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Antero Midstream

Antero Midstream (AM) Q2 2025 Earnings

Reported Jul 30, 2025 at 5:00 PM ET · SEC Source

Q2 25 EPS

$0.29

BEAT +1.22%

Est. $0.29

Q2 25 Revenue

$305.5M

BEAT +2.76%

Est. $297.3M

vs S&P Since Q2 25

+14.4%

BEATING MARKET

AM +32.2% vs S&P +17.8%

Market Reaction

Did AM Beat Earnings? Q2 2025 Results

Antero Midstream delivered a clean beat to kick off the second half of 2025, posting adjusted earnings of $0.29 per diluted share against a consensus estimate of $0.29 and revenue of $305.47 million, up 6.3% year-over-year and ahead of the $297.28 mi… Read more Antero Midstream delivered a clean beat to kick off the second half of 2025, posting adjusted earnings of $0.29 per diluted share against a consensus estimate of $0.29 and revenue of $305.47 million, up 6.3% year-over-year and ahead of the $297.28 million analysts had expected. The outperformance was anchored by record low pressure gathering volumes of 3,460 MMcf/d, a 6% year-over-year increase that, combined with CPI-linked fee adjustments of roughly 1.6%, lifted Gathering and Processing revenues to $239.63 million while Water Handling contributed an additional $65.84 million. Adjusted EBITDA grew 11% to $284.29 million, and free cash flow after dividends jumped 89% to $81.89 million as capital expenditures fell 13% to $45.00 million. Management raised full-year 2025 guidance across the board, lifting Adjusted EBITDA to a range of $1.09 billion to $1.13 billion and increasing free cash flow before dividends guidance by $25.00 million, citing expanding Gulf Coast LNG demand and data center-driven natural gas consumption in Appalachia as durable growth catalysts ahead.

Key Takeaways

  • • Record low pressure gathering volumes of 3,460 MMcf/d, up 6% year-over-year
  • • High pressure gathering volumes increased 8% to 3,221 MMcf/d
  • • Fresh water delivery volumes increased 21% to 98 MBbl/d
  • • Joint Venture processing volumes up 6% to 1,687 MMcf/d with over 100% utilization
  • • Capital expenditures declined 13% year-over-year driving improved capital efficiency
  • • CPI-based fee adjustments of approximately 1.6%
  • • Interest expense decreased 8% driven by lower outstanding average total debt
24/7 Wall St

AM YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

AM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“During the quarter Antero Midstream gathered 3.5 Bcf/d of production, which was a 6% increase year-over-year and a new company record. This growth coincides with the significant demand growth seen along the U.S. Gulf Coast LNG facilities over the last year. Looking ahead, we continue to see significant demand growth from Gulf Coast LNG facilities as well as natural gas fired power demand from data center growth in Appalachia. As the critical first link to delivering gas to LNG and power demand, Antero Midstream is well positioned for future growth opportunities.”

— Paul Rady, Q2 2025 Earnings Press Release

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