Hess Midstream LP (HESM)
Hess Midstream LP brought in $1.6B of revenue over the twelve months to September 30, 2026, down 0.6% from a year earlier. Net income was $376.7M, a net margin of 23.5%. Operating cash flow minus capital spending left $728.2M of free cash flow in fiscal 2025. At September 30, 2026 it held $1M in cash against $3.6B of debt. Its latest periodic report to the SEC is the quarterly report (10-Q) filed on November 5, 2026.
Key facts about Hess Midstream LP
- Net worth
- Hess Midstream LP has a market value (market cap) of $3.9B at the latest share price. A company's "net worth" usually means this market value or the shareholders' equity on its balance sheet.
- Revenue and profit
- In fiscal 2025 revenue was $1.6B (+8.4% year on year), with net income of $352.9M. Over the 12 months to September 30, 2026: revenue $1.6B, net income $376.7M.
- Cash flow
- In fiscal 2025 operations brought in $983.8M of cash; after $255.6M of capital spending, free cash flow was $728.2M.
- Latest report
- The latest periodic report (quarterly report, 10-Q) was filed with the SEC on November 5, 2026 and covers the period to September 30, 2026. Open on SEC EDGAR
- Next earnings report
- Hess Midstream LP's next report is expected around February 1, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
What Hess Midstream LP does
Hess Midstream LP is registered with the SEC under industry code SIC 1311 (Crude Petroleum & Natural Gas). Its shares trade on NYSE under the ticker HESM.
Revenue and profit by year
Key figures
| Fiscal year | Revenue | Net income | Diluted EPS | Free cash flow |
|---|---|---|---|---|
| 2025 | $1.6B | $352.9M | n/a | $728.2M |
| 2024 | $1.5B | $223.1M | n/a | $634.2M |
| 2023 | $1.3B | $118.6M | n/a | $642.9M |
| 2022 | $1.3B | $83.9M | n/a | $622.9M |
| 2021 | $1.2B | $46.4M | n/a | $632.3M |
| 2020 | $1.1B | $24M | n/a | $340.6M |
Earnings: every quarter and the next report date
Full financial statements: income, balance sheet and cash flow
Where HESM ranks in Energy
Latest SEC filings
What Hess Midstream LP has filed recently, newest first. Each links to the original document on SEC EDGAR.
- November 5, 2026Quarterly report 10-Q · period to September 30, 2026Revenue fell 2.6% to $410.1M versus the same quarter last year; net income rose 1.7% to $99.4M.
- October 30, 2026
- October 8, 2026Activist stake changed SCHEDULE 13D/A
- October 8, 2026Executive or director change8-KHess Midstream agreed to acquire Chevron's DJ Basin assets and become an independent company while Chevron exits its ownership stake.
- October 7, 2026Passive stake changed SCHEDULE 13G/A
- September 23, 2026
- August 7, 2026Passive stake changed SCHEDULE 13G/A
- August 6, 2026Quarterly report 10-Q · period to June 30, 2026Revenue fell 3.7% to $399M versus the same quarter last year; net income rose 6.8% to $96.4M.
- August 3, 2026
- July 9, 2026Passive stake changed SCHEDULE 13G/A
Insider trades
What the people running Hess Midstream LP did with its shares, from the Form 4 filings they must send the SEC within two business days.
No insider trades were reported in the last 90 days.
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| March 8, 2026 | Niemiec David WDirector | Exercised options | 1,612 | - |
| March 8, 2026 | Bast Michael ScottPresident and COO | Exercised options | 1,327 | - |
| March 8, 2026 | Bast Michael ScottPresident and COO | Shares withheld for tax | 344 | $13.4K |
| March 8, 2026 | Bast Michael ScottPresident and COO | Exercised options | 1,189 | - |
| March 8, 2026 | Bast Michael ScottPresident and COO | Shares withheld for tax | 308 | $12K |
| March 8, 2026 | Bast Michael ScottPresident and COO | Exercised options | 929 | - |
| March 8, 2026 | Bast Michael ScottPresident and COO | Shares withheld for tax | 241 | $9.4K |
| March 8, 2026 | Letwin Stephen J JDirector | Exercised options | 1,612 | - |
Who owns HESM
Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.
