Filing Flows › Hess Midstream LP (HESM) › Q4 2025
Hess Midstream LP (HESM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Hess Midstream LP (HESM) reported revenue of $404M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -4% from the quarter before. Operating margin was 62.2%, net earnings $93.3M (23.1% of revenue).
Hess Midstream LP, Q4 2025: revenue $404M (+2% year over year), operating margin 62.2%, net earnings $93.3M, operating cash flow $246M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $404M | -4% | +2% |
| Operating profit | $252M | -3% | +4% |
| Net earnings | $93.3M | -5% | +33% |
| Operating cash flow | $246M | -5% | -5% |
| Free cash flow | $179M | 0% | +9% |
What changed
Revenue was $404.2M in Q4 2025, up 2% year over year and down 4% from the previous quarter. Affiliate Services was the largest line at 96% of revenue.
Operating profit was $251.6M, a 62.2% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 104% reached operating profit, above the 61% margin then. Total costs fell 0% while revenue rose 2%. Net earnings were $93.3M, up 33% year over year. The effective tax rate was 15.2%.
Operating cash flow was $245.6M (down 5% year over year), 146% of net income including minority interests. Non-cash charges added back $54.2M of depreciation and $200K of share-based compensation. Working capital and other items added $23.2M. Capital expenditures of $66.7M left free cash flow of $178.9M.
Questions
What was Hess Midstream LP's revenue in the fourth quarter 2025?
Hess Midstream LP (HESM) reported revenue of $404M for the fourth quarter 2025 (Q4 2025), +2% from a year earlier and -4% from the quarter before.
Was Hess Midstream LP profitable in the fourth quarter 2025?
Operating profit was $252M (62.2% of revenue) and net earnings $93.3M.
Source: Hess Midstream LP 10-K on SEC EDGAR.