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Hess Midstream LP (HESM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Hess Midstream LP (HESM) Q3 2026 earnings results →
Q3 2026 Revenue down 3% year over year to $410M · 24¢ of every $1 of revenue kept as net profit · operating margin 64.0%
Hess Midstream LP made $410M in Q3 2026 (-3% Y/Y): Affiliate Services $392M, Third Party Services $16.6M. Operating margin 64.0%, net earnings $99.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
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What changed this quarter
Revenue was $410.1M in Q3 2026, down 3% year over year and up 3% from the previous quarter. Affiliate Services was the largest line at 96% of revenue. Affiliate Services lost $13.5M year over year (down 3%), 125% of the total change.
Operating profit was $262.4M, a 64.0% margin (up 2.5 points year over year). Total costs fell 9% while revenue fell 3%. Net earnings were $99.4M, up 2% year over year. The effective tax rate was 15.2%.
Operating cash flow was $267.9M (up 3% year over year), 150% of net income including minority interests. Non-cash charges added back $55.1M of depreciation and $100K of share-based compensation. Working capital and other items added $33.6M. Capital expenditures of $25.7M left free cash flow of $242.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $410M | -3% | 64.0% | $99.4M | $268M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $399M | -4% | 63.5% | $96.4M | $279M |
| Q1 2026 | 10-Q | May 7, 2026 | $390M | +2% | 61.0% | $87.6M | $253M |
| Q4 2025 | 10-K | Feb 25, 2026 | $404M | +2% | 62.2% | $93.3M | $246M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $421M | +11% | 61.5% | $97.7M | $259M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $414M | +13% | 62.8% | $90.3M | $277M |
| Q1 2025 | 10-Q | May 8, 2025 | $382M | +7% | 62.1% | $71.6M | $202M |
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📈Investments: gains and what it boughtinteractive
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About Hess Midstream LP
Hess Midstream LP is a fee‑based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Chevron, its subsidiaries, and third‑party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com .
In its own words, from its 8-K, filed Aug 3, 2026.
Hess Midstream LP against its Crude Petroleum & Natural Gas peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -3% against the peers' median +46%. Operating margin: 64.0% against the peers' median 33.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HESM Hess Midstream LP | Q3 2026 | $410M | -3% | 64.0% |
| EOG EOG Resources | Q3 2026 | $8.5B | +46% | 41.9% |
| OXY Occidental Petroleum | Q2 2026 | $8.1B | +53% | 48.5% |
| DVN Devon Energy | Q3 2026 | $6.9B | +58% | 18.3% |
| FANG Diamondback Energy | Q3 2026 | $5.4B | +38% | 46.0% |
| EXE Expand Energy | Q3 2026 | $3.3B | +11% | 19.5% |
| PARR PAR Pacific Holdings | Q3 2026 | $3.1B | +52% | 15.5% |
| OVV Ovintiv | Q3 2026 | $2.6B | +26% | 33.7% |
| SM SM Energy | Q3 2026 | $2.2B | +167% | 10.9% |
Source: Hess Midstream LP 10-Q on SEC EDGAR · CIK 1789832 · Crude Petroleum & Natural Gas
Guidance and outlook
13F: who owns HESM and who is buying
More on HESM
- How Hess Midstream LP makes money: revenue by segment
- Hess Midstream LP next earnings date and what analysts expect
- Hess Midstream LP stock forecast, price target and fair value
- Who owns Hess Midstream LP stock: holders, funds and Congress trades
- Hess Midstream LP guidance and outlook
- Is Hess Midstream LP a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Hess Midstream LP guidance history: guided vs reported
- Hess Midstream LP operating margin by quarter
- Hess Midstream LP net income by quarter
- Hess Midstream LP free cash flow by quarter
- Hess Midstream LP capital expenditures by quarter
- Hess Midstream LP Affiliate Services revenue by quarter
- Hess Midstream LP Third Party Services revenue by quarter