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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Hess Midstream reported revenue of $1.6B in the fiscal year ended Dec 2025, up 8.4% from the year before. Operating income was $1B, an operating margin of 62.2%, and net income was $353M. Operating cash flow of $984M less capital expenditure of $256M left free cash flow of $728M. Net debt was $3.8B.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,204 | 1,275 | 1,349 | 1,496 | 1,621 |
| Operating income | 727 | 791 | 817 | 919 | 1,008 |
| Pre-tax income | 632 | 647 | 646 | 731 | 798 |
| Income tax | 14.6 | 26.6 | 37.9 | 71.8 | 114 |
| Net income | 46.4 | 83.9 | 119 | 223 | 353 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2.2 | 3.1 | 5.4 | 4.3 | 1.9 |
| Receivables | – | 123 | 123 | 135 | 144 |
| Current assets | 133 | 132 | 137 | 149 | 159 |
| Net PP&E | 3,125 | 3,173 | 3,229 | 3,325 | 3,370 |
| Total assets | 3,486 | 3,588 | 3,790 | 4,151 | 4,388 |
| Payables | 26.9 | 27.7 | 41.2 | 33.5 | 26.9 |
| Deferred revenue | – | – | 0.0 | 2.6 | 6.4 |
| Current liabilities | 171 | 160 | 210 | 219 | 188 |
| Short-term debt | 20.0 | 2.5 | 12.5 | 22.5 | 32.5 |
| Long-term debt | 2,544 | 2,883 | 3,199 | 3,449 | 3,740 |
| Total liabilities | 2,733 | 3,059 | 3,426 | 3,686 | 3,950 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 796 | 861 | 866 | 940 | 984 |
| Capital expenditure | 163 | 238 | 224 | 306 | 256 |
| Free cash flow | 632 | 623 | 643 | 634 | 728 |
| Depreciation & amortisation | 166 | 181 | 193 | 203 | 214 |
| Stock-based compensation | 1.4 | 1.6 | 1.7 | 1.8 | 1.6 |
| Share buybacks | 750 | 400 | 400 | 300 | 400 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.9% | 5.8% | 10.9% | 8.4% |
| Operating income growth (YoY) | – | 8.8% | 3.2% | 12.5% | 9.7% |
| Operating margin | 60.4% | 62.0% | 60.6% | 61.5% | 62.2% |
| Net margin | 3.9% | 6.6% | 8.8% | 14.9% | 21.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 21.9% | 23.1% | 22.8% | 23.4% | 24.0% |
| Free cash flow margin | 52.5% | 48.8% | 47.7% | 42.4% | 44.9% |
| Cash conversion (CFO ÷ net income) | 17.1x | 10.3x | 7.31x | 4.21x | 2.79x |
| Receivable days | – | 35 | 33 | 33 | 32 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,561 | 2,883 | 3,206 | 3,468 | 3,770 |
| Current ratio | 0.78x | 0.83x | 0.65x | 0.68x | 0.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.