Hess Midstream LP Earnings Per Share Disclosure
We calculate earnings per Class A Share as we do not have any other participating securities. Substantially all of income tax expense is attributed to earnings of Class A Shares reflective of our organizational structure. Class B Units of the Partnership together with the equal number of Class B Shares of the Company are convertible to Class A Shares of the Company on a one-for-one basis. In addition, our restricted equity-based awards may have a dilutive effect on our earnings per share. Diluted earnings per Class A Share are calculated using the “treasury stock method” or “if-converted method”, whichever is more dilutive.
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Year Ended December 31, |
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(in millions, except per share amounts) |
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2025 |
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2024 |
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2023 |
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Net income |
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684.6 |
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659.0 |
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607.7 |
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Less: Net income attributable to noncontrolling interest |
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331.7 |
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435.9 |
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489.1 |
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Net income attributable to Hess Midstream LP |
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352.9 |
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223.1 |
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118.6 |
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Net income attributable to Hess Midstream LP |
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Basic: |
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$ |
2.87 |
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$ |
2.51 |
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$ |
2.11 |
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Diluted: |
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$ |
2.86 |
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$ |
2.49 |
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$ |
2.08 |
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Weighted average Class A shares outstanding: |
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Basic: |
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123.1 |
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89.0 |
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56.2 |
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Diluted: |
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123.1 |
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89.0 |
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56.3 |
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For the year ended December 31, 2025, the weighted average number of Class A Shares outstanding included 20,979 dilutive restricted shares (2024: 31,426 shares; 2023: 40,210 shares).
In computing the dilutive effect, if any, of an exchange of Class B Units of the Partnership together with the equal number of Class B Shares of the Company to Class A Shares of the Company, net income attributable to Class A shareholders is adjusted, including for additional income tax expense, due to elimination of the noncontrolling interest associated with Class B Units of the Partnership. For the years ended December 31, 2024 and 2023, the “if-converted” method was more dilutive. A reconciliation of the numerator and the denominator of the diluted earnings per Class A Share calculation under the “if-converted” method, is presented below:
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Year Ended December 31, |
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2025 |
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2024 |
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2023 |
(in millions, except per share data) |
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Diluted net income per share |
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Numerator: |
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Net income attributable to Hess Midstream LP |
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$352.9 |
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$223.1 |
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$118.6 |
Effect of exchange of Class B Units of the Partnership and |
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331.7 |
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435.9 |
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489.1 |
Effect of income tax expense on additional income attributable |
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(80.9) |
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(106.3) |
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(119.3) |
Diluted net income attributable to Hess Midstream LP |
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$603.7 |
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$552.7 |
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$488.4 |
Denominator: |
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Basic weighted average Class A Shares outstanding |
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123.1 |
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89.0 |
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56.2 |
Effect of dilutive securities: |
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Weighted average Class B Units/Shares |
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88.1 |
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132.8 |
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177.9 |
Restricted equity-based awards |
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- |
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- |
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0.1 |
Diluted weighted average shares outstanding |
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211.2 |
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221.8 |
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234.2 |
Diluted net income attributable to Hess Midstream LP |
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$2.86 |
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$2.49 |
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$2.08 |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 23, 2021 | |
| 2019 | Feb 21, 2020 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.