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Antero Midstream Corporation

AM Energy Oil & Gas Midstream

Antero Midstream Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 7.43% from fiscal 2024.

Revenue
+10.9%
EPS
+244.9%
Free cash flow
+232.6%
Total debt
+4.82%

Quarter to September 2026, against a year earlier

19.20 0.66 −3.32%
Market cap
$9.1B
P/E
13.4×
Fwd P/E
15.8×
Dividend yield
4.69%
F-score
8/9
Altman Z
1.93
Beneish M
−2.89
Dividend safety
40/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Antero Midstream Corporation (AM) Earnings & Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Latest quarter

Antero Midstream reported second-quarter 2026 revenue of $327.2 million, up from $305.5 million a year earlier. Diluted earnings per share fell to $0.24 from $0.26. Gross margin declined to 74.2% from 79.3%, while operating margin fell to 55.6% from 61.0%.

The company reported $201.5 million in free cash flow, compared with $228.5 million a year earlier. Antero Midstream provides gathering and compression services for natural gas and natural gas liquids, as well as water handling services for well completions.

In a later filing, the company said substantially all its revenue is based on fixed-fee contracts, but Antero Resources’ drilling and development plan directly affects its services, revenue and cash flow. For the subsequent third quarter, the filing attributed higher gathering revenue primarily to throughput from the HG acquisition and newly connected wells, alongside annual inflation-based rate adjustments.

Q2 FY2026 Q2 FY2025 Change
Revenue $327.2 million $305.5 million 7.13%
Diluted EPS $0.24 $0.26 −7.69%
Gross margin 74.2% 79.3% −5.2 percentage points
Operating margin 55.6% 61.0% −5.4 percentage points
Free cash flow $201.5 million $228.5 million −11.8%
Against the consensus Reported Consensus Result
Revenue $327.0 million $324.8 million Beat by 0.68%

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

Antero Midstream’s filing said Antero Resources’ drilling and development plan directly affects its gathering, compression and water handling services, revenue and cash flow. Justin Agnew said the company accelerated share repurchases after reaching its leverage target and reduced debt during the third quarter of 2026.

Guidance

Michael Kennedy said growth pads and integration efforts are expected to drive EBITDA growth in the fourth quarter of 2026 and 2027. Antero Midstream also expects additional compression capacity to enter service in the fourth quarter of 2026.

Metric For Guide Previous guide Change
EBITDA Q4 FY2026 Antero Midstream expects EBITDA growth in Q4 FY2026. — —

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures come from the sources listed above and may contain errors; verify against the company's filings.