Filing Flows › Hess Midstream LP (HESM) › How it makes money
How Hess Midstream LP (HESM) makes money
Hess Midstream LP (HESM) made $409M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Affiliate Services brought in $392M (96%); Third Party Services brought in $16.6M (4%). Of every dollar of revenue, 64¢ was left as operating profit, 24¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Affiliate Services | $392M | 95.9% | +3% | -3% |
| Third Party Services | $16.6M | 4.1% | -7% | +19% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $409M | 100.0% |
| Operating profit | $262M | 64.2% |
| Income tax | $32.1M | 7.9% |
| Net earnings | $99.4M | 24.3% |
| Operating cash flow | $268M | 65.5% |
| Free cash flow | $242M | 59.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $410M | -3% |
| Q2 2026 | $399M | -4% |
| Q1 2026 | $390M | +2% |
| Q4 2025 | $404M | +2% |
| Q3 2025 | $421M | +11% |
| Q2 2025 | $414M | +13% |
| Q1 2025 | $382M | +7% |
From Hess Midstream LP's 10-Q filed Nov 5, 2026 (on EDGAR).
Questions
How does Hess Midstream LP make money?
Hess Midstream LP (HESM) made $409M of revenue in the third quarter 2026 (Q3 2026), -3% from a year earlier. Affiliate Services brought in $392M (96%); Third Party Services brought in $16.6M (4%). Of every dollar of revenue, 64¢ was left as operating profit, 24¢ was left as net earnings.
What is Hess Midstream LP's biggest business?
Affiliate Services: $392M in the third quarter 2026, 96% of revenue, -3% from a year earlier.
What is Hess Midstream LP's profit margin?
Net earnings were $99.4M, 24.3% of revenue, in the third quarter 2026; the operating margin was 64.2%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.