Hess Midstream's second quarter revenue and EPS beat expectations despite lower throughput volumes, leading to reaffirmed 2026 guidance.

Hess Midstream reported second quarter 2026 revenue of $399.0 million and basic EPS of $0.75, beating analyst estimates. The company reaffirmed its full-year 2026 financial and throughput guidance despite lower quarterly volumes across its segments.

Key Highlights

• Revenue of $399.0 million declined 3.7% year-over-year, as lower throughput volumes were partially offset by higher tariff rates and an increase in third-party services.
• Throughput volumes for gas processing decreased 4% year-over-year due to planned maintenance, while oil terminaling and water gathering volumes fell 15% and 12%, respectively.
• Adjusted Free Cash Flow increased to $231.6 million from $193.8 million in the prior-year quarter, aided by a 56% decrease in capital expenditures to $30.6 million.