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Dec 31, 2025
Hess Midstream Q4 2025 Earnings Report
Hess Midstream reported solid fourth-quarter results with strong cash flow generation and disciplined capital spending.
Key Takeaways
Hess Midstream delivered stable revenue growth and strong profitability in Q4 2025, supported by fee-based operations and significantly lower capital expenditures, resulting in robust free cash flow.
Revenue increased year over year driven by higher tariff rates and third-party services.
Net income remained strong despite lower throughput volumes due to severe winter weather.
Adjusted Free Cash Flow improved materially due to reduced capital expenditures.
The company increased its quarterly cash distribution to Class A shareholders.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
The company reaffirmed its full-year 2026 and long-term guidance, reflecting confidence in cash flow stability and lower future capital spending.
Positive Outlook
- Reaffirmed full-year 2026 guidance.
- Lower expected capital expenditures going forward.
- Stable, fee-based midstream business model.
- Strong Adjusted Free Cash Flow generation.
- Capacity expansion projects largely completed.
Challenges Ahead
- Throughput volumes remain sensitive to producer activity.
- Weather-related disruptions impacted quarterly volumes.
- Exposure to commodity production levels in the Bakken.
- Dependence on key customers for volumes.
- Macroeconomic and energy market volatility.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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