Jun 2026 (Q2 FY26) — Aug 3, 2026
Hess Midstream Q2 FY26 — Strong Adjusted Free Cash Flow and Operational Execution
Read the full callHess Midstream (HESM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Hess Midstream earnings: last reported Mon, 3 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 399 | −3.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 63.5 | +0.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 96.4 | +6.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Price
$30.23 −1.40% · −$0.43
Performance −7.5% 1Y
1Y: $32.68 on 17 Oct 2025 → $30.23. High $40.97 (8 Sept 2026), low $30.23 (19 Oct 2026).
- Previous close
- $30.66
- 52-week range
- $30.23 – $40.97
- One year
- −8.67%
Overview
- Symbol
- HESM
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Call summaries
Mar 2026 (Q1 FY26) — May 4, 2026
Hess Midstream Q1 FY26 — Capital Expenditure Reduction and Increased Free Cash Flow Guidance
Read the full callEvery analysed call
Hess Midstream earnings calls (HESM)
Financials
What the filings say
Net profit, year on year: +7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 379 | 396 | 382 | 414 | 421 | 404 | 390 | 399 |
| Expenses | 147 | 153 | 145 | 154 | 162 | 153 | 152 | 146 |
| Operating profit | 232 | 243 | 237 | 260 | 259 | 252 | 238 | 253 |
| Operating margin | 61.2% | 61.4% | 62.1% | 62.8% | 61.5% | 62.3% | 61.0% | 63.5% |
| Profit before tax | 184 | 195 | 184 | 209 | 207 | 198 | 186 | 205 |
| Tax rate | 10.3% | 11.6% | 12.5% | 13.9% | 15.2% | 15.2% | 15.2% | 15.2% |
| Net profit | 59 | 70 | 72 | 90 | 98 | 93 | 88 | 96 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Total liabilities | 1,115 | 1,946 | 2,049 | 2,733 | 3,059 | 3,426 | 3,686 | 3,950 |
| Fixed assets | 2,735 | 3,010 | 3,111 | 3,125 | 3,173 | 3,229 | 3,325 | 3,370 |
| Total assets | 2,991 | 3,278 | 3,375 | 3,486 | 3,588 | 3,790 | 4,151 | 4,388 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 467 | 471 | 642 | 796 | 861 | 866 | 940 | 984 |
| Cash from investing | -308 | -497 | -301 | -163 | -238 | -223 | -306 | -256 |
| Cash from financing | -406 | -79 | -341 | -633 | -622 | -641 | -635 | -731 |
| Net cash flow | -246 | -106 | -1 | -0 | 1 | 2 | -1 | -2 |
| Capital expenditure | -242 | -306 | -301 | -163 | -238 | -223 | -306 | -256 |
| Free cash flow | 225 | 164 | 341 | 632 | 623 | 643 | 634 | 728 |
HESM revenue by segment
Terminaling and Export grew from 8% to 10% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Gathering | 54% | 54% | 53% | 54% | 54% | 54% | 52% | 53% | -5.7% |
| Processing and Storage | 38% | 39% | 39% | 38% | 38% | 38% | 38% | 38% | -4.2% |
| Terminaling and Export | 8% | 8% | 8% | 8% | 8% | 8% | 10% | 10% | +11.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
HESM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| Throughput volumes Gas processing | 430M cf/dDuring the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering.Source: earnings call transcript | 433M cf/dDuring the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminalling and 121,000 barrels of water per day for water gathering.Source: earnings call transcript | +0.7% |
| Throughput volumes Crude terminaling | 119K bbl/dDuring the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering.Source: earnings call transcript | 117K bbl/dDuring the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminalling and 121,000 barrels of water per day for water gathering.Source: earnings call transcript | -1.7% |
| Throughput volumes Water gathering | 115K bbl/dDuring the quarter, throughput volumes averaged 430 million cubic feet per day for gas processing, 119,000 barrels of oil per day for crude terminaling and 115,000 barrels of water per day for water gathering.Source: earnings call transcript | 121K bbl/dDuring the quarter, throughput volumes averaged 433 million cubic feet per day for gas processing, 117,000 barrels of oil per day for crude terminalling and 121,000 barrels of water per day for water gathering.Source: earnings call transcript | +5.2% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
12 filings between Mar 4, 2026 and Mar 8, 2026.
Open market
decisions to buy or sellNobody bought or sold HESM on the open market in this window. The filings below are 7 option exercises, 4 tax withholdings and 1 other.
