Filing Flows › Hess Midstream LP (HESM) › Q2 2026 › vs Q2 2025
Hess Midstream LP (HESM) Q2 2026 vs Q2 2025 (year over year)
Hess Midstream LP's revenue fell $15.2M (-4%) from $414M in Q2 2025 to $399M in Q2 2026. The biggest changes: Affiliate Services −$25.5M (-6%); Third Party Services +$9.7M (+118%). Operating margin 63.5% against 62.8% (+0.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 63.5% | 62.8% | +0.6 pts |
| Net margin | 24.2% | 21.8% | +2.4 pts |
| Free cash flow margin | 64.0% | 51.5% | +12.5 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Affiliate Services | $380M | $405M | −$25.5M | -6% |
| Third Party Services | $17.9M | $8.2M | $9.7M | +118% |
| Revenue | $399M | $414M | −$15.2M | -4% |
| Operating profit | $253M | $260M | −$7.0M | -3% |
| Costs & expenses | $146M | $154M | −$8.2M | -5% |
| Pre-tax earnings | $205M | $209M | −$4.0M | -2% |
| Other expense, net | $48.4M | $51.4M | −$3.0M | -6% |
| General & admin | $5.5M | $8.1M | −$2.6M | -32% |
| Other operating costs | $140M | $146M | −$5.6M | -4% |
| Net earnings | $96.4M | $90.3M | $6.1M | +7% |
| Minority interests | $77.3M | $89.4M | −$12.1M | -14% |
| Income tax | $31.1M | $29.1M | $2.0M | +7% |
| Depreciation | $54.4M | $51.8M | $2.6M | +5% |
| Share-based compensation | $100K | $300K | −$200K | -67% |
| Working capital & other | $128M | $134M | −$6.8M | -5% |
| Operating cash flow | $279M | $277M | $1.7M | +0.6% |
| Free cash flow (OCF − capex) | $256M | $214M | $42.0M | +20% |
| Capital expenditures | $23.1M | $63.4M | −$40.3M | -64% |
Questions
How much did Hess Midstream LP's revenue grow year over year in Q2 2026?
Hess Midstream LP's revenue fell $15.2M (-4%) from $414M in Q2 2025 to $399M in Q2 2026.
What drove Hess Midstream LP's revenue change in Q2 2026?
Affiliate Services −$25.5M (-6%); Third Party Services +$9.7M (+118%).