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Sep 30, 2025
Hess Midstream Q3 2025 Earnings Report
Hess Midstream reported strong financial and operational results in Q3 2025, supported by increased volumes and shareholder returns.
Key Takeaways
Hess Midstream delivered a solid quarter with $420.9 million in revenue, $97.7 million in net income, and improved throughput across all systems. Strategic repurchases and distribution increases highlighted capital return priorities.
Revenue reached $420.9 million, driven by higher physical volumes and tariff rates.
Net income attributable to Hess Midstream LP was $97.7 million, with EPS of $0.75.
Executed $100 million in equity repurchases, enhancing per-share metrics.
Throughput increased across gas processing, oil terminaling, and water gathering.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Hess Midstream expects Q4 2025 net income of $170–180 million and Adjusted EBITDA of $315–325 million. Capex for the full year was lowered due to suspension of the Capa gas plant.
Positive Outlook
- Q4 net income guidance of $170–180 million.
- Q4 Adjusted EBITDA guidance of $315–325 million.
- Lowered full-year 2025 capex to $270 million.
- Full-year throughput guidance reaffirmed.
- Strong free cash flow to support distributions.
Challenges Ahead
- Lower expected third-party volumes in Q4.
- Scheduled maintenance impacting Q4 results.
- Capex cut due to suspension of the Capa gas plant project.
- Higher interest expenses due to increased borrowing.
- No revenue guidance provided for Q4.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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