Compensation
not trading decisions- 7
- Option exercise — converted options into shares
- 4
- Tax withheld — shares kept back by the company to cover tax
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Mar 8, 2026 | Bast Michael Scott President and COO | Option exercise | 1,327 | $0 |
| Mar 8, 2026 | Stein Jonathan C. Chief Executive Officer | Tax withheld | 1,048 | $40.8K |
| Mar 8, 2026 | Bast Michael Scott President and COO | Tax withheld | 344 | $13.4K |
| Mar 8, 2026 | Bast Michael Scott President and COO | Option exercise | 1,189 | $0 |
| Mar 8, 2026 | Bast Michael Scott President and COO | Tax withheld | 308 | $12.0K |
| Mar 8, 2026 | Bast Michael Scott President and COO | Option exercise | 929 | $0 |
| Mar 8, 2026 | Bast Michael Scott President and COO | Tax withheld | 241 | $9.4K |
| Mar 8, 2026 | Letwin Stephen J J Director | Option exercise | 1,612 | $0 |
| Mar 8, 2026 | REDDY J PATRICK Director | Option exercise | 1,612 | $0 |
| Mar 8, 2026 | Stein Jonathan C. Chief Executive Officer | Option exercise | 2,066 | $0 |
| Mar 8, 2026 | NIEMIEC DAVID W Director | Option exercise | 1,612 | $0 |
| Mar 4, 2026 | CHEVRON CORP Director | Other | 455,811 | $0 |
| Sep 26, 2025 | Gatling John A. President and COO | Option exercise | 4,757 | $0 |
| Sep 26, 2025 | Gatling John A. President and COO | Option exercise | 2,948 | $0 |
| Sep 26, 2025 | Gatling John A. President and COO | Option exercise | 6,199 | $0 |
| Aug 12, 2025 | Gatling John A. President and COO | Sale | 62,457 | $2.60M |
| Aug 8, 2025 | CHEVRON CORP Director | Other | 695,894 | $0 |
| Jun 9, 2025 | Schoonman Geurt G Director | Sale | 3,249 | $127.1K |
| May 30, 2025 | BlackRock Portfolio Management LLC 10% owner | Conversion | 14,573,517 | $0 |
| May 30, 2025 | BlackRock Portfolio Management LLC 10% owner | Other | 14,573,517 | $0 |
| May 30, 2025 | BlackRock Portfolio Management LLC 10% owner | Sale | 15,022,517 | $553.73M |
| May 30, 2025 | Hess Infrastructure Partners GP LLC Director | Other | 29,147,034 | $0 |
| May 30, 2025 | Hess Infrastructure Partners GP LLC Director | Other | 898,000 | $0 |
| May 9, 2025 | Hess Infrastructure Partners GP LLC Director | Other | 6,225,772 | $0 |
| May 9, 2025 | BlackRock Portfolio Management LLC 10% owner | Other | 3,112,886 | $0 |
| May 9, 2025 | HESS CORP Director | Other | 3,112,886 | $0 |
| Mar 11, 2025 | Gatling John A. President and COO | Sale | 2,087 | $84.7K |
| Mar 8, 2025 | Letwin Stephen J J Director | Option exercise | 1,855 | $0 |
| Mar 8, 2025 | NIEMIEC DAVID W Director | Option exercise | 1,855 | $0 |
| Mar 8, 2025 | REDDY J PATRICK Director | Option exercise | 1,855 | $0 |
| Mar 8, 2025 | Gatling John A. President and COO | Option exercise | 2,486 | $0 |
| Mar 8, 2025 | Gatling John A. President and COO | Option exercise | 2,948 | $0 |
| Mar 8, 2025 | Gatling John A. President and COO | Option exercise | 2,378 | $0 |
| Feb 19, 2025 | BlackRock Portfolio Management LLC 10% owner | Conversion | 1,650,000 | $0 |
| Feb 19, 2025 | BlackRock Portfolio Management LLC 10% owner | Sale | 1,650,000 | $64.53M |
| Feb 19, 2025 | Hess Infrastructure Partners GP LLC Director | Other | 3,300,000 | $0 |
| Feb 19, 2025 | BlackRock Portfolio Management LLC 10% owner | Other | 1,650,000 | $0 |
| Feb 12, 2025 | BlackRock Portfolio Management LLC 10% owner | Conversion | 11,000,000 | $0 |
| Feb 12, 2025 | BlackRock Portfolio Management LLC 10% owner | Sale | 11,000,000 | $430.21M |
| Feb 12, 2025 | Hess Infrastructure Partners GP LLC Director | Other | 22,000,000 | $0 |
| Feb 12, 2025 | BlackRock Portfolio Management LLC 10% owner | Other | 11,000,000 | $0 |
| Jan 15, 2025 | Hess Infrastructure Partners GP LLC Director | Other | 3,210,272 | $0 |
| Jan 15, 2025 | Global Infrastructure Investors II, LLC Director | Other | 1,605,136 | $0 |
| Jan 15, 2025 | Global Infrastructure Investors II, LLC Director | Other | 1,605,136 | $0 |
| Jan 15, 2025 | HESS CORP Director | Other | 1,605,136 | $0 |
| Nov 11, 2024 | Stein Jonathan C. Chief Financial Officer | Sale | 7,923 | $279.8K |
| Nov 8, 2024 | Stein Jonathan C. Chief Financial Officer | Option exercise | 2,486 | $0 |
| Nov 8, 2024 | Stein Jonathan C. Chief Financial Officer | Option exercise | 5,896 | $0 |
| Nov 8, 2024 | Stein Jonathan C. Chief Financial Officer | Option exercise | 7,135 | $0 |
| Sep 20, 2024 | Global Infrastructure Investors II, LLC Director | Other | 12,650,000 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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