Filing Flows › Hess Midstream LP (HESM) › Q3 2026 › vs Q2 2026
Hess Midstream LP (HESM) Q3 2026 vs Q2 2026 (quarter over quarter)
Hess Midstream LP's revenue rose $11.1M (+3%) from $399M in Q2 2026 to $410M in Q3 2026. The biggest changes: Affiliate Services +$12.3M (+3%); Third Party Services −$1.3M (-7%). Operating margin 64.0% against 63.5% (+0.5 pts).
Hess Midstream LP, Q3 2026: revenue $410M (-3% year over year), operating margin 64.0%, net earnings $99.4M, operating cash flow $268M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 64.0% | 63.5% | +0.5 pts |
| Net margin | 24.2% | 24.2% | +0.1 pts |
| Free cash flow margin | 59.1% | 64.0% | -5.0 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Affiliate Services | $392M | $380M | $12.3M | +3% |
| Third Party Services | $16.6M | $17.9M | −$1.3M | -7% |
| Revenue | $410M | $399M | $11.1M | +3% |
| Operating profit | $262M | $253M | $9.2M | +4% |
| Costs & expenses | $148M | $146M | $1.9M | +1% |
| Pre-tax earnings | $211M | $205M | $6.4M | +3% |
| Other expense, net | $51.2M | $48.4M | $2.8M | +6% |
| General & admin | $6.0M | $5.5M | $500K | +9% |
| Other operating costs | $142M | $140M | $1.4M | +1% |
| Net earnings | $99.4M | $96.4M | $3.0M | +3% |
| Minority interests | $79.7M | $77.3M | $2.4M | +3% |
| Income tax | $32.1M | $31.1M | $1.0M | +3% |
| Depreciation | $55.1M | $54.4M | $700K | +1% |
| Share-based compensation | $100K | $100K | $0 | 0% |
| Working capital & other | $113M | $128M | −$14.4M | -11% |
| Operating cash flow | $268M | $279M | −$10.7M | -4% |
| Free cash flow (OCF − capex) | $242M | $256M | −$13.3M | -5% |
| Capital expenditures | $25.7M | $23.1M | $2.6M | +11% |
Questions
How much did Hess Midstream LP's revenue grow quarter over quarter in Q3 2026?
Hess Midstream LP's revenue rose $11.1M (+3%) from $399M in Q2 2026 to $410M in Q3 2026.
What drove Hess Midstream LP's revenue change in Q3 2026?
Affiliate Services +$12.3M (+3%); Third Party Services −$1.3M (-7%).