NYSE · Financial Statements

Hess Midstream LP Class A Representing Limited Partner Interests (HESM) Financial Statements

$30.61 NYSE: HESM Market Cap $6.31B

Hess Midstream LP Class A Representing Limited Partner Interests most recently reported annual revenue of $1.6B, net profit of $353.0M. Revenue grew at an average annual rate of 8.2% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Hess Midstream LP Class A Representing Limited Partner Interests: Revenue rose from $510.0M in 2016 to $1.6B in 2025, a change of +217.1% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 40.5% to 62.3%, a shift of +21.9 percentage points; the most recent year shows net profit of $353.0M.

Income Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	$510.0M	$580.0M	$712.0M	$848.0M	$1.1B	$1.2B	$1.3B	$1.3B	$1.5B	$1.6B
Operating Expenses	$304.0M	$316.0M	$334.0M	$471.0M	$515.0M	$477.0M	$482.0M	$529.0M	$573.0M	$609.0M
Operating Profit	$206.0M	$263.0M	$378.0M	$377.0M	$577.0M	$727.0M	$791.0M	$817.0M	$919.0M	$1.0B
Operating Margin	40.5%	45.4%	53.1%	44.4%	52.8%	60.4%	62.1%	60.7%	61.6%	62.3%
Other Income	$-1.0M	$-21.0M	$-53.0M	$-59.0M	$-84.0M	$-95.0M	$-144.0M	$-171.0M	$-188.0M	$-210.0M
Interest	$1.0M	$26.0M	$53.0M	$62.0M	$95.0M	$105.0M	$149.0M	$179.0M	$202.0M	$226.0M
Depreciation	$100.0M	$117.0M	$127.0M	$143.0M	$157.0M	$166.0M	$181.0M	$193.0M	$203.0M	$214.0M
Profit Before Tax	$205.0M	$242.0M	$326.0M	$318.0M	$492.0M	$632.0M	$647.0M	$646.0M	$731.0M	$798.0M
Tax	$0	$0	$0	$-30,000	$1.4M	$2.3M	$4.1M	$5.9M	$9.8M	$14.3M
Net Profit	$205.0M	$41.0M	$69.0M	$70.0M	$24.0M	$46.0M	$84.0M	$119.0M	$223.0M	$353.0M
EPS	$3.76	$0.75	$1.27	$1.22	$1.31	$1.76	$2.01	$2.08	$2.49	$2.86
Dividend Payout	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

Metric	Sep '23	Dec '23	Mar '24	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
Revenue	$363.0M	$360.0M	$355.0M	$365.0M	$378.0M	$395.0M	$381.0M	$414.0M	$420.0M	$403.0M	$389.0M	$399.0M
Operating Expenses	$143.0M	$149.0M	$133.0M	$142.0M	$146.0M	$152.0M	$144.0M	$153.0M	$161.0M	$152.0M	$151.0M	$146.0M
Operating Profit	$220.0M	$210.0M	$222.0M	$222.0M	$232.0M	$243.0M	$237.0M	$260.0M	$259.0M	$252.0M	$238.0M	$253.0M
Operating Margin	60.7%	58.4%	62.6%	61.0%	61.4%	61.5%	62.3%	62.9%	61.7%	62.4%	61.3%	63.5%
Interest	$46.0M	$48.0M	$49.0M	$50.0M	$52.0M	$52.0M	$56.0M	$55.0M	$57.0M	$57.0M	$55.0M	$55.0M
Profit Before Tax	$176.0M	$165.0M	$176.0M	$176.0M	$184.0M	$195.0M	$184.0M	$209.0M	$207.0M	$198.0M	$186.0M	$205.0M
Tax	$6.5M	$7.2M	$8.1M	$9.1M	$10.3M	$11.6M	$12.5M	$13.9M	$15.2M	$15.2M	$15.2M	$15.2M
Net Profit	$35.0M	$38.0M	$45.0M	$50.0M	$59.0M	$70.0M	$72.0M	$90.0M	$98.0M	$93.0M	$88.0M	$96.0M
EPS	$0.57	$0.55	$0.59	$0.59	$0.63	$0.68	$0.65	$0.74	$0.75	$0.72	$0.68	$0.75

Over the 10 years reported for Hess Midstream LP Class A Representing Limited Partner Interests, cash stood at $2.0M in the latest year, shareholders' equity was $568.0M, current assets covered current liabilities 0.85 times.

