Filing Flows › Hess Midstream LP (HESM) › Q1 2025
Hess Midstream LP (HESM) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Hess Midstream LP (HESM) reported revenue of $382M for the first quarter 2025 (Q1 2025), +7% from a year earlier and -4% from the quarter before. Operating margin was 62.1%, net earnings $71.6M (18.7% of revenue).
Hess Midstream LP, Q1 2025: revenue $382M (+7% year over year), operating margin 62.1%, net earnings $71.6M, operating cash flow $202M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $382M | -4% | +7% |
| Operating profit | $237M | -2% | +7% |
| Net earnings | $71.6M | +2% | +61% |
| Operating cash flow | $202M | -22% | +9% |
| Free cash flow | $157M | -4% | +20% |
What changed
Revenue was $382.0M in Q1 2025, up 7% year over year and down 4% from the previous quarter. Affiliate Services was the largest line at 98% of revenue. Affiliate Services added $24.9M year over year (up 7%), 94% of the total change.
Operating profit was $237.4M, a 62.1% margin (down 0.3 points year over year). Of the extra revenue versus a year earlier, 58% reached operating profit, below the 62% margin then. Total costs grew 8% against revenue growth of 7%. The fastest-growing cost line was General & admin (+32%). Net earnings were $71.6M, up 61% year over year. The effective tax rate was 12.5%.
Operating cash flow was $202.4M (up 9% year over year), 125% of net income including minority interests. Non-cash charges added back $51.5M of depreciation and $300K of share-based compensation. Working capital and other items used $10.8M. Capital expenditures of $45.5M left free cash flow of $156.9M.
Questions
What was Hess Midstream LP's revenue in the first quarter 2025?
Hess Midstream LP (HESM) reported revenue of $382M for the first quarter 2025 (Q1 2025), +7% from a year earlier and -4% from the quarter before.
Was Hess Midstream LP profitable in the first quarter 2025?
Operating profit was $237M (62.1% of revenue) and net earnings $71.6M.
Source: Hess Midstream LP 10-Q on SEC EDGAR.