HESM earnings analysis
What we found in HESM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong EPS Beat
- Reported EPS of $0.68 exceeded consensus estimates of $0.65 by 4.6%.
- Revenue Growth
- Q1 2026 revenue was $390.1 million, up from $382.0 million YoY.
- Increased Adjusted EBITDA
- Adjusted EBITDA rose to $299.8 million, increasing by $7.5 million from last year.
- Operational Cash Flow Boost
- Net cash from operating activities increased by $50.9 million to $253.3 million.
- Cash Distribution Increased
- Cash distribution of $0.7792 per share was declared, up $0.0151 compared to Q4 2025.
- Reduction in Capex Spend
- Capital expenditures decreased to $10.4 million from $50.1 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Throughput Volumes
- Throughput volumes for oil terminaling dropped 5%, and 9% for water gathering due to lower production.
- Interest Expense Concerns
- Interest expense was $55.4 million, close to last year's $56.4 million, indicating ongoing debt servicing pressures.
- Commodity Price Vulnerability
- Ongoing reliance on Chevron's production may expose the company to fluctuations in crude oil and gas prices, affecting demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.68
- Segment
- gathering
- Segment
- processing and storage
- Segment
- terminaling and export
What they said about what is next.
Adjusted Free Cash Flow guidance updated to a range of $910 to $960 million, with reaffirmed net income and Adjusted EBITDA guidance for 2026.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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