Filing Flows › Hess Midstream LP (HESM) › Q2 2026 › vs Q1 2026
Hess Midstream LP (HESM) Q2 2026 vs Q1 2026 (quarter over quarter)
Hess Midstream LP's revenue rose $8.9M (+2%) from $390M in Q1 2026 to $399M in Q2 2026. The biggest changes: Affiliate Services +$6.7M (+2%); Third Party Services +$2.3M (+15%). Operating margin 63.5% against 61.0% (+2.4 pts).
Hess Midstream LP, Q2 2026: revenue $399M (-4% year over year), operating margin 63.5%, net earnings $96.4M, operating cash flow $279M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 63.5% | 61.0% | +2.4 pts |
| Net margin | 24.2% | 22.5% | +1.7 pts |
| Free cash flow margin | 64.0% | 57.5% | +6.5 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Affiliate Services | $380M | $373M | $6.7M | +2% |
| Third Party Services | $17.9M | $15.6M | $2.3M | +15% |
| Revenue | $399M | $390M | $8.9M | +2% |
| Operating profit | $253M | $238M | $15.1M | +6% |
| Costs & expenses | $146M | $152M | −$6.2M | -4% |
| Pre-tax earnings | $205M | $186M | $18.9M | +10% |
| Other expense, net | $48.4M | $52.2M | −$3.8M | -7% |
| General & admin | $5.5M | $7.9M | −$2.4M | -30% |
| Other operating costs | $140M | $144M | −$3.8M | -3% |
| Net earnings | $96.4M | $87.6M | $8.8M | +10% |
| Minority interests | $77.3M | $70.1M | $7.2M | +10% |
| Income tax | $31.1M | $28.2M | $2.9M | +10% |
| Depreciation | $54.4M | $58.5M | −$4.1M | -7% |
| Share-based compensation | $100K | $200K | −$100K | -50% |
| Working capital & other | $128M | $107M | $20.7M | +19% |
| Operating cash flow | $279M | $253M | $25.3M | +10% |
| Free cash flow (OCF − capex) | $256M | $224M | $31.0M | +14% |
| Capital expenditures | $23.1M | $28.8M | −$5.7M | -20% |
Questions
How much did Hess Midstream LP's revenue grow quarter over quarter in Q2 2026?
Hess Midstream LP's revenue rose $8.9M (+2%) from $390M in Q1 2026 to $399M in Q2 2026.
What drove Hess Midstream LP's revenue change in Q2 2026?
Affiliate Services +$6.7M (+2%); Third Party Services +$2.3M (+15%).