Companies /Energy

Antero Midstream Corp

NYSE: AM Oil & Gas Midstream
$22.62
â–² $0.03 (+0.15%) today
Markets open · 2:45pm ET

Q2 2026 Earnings

Reported Jul 29, 2026, 4:57pm ET · SEC source
$0.27
Miss −18.11%
EPS · est. $0.33
$327.2M
Beat +0.23%
Revenue · est. $326.5M
2 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−2%0+2%Jul 29Jul 30report 4:57pm ETearnings+1.9%−1.3%
−2%0+2%Jul 29Jul 30earnings+1.9%−1.3%
AM −1.3%S&P 500 +1.9%
−2%0+2%+4%Jul 29Jul 30report 4:57pm ETearnings+3.9%−1.3%
−2%0+2%+4%Jul 29Jul 30earnings+3.9%−1.3%
AM −1.3%NASDAQ +3.9%
0+3%+6%Jul 28Aug 6report 4:57pm ETearnings+5.6%−0.1%
0+3%+6%Jul 28Aug 6earnings+5.6%−0.1%
AM −0.1%S&P 500 +5.6%
0+4%+8%Jul 28Aug 6report 4:57pm ETearnings+8.3%−0.1%
0+4%+8%Jul 28Aug 6earnings+8.3%−0.1%
AM −0.1%NASDAQ +8.3%
+0.14%
Day of report
+1.95%
Next session
−0.28%
One week

Did AM Beat Earnings? Q2 2026 Results

Antero Midstream Corp delivered a mixed second quarter for 2026, posting earnings per share of $0.27 against a consensus estimate of $0.33, a miss of 18.11%, even as revenue of $327.24 million edged slightly ahead of the $326.49 million estimate and grew 1.3% year-over-year. The earnings shortfall traced primarily to a 16% surge in interest expense to $55.68 million, driven by financing costs tied to the HG Energy acquisition, which weighed heavily on net income despite solid operational momentum. Gathering volumes reached a company record of more than 4.1 Bcf/d, rising 19% year-over-year, and adjusted EBITDA climbed 2% to $288.78 million, signaling that the underlying business remained healthy even as higher costs compressed the bottom line. A court-ordered $371 million award from the Clearwater lawsuit, received in late July, is being used alongside credit facility borrowings to retire $650 million in 2028 senior notes, leaving the company with over $600 million in liquidity. Management expects volume growth across gathering and water to accelerate EBITDA expansion in the second half, with water integration projects projected to drive high-single-digit EBITDA growth in 2027.

Key Takeaways
  • Gathering volumes increased 19% year-over-year to over 4.1 Bcf/d
  • Compression volumes increased 17% year-over-year
  • Processing and fractionation capacity 100% utilized
  • Other water handling volumes increased 132% year-over-year driven by HG Energy acquisition
  • Fresh water delivery volumes decreased 16% year-over-year
  • Interest expense increased 16% year-over-year due to HG Energy acquisition financing

“During the quarter, Antero Midstream gathered over 4.1 Bcf/d of production, which was a 19% increase year-over-year and a new company record. Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027.”

Antero Midstream CEO, on the earnings call

Forward Guidance & Outlook

Management expects volume increases across both gathering and water businesses to drive EBITDA growth in the second half of 2026, in line with full-year guidance. Water integration projects remain on track and are expected to drive high-single digit EBITDA growth in 2027. The East Side Express regional pipeline, now under initial construction, positions the company for future dry gas growth in West Virginia with decades of underlying inventory. Following receipt of $371 million from Veolia and the redemption of $650 million in 2028 notes, the company has over $600 million of liquidity and no near-term maturities, providing balance sheet capacity for additional growth opportunities and shareholder returns.

AM YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$90.0M$180.0M$270.0M$323.1M$327.2MRevenue$186.4M$181.9MOperating Income$124.5M$113.5MNet Income
$0$90.0M$180.0M$270.0MRevenueOperating IncomeNet Income

AM Revenue by Segment

Gathering and Processing$257.7M+7.6%
Water Handling$69.5M+5.6%

Figures from SEC filings and company reports. Not investment advice.