Hess Midstream LP
hessmidstream.gcs-web.comHow Do They Make Money?
Sources
-
10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by product or service ↗
Revenue, FY2025
$1.6B
Sources
-
10-K for FY2025, filed Feb 25, 2026
$1.6B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Affiliate services
|
97%
FY2022: 100%
|
Affiliate services, FY2025
$1.6B Sources
|
|
Third-party services
|
2.7%
FY2022: 0.0%
|
Third-party services, FY2025
$43.6M Sources
|
Do Revenues Turn Into Profits?
Yes. It kept 22 cents of every revenue dollar as net income in FY2025 and turned 45 cents into free cash flow.
Operating income, FY2025
Sources
10-K for FY2025, filed Feb 25, 2026
$1BView ↗
▲ +10%
vs FY2024 ($919M, 61%)
Net income, FY2025
Sources
10-K for FY2025, filed Feb 25, 2026
$352.9MView ↗
▲ +58%
vs FY2024 ($223.1M, 15%)
Free cash flow, FY2025
Sources
10-K for FY2025, filed Feb 25, 2026
$728.2MView ↗
▲ +15%
vs FY2024 ($634.2M, 42%)
How Are They Changing?
Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Affiliate services share of revenue
vs 98.0% in Q2 FY2025
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
Growing. Revenue grew 35% in 4 years, from $1.2B in FY2021 to $1.6B in FY2025, about 8% a year.
Revenue over time
Affiliate services
Third-party services
$2B$1B$0
$1.2B
$1.3B
$1.3B
$1.5B
$1.6B
100%50%0%
100%
100%
99%
98%
97%
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