5% holders
| Holder | Of class | Filed |
|---|---|---|
| Hess Investments North Dakota LLC13D, may seek influence with 2 related filers | 38% | October 8, 2026 |
| ALPS Advisors, Inc.13G, passive with 1 related filers | 23.51% | October 7, 2026 |
| GIP II Blue Holding, L.P.13D, may seek influence with 3 related filers | 23.2% | January 15, 2025 |
| Goldman Sachs Asset Management, L.P.13G, passive | 6.4% | November 13, 2025 |
| Global X Management CO LLC13G, passive | 5.5% | May 15, 2026 |
Largest institutional holders
Positions that investment managers reported on Form 13F for the quarter ended June 30, 2026, largest first, with the change on the quarter ended March 31, 2026. Managers file 13F up to 45 days after a quarter ends. 285 managers reported a position.
| Holder | Shares | Change on quarter |
|---|---|---|
| Alps Advisors Inc | 29,254,074 | -1,626,119 |
| Goldman Sachs Group Inc | 8,389,537 | +439,639 |
| Invesco Ltd. | 7,535,978 | +352,973 |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 7,055,800 | -10,630 |
| Blackstone Inc. | 5,786,130 | -1,983,395 |
| Bank of New York Mellon Corp | 4,720,992 | +968,990 |
| Tortoise Capital Advisors, L.L.C. | 4,236,214 | -230,725 |
| Neuberger Berman Group LLC | 2,671,592 | +695,678 |
| TD Asset Management Inc | 1,984,203 | -216,914 |
| UBS Group AG | 1,974,398 | +10,399 |
| Epoch Investment Partners, Inc. | 1,945,456 | -136,365 |
| Jpmorgan Chase & Co | 1,906,588 | +65,483 |
| Two Sigma Investments, LP | 1,674,699 | +1,469,793 |
| Adage Capital Partners GP, L.L.C. | 1,610,000 | +535,000 |
| Miller Howard Investments Inc | 1,558,131 | +66,232 |
| CI Investments Inc. | 1,285,671 | -266,105 |
| Fmr LLC | 1,206,735 | -521,500 |
| Westwood Holdings Group Inc | 1,170,092 | -141,343 |
| Morgan Stanley | 1,167,570 | -553,321 |
| Fractal Investments LLC | 1,160,420 | -24,800 |
Insiders
5 insiders reported holding 171,702 shares in total, about $5.2M at the last price.
| Holder | Shares |
|---|---|
| Stein Jonathan C.Chief Executive Officer | 60,963 |
| Niemiec David WDirector | 50,527 |
| Letwin Stephen J JDirector | 32,423 |
| Reddy J PatrickDirector | 24,437 |
| Bast Michael ScottPresident and COO | 3,352 |
Questions about HESM
What does Hess Midstream LP do?
Hess Midstream LP is a company in the Energy sector, listed on NYSE as HESM. Its shares trade on NYSE under the ticker HESM.
What is Hess Midstream LP's net worth?
Hess Midstream LP has a market value (market cap) of $3.9B at the latest share price. A company's "net worth" usually means this market value or the shareholders' equity on its balance sheet.
Is Hess Midstream LP profitable?
Yes. Over the twelve months to September 30, 2026 it reported net income of $376.7M on revenue of $1.6B, a net margin of 23.5%.
How much revenue does Hess Midstream LP make?
Over the twelve months to September 30, 2026 Hess Midstream LP reported revenue of $1.6B. That is 0.6% less than a year earlier.
When did Hess Midstream LP last report?
Its most recent periodic report is the quarterly report (10-Q) filed on November 5, 2026. It covers the period to September 30, 2026.
When is Hess Midstream LP's next earnings report?
Hess Midstream LP's next report is expected around February 1, 2027. That is an estimate from its filing rhythm, not a date the company has announced.
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Where the numbers come from
Financial figures are the values Hess Midstream LP tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.
Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.