Hess Midstream LP (HESM) financial statements: income statement, balance sheet and cash flow
Hess Midstream LP's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Hess Midstream LP reported revenue of $1.6B (+8.4% year on year) and net income of $684.6M (+3.9% year on year).
Income statement
Hess Midstream LP income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenues
$1.6B
$1.5B
$1.3B
$1.3B
Other income
$4.1M
$3.6M
$2.5M
$2.0M
Total revenues
$1.6B
$1.5B
$1.3B
$1.3B
Operating and maintenance expenses (exclusive of depreciation shown separately below)
$370.6M
$347.3M
$313.0M
$279.6M
Depreciation expense
$214.1M
$203.1M
$192.5M
$181.3M
General and administrative expenses
$28.5M
$26.1M
$26.2M
$23.1M
Total operating costs and expenses
$613.2M
$576.5M
$531.7M
$484.0M
Income from operations
$1.0B
$919.0M
$816.9M
$791.2M
Income from equity investments
$15.9M
$14.0M
$7.7M
$5.3M
Interest expense, net
$225.6M
$202.2M
$179.0M
$149.3M
Income before income tax expense
$798.4M
$730.8M
$645.6M
$647.2M
Income tax expense
$113.8M
$71.8M
$37.9M
$26.6M
Net income
$684.6M
$659.0M
$607.7M
$620.6M
Less: Net income attributable to noncontrolling interest
$331.7M
$435.9M
$489.1M
$536.7M
Net income attributable to Hess Midstream LP
$352.9M
$223.1M
$118.6M
$83.9M
Net income attributable to Hess Midstream LP per Class A share, Basic
$2.87
$2.51
$2.11
$2.03
Net income attributable to Hess Midstream LP per Class A share, Diluted
$2.86
$2.49
$2.08
$2.01
Weighted average Class A shares outstanding, Basic
123.1M
89
56.2
41.3M
Weighted average Class A shares outstanding, Diluted
123.1M
89
56.3
41.4M
Hess Midstream LP income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenues
$397.7M
$388.7M
$419.6M
$413.5M
Other income
$1.3M
$1.4M
$1.3M
$700.0K
Total revenues
$399.0M
$390.1M
$420.9M
$414.2M
Operating and maintenance expenses (exclusive of depreciation shown separately below)
$85.9M
$85.6M
$98.1M
$94.1M
Depreciation expense
$54.4M
$58.5M
$56.6M
$51.8M
General and administrative expenses
$5.5M
$7.9M
$7.3M
$8.1M
Total operating costs and expenses
$145.8M
$152.0M
$162.0M
$154.0M
Income from operations
$253.2M
$238.1M
$258.9M
$260.2M
Income from equity investments
$6.1M
$3.2M
$5.2M
$4.0M
Interest expense, net
$54.5M
$55.4M
$57.1M
$55.4M
Income before income tax expense
$204.8M
$185.9M
$207.0M
$208.8M
Income tax expense
$31.1M
$28.2M
$31.5M
$29.1M
Net income
$173.7M
$157.7M
$175.5M
$179.7M
Less: Net income attributable to noncontrolling interest
$77.3M
$70.1M
$77.8M
$89.4M
Net income attributable to Hess Midstream LP
$96.4M
$87.6M
$97.7M
$90.3M
Net income attributable to Hess Midstream LP per Class A share, Basic
$0.75
$0.68
$0.75
$0.74
Net income attributable to Hess Midstream LP per Class A share, Diluted
$0.75
$0.68
$0.75
$0.74
Weighted average Class A shares outstanding, Basic
128.4M
129.2M
130.3M
121.8M
Weighted average Class A shares outstanding, Diluted
128.4M
129.2M
130.3M
121.8M
Balance sheet
Hess Midstream LP balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$1.9M
$4.3M
$5.4M
$3.1M
Accounts receivable-trade
$6.7M
$3.6M
$1.9M
—
Accounts receivable-affiliate
$143.5M
$135.3M
$122.5M
—
Other current assets
$6.9M
$6.2M
$7.0M
$6.2M
Total current assets
$159.0M
$149.4M
$136.8M
$132.3M
Equity investments
$81.5M
$87.0M
$90.2M
$93.9M
Property, plant and equipment, net
$3.4B
