Hess Midstream (HESM) Operating Margin (2018 - 2026)
Hess Midstream (HESM) reported Operating Margin of 63.98% for Q3 2026, up 2.47 percentage points from 61.51% a year earlier and up 0.53 percentage points from the prior quarter.
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Analysis
Hess Midstream (HESM) Operating Margin (2018 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Hess Midstream's Operating Margin came in at 62.70%, up 0.73 percentage points year-over-year; for FY2025, it was 62.18%, up 0.73 percentage points from FY2024.
- Operating Margin has a five-year change of +9.38 percentage points (FY2020 to FY2025).
- By year, Operating Margin came in at 61.45% in FY2024 (+0.88 pp), 60.57% in FY2023 (-1.47 pp), 62.05% in FY2022 (+1.64 pp) and 60.41% in FY2021 (+7.61 pp).
- The Q3 2026 figure ranks as the highest quarterly Operating Margin in data going back to Q4 2018.
- Year over year, Operating Margin gained in six of the last eight quarters, with an average year-over-year change of +0.92 percentage points.
- The high point for year-over-year Operating Margin in five years was Q3 2022 (a gain of 8.55 percentage points); the low point was Q4 2023 (a drop of 3.49 percentage points).
- Per Business Quant data, the three quarters before Q3 2026 came in at 63.46% (Q2 2026), 61.04% (Q1 2026) and 62.25% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 106.26 Bn | 104.14 Bn | 4.35 Bn | 10.14% |
| 2 | Williams Companies | 86.41 Bn | 89.20 Bn | 2.59 Bn | 35.25% |
| 3 | Enterprise Products Partners | 82.58 Bn | 80.98 Bn | 14.00 Mn | 11.09% |
| 4 | Kinder Morgan | 71.13 Bn | 71.22 Bn | 2.97 Bn | 25.60% |
| 5 | Tc Energy | 67.40 Bn | 71.05 Bn | - | - |
| 6 | Energy Transfer | 66.89 Bn | 62.98 Bn | 6.57 Bn | 7.50% |
| 7 | Targa Resources | 63.77 Bn | 62.98 Bn | 2.02 Bn | 19.58% |
| 8 | Cheniere Energy | 63.04 Bn | 62.60 Bn | 2.97 Bn | 31.02% |
| 9 | Mplx | 58.00 Bn | 52.25 Bn | 3.19 Bn | 40.94% |
| 10 | Hess Midstream | 3.97 Bn | 3.85 Bn | - | 63.98% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 63.98% |
| Jun 30, 2026 | 63.46% |
| Mar 31, 2026 | 61.04% |
| Dec 31, 2025 | 62.25% |
| Sep 30, 2025 | 61.51% |
| Jun 30, 2025 | 62.82% |
| Mar 31, 2025 | 62.15% |
| Dec 31, 2024 | 61.38% |
| Sep 30, 2024 | 61.22% |
| Jun 30, 2024 | 60.82% |
| Mar 31, 2024 | 62.43% |
| Dec 31, 2023 | 58.93% |
| Sep 30, 2023 | 60.59% |
| Jun 30, 2023 | 61.14% |
| Mar 31, 2023 | 61.87% |
| Dec 31, 2022 | 62.43% |
| Sep 30, 2022 | 60.93% |
| Jun 30, 2022 | 62.32% |
| Mar 31, 2022 | 62.58% |
| Dec 31, 2021 | 63.20% |
API Access
Hess Midstream Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=HESM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "HESM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=HESM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();