Friday 6 November 2026 Export AM’s income statement to Excel — free account

Antero Midstream Corporation

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%

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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 Segments Valuation Filings

Antero Midstream Corporation (AM) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Gathering and Processing	950	79.95%
Water Handling	238	20.05%
Gross margin		80.49%
Operating margin		54.25%
Pre-tax margin		47.47%

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Gathering and Processing	950 79.95%	889 80.36%	805 77.30%	706 76.76%	713 79.34%	674 74.87%	514 64.81%
Water Handling	238 20.05%	217 19.64%	236 22.70%	214 23.24%	186 20.66%	226 25.13%	279 35.19%
Revenue	1,188	1,106	1,042	920	898	901	793

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Gathering and Processing	‡	‡	‡	‡	‡	‡	‡
Water Handling	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Average centralized compression fee	Q3 FY2026	$0.22	$0.22	0.00%
Average fresh water delivery fee	Q1 FY2026	$4.44	$4.38	+1.37%
Average gathering fee	Q3 FY2026	$0.37	$0.36	+2.78%
Average gathering—high pressure fee	Q3 FY2026	$0.23	$0.23	0.00%
Compression	Q3 FY2026	367.2B	314.7B	+16.69%
Compression volumes	Q3 FY2026	4.0B	3.4B	+16.69%
Fractionation—Joint Venture	Q1 FY2026	3.6M	3.6M	0.00%
Fresh water delivery	Q3 FY2026	8.2M	8.5M	−3.16%
Fresh water delivery volumes	Q3 FY2026	89.0K	92.0K	−3.26%
Gathering	Q3 FY2026	374.2B	315.7B	+18.53%
Gathering	Q3 FY2026	4.1B	3.4B	+18.50%
Gathering—high pressure	Q3 FY2026	268.3B	291.6B	−8.00%
Gross Joint Venture fractionation	Q1 FY2026	40.0K	40.0K	0.00%
Gross Joint Venture processing	Q1 FY2026	1.7B	1.7B	+3.52%
High pressure gathering volumes	Q3 FY2026	2.9B	3.2B	−8.01%
Other water handling	Q3 FY2026	123.0K	54.0K	+127.78%
Other water handling	Q3 FY2026	11.3M	5.0M	+127.95%
Processing—Joint Venture	Q1 FY2026	153.7B	148.5B	+3.50%
Wells connected to gathering system	Q3 FY2026	22.00	16.00	+37.50%
Wells serviced by fresh water delivery	Q3 FY2026	16.00	17.00	−5.88%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Average centralized compression fee	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average fresh water delivery fee	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average gathering fee	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average gathering—high pressure fee	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Compression	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Compression volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fractionation—Joint Venture	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fresh water delivery	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fresh water delivery volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gathering	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gathering	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gathering—high pressure	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross Joint Venture fractionation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross Joint Venture processing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
High pressure gathering volumes	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other water handling	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other water handling	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Processing—Joint Venture	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wells connected to gathering system	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wells serviced by fresh water delivery	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.