$3.3B
$3.2B
$3.2B
Long-term receivable—affiliate
$0
$200.0K
$300.0K
$700.0K
Deferred tax asset
$773.9M
$582.6M
$324.4M
$177.2M
Other noncurrent assets
$4.1M
$6.4M
$8.6M
$11.3M
Total assets
$4.4B
$4.2B
$3.8B
$3.6B
Accounts payable—trade
$24.9M
$55.9M
$38.5M
$35.0M
Accounts payable-affiliate
$26.9M
$33.5M
$41.2M
$27.7M
Accrued liabilities
$89.4M
$93.8M
$105.9M
$82.9M
Current maturities of long-term debt
$32.5M
$22.5M
$12.5M
$2.5M
Other current liabilities
$14.1M
$13.6M
$12.1M
$11.4M
Total current liabilities
$187.8M
$219.3M
$210.2M
$159.5M
Long-term debt
$3.7B
$3.4B
$3.2B
$2.9B
Deferred tax liability
$500.0K
$500.0K
$500.0K
$500.0K
Other noncurrent liabilities
$22.6M
$16.5M
$16.7M
$16.1M
Total liabilities
$4.0B
$3.7B
$3.4B
$3.1B
Common unitholders
$568.3M
$530.7M
$340.2M
$245.1M
Total Class A and Class B partners' capital
$568.3M
$530.7M
$340.2M
$245.1M
Noncontrolling interest
($130.4M)
($65.4M)
$23.0M
$283.9M
Total partners' capital
$437.9M
$465.3M
$363.2M
$529.0M
Total liabilities and partners' capital
$4.4B
$4.2B
$3.8B
$3.6B
Hess Midstream LP balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$5.0M
$4.6M
$5.5M
$4.5M
Accounts receivable-trade
$8.4M
$6.9M
$5.1M
$5.6M
Accounts receivable-affiliate
$142.9M
$149.3M
$145.4M
$138.4M
Other current assets
$900.0K
$5.0M
$4.0M
$2.4M
Total current assets
$157.2M
$165.8M
$168.2M
$150.9M
Equity investments
$83.2M
$80.0M
$84.5M
$84.8M
Property, plant and equipment, at cost
$5.4B
$5.4B
—
—
Accumulated depreciation
($2.1B)
($2.1B)
—
—
Property, plant and equipment, net
$3.3B
$3.3B
$3.4B
$3.3B
Deferred tax asset
$713.5M
$744.6M
$804.0M
$837.3M
Other noncurrent assets
$4.0M
$4.7M
$4.7M
$5.4M
Total assets
$4.3B
$4.3B
$4.4B
$4.4B
Accounts payable—trade
$31.7M
$30.3M
$40.4M
$32.4M
Accounts payable-affiliate
$29.2M
$22.8M
$53.0M
$44.2M
Accrued liabilities
$97.5M
$88.5M
$89.9M
$102.2M
Current maturities of long-term debt
$37.5M
$35.0M
$30.0M
$27.5M
Other current liabilities
$8.1M
$4.6M
$11.0M
$7.2M
Total current liabilities
$204.0M
$181.2M
$224.3M
$213.5M
Long-term debt
$3.6B
$3.7B
$3.8B
$3.7B
Deferred tax liability
$500.0K
$500.0K
$500.0K
$500.0K
Other noncurrent liabilities
$21.6M
$23.7M
$21.5M
$14.6M
Total liabilities
$3.9B
$3.9B
$4.0B
$3.9B
Common unitholders
$514.6M
$518.0M
$572.5M
$635.0M
Total Class A and Class B partners' capital
$514.6M
$518.0M
$572.5M
$635.0M
Noncontrolling interest
($126.6M)
($143.2M)
($146.0M)
($127.4M)
Total partners' capital
$388.0M
$374.8M
$426.5M
$507.6M
Total liabilities and partners' capital
$4.3B
$4.3B
$4.4B
$4.4B
Cash flow statement
Hess Midstream LP cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$684.6M
$659.0M
$607.7M
$620.6M
Depreciation expense
$214.1M
$203.1M
$192.5M
$181.3M
Income from equity investments
($15.9M)
($14.0M)
($7.7M)
($5.3M)
Distributions from equity investments
$21.4M
$17.2M
$11.4M
$13.0M
Amortization of deferred financing costs
$14.1M
$9.6M
$8.4M
$8.8M
Equity-based compensation expense
$1.6M
$1.8M
$1.7M
$1.6M
Deferred income tax expense
$113.7M
$71.6M
$37.9M
$26.6M
Accounts receivable - trade
($3.1M)
($1.7M)
($1.6M)
—
Accounts receivable – affiliate
($8.0M)
($12.7M)
$600.0K
($2.6M)
Other current and noncurrent assets
($400.0K)
$900.0K
($200.0K)
$3.5M
Accounts payable – trade
($31.0M)
$17.4M
$3.5M
$8.1M
Accounts payable – affiliate
($9.4M)
($5.9M)
$10.1M
($5.8M)
