Hess Midstream LP (HESM) Income Statement
HESM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHESM revenue and net income
Where HESM's revenue goes
2025Each bar shows an amount and its share of revenue. HESM kept 21.8% of revenue as net income.
HESM profit margins
HESM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.4% | +8.3% | +8.2% | +11.1% |
| Gross profit | +8.9% | +8.7% | +8.5% | +11.3% |
| Operating income | +9.7% | +8.4% | +11.8% | +17.9% |
| Net income | +58.2% | +61.4% | +71.2% | +6.2% |
| EPS (diluted) | +14.9% | +12.5% | +16.9% | −2.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HESM quarterly EPS vs estimates
Hess Midstream beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 2, 2026 (estimate $0.72).
HESM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.62B | $1.49B | $1.35B | $1.27B | $1.20B | $1.09B | $847.6M | $712.0M | $565.8M | $509.8M |
| Cost of revenue | $214.1M | $203.1M | $192.5M | $181.3M | $165.6M | $156.9M | $142.5M | $126.9M | $113.1M | $99.7M |
| Gross profit | $1.40B | $1.29B | $1.15B | $1.09B | $1.04B | $934.7M | $705.1M | $585.1M | $452.7M | $410.1M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | — |
| Sales, general & admin | $28.5M | $26.1M | $26.2M | $23.1M | $22.7M | $21.1M | $52.4M | $14.1M | $8.1M | $10.4M |
| Total operating expenses | $395.0M | $369.8M | $336.7M | $300.7M | $311.0M | $358.2M | $328.5M | $206.9M | $166.5M | $203.8M |
| Operating income | $1.01B | $919.0M | $816.9M | $791.2M | $727.2M | $576.5M | $376.6M | $378.2M | $286.2M | $206.3M |
| Interest income | — | — | — | — | — | — | $59.0M | $53.3M | $25.8M | — |
| Interest expense | $225.6M | $202.2M | $179.0M | $149.3M | $105.4M | $94.7M | $62.4M | $53.3M | $1.4M | $1.4M |
| Income before taxes | $798.4M | $730.8M | $645.6M | $647.2M | $632.4M | $492.0M | $317.6M | $325.5M | $284.8M | $204.9M |
| Income taxes | $113.8M | $71.8M | $37.9M | $26.6M | $14.6M | $7.1M | −$100,000 | $308.0M | $130.5M | −$1.4M |
| Net income | $352.9M | $223.1M | $118.6M | $83.9M | $46.4M | $24.0M | $70.1M | $69.1M | $41.2M | $204.9M |
| EBITDA | $1.24B | $1.14B | $1.02B | $977.8M | $903.4M | $743.6M | $522.5M | $505.7M | $399.3M | $306.0M |
| EPS (diluted) | $2.86 | $2.49 | $2.09 | $2.01 | $1.76 | $1.31 | $1.82 | $1.27 | $0.97 | $3.76 |
| Gross margin | 86.8% | 86.4% | 85.7% | 85.8% | 86.2% | 85.6% | 83.2% | 82.2% | 80.0% | 80.4% |
| Operating margin | 62.3% | 61.6% | 60.7% | 62.1% | 60.4% | 52.8% | 44.4% | 53.1% | 50.6% | 40.5% |
| Net margin | 21.8% | 15.0% | 8.8% | 6.6% | 3.9% | 2.2% | 8.3% | 9.7% | 7.3% | 40.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $399.0M | $388.7M | $403.1M | $419.6M | $413.5M | $381.0M | $395.0M | $377.6M | $364.6M | $354.7M | $359.5M | $362.5M |
| Cost of revenue | $140.3M | $58.5M | $54.2M | $56.6M | $51.8M | $51.5M | $51.3M | $51.5M | $50.5M | $49.8M | $50.4M | $47.7M |
| Gross profit | $258.7M | $330.2M | $348.9M | $363.0M | $361.7M | $329.5M | $343.7M | $326.1M | $314.1M | $304.9M | $309.1M | $314.8M |
| Sales, general & admin | $5.5M | $7.9M | $5.6M | $7.3M | $8.1M | $7.5M | $8.9M | $6.3M | $5.2M | $5.7M | $8.0M | $6.0M |
