Antero Midstream (AM) Q3 2026 Earnings
Adjusted EPS excludes a $376,963 thousand gain on litigation (Clearwater), $22,874 thousand amortization of customer relationships, $2,921 thousand impairment, $1,613 thousand loss on early extinguishment of debt, $1,158 thousand loss on long-lived assets and $37 thousand transaction expense, net of a $90,156 thousand tax effect; GAAP diluted EPS was $0.82.
How Did AM Stock React to Q3 2026 Earnings?
Did AM Beat Earnings? Q3 2026 Results
No. Antero Midstream reported Q3 2026 earnings of $0.28 a share on Oct 28, 2026, missing the $0.36 consensus estimate by 23.0%. Revenue was $327.0M against a $340.6M estimate.
Antero Midstream Corp delivered a mixed third quarter for fiscal 2026, missing on both the top and bottom lines as adjusted EPS of $0.28 fell short of the $0.36 consensus by 23.01%, while revenue of $327.02 million trailed estimates by 3.99%, even as it grew 4.7% year over year. The headline earnings story, however, was dominated by a $376.96 million Clearwater litigation gain within the Water Handling segment, which lifted GAAP net income to $392.66 million and left adjusted results looking comparatively modest once that windfall was stripped out. Operationally, gathering and compression volumes grew 19% and 17% year over year, though roughly 10 Bcf of curtailments weighed on throughput, with another 15 to 20 Bcf expected in the current quarter. Management, <a href="https://247wallst.com/investing/2026/10/25/will-antero-midstreams-27m-buyback-blitz-fuel-a-massive-q3-earnings-breakout-on-oct-28/">who had accelerated buybacks</a> as leverage fell to 2.8x, raised 2026 Adjusted Free Cash Flow guidance by $370 million to a range of $1.13 to $1.19 billion, largely reflecting the litigation proceeds, while flagging visible EBITDA growth ahead in Q4 and 2027.
- Gathering volumes up 19% and compression volumes up 17% year over year
- Well pad compression of 792 MMcf/d added following HG acquisition
- Other water handling volumes up 128% to 123 MBbl/d
- $377 million gain on Clearwater litigation boosted GAAP net income and Adjusted Free Cash Flow
- Annual CPI-based fee adjustments of approximately 1.5%
- Processing and fractionation capacity 100% utilized
“Antero Midstream delivered another quarter of year-over-year throughput and earnings growth with flat capital investments.”
Antero Midstream CEO, on the earnings call
What Is Antero Midstream's Outlook?
Antero Midstream raised its 2026 guidance to reflect the $377 million Clearwater litigation proceeds. Updated full-year ranges: - Net income: $765–$815 million, up $280 million at the midpoint. - Interest expense: $200–$220 million, down $10 million at the midpoint. - Current income tax expense: $10–$20 million, up $15 million at the midpoint. - Adjusted Free Cash Flow before dividends: $1,125–$1,185 million. - Adjusted Free Cash Flow after dividends: $700–$760 million. Both Adjusted Free Cash Flow measures rose $370 million; all other guidance is unchanged. Management expects the following: - Two Antero Resources growth pads using the fresh water system in Q4 2026, driving throughput growth in 2027. - Completion of the HG water system integration by year-end. - 80 MMcf/d of additional compression in the liquids-rich corridor in Q4 2026. - Visible EBITDA growth in Q4 2026 and 2027. - About 15–20 Bcf of curtailments in Q4 2026.
AM YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $327.0M | $312.5M | +4.7% |
| Operating Income | $557.2M | $180.5M | +208.7% |
| Net Income | $392.7M | $116.0M | +238.5% |
AM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.