Hess Midstream LP (NYSE: HESM) reported fourth-quarter 2025 earnings that met analyst expectations, though revenue fell short of forecasts, sending shares down more than 1% following the announcement.

The midstream company posted earnings per share of $0.72, matching consensus estimates, while revenue came in at $404.2 million, below the expected $417.05 million.

Net income for the quarter totaled $168.0 million, with $93.3 million attributable to Hess Midstream LP. Adjusted EBITDA reached $309.1 million, and adjusted free cash flow totaled $207.8 million, reflecting resilient financial performance despite lower throughput volumes.

Throughput declined year over year across all segments, with oil terminaling volumes down 4%, gas processing down 1%, and water gathering volumes down 5%. The company attributed the declines primarily to reduced production caused by severe winter weather.

Capital expenditures totaled $47.6 million for the quarter, down 44% from the prior-year period, reflecting the completion of its gas compression expansion projects.