Hess Midstream LP (HESM) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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HESM Revenue Growth
Revenue Breakdown (FY 2025)
HESM's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
HESM Revenue Analysis (2014–2025)
As of May 8, 2026, Hess Midstream LP (HESM) generated trailing twelve-month (TTM) revenue of $1.62 billion, reflecting modest growth of +2.3% year-over-year. The most recent quarter (Q4 2025) recorded $404.2 million in revenue, down 4.0% sequentially.
Looking at the longer-term picture, HESM's 5-year compound annual growth rate (CAGR) stands at +8.2%, indicating steady revenue expansion. The company achieved its highest annual revenue of $1.62 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows HESM's business is primarily driven by Affiliate Services (97%), and Third Party Services (3%). With over half of revenue concentrated in Affiliate Services, the company maintains significant focus in this area while developing other growth vectors.
When compared to Energy sector peers including TRGP (-2.3% YoY), DKL (+13.0% YoY), and WES (+11.4% YoY), HESM has underperformed the peer group in terms of revenue growth. Compare HESM vs TRGP →
HESM Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HESMCurrent | $1.6B | +2.3% | +8.2% | 62.2% | |
 TRGP | $17.1B | -2.3% | +15.7% | 20.1% | |
 DKL | $1.0B | +13.0% | +12.5% | 18.0% | |
 WES | $3.8B | +11.4% | +6.7% | 41.3% | |
 AM | $1.3B | +8.1% | +5.3% | 51.2% | |
 MPLX | $11.8B | +12.1% | +7.1% | 40.3% |
HESM Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $1.62B | +8.7% | $1.04B | 63.9% | $1.01B | 62.2% |
| 2024 | $1.49B | +10.8% | $1.29B | 86.4% | $919.0M | 61.6% |
| 2023 | $1.35B | +5.7% | $1.15B | 85.7% | $816.9M | 60.7% |
| 2022 | $1.27B | +5.8% | $1.09B | 85.8% | $791.2M | 62.1% |
| 2021 | $1.20B | +10.3% | $1.04B | 86.2% | $727.2M | 60.4% |
| 2020 | $1.09B | +28.8% | $934.7M | 85.6% | $576.5M | 52.8% |
| 2019 | $847.6M | +19.0% | $705.1M | 83.2% | $376.6M | 44.4% |
| 2018 | $712.0M | +22.9% | $585.1M | 82.2% | $378.2M | 53.1% |
| 2017 | $579.5M | +13.7% | $463.0M | 79.9% | $263.1M | 45.4% |
| 2016 | $509.8M | -9.8% | $410.1M | 80.4% | $206.3M | 40.5% |
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Start ComparisonHESM — Frequently Asked Questions
Quick answers to the most common questions about buying HESM stock.
Is HESM's revenue growth accelerating or slowing?
HESM revenue growth slowed to +2.3%, below the 5-year CAGR of +8.2%. TTM revenue is $1.6B. The deceleration marks a shift from historical growth rates.
What is HESM's long-term revenue growth rate?
Hess Midstream LP's 5-year revenue CAGR of +8.2% reflects the variable expansion pattern. Current YoY growth of +2.3% is near this long-term average.
How is HESM's revenue distributed by segment?
HESM reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.