NYSE$HES
Hess Corp · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Hess Midstream reported higher Q2 2025 earnings, driven by volume growth across all systems and an increase in tariff rates.
Hess Midstream delivered strong Q2 2025 results with net income of $179.7 million, boosted by higher throughput and improved margins, while reaffirming its 2025 EBITDA guidance.
- Revenue rose to $414.2 million, reflecting higher volumes and tariff rates
- Net income attributable to Hess Midstream LP was $90.3 million
- EPS increased to $0.74 from $0.59 in Q2 2024
- Operating cash flow reached $276.9 million, with $193.8 million in free cash flow
Headline financials
Revenue & EPS history
Hess · Revenue · Quarterly
$414M
Revenue by segment
Hess · $414M total across 3 segments · Q2 2025
- Gathering$222M—53.7%
- Processing & Storage$158M—38.1%
- Terminaling & Export$33.9M—8.2%
Forward guidance
Hess Midstream reaffirmed its 2025 throughput and Adjusted EBITDA guidance, while updating net income and free cash flow projections due to ownership and interest expense changes.
Tailwinds
- Full-year Adjusted EBITDA guidance reaffirmed at $1.235–$1.285 billion
- Targeting at least 5% annual distribution growth through 2027
- Expecting >10% growth in net income and EBITDA in 2026
- Guiding >10% growth in Adjusted Free Cash Flow in 2026
- Organic throughput growth expected through 2027 across all systems
Headwinds
- Higher expected interest expense due to increased debt
- Increased income tax expense due to ownership structure changes
- No international diversification—fully reliant on U.S. operations
- Dependent on Chevron for significant volume
- Capital expenditures forecasted at $300 million for 2025
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 16 quarterly earnings reports
+0.2%
Avg return
Earnings day
-1.2%
Avg return
5 days after
+0.6%
Avg return
30 days after
52%
36 / 69 earnings
Positive
+15.9%
Q4 2015
Best reaction
-12.6%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2025 | — | — | — | |
| Q1 2025 | -2.6% | -2.8% | -0.2% | |
| Q4 2024 | +0.1% | -4.3% | +2.8% | |
| Q3 2024 | -0.1% | +3.1% | +8.9% | |
| Q2 2024 | -6.9% | -12.7% | -9.0% | |
| Q1 2024 | +2.1% | -1.2% | -5.6% | |
| Q4 2023 | -1.4% | +1.3% | +3.1% | |
| Q3 2023 | -1.3% | -6.3% | -6.2% | |
| Q2 2023 | +0.4% | +2.9% | +2.2% | |
| Q1 2023 | +0.2% | +1.5% | -7.8% | |
| Q4 2022 | +4.3% | -1.4% | -9.7% | |
| Q3 2022 | +4.4% | +4.0% | +6.7% | |
| Q2 2022 | +3.7% | +3.3% | +18.2% | |
| Q1 2022 | +3.6% | +1.0% | +19.2% | |
| Q4 2021 | -2.0% | -1.5% | +6.6% | |
| Q3 2021 | -6.2% | -5.0% | -14.6% | |
| Q2 2021 | +4.9% | -0.4% | -5.7% | |
| Q1 2021 | +8.9% | — | — | |
| Q4 2020 | -2.3% | — | — | |
| Q3 2020 | -0.6% | — | — | |
| Q2 2020 | -1.2% | — | — | |
| Q1 2020 | +7.7% | — | — | |
| Q4 2019 | -5.7% | — | — | |
| Q3 2019 | -3.0% | — | — | |
| Q2 2019 | +2.7% | — | — | |
| Q1 2019 | -3.0% | — | — | |
| Q4 2018 | +4.1% | — | — | |
| Q3 2018 | +1.3% | — | — | |
| Q2 2018 | -1.1% | — | — | |
| Q1 2018 | +1.4% | — | — | |
| Q4 2017 | -3.8% | — | — | |
| Q3 2017 | -6.3% | — | — | |
| Q2 2017 | -3.1% | — | — | |
| Q1 2017 | +2.3% | — | — | |
| Q4 2016 | -2.3% | — | — | |
| Q3 2016 | -0.9% | — | — | |
| Q2 2016 | -2.8% | — | — | |
| Q1 2016 | -6.4% | — | — | |
| Q4 2015 | +15.9% | — | — | |
| Q3 2015 | -1.4% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | +0.2% | — | — | |
| Q4 2014 | -8.3% | — | — | |
| Q3 2014 | +1.5% | — | — | |
| Q2 2014 | -0.4% | — | — | |
| Q1 2014 | +1.0% | — | — | |
| Q4 2013 | -0.4% | — | — | |
| Q3 2013 | -2.8% | — | — | |
| Q2 2013 | +3.9% | — | — | |
| Q1 2013 | +4.3% | — | — | |
| Q4 2012 | -1.4% | — | — | |
| Q3 2012 | +4.3% | — | — | |
| Q2 2012 | +8.3% | — | — | |
| Q1 2012 | -6.0% | — | — | |
| Q4 2011 | -1.7% | — | — | |
| Q3 2011 | +0.8% | — | — | |
| Q2 2011 | -12.6% | — | — | |
| Q1 2011 | +4.5% | — | — | |
| Q4 2010 | +3.9% | — | — | |
| Q3 2010 | +1.8% | — | — | |
| Q2 2010 | +0.4% | — | — | |
| Q1 2010 | +3.0% | — | — | |
| Q1 2009 | +3.0% | — | — | |
| Q4 2007 | +2.3% | — | — | |
| Q4 2009 | +2.3% | — | — | |
| Q3 2008 | +2.4% | — | — | |
| Q3 2009 | +2.4% | — | — | |
| Q2 2008 | -2.2% | — | — | |
| Q4 2008 | -2.2% | — | — | |
| Q2 2009 | -2.2% | — | — |
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