| Total operating expenses | $5.5M | $92.1M | $97.3M | $104.1M | $101.5M | $92.1M | $100.7M | $94.4M | $91.8M | $82.9M | $99.0M | $94.8M |
| Operating income | $253.2M | $238.1M | $251.6M | $258.9M | $260.2M | $237.4M | $243.0M | $231.7M | $222.3M | $222.0M | $210.1M | $220.0M |
| Interest expense | $54.5M | $55.4M | $56.7M | $57.1M | $55.4M | $56.4M | $52.2M | $51.8M | $49.7M | $48.5M | $47.8M | $45.8M |
| Income before taxes | $204.8M | $185.9M | $198.2M | $207.0M | $208.8M | $184.4M | $194.7M | $183.6M | $176.3M | $176.2M | $164.7M | $176.2M |
| Income taxes | $31.1M | $28.2M | $30.2M | $31.5M | $29.1M | $23.0M | $22.6M | $18.9M | $16.0M | $14.3M | $11.9M | $11.4M |
| Net income | $96.4M | $87.6M | $93.3M | $97.7M | $90.3M | $71.6M | $70.4M | $58.6M | $49.5M | $44.6M | $37.5M | $35.3M |
| EBITDA | $301.5M | $299.8M | $309.1M | $320.7M | $316.0M | $292.3M | $298.2M | $286.9M | $276.5M | $274.5M | $262.9M | $269.7M |
| EPS (diluted) | $0.75 | $0.68 | $0.72 | $0.75 | $0.74 | $0.65 | $0.68 | $0.63 | $0.59 | $0.59 | $0.55 | $0.57 |
| Gross margin | 64.8% | 84.9% | 86.6% | 86.5% | 87.5% | 86.5% | 87.0% | 86.4% | 86.1% | 86.0% | 86.0% | 86.8% |
| Operating margin | 63.5% | 61.3% | 62.4% | 61.7% | 62.9% | 62.3% | 61.5% | 61.4% | 61.0% | 62.6% | 58.4% | 60.7% |
| Net margin | 24.2% | 22.5% | 23.1% | 23.3% | 21.8% | 18.8% | 17.8% | 15.5% | 13.6% | 12.6% | 10.4% | 9.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HESM's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HESM financial results
In fiscal year 2025 (ended December 31, 2025), Hess Midstream reported revenue of $1.6 billion, up 8.4% from the year before. It had net income of $352.9 million (up 58.2%), a net profit margin of 21.8%. Diluted earnings per share came to $2.86. Over five years revenue grew at an average rate of 8.2% a year.
See the HESM stock overview for the latest quote and news, or the HESM chart for price history and technical indicators.
HESM income statement FAQ
What is Hess Midstream's annual revenue?
Hess Midstream reported total revenue of $1.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.4% from $1.5 billion the previous year.
Is Hess Midstream profitable?
Yes. Hess Midstream reported net income of $352.9 million in fiscal 2025, a net profit margin of 21.8%; its operating margin was 62.3%.
What is Hess Midstream's gross margin?
Hess Midstream's gross margin was 86.8% in fiscal 2025: for every $100 of revenue, Hess Midstream kept $87 after the direct cost of its products and services.
How fast is Hess Midstream growing?
Revenue grew 8.2% a year on average over the last five fiscal years, from $1.1 billion to $1.6 billion.
What are Hess Midstream's earnings per share?
Hess Midstream earned $2.86 per diluted share in fiscal 2025, compared with $2.49 a year earlier.
When will Hess Midstream report its next earnings?
Hess Midstream is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 before the market opens.
When does Hess Midstream's fiscal year end?
Hess Midstream's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.