Hess Midstream LP reported solid fourth quarter results, characterized by stable revenues and strong cash flow generation, benefiting from higher tariff rates and the completion of major infrastructure projects. The company reaffirmed its 2026 and long-term guidance, signaling confidence in its future performance and ability to deliver shareholder returns.
Net income attributable to Hess Midstream LP increased to $93.3 million, or $0.72 per basic share, up from $0.68 per share in the prior-year quarter.
positiveAdjusted EBITDA increased to $309.1 million for Q4 2025, up from $298.2 million in Q4 2024.
positiveAdjusted Free Cash Flow increased to $207.8 million for Q4 2025, up from $164.3 million in Q4 2024.
positiveQuarterly cash distribution increased to $0.7641 per Class A share, up $0.0093 from the prior quarter.
positiveFull year 2025 Adjusted EBITDA was $1,238.1 million, an increase from $1,136.1 million in 2024.
positiveFull year 2025 Adjusted Free Cash Flow was $779.1 million, an increase from $655.0 million in 2024.
positiveGross Adjusted EBITDA Margin improved to 83% in Q4 2025 from 81% in Q4 2024.
positiveThroughput volumes decreased year-over-year in Q4 2025: oil terminaling down 4%, gas processing down 1%, and water gathering down 5%, primarily due to severe winter weather.
attentionInterest expense, net, increased to $56.7 million in Q4 2025 from $52.2 million in Q4 2024, primarily due to higher borrowings.
attentionNet income attributable to noncontrolling interest was $74.7 million in Q4 2025, compared to $101.7 million in Q4 2024, impacting net income attributable to Hess Midstream LP.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Gathering | N/A | — | — | — |
Processing and Storage | N/A | — | — | — |
Terminaling and Export | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Successfully completed planned multiyear infrastructure project buildout in 2025.
Focus on reliable operating performance.
Expect substantially lower future capital spending.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.