Filing Flows › Hess Midstream LP (HESM) › Q1 2026
Hess Midstream LP (HESM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Hess Midstream LP (HESM) reported revenue of $390M for the first quarter 2026 (Q1 2026), +2% from a year earlier and -3% from the quarter before. Operating margin was 61.0%, net earnings $87.6M (22.5% of revenue).
Hess Midstream LP, Q1 2026: revenue $390M (+2% year over year), operating margin 61.0%, net earnings $87.6M, operating cash flow $253M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $390M | -3% | +2% |
| Operating profit | $238M | -5% | +0.3% |
| Net earnings | $87.6M | -6% | +22% |
| Operating cash flow | $253M | +3% | +25% |
| Free cash flow | $224M | +25% | +43% |
What changed
Revenue was $390.1M in Q1 2026, up 2% year over year and down 3% from the previous quarter. Affiliate Services was the largest line at 96% of revenue. Third Party Services added $8.9M year over year (up 133%), 110% of the total change.
Operating profit was $238.1M, a 61.0% margin (down 1.1 points year over year). Of the extra revenue versus Q1 2025, 9% reached operating profit, below the 62% margin then. Total costs grew 5% against revenue growth of 2%. Net earnings were $87.6M, up 22% year over year. The effective tax rate was 15.2%.
Operating cash flow was $253.3M (up 25% year over year), 161% of net income including minority interests. Non-cash charges added back $58.5M of depreciation and $200K of share-based compensation. Working capital and other items added $36.9M. Capital expenditures of $28.8M left free cash flow of $224.5M.
Questions
What was Hess Midstream LP's revenue in the first quarter 2026?
Hess Midstream LP (HESM) reported revenue of $390M for the first quarter 2026 (Q1 2026), +2% from a year earlier and -3% from the quarter before.
Was Hess Midstream LP profitable in the first quarter 2026?
Operating profit was $238M (61.0% of revenue) and net earnings $87.6M.
Source: Hess Midstream LP 10-Q on SEC EDGAR.