Hess Midstream LP financial statements

Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Hess Midstream LP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	580	713	848	1,092	1,204	1,275	1,349	1,496	1,621
General and administrative	13.9	14.1	52.4	21.1	22.7	23.1	26.2	26.1	28.5
Operating income	263	378	377	577	727	791	817	919	1,008
Pre-tax income	242	326	318	492	632	647	646	731	798
Income tax			-0.1	7.3	14.6	26.6	37.9	71.8	114
Net income to minority interests	175	302	303	461	571	537	489	436	332
Net income	41.2	70.8	70.1	24	46.4	83.9	119	223	353
EBITDA	380	505	519	733	893	973	1,009	1,122	1,222

Balance sheet

	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	109	3.3	2.6	2.2	3.1	5.4	4.3	1.9
Receivables					123	123	135	144
Other current assets	3.3	4.7	5.6	10.6	6.2	7	6.2	6.9
Total current assets	180	95.9	101	133	132	137	149	159
Property, plant and equipment	2,735	3,010	3,111	3,125	3,173	3,229	3,325	3,370
Lease right-of-use assets		0.8
Other non-current assets	6.9	12.9	10	7.8	11.3	8.6	6.4	4.1
Total assets	2,991	3,278	3,375	3,486	3,588	3,790	4,151	4,388
Accounts payable	18.6	30.6	30	26.9	27.7	41.2	33.5	26.9
Accrued liabilities	85.6	88.7	54.1	76.2	82.9	106	93.8	89.4
Deferred revenue								6.4
Short-term debt	11.3		10	20	2.5	12.5	22.5	32.5
Total current liabilities	138	176	125	171	160	210	219	188
Long-term debt	970	1,754	1,900	2,544	2,883	3,199	3,449	3,740
Lease liabilities		0.6
Other non-current liabilities	7.2	16	23.4	17.7	16.1	16.7	16.5	22.6
Total liabilities	1,115	1,946	2,049	2,733	3,059	3,426	3,686	3,950
Total debt	981	1,754	1,910	2,564	2,886	3,211	3,472	3,772
Other comprehensive income	1.2	0.4
Total liabilities and equity	2,991	3,278	3,375	3,486	3,588	3,790	4,151	4,388

Cash flow statement

	FY2017	FY2019	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	242	326	318	485	618	621	608	659	685
Depreciation and amortization	117	127	143	157	166	181	193	203	214
Stock-based compensation	0.2	0.9	1.5	1.5	1.4	1.6	1.7	1.8	1.6
Deferred income tax			-0.1	7.3	14.6	26.6	37.9	71.6	114
Change in receivables							-1.6	-1.7	-3.1
Cash from operations	337	467	471	642	796	861	866	940	984
Capital expenditures	-144	-242	-306	-301	-163	-238	-224	-306	-256
Acquisitions			-89.2
Cash from investing	-131	-308	-498	-301	-163	-238	-224	-306	-256
Debt issued	800		550		750	400		600
Share buybacks					-750	-400	-400	-300	-400
Cash from financing	149	-406	-79.2	-341	-633	-622	-641	-635	-731
Net change in cash	354	-246	-106	-0.7	-0.4	0.9	2.3	-1.1	-2.4
Free cash flow	192	225	164	341	632	623	643	634	728

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $38.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	62.1%	Operating income / revenue.
EBITDA margin	75.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	49.3%	Pre-tax income / revenue.
Net margin	23.2%	Net income / revenue.
FCF margin	51.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	64.2%	Cash from operations / revenue.
Effective tax rate	15.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	8.8%	Net income / average total assets.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	12.3%	Capital expenditures / revenue.
D&A / revenue	13.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	58.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	61.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	71.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	4.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	14.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	5.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.77x	Current assets / current liabilities.
Quick ratio	0.73x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / assets	86.5%	Total debt / total assets.
Liabilities / assets	90.9%	Total liabilities / total assets.
Net debt	$3.68B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.00x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$46.8M	Current assets - current liabilities.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.38x	Revenue / average total assets.
Fixed asset turnover	0.49x	Revenue / average property, plant and equipment.
Receivables turnover	11.3x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
FCF conversion	223.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Buybacks / FCF	19.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$4.91B	Share price x shares outstanding.
Enterprise value	$8.58B	Market cap + total debt - cash - short-term investments.
P/E	13.1x	Market cap / net income. Only when net income is positive.
P/S	3.04x	Market cap / revenue.
P/FCF	5.86x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	4.74x	Market cap / cash from operations, when positive.
EV/Sales	5.32x	Enterprise value / revenue.
EV/EBIT	8.57x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.00x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	17.1%	Free cash flow / market cap.
Earnings yield	7.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.3%	(Dividends paid + share buybacks) / market cap.

What was Hess Midstream LP's revenue in fiscal 2025?

Hess Midstream LP reported revenue of $1.62B for fiscal 2025, 8.4% higher than the year before.

Was Hess Midstream LP profitable in fiscal 2025?

Yes. Net income was $352.9M, a net margin of 21.8%.

How much free cash flow did Hess Midstream LP generate in fiscal 2025?

Cash from operations of $983.8M minus capital expenditures of $255.6M left free cash flow of $728.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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