted EBITDA of $248.1 million and distributable cash flow of $202.6 million. Net cash provided by operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.