Antero Midstream Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.30%.
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 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.
- 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
“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.”
Antero Midstream CEO, on the earnings call
Forward Guidance & Outlook
Antero Midstream increased its full-year 2025 guidance. Net Income is now expected at $455-$495 million (up $10M at midpoint). Adjusted Net Income guidance was raised to $510-$550 million. Adjusted EBITDA guidance increased to $1,090-$1,130 million. Capital expenditures guidance was lowered to $170-$190 million (down $5M). Interest expense guidance was reduced to $190-$200 million (down $5M). Free Cash Flow before dividends was increased to $715-$755 million (up $25M) and Free Cash Flow after dividends to $275-$325 million (up $25M). Dividend per share guidance remains at $0.90. The company expects a reversal of substantially all cash paid for income taxes during the first half of the year. Management sees significant demand growth from Gulf Coast LNG facilities and natural gas-fired power demand from data center growth in Appalachia as key future growth catalysts.
AM YoY Financials
AM Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.