Filing Flows › Hess Midstream LP (HESM) › Q2 2026
Hess Midstream LP (HESM) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Hess Midstream LP (HESM) reported revenue of $399M for the second quarter 2026 (Q2 2026), -4% from a year earlier and +2% from the quarter before. Operating margin was 63.5%, net earnings $96.4M (24.2% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $399M | +2% | -4% |
| Operating profit | $253M | +6% | -3% |
| Net earnings | $96.4M | +10% | +7% |
| Operating cash flow | $279M | +10% | +0.6% |
| Free cash flow | $256M | +14% | +20% |
What changed
Revenue was $399.0M in Q2 2026, down 4% year over year and up 2% from the previous quarter. Affiliate Services was the largest line at 95% of revenue. Affiliate Services lost $25.5M year over year (down 6%), 168% of the total change.
Operating profit was $253.2M, a 63.5% margin (up 0.6 points year over year). Total costs fell 5% while revenue fell 4%. Net earnings were $96.4M, up 7% year over year. The effective tax rate was 15.2%.
Operating cash flow was $278.6M (up 1% year over year), 160% of net income including minority interests. Non-cash charges added back $54.4M of depreciation and $100K of share-based compensation. Working capital and other items added $50.4M. Capital expenditures of $23.1M left free cash flow of $255.5M.
Questions
What was Hess Midstream LP's revenue in the second quarter 2026?
Hess Midstream LP (HESM) reported revenue of $399M for the second quarter 2026 (Q2 2026), -4% from a year earlier and +2% from the quarter before.
Was Hess Midstream LP profitable in the second quarter 2026?
Operating profit was $253M (63.5% of revenue) and net earnings $96.4M.
Source: Hess Midstream LP 10-Q on SEC EDGAR.