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Hess Midstream LP cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$242M in Q3 2026 · $901M over twelve months

Operating cash flow$268M
Capital spending−$25.7M
Free cash flow+$242M
Cash / net income1.5×

Analysis

In Q3 2026, Hess Midstream LP generated $268M of operating cash flow and spent $25.7M on capital projects, leaving free cash flow of $242M. That is $63.3M more than in Q3 2025 ($179M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.0B; the largest uses were other financing ($399M), partners ($241M), net borrowing (+) / repaid (−) ($206M); the cash balance fell by $4.5M.

Operating cash flow was $268M against net income of $179M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$55.1M, deferred taxes +$32.1M, accrued liabilities +$12.7M.

Free cash flow

Hess Midstream LP: free cash flow by quarterHess Midstream LP: free cash flow by quarter$163MQ4 2024$157MQ1 2025$214MQ2 2025$179MQ3 2025$179MQ4 2025$224MQ1 2026$256MQ2 2026$242MQ3 2026
Operating cash flow less capital spending.
Hess Midstream LP: operating cash flow against capital spendingHess Midstream LP: operating cash flow against capital spendingOperating cash flowCapital spending$258M$95.1MQ4 2024$202M$45.5MQ1 2025$277M$63.4MQ2 2025$259M$80.0MQ3 2025$246M$66.7MQ4 2025$253M$28.8MQ1 2026$279M$23.1MQ2 2026$268M$25.7MQ3 2026
Latest (Q3 2026): Operating cash flow $268M, Capital spending $25.7M.

Capital allocation, year by year

Hess Midstream LP: where the cash came from (up) and went (down), by fiscal yearHess Midstream LP: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingBuybacksFY2021: Operating cash flow $796MFY2021: Net borrowing $660MFY2021: Capital spending −$163MFY2021: Buybacks −$750M$1.5BFY2021FY2022: Operating cash flow $861MFY2022: Net borrowing $324MFY2022: Capital spending −$238MFY2022: Buybacks −$400M$1.2BFY2022FY2023: Operating cash flow $866MFY2023: Net borrowing $317MFY2023: Capital spending −$224MFY2023: Buybacks −$400M$1.2BFY2023FY2024: Operating cash flow $940MFY2024: Net borrowing $250MFY2024: Capital spending −$306MFY2024: Buybacks −$300M$1.2BFY2024FY2025: Operating cash flow $984MFY2025: Net borrowing $300MFY2025: Capital spending −$256MFY2025: Buybacks −$400M$1.3BFY2025
Over these 5 years operating cash flow totalled $4.4B; the largest uses were buybacks ($2.2B) and capital spending ($1.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0M
Debt$3.6B
Net debt$3.6B
Due within a year$32.5M

Hess Midstream LP funds itself: free cash flow was $901M over the last twelve months, and $1.0M of cash and investments stands against $3.6B of debt ($32.5M due within a year, 0.0× covered by cash).

Hess Midstream LP: debt maturities by year (FY2025)Hess Midstream LP: debt maturities by year (FY2025)$32.5MYear 1$668MYear 2$1.4BYear 3$600MYear 4$1.1BYear 5
Principal due in each year as disclosed in the annual report, against $1.0M of cash and investments now.

Where the cash came from and went

Hess Midstream LP: sources (+) and uses (−) of cash, Q3 2026Hess Midstream LP: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$268MOther financing−$101MNet borrowing (+) / repaid (−)−$83.5MPartners−$61.3MCapital spending−$25.7MCash drawn (+) / kept (−)$4.0M
Hess Midstream LP: sources (+) and uses (−) of cash, TTM to Q3 2026Hess Midstream LP: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.0BOther financing−$399MPartners−$241MNet borrowing (+) / repaid (−)−$206MCapital spending−$144MBuybacks−$60.0MCash drawn (+) / kept (−)$4.5M

From profit to cash

Hess Midstream LP: net income to operating cash flow, Q3 2026Hess Midstream LP: net income to operating cash flow, Q3 2026Net income$179MDepreciation & amortization$55.1MStock-based pay$100KDeferred taxes$32.1MReceivables$100KPayables−$7.1MAccrued liabilities$12.7MPrepaid and other assets−$3.8MOther liabilities$7.6MOperating cash flow$268M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$268M−$25.7M—−$83.5M$4.0M$242M
Q2 2026$279M−$23.1M—−$94.5M−$400K$256M
Q1 2026$253M−$28.8M−$60.0M−$2.5M−$2.7M$224M
Q4 2025$246M−$66.7M—−$25.5M$3.6M$179M
Q3 2025$259M−$80.0M−$100M$78.0M−$1.0M$179M
Q2 2025$277M−$63.4M−$200M$140M$1.6M$214M
Q1 2025$202M−$45.5M−$100M$103M−$1.8M$157M
Q4 2024$258M−$95.1M—−$25.0M$6.0M$163M

Hess Midstream LP: income statement and cash flow

Hess Midstream LP, Q3 2026: revenue $410M (-3% year over year), operating margin 64.0%. The chart follows the revenue to costs, profit and cash.

Hess Midstream LP: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.