Filing Flows › Hess Midstream LP (HESM) › Q3 2025
Hess Midstream LP (HESM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Hess Midstream LP (HESM) reported revenue of $421M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +2% from the quarter before. Operating margin was 61.5%, net earnings $97.7M (23.2% of revenue).
Hess Midstream LP, Q3 2025: revenue $421M (+11% year over year), operating margin 61.5%, net earnings $97.7M, operating cash flow $259M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $421M | +2% | +11% |
| Operating profit | $259M | -0.5% | +12% |
| Net earnings | $97.7M | +8% | +67% |
| Operating cash flow | $259M | -7% | +15% |
| Free cash flow | $179M | -16% | +35% |
What changed
Revenue was $420.9M in Q3 2025, up 11% year over year and up 2% from the previous quarter. Affiliate Services was the largest line at 96% of revenue. Affiliate Services added $34.2M year over year (up 9%), 81% of the total change.
Operating profit was $258.9M, a 61.5% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 64% reached operating profit, above the 61% margin then. Total costs grew 10% against revenue growth of 11%. The fastest-growing cost line was General & admin (+16%). Net earnings were $97.7M, up 67% year over year. The effective tax rate was 15.2%.
Operating cash flow was $258.9M (up 15% year over year), 148% of net income including minority interests. Non-cash charges added back $56.6M of depreciation and $800K of share-based compensation. Working capital and other items added $26.0M. Capital expenditures of $80.0M left free cash flow of $178.9M.
Questions
What was Hess Midstream LP's revenue in the third quarter 2025?
Hess Midstream LP (HESM) reported revenue of $421M for the third quarter 2025 (Q3 2025), +11% from a year earlier and +2% from the quarter before.
Was Hess Midstream LP profitable in the third quarter 2025?
Operating profit was $259M (61.5% of revenue) and net earnings $97.7M.
Source: Hess Midstream LP 10-Q on SEC EDGAR.