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

Antero Resources Corporation

Antero Resources Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 22.0% from fiscal 2024.

Revenue: +28.7%
EPS: +377.7%
Free cash flow: −55.8%
Total debt: +78.3%

Quarter to September 2026, against a year earlier

36.54 0.89 −2.38%

Follow AR

Alert me

Market cap: $11.2B
P/E: 8.2×
Fwd P/E: 8.7×
Dividend yield: —
F-score: 8/9
Altman Z: 1.89
Beneish M: −2.90
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Antero Resources Corporation (AR) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Exploration and production	5,150	97.61%
Antero Midstream Corporation	1,188	22.53%
Marketing	126	2.39%
Gross margin		36.58%
Operating margin		16.75%
Pre-tax margin		16.88%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018
Natural gas sales	2,873 54.46%	1,818 42.04%	2,192 46.83%	5,520 77.33%	3,442 74.51%	1,810 51.84%	2,288 55.27%
Natural gas liquids sales	1,987 37.66%	2,067 47.78%	1,837 39.23%	2,499 35.00%	2,147 46.49%	1,162 33.27%	1,178 28.45%
Oil sales	150 2.85%	230 5.32%	247 5.28%	276 3.86%	201 4.36%	112 3.22%	187 4.52%
Marketing	126 2.39%	179 4.14%	206 4.40%	417 5.84%	719 15.56%	311 8.89%	459 11.09%
Commodity derivative fair value gains	111 2.10%	1 0.02%	166 3.55%	(1,616) (22.64%)	(1,937) (41.92%)	—	—
Amortization of deferred revenue, VPP	25 0.48%	27 0.63%	31 0.65%	38 0.53%	45 0.98%	—	—
Other revenue and income	3 0.06%	3 0.08%	3 0.05%	5 0.07%	1 0.02%	—	—
Gathering, compression, processing and transportation	—	—	—	—	—	—	21 0.52%
Gathering and compression	—	—	—	—	—	—	18 0.43%
Water handling and treatment	—	—	—	—	—	—	4 0.09%
Other, not broken out	—	—	—	—	—	97 2.78%	—
Revenue	5,276	4,326	4,682	7,138	4,619	3,492	4,140

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018
Gathering and compression	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡

Revenue by segment $m

Line	FY2025	FY2023	FY2022	FY2021	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Exploration and production	5,150 97.61%	4,476 95.60%	6,722 94.16%	3,901 84.44%	4,114 93.31%	3,478 84.01%	3,424 93.65%	1,335 76.51%	3,761 95.11%	2,645 97.23%	1,313 100.00%
Antero Midstream Corporation	1,188 22.53%	1,042 22.25%	920 12.89%	898 19.44%	793 17.98%	1,029 24.85%	772 21.13%	—	—	—	—
Marketing	126 2.39%	206 4.40%	417 5.84%	719 15.56%	292 6.63%	553 13.36%	237 6.47%	393 22.53%	176 4.46%	54 1.97%	—
Water Distribution	—	—	—	—	—	—	—	1 0.05%	157 3.96%	15 0.56%	36 2.73%
Other, not broken out	—	—	—	—	—	—	—	16 0.92%	—	—	—
Eliminations	(1,188) (22.53%)	(1,042) (22.25%)	(920) (12.89%)	(898) (19.44%)	(790) (17.91%)	(920) (22.22%)	(777) (21.26%)	—	(140) (3.53%)	—	(36) (2.73%)
Revenue	5,276	4,682	7,138	4,619	4,409	4,140	3,656	1,745	3,955	2,721	1,313

Operating income by segment $m, and margin

	FY2025	FY2023	FY2022	FY2021	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013
Exploration and production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Antero Midstream Corporation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Marketing	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Water Distribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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 net production, C3+ NGLs	Q3 FY2026	124.1K	114.1K	+8.80%
Average net production, ethane	Q3 FY2026	90.6K	84.9K	+6.72%
Average net production, natural gas	Q3 FY2026	2.9B	2.2B	+32.30%
Average net production, natural gas equivalent	Q3 FY2026	4.2B	3.4B	+23.48%
Average net production, oil	Q3 FY2026	6.9K	6.7K	+2.91%
Average realized price after settled derivatives, C3+ NGLs	Q3 FY2026	$41.82	$36.60	+14.26%
Average realized price after settled derivatives, ethane	Q2 FY2026	$12.54	$11.34	+10.58%
Average realized price after settled derivatives, natural gas	Q3 FY2026	$3.15	$3.12	+0.96%
Average realized price after settled derivatives, oil	Q3 FY2026	$70.17	$50.65	+38.54%
Average realized price before settled derivatives, C3+ NGLs	Q3 FY2026	$42.18	$36.60	+15.25%
Average realized price before settled derivatives, ethane	Q3 FY2026	$11.79	$11.05	+6.70%
Average realized price before settled derivatives, natural gas	Q3 FY2026	$2.63	$3.12	−15.71%
Average realized price before settled derivatives, natural gas equivalent	Q3 FY2026	$3.41	$3.59	−5.01%
Average realized price before settled derivatives, oil	Q3 FY2026	$70.17	$50.65	+38.54%
C2 ethane production	Q3 FY2026	8.3M	7.8M	+6.72%
C3+ NGLs production	Q3 FY2026	11.4M	10.5M	+8.79%
Combined production	Q3 FY2026	390.0B	315.0B	+23.81%
Natural gas production	Q3 FY2026	267.0B	202.0B	+32.18%
Net daily liquids production	Q3 FY2026	222.0K	206.0K	+7.77%
Oil production	Q3 FY2026	637.0K	619.0K	+2.91%

	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 net production, C3+ NGLs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net production, ethane	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net production, natural gas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net production, natural gas equivalent	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average net production, oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price after settled derivatives, C3+ NGLs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price after settled derivatives, ethane	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price after settled derivatives, natural gas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price after settled derivatives, oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price before settled derivatives, C3+ NGLs	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price before settled derivatives, ethane	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price before settled derivatives, natural gas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price before settled derivatives, natural gas equivalent	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Average realized price before settled derivatives, oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
C2 ethane production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
C3+ NGLs production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Combined production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Net daily liquids production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oil production	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

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.

Antero Resources Corporation (AR) revenue by segment, product and region

Where the money comes from and where it goes

Revenue by product or service $m

Operating income by segment $m, and margin

Revenue by segment $m

Operating income by segment $m, and margin

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

Stockrow Weekly