# Hess Midstream LP: overview

HESM · NYSE · CIK 1789832 · [Energy](/sectors/energy.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/hesm.md) · [Financials](/companies/hesm/financials.md) · [Filings](/companies/hesm/filings.md) · [Insiders](/companies/hesm/insiders.md)

Latest reported revenue: [$399.0m](/filings/0001193125-26-338055.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:Revenues, accession 0001193125-26-338055).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [379](/filings/0001193125-25-269594.md) | [396 d](/filings/0001193125-26-071592.md) | [382](/filings/0001193125-26-211991.md) | [414](/filings/0001193125-26-338055.md) | [421](/filings/0001193125-25-269594.md) | [404 d](/filings/0001193125-26-071592.md) | [390](/filings/0001193125-26-211991.md) | [399](/filings/0001193125-26-338055.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [61.2%](/filings/0001193125-25-269594.md) | [61.4% d](/filings/0001193125-26-071592.md) | [62.1%](/filings/0001193125-26-211991.md) | [62.8%](/filings/0001193125-26-338055.md) | [61.5%](/filings/0001193125-25-269594.md) | [62.2% d](/filings/0001193125-26-071592.md) | [61.0%](/filings/0001193125-26-211991.md) | [63.5%](/filings/0001193125-26-338055.md) |
| Net margin | % | [15.5%](/filings/0001193125-25-269594.md) | [17.8% d](/filings/0001193125-26-071592.md) | [18.7%](/filings/0001193125-26-211991.md) | [21.8%](/filings/0001193125-26-338055.md) | [23.2%](/filings/0001193125-25-269594.md) | [23.1% d](/filings/0001193125-26-071592.md) | [22.5%](/filings/0001193125-26-211991.md) | [24.2%](/filings/0001193125-26-338055.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | [133 d](/filings/0001193125-25-269594.md) | [163 d](/filings/0001193125-26-071592.md) | [157](/filings/0001193125-26-211991.md) | [214 d](/filings/0001193125-26-338055.md) | [179 d](/filings/0001193125-25-269594.md) | [179 d](/filings/0001193125-26-071592.md) | [225](/filings/0001193125-26-211991.md) | [256 d](/filings/0001193125-26-338055.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [1,204](/filings/0000950170-24-023098.md) | [1,275](/filings/0000950170-25-029068.md) | [1,349](/filings/0001193125-26-071592.md) | [1,496](/filings/0001193125-26-071592.md) | [1,621](/filings/0001193125-26-071592.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [60.4%](/filings/0000950170-24-023098.md) | [62.0%](/filings/0000950170-25-029068.md) | [60.6%](/filings/0001193125-26-071592.md) | [61.5%](/filings/0001193125-26-071592.md) | [62.2%](/filings/0001193125-26-071592.md) |
| Net margin | % | [3.9%](/filings/0000950170-24-023098.md) | [6.6%](/filings/0000950170-25-029068.md) | [8.8%](/filings/0001193125-26-071592.md) | [14.9%](/filings/0001193125-26-071592.md) | [21.8%](/filings/0001193125-26-071592.md) |
| Diluted EPS | $ per share | not reported | not reported | not reported | not reported | not reported |
| Free cash flow | $m | [632](/filings/0000950170-24-023098.md) | [623](/filings/0000950170-25-029068.md) | [643](/filings/0001193125-26-071592.md) | [634](/filings/0001193125-26-071592.md) | [728](/filings/0001193125-26-071592.md) |

- Revenue. XBRL Revenue: us-gaap:Revenues.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:Revenues.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:Revenues.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:Revenues.
- Diluted EPS. XBRL not reported.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/hesm/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [ALPS ADVISORS INC](/funds/1376113.md) | 2026-06-30 | $1.10bn | 29,254,074 |  | Reduced −1,626,119 |
| [GOLDMAN SACHS GROUP INC](/funds/886982.md) | 2026-06-30 | $315.4m | 8,389,537 |  | Added +439,639 |
| [Invesco Ltd.](/funds/914208.md) | 2026-06-30 | $283.4m | 7,535,978 |  | Added +352,973 |
| [MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.](/funds/1705339.md) | 2026-06-30 | $265.3m | 7,055,800 |  | Reduced −10,630 |
| [Blackstone Inc.](/funds/1393818.md) | 2026-06-30 | $217.6m | 5,786,130 |  | Reduced −1,983,395 |
| [Bank of New York Mellon Corp](/funds/1390777.md) | 2026-06-30 | $177.5m | 4,720,992 |  | Added +968,990 |
| [TORTOISE CAPITAL ADVISORS, L.L.C.](/funds/1280965.md) | 2026-06-30 | $159.3m | 4,236,214 |  | Reduced −230,725 |
| [NEUBERGER BERMAN GROUP LLC](/funds/1465109.md) | 2026-06-30 | $100.4m | 2,671,592 |  | Added +695,678 |
| [TD Asset Management Inc](/funds/1056053.md) | 2026-06-30 | $74.6m | 1,984,203 |  | Reduced −216,914 |
| [UBS Group AG](/funds/1610520.md) | 2026-06-30 | $74.2m | 1,974,398 |  | Added +10,399 |

## Recent filings

[All 410 filings](/companies/hesm/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-30 | 07:00 ET | [8-K](/filings/0001193125-26-439859.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-439859 |
| 2026-10-08 | 17:30 ET | [SCHEDULE 13D/A](/filings/0001193125-26-418098.md) | Ownership report, active investor, amended | 0001193125-26-418098 |
| 2026-10-08 | 17:06 ET | [8-K](/filings/0001193125-26-418053.md) | 1.01 Entry into a material agreement; 5.02 Departure or appointment of officers or directors; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-418053 |
| 2026-08-06 | 16:15 ET | [10-Q](/filings/0001193125-26-338055.md) | Quarterly report, period 2026-06-30 | 0001193125-26-338055 |
| 2026-08-03 | 08:00 ET | [8-K](/filings/0001193125-26-329567.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-329567 |
| 2026-05-07 | 16:17 ET | [10-Q](/filings/0001193125-26-211991.md) | Quarterly report, period 2026-03-31 | 0001193125-26-211991 |
| 2026-05-04 | 08:00 ET | [8-K](/filings/0001193125-26-202613.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-202613 |
| 2026-03-04 | 17:46 ET | [SCHEDULE 13D/A](/filings/0001193125-26-091949.md) | Ownership report, active investor, amended | 0001193125-26-091949 |
| 2026-03-04 | 16:15 ET | [8-K](/filings/0001193125-26-091542.md) | 1.01 Entry into a material agreement; 7.01 Regulation FD disclosure; 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-091542 |
| 2026-02-25 | 16:15 ET | [10-K](/filings/0001193125-26-071592.md) | Annual report, period 2025-12-31 | 0001193125-26-071592 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-071592.md), filed Feb 25, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, locked when the 8-K was accepted. It is scored when the 10-Q or 10-K is ingested. [See the target](/leagues/2026q3/targets/749df438-d2e6-4e16-807b-9cea2f86dc56)

## About the filer

- CIK: 1789832
- Tickers: HESM
- Exchange: NYSE
- SIC code: 1311 Crude Petroleum & Natural Gas
- State of incorporation: DE
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 30, 2026, 07:01 ET. No prices; not investment advice.