Filing Flows › Hess Midstream LP (HESM) › Q2 2025
Hess Midstream LP (HESM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
Hess Midstream LP (HESM) reported revenue of $414M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +8% from the quarter before. Operating margin was 62.8%, net earnings $90.3M (21.8% of revenue).
Hess Midstream LP, Q2 2025: revenue $414M (+13% year over year), operating margin 62.8%, net earnings $90.3M, operating cash flow $277M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $414M | +8% | +13% |
| Operating profit | $260M | +10% | +17% |
| Net earnings | $90.3M | +26% | +82% |
| Operating cash flow | $277M | +37% | +2% |
| Free cash flow | $214M | +36% | +3% |
What changed
Revenue was $414.2M in Q2 2025, up 13% year over year and up 8% from the previous quarter. Affiliate Services was the largest line at 98% of revenue. Affiliate Services added $46.8M year over year (up 13%), 96% of the total change.
Operating profit was $260.2M, a 62.8% margin (up 2.0 points year over year). Of the extra revenue versus a year earlier, 78% reached operating profit, above the 61% margin then. Total costs grew 8% against revenue growth of 13%. The fastest-growing cost line was General & admin (+56%). Net earnings were $90.3M, up 82% year over year. The effective tax rate was 13.9%.
Operating cash flow was $276.9M (up 2% year over year), 154% of net income including minority interests. Non-cash charges added back $51.8M of depreciation and $300K of share-based compensation. Working capital and other items added $45.1M. Capital expenditures of $63.4M left free cash flow of $213.5M.
Questions
What was Hess Midstream LP's revenue in the second quarter 2025?
Hess Midstream LP (HESM) reported revenue of $414M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +8% from the quarter before.
Was Hess Midstream LP profitable in the second quarter 2025?
Operating profit was $260M (62.8% of revenue) and net earnings $90.3M.
Source: Hess Midstream LP 10-Q on SEC EDGAR.