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Side-by-side financial comparison of Hess Midstream LP (HESM) and PELOTON INTERACTIVE, INC. (PTON). Click either name above to swap in a different company.
PELOTON INTERACTIVE, INC. is the larger business by last-quarter revenue ($656.5M vs $404.2M, roughly 1.6× Hess Midstream LP). Hess Midstream LP runs the higher net margin — 23.1% vs -5.9%, a 29.0% gap on every dollar of revenue. On growth, Hess Midstream LP posted the faster year-over-year revenue change (2.1% vs -2.6%). Hess Midstream LP produced more free cash flow last quarter ($178.9M vs $71.0M).
Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s until 1995, after which his son John B Hess succeeded him as chairman and CEO. The company agreed to be acquired by rival oil company Chevron in October 2023, and the acquisition closed in July 2025.
Peloton Interactive, Inc. is an American exercise equipment and media company based in New York City. The company's products include stationary bicycles, treadmills, and indoor rowers equipped with Internet-connected touch screens that stream live and on-demand fitness classes through a subscription service. The equipment includes built-in sensors that track metrics such as power output, providing users with real-time feedback on their performance and leaderboard rankings to compete with othe...
HESM vs PTON — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $404.2M | $656.5M |
| Net Profit | $93.3M | $-38.8M |
| Gross Margin | — | 50.5% |
| Operating Margin | 62.2% | -2.2% |
| Net Margin | 23.1% | -5.9% |
| Revenue YoY | 2.1% | -2.6% |
| Net Profit YoY | 32.5% | 57.8% |
| EPS (diluted) | — | $-0.09 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $404.2M | $656.5M | ||
| Q3 25 | $420.9M | $550.8M | ||
| Q2 25 | $414.2M | — | ||
| Q1 25 | $382.0M | — | ||
| Q4 24 | $395.9M | — | ||
| Q3 24 | $378.5M | — | ||
| Q2 24 | $365.5M | — | ||
| Q1 24 | $355.6M | — |
| Q4 25 | $93.3M | $-38.8M | ||
| Q3 25 | $97.7M | $13.9M | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $70.4M | — | ||
| Q3 24 | $58.6M | — | ||
| Q2 24 | $49.5M | — | ||
| Q1 24 | $44.6M | — |
| Q4 25 | — | 50.5% | ||
| Q3 25 | — | 51.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 62.2% | -2.2% | ||
| Q3 25 | 61.5% | 7.5% | ||
| Q2 25 | 62.8% | — | ||
| Q1 25 | 62.1% | — | ||
| Q4 24 | 61.4% | — | ||
| Q3 24 | 61.2% | — | ||
| Q2 24 | 60.8% | — | ||
| Q1 24 | 62.4% | — |
| Q4 25 | 23.1% | -5.9% | ||
| Q3 25 | 23.2% | 2.5% | ||
| Q2 25 | 21.8% | — | ||
| Q1 25 | 18.7% | — | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 15.5% | — | ||
| Q2 24 | 13.5% | — | ||
| Q1 24 | 12.5% | — |
| Q4 25 | — | $-0.09 | ||
| Q3 25 | — | $0.03 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $1.2B |
| Total DebtLower is stronger | $3.8B | $1.5B |
| Stockholders' EquityBook value | — | $-326.7M |
| Total Assets | $4.4B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $1.2B | ||
| Q3 25 | $5.5M | $1.1B | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $6.1M | — | ||
| Q4 24 | $4.3M | — | ||
| Q3 24 | $10.3M | — | ||
| Q2 24 | $99.6M | — | ||
| Q1 24 | $4.2M | — |
| Q4 25 | $3.8B | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-326.7M | ||
| Q3 25 | — | $-347.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.4B | $2.2B | ||
| Q3 25 | $4.4B | $2.2B | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $245.6M | $71.9M |
| Free Cash FlowOCF − Capex | $178.9M | $71.0M |
| FCF MarginFCF / Revenue | 44.3% | 10.8% |
| Capex IntensityCapex / Revenue | 16.5% | 0.1% |
| Cash ConversionOCF / Net Profit | 2.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $728.2M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.6M | $71.9M | ||
| Q3 25 | $258.9M | $71.9M | ||
| Q2 25 | $276.9M | — | ||
| Q1 25 | $202.4M | — | ||
| Q4 24 | $258.5M | — | ||
| Q3 24 | $224.9M | — | ||
| Q2 24 | $271.6M | — | ||
| Q1 24 | $185.3M | — |
| Q4 25 | $178.9M | $71.0M | ||
| Q3 25 | $178.9M | $67.4M | ||
| Q2 25 | $213.5M | — | ||
| Q1 25 | $156.9M | — | ||
| Q4 24 | $163.4M | — | ||
| Q3 24 | $132.6M | — | ||
| Q2 24 | $207.7M | — | ||
| Q1 24 | $130.5M | — |
| Q4 25 | 44.3% | 10.8% | ||
| Q3 25 | 42.5% | 12.2% | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 41.1% | — | ||
| Q4 24 | 41.3% | — | ||
| Q3 24 | 35.0% | — | ||
| Q2 24 | 56.8% | — | ||
| Q1 24 | 36.7% | — |
| Q4 25 | 16.5% | 0.1% | ||
| Q3 25 | 19.0% | 0.8% | ||
| Q2 25 | 15.3% | — | ||
| Q1 25 | 11.9% | — | ||
| Q4 24 | 24.0% | — | ||
| Q3 24 | 24.4% | — | ||
| Q2 24 | 17.5% | — | ||
| Q1 24 | 15.4% | — |
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.65× | 5.17× | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.84× | — | ||
| Q2 24 | 5.49× | — | ||
| Q1 24 | 4.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HESM
| Gathering | $217.3M | 54% |
| Processing And Storage | $154.7M | 38% |
| Terminaling And Export | $32.2M | 8% |
PTON
| Subscription And Circulation | $412.6M | 63% |
| Connected Fitness Products Segment | $243.9M | 37% |
| Product Warranty | $4.0M | 1% |
