Filing Flows › Hess Midstream LP (HESM) › Q3 2026 › vs Q3 2025
Hess Midstream LP (HESM) Q3 2026 vs Q3 2025 (year over year)
Hess Midstream LP's revenue fell $10.8M (-3%) from $421M in Q3 2025 to $410M in Q3 2026. The biggest changes: Affiliate Services −$13.5M (-3%); Third Party Services +$2.6M (+19%). Operating margin 64.0% against 61.5% (+2.5 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 64.0% | 61.5% | +2.5 pts |
| Net margin | 24.2% | 23.2% | +1.0 pts |
| Free cash flow margin | 59.1% | 42.5% | +16.6 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Affiliate Services | $392M | $406M | −$13.5M | -3% |
| Third Party Services | $16.6M | $14.0M | $2.6M | +19% |
| Revenue | $410M | $421M | −$10.8M | -3% |
| Operating profit | $262M | $259M | $3.5M | +1% |
| Costs & expenses | $148M | $162M | −$14.3M | -9% |
| Pre-tax earnings | $211M | $207M | $4.2M | +2% |
| Other expense, net | $51.2M | $51.9M | −$700K | -1% |
| General & admin | $6.0M | $7.3M | −$1.3M | -18% |
| Other operating costs | $142M | $155M | −$13.0M | -8% |
| Net earnings | $99.4M | $97.7M | $1.7M | +2% |
| Minority interests | $79.7M | $77.8M | $1.9M | +2% |
| Income tax | $32.1M | $31.5M | $600K | +2% |
| Depreciation | $55.1M | $56.6M | −$1.5M | -3% |
| Share-based compensation | $100K | $800K | −$700K | -88% |
| Working capital & other | $113M | $104M | $9.5M | +9% |
| Operating cash flow | $268M | $259M | $9.0M | +3% |
| Free cash flow (OCF − capex) | $242M | $179M | $63.3M | +35% |
| Capital expenditures | $25.7M | $80.0M | −$54.3M | -68% |
Questions
How much did Hess Midstream LP's revenue grow year over year in Q3 2026?
Hess Midstream LP's revenue fell $10.8M (-3%) from $421M in Q3 2025 to $410M in Q3 2026.
What drove Hess Midstream LP's revenue change in Q3 2026?
Affiliate Services −$13.5M (-3%); Third Party Services +$2.6M (+19%).