Accrued liabilities
$6.4M
$3.5M
$4.0M
$9.1M
Other current and noncurrent liabilities
($4.3M)
($9.5M)
($1.9M)
$2.2M
Net cash provided by operating activities
$983.8M
$940.3M
$866.4M
$861.1M
Additions to property, plant and equipment
($255.6M)
($306.1M)
($223.5M)
($238.2M)
Net cash used in investing activities
($255.6M)
($306.1M)
($223.5M)
($238.2M)
Net proceeds from (repayments of) borrowings with maturities of 90 days or less
$323.0M
($325.0M)
$322.0M
($86.0M)
Proceeds
$800.0M
—
—
—
Repayments
($822.5M)
($12.5M)
($2.5M)
($10.0M)
Deferred financing costs
($12.5M)
($9.5M)
—
($13.3M)
Transaction costs
($2.9M)
($2.2M)
($3.1M)
($1.5M)
Share and unit repurchases
($400.0M)
($300.0M)
($400.0M)
($400.0M)
Distributions to shareholders
($350.2M)
($235.3M)
($127.5M)
($91.0M)
Distributions to noncontrolling interest
($265.5M)
($350.8M)
($429.5M)
($440.2M)
Net cash used in financing activities
($730.6M)
($635.3M)
($640.6M)
($622.0M)
Increase (decrease) in cash and cash equivalents
($2.4M)
($1.1M)
$2.3M
$900.0K
Cash and cash equivalents, beginning of period
$4.3M
$5.4M
$3.1M
$2.2M
Cash and cash equivalents, end of period
$1.9M
$4.3M
$5.4M
$3.1M
(Increase) decrease in accrued capital expenditures and related liabilities
$8.1M
$17.6M
($22.2M)
$6.5M
Recognition of deferred tax asset
$305.0M
$329.8M
$185.1M
$86.4M
Hess Midstream LP cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$331.4M
$157.7M
$516.6M
$341.1M
Depreciation expense
$112.9M
$58.5M
$159.9M
$103.3M
Income from equity investments
($9.3M)
($3.2M)
($12.6M)
($7.4M)
Distributions from equity investments
$7.6M
$4.7M
$15.1M
$9.6M
Amortization of deferred financing costs
$6.0M
$3.0M
$11.1M
$8.1M
Equity-based compensation expense
$300.0K
$200.0K
$1.4M
$600.0K
Deferred income tax expense
$59.3M
$28.2M
$83.6M
$52.0M
Accounts receivable - trade
($1.7M)
($200.0K)
($1.5M)
($2.0M)
Accounts receivable – affiliate
$600.0K
($5.8M)
($9.9M)
($2.9M)
Other current and noncurrent assets
$5.1M
$800.0K
($5.9M)
$3.7M
Accounts payable – trade
$6.8M
$5.4M
($15.5M)
($23.5M)
Accounts payable – affiliate
$2.8M
$2.7M
($2.8M)
($1.2M)
Accrued liabilities
$18.3M
$10.5M
$7.1M
$8.6M
Other current and noncurrent liabilities
($8.2M)
($9.2M)
($8.4M)
($10.7M)
Net cash provided by operating activities
$531.9M
$253.3M
$738.2M
$479.3M
Additions to property, plant and equipment
($51.9M)
($28.8M)
($188.9M)
($108.9M)
Net cash used in investing activities
($51.9M)
($28.8M)
($188.9M)
($108.9M)
Net proceeds from (repayments of) borrowings with maturities of 90 days or less
($82.0M)
$5.0M
$341.0M
$258.0M
Proceeds
$0
$0
$800.0M
$800.0M
Repayments
($15.0M)
($7.5M)
($815.0M)
($810.0M)
Deferred financing costs
$0
$0
($12.5M)
($12.5M)
Transaction costs
($600.0K)
($600.0K)
($2.7M)
($1.6M)
Share and unit repurchases
($60.0M)
($60.0M)
($400.0M)
($300.0M)
Distributions to shareholders/unitholders
($198.8M)
($98.9M)
($252.5M)
($155.9M)
Distributions to noncontrolling interest
($120.5M)
($59.8M)
($206.4M)
($148.2M)
Net cash used in financing activities
($476.9M)
($221.8M)
($548.1M)
($370.2M)
Increase in cash and cash equivalents
$3.1M
$2.7M
$1.2M
$200.0K
Cash and cash equivalents, beginning of period
$1.9M
$1.9M
$4.3M
$4.3M
Cash and cash equivalents, end of period
$5.0M
$4.6M
$5.5M
$4.5M
(Increase) decrease in accrued capital expenditures and related liabilities