Gathering Opco was Hess Midstream’s largest segment in fiscal 2025, bringing in $870.60M of $1.62B (54%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Gathering Opco | $677.90M | $730.00M | $799.10M | $870.60M | |||||
| Processing & Storage | $470.80M | $501.70M | $577.70M | $620.00M | |||||
| Terminaling & Export | $126.50M | $116.90M | $118.70M | $130.70M | |||||
| Total | $1.28B | $1.35B | $1.50B | $1.62B |
Hess Midstream brought in $1.62B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 8.4% from $1.50B in fiscal 2024. Gathering Opco was the largest at $870.60M (53.7%), ahead of Processing & Storage at $620.00M (38.2%) and Terminaling & Export at $130.70M (8.1%).
Compared with fiscal 2024, Terminaling & Export grew fastest, up 10.1% to $130.70M. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments grew from $1.28B to $1.62B, a compound annual growth rate of 8.3%. Gathering Opco's share of the total rose from 53.2% to 53.7%.
Affiliate was Hess Midstream’s largest revenue line in fiscal 2025, bringing in $1.57B of $1.62B (97%).
| Related and Nonrelated Parties | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Affiliate | $1.34B | $1.47B | $1.57B | |
| Third Party | $8.00M | $24.10M | $43.60M | |
| Total | $1.35B | $1.49B | $1.62B |
Hess Midstream brought in $1.62B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 8.4% from $1.49B in fiscal 2024. Affiliate was the largest at $1.57B (97.3%), ahead of Third Party at $43.60M (2.7%).
Compared with fiscal 2024, Third Party grew 80.9% to $43.60M and Affiliate grew 7.2% to $1.57B. From fiscal 2023 to 2025, combined revenue from these revenue lines grew from $1.35B to $1.62B, a compound annual growth rate of 9.6%. Affiliate's share of the total fell from 99.4% to 97.3%.
Oil & Gas Gathering Services was Hess Midstream’s largest product and service line in fiscal 2024, bringing in $673.40M of $1.47B (46%).
| Product and Service | FY 2017 | FY 2019 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|---|
| Oil & Gas Gathering Services | $540.40M | $600.80M | $633.80M | $673.40M | ||
| Processing & Storage Services | $435.70M | $470.80M | $496.00M | $561.10M | ||
| Terminaling & Export Services | $137.50M | $124.50M | $114.40M | $114.80M | ||
| Water Gathering & Disposal Services | $90.20M | — | $93.90M | $118.50M | ||
| Produced Water Trucking & Disposal Costs | — | $33.10M | — | — | ||
| Electricity & Other Related Fees | — | $44.80M | — | — | ||
| Rail Transportation Costs | — | $3.50M | — | — | ||
| Total | $1.20B | $1.28B | $1.34B | $1.47B |
Hess Midstream brought in $1.47B from its four product and service lines in fiscal 2024, the year ended December 31, 2024. That was up 9.7% from $1.34B in fiscal 2023. Oil & Gas Gathering Services was the largest at $673.40M (45.9%), ahead of Processing & Storage Services at $561.10M (38.2%) and Water Gathering & Disposal Services at $118.50M (8.1%). The remaining line, Terminaling & Export Services, brought in $114.80M.
Compared with fiscal 2023, Water Gathering & Disposal Services grew fastest, up 26.2% to $118.50M. Every line above 2% of revenue grew. From fiscal 2021 to 2024, combined revenue from these lines grew from $1.20B to $1.47B, a compound annual growth rate of 6.8%. Oil & Gas Gathering Services' share of the total rose from 44.9% to 45.9%.
Hess Midstream stopped reporting Electricity & Other Related Fees ($44.80M in fiscal 2022), Produced Water Trucking & Disposal Costs ($33.10M in fiscal 2022) and Rail Transportation Costs ($3.50M in fiscal 2022) as separate lines.
Hess Midstream (HESM) reports its revenue by segment, by related and nonrelated parties and by product and service. In fiscal 2025, Gathering Opco was its largest segment, bringing in $870.60M (53.7% of the total), followed by Processing & Storage at $620.00M (38.2%).
Gathering Opco was Hess Midstream's largest segment in fiscal 2025, bringing in $870.60M, or 53.7% of the $1.62B total across its three segments.
Affiliate was Hess Midstream's largest revenue line in fiscal 2025, bringing in $1.57B, or 97.3% of the $1.62B total across its two revenue lines.
Oil & Gas Gathering Services was Hess Midstream's largest product and service line in fiscal 2024, bringing in $673.40M, or 45.9% of the $1.47B total across its four product and service lines.
Among Hess Midstream's segments that make up at least 2% of revenue, Terminaling & Export grew fastest in fiscal 2025, up 10.1% from $118.70M to $130.70M.
Every figure comes from Hess Midstream's annual financial filings, as reported. Each line keeps the name Hess Midstream gives it, and years follow its fiscal calendar.
Hess Midstream's revenue by segment goes back to fiscal 2017, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.