Balance Sheet — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Total Assets	$2.6B	$2.6B	$3.0B	$3.3B	$3.4B	$3.5B	$3.6B	$3.8B	$4.2B	$4.4B
Current Assets	$47.0M	$111.0M	$180.0M	$96.0M	$101.0M	$133.0M	$132.0M	$137.0M	$149.0M	$159.0M
Cash	$0	$47.0M	$109.0M	$3.0M	$3.0M	$2.0M	$3.0M	$5.0M	$4.0M	$2.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Receivables	$45.0M	$60.0M	$68.0M	$88.0M	$93.0M	$120.0M	$123.0M	$124.0M	$139.0M	$150.0M
Fixed Assets	$2.5B	$2.5B	$2.7B	$3.0B	$3.1B	$3.1B	$3.2B	$3.2B	$3.3B	$3.4B
Capital Work in Progress	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Investments	$0	$0	$67.0M	$108.0M	$108.0M	$102.0M	$94.0M	$90.0M	$87.0M	$82.0M
Other Assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$639.0M	$80.0M	$1.1B	$1.9B	$2.0B	$2.7B	$3.1B	$3.4B	$3.7B	$4.0B
Current Liabilities	$634.0M	$74.0M	$138.0M	$176.0M	$125.0M	$171.0M	$160.0M	$210.0M	$219.0M	$188.0M
Borrowings	$0	$0	$981.0M	$1.8B	$1.9B	$2.6B	$2.9B	$3.2B	$3.5B	$3.8B
Other Liabilities	$639.0M	$80.0M	$134.0M	$192.0M	$138.0M	$169.0M	$174.0M	$215.0M	$214.0M	$178.0M
Equity	$2.2B	$506.0M	$502.0M	$131.0M	$125.0M	$204.0M	$245.0M	$340.0M	$531.0M	$568.0M
Reserves	$1.9B	$2.6B	$3.4B	$132.0M	$125.0M	$204.0M	$245.0M	$340.0M	$531.0M	$568.0M

For Hess Midstream LP Class A Representing Limited Partner Interests, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $728.0M; free cash flow was positive in 10 of 10 years; financing activities used $668.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating Cash Flow	$388.0M	$400.0M	$467.0M	$471.0M	$642.0M	$796.0M	$861.0M	$866.0M	$940.0M	$984.0M
Investing Cash Flow	$-527.0M	$-181.0M	$-617.0M	$-804.0M	$-602.0M	$-326.0M	$-476.0M	$-447.0M	$-612.0M	$-511.0M
Financing Cash Flow	$183.0M	$-441.0M	$-329.0M	$-778.0M	$-460.0M	$-1.2B	$-855.0M	$-833.0M	$-662.0M	$-668.0M
Net Cash Flow	$0	$47.0M	$-246.0M	$-106.0M	$-1.0M	$0	$1.0M	$2.0M	$-1.0M	$-2.0M
Free Cash Flow	$124.0M	$264.0M	$225.0M	$164.0M	$341.0M	$632.0M	$623.0M	$643.0M	$634.0M	$728.0M

Valuation & Return Ratios

Metric	Value
PEG Ratio	1.76
EV / EBITDA	9.32
FCF Yield	8.90%
Quick Ratio	0.77
Interest Coverage	4.48
Return 1Y	21.46%
Return 3Y	70.79%
Return 5Y	96.57%

Hess Midstream LP Class A Representing Limited Partner Interests (HESM) financials — frequently asked questions

What is Hess Midstream LP Class A Representing Limited Partner Interests's annual revenue?

Hess Midstream LP Class A Representing Limited Partner Interests (HESM) reported annual revenue of $1.6B in its most recent fiscal year.

What is Hess Midstream LP Class A Representing Limited Partner Interests's net profit?

Hess Midstream LP Class A Representing Limited Partner Interests (HESM) reported net profit of $353.0M in its most recent fiscal year.

What is HESM EV/EBITDA?

Hess Midstream LP Class A Representing Limited Partner Interests's enterprise value to EBITDA (EV/EBITDA) ratio is 9.32.

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