HESM financial statements
The full income statement, balance sheet, and cash-flow statement for Hess Midstream LP (HESM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 1.62B+8.4% | 1.50B+10.9% | 1.35B+5.8% | 1.28B+5.9% | 1.20B+10.2% | |
| Selling, general & administrative | 28.5M+9.2% | 26.1M-0.4% | 26.2M+13.4% | 23.1M+1.8% | 22.7M+7.6% | |
| General & administrative | 28.5M+9.2% | 26.1M-0.4% | 26.2M+13.4% | 23.1M+1.8% | 22.7M+7.6% | |
| Operating income | 1.01B+9.7% | 919M+12.5% | 817M+3.2% | 791M+8.8% | 727M+26.1% | |
| Equity-method income | 15.9M+13.6% | 14.0M+81.8% | 7.70M+45.3% | 5.30M-50.0% | 10.6M+2.9% | |
| Pre-tax income | 798M+9.3% | 731M+13.2% | 646M-0.2% | 647M+2.3% | 632M+28.5% | |
| Income tax | 114M+58.5% | 71.8M+89.4% | 37.9M+42.5% | 26.6M+82.2% | 14.6M+100.0% | |
| 353M+58.2% | 223M+88.1% | 119M+41.4% | 83.9M+80.8% | 46.4M+93.3% | ||
| Net income to non-controlling interest | 332M-23.9% | 436M-10.9% | 489M-8.9% | 537M-6.1% | 571M+24.0% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 159M+6.4% | 149M+9.2% | 137M+3.4% | 132M-0.6% | 133M+31.3% | ||
| Cash & equivalents | 1.90M-55.8% | 4.30M-20.4% | 5.40M+74.2% | 3.10M+40.9% | 2.20M-15.4% | |
| Accounts receivable | 144M+6.1% | 135M+10.4% | 123M-0.2% | 123M | — | |
| Other current assets | 6.90M+11.3% | 6.20M-11.4% | 7.00M+12.9% | 6.20M-41.5% | 10.6M+89.3% | |
| 4.39B+5.7% | 4.15B+9.5% | 3.79B+5.6% | 3.59B+2.9% | 3.49B+3.3% | ||
| Property, plant & equipment | 3.37B+1.3% | 3.33B+3.0% | 3.23B+1.8% | 3.17B+1.5% | 3.13B+0.4% | |
| Deferred tax assets | 774M+32.8% | 583M+79.6% | 324M+83.1% | 177M+51.1% | 117M+176.0% | |
| Other non-current assets | 4.10M-35.9% | 6.40M-25.6% | 8.60M-23.9% | 11.3M+44.9% | 7.80M-22.0% | |
| 188M-14.4% | 219M+4.3% | 210M+31.8% | 160M-6.7% | 171M+36.7% | ||
| Accounts payable | 26.9M-19.7% | 33.5M-18.7% | 41.2M+48.7% | 27.7M+3.0% | 26.9M-10.3% | |
| Accrued liabilities | 89.4M-4.7% | 93.8M-11.4% | 106M+27.7% | 82.9M+8.8% | 76.2M+40.9% | |
| Deferred revenue | 6.40M | — | — | — | — | |
| Short-term & current debt | 32.5M+44.4% | 22.5M+80.0% | 12.5M+400.0% | 2.50M-87.5% | 20.0M+100.0% | |
| Other current liabilities | 14.1M+3.7% | 13.6M+12.4% | 12.1M+6.1% | 11.4M+11.8% | 10.2M+3.0% | |
| 3.95B+7.2% | 3.69B+7.6% | 3.43B+12.0% | 3.06B+12.0% | 2.73B+33.4% | ||
| Long-term debt | 3.74B+8.4% | 3.45B+7.8% | 3.20B+11.0% | 2.88B+13.4% | 2.54B+33.9% | |
| Operating lease liability (total) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Deferred tax liabilities | 500K+0.0% | 500K+0.0% | 500K+0.0% | 500K+25.0% | 400K | |
| Other non-current liabilities | 22.6M+37.0% | 16.5M-1.2% | 16.7M+3.7% | 16.1M-9.0% | 17.7M-24.4% | |
| Total liabilities & equity | 4.39B+5.7% | 4.15B+9.5% | 3.79B+5.6% | 3.59B+2.9% | 3.49B+3.3% | |
| Shares outstanding (cover) | 129M+10.9% | 117M+46.2% | 79.9M+81.5% | 44.0M+30.7% | 33.7M+86.8% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 984M+4.6% | 940M+8.5% | 866M+0.6% | 861M+8.2% | 796M+24.0% | ||
| Depreciation & amortization | 214M+5.4% | 203M+5.5% | 193M+6.2% | 181M+9.5% | 166M+5.5% | |
| Share-based compensation | 1.60M-11.1% | 1.80M+5.9% | 1.70M+6.3% | 1.60M+14.3% | 1.40M-6.7% | |
| Deferred income taxes | 114M+58.8% | 71.6M+88.9% | 37.9M+42.5% | 26.6M+82.2% | 14.6M+100.0% | |
| Change in receivables | 3.10M+82.4% | 1.70M+6.3% | 1.60M | — | — | |
| -256M+16.5% | -306M-37.0% | -224M+6.2% | -238M-46.0% | -163M+45.8% | ||
| Capital expenditure | 256M-16.5% | 306M+37.0% | 224M-6.2% | 238M+46.0% | 163M-45.8% | |
| Free cash flow | 728M+14.8% | 634M-1.4% | 643M+3.2% | 623M-1.5% | 632M+85.6% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| -731M-15.0% | -635M+0.8% | -641M-3.0% | -622M+1.7% | -633M-85.3% | ||
| Long-term debt issued | 0.00-100.0% | 600M | 0.00-100.0% | 400M-46.7% | 750M | |
| Long-term debt repaid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock issued | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Common stock repurchased | 400M+33.3% | 300M-25.0% | 400M+0.0% | 400M-46.7% | 750M | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | -2.40M-118.2% | -1.10M-147.8% | 2.30M+155.6% | 900K+325.0% | -400K+42.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 4.46B+3.3% | 4.32B+99.9% | 2.16B+64.2% | 1.32B+41.5% | 930M+163.7% | |
| P/E | 12.7×-34.7% | 19.4×-7.8% | 21.0×+26.1% | 16.7×-16.9% | 20.1×+36.4% | |
| P/S | 2.8×-4.7% | 2.9×+74.7% | 1.7×+60.5% | 1.0×+33.4% | 0.8×+139.2% | |
| P/FCF | 6.1×-10.1% | 6.8×+95.4% | 3.5×+70.2% | 2.1×+39.3% | 1.5×+42.0% | |
| Earnings yield | 7.9%+53.2% | 5.2%+8.4% | 4.8%-20.7% | 6.0%+20.3% | 5.0%-26.7% | |
| FCF yield | 16.3%+11.2% | 14.7%-48.8% | 28.7%-41.2% | 48.8%-28.2% | 68.0%-29.6% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
One company, more than one SEC registrant: these statements were filed by Hess Midstream Partners LP until Dec 17, 2019 and by Hess Midstream LP since.
About this data
Source: HESM’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all HESM filings on SEC EDGAR → Not investment advice.