Antero Midstream (AM) Q3 2025 Earnings
Reported Oct 29, 2025 at 4:48 PM ET · SEC Source
Q3 25 EPS
$0.27
MISS 7.57%
Est. $0.29
Q3 25 Revenue
$294.8M
BEAT +1.12%
Est. $291.5M
vs S&P Since Q3 25
+22.9%
BEATING MARKET
AM +32.6% vs S&P +9.7%
Market Reaction
Did AM Beat Earnings? Q3 2025 Results
Antero Midstream delivered a mixed third quarter for 2025, posting an earnings per share miss alongside a modest revenue beat as volume growth drove the top line while profitability fell slightly short of expectations. Adjusted EPS came in at $0.27, … Read more Antero Midstream delivered a mixed third quarter for 2025, posting an earnings per share miss alongside a modest revenue beat as volume growth drove the top line while profitability fell slightly short of expectations. Adjusted EPS came in at $0.27, trailing the $0.29 consensus estimate by 7.57%, though revenue of $294.82 million edged past the $291.54 million forecast by 1.12% and grew 2.5% year over year. The most material driver behind the revenue strength was a 30% surge in fresh water delivery volumes to 92 MBbl/d, fueled by the completion of an integrated water system connecting the entire liquids-rich midstream corridor in the Marcellus Shale, even as the company serviced just one completion crew. Adjusted EBITDA climbed 10% to $281.23 million, and free cash flow after dividends nearly doubled to $77.80 million. Looking ahead, Antero Midstream is positioning its dry gas infrastructure to capture demand from natural gas-fired power generation and AI datacenters, supported by Antero Resources adding 79 dedicated locations year-to-date.
Key Takeaways
- • 5% year-over-year growth in low pressure gathering and compression volumes
- • 30% year-over-year increase in fresh water delivery volumes to 92 MBbl/d
- • 6% year-over-year increase in gross Joint Venture processing volumes to 1,714 MMcf/d
- • Processing and fractionation joint venture operated at 100%+ utilization
- • 9% decrease in capital expenditures year-over-year
- • 9% decrease in interest expense driven by lower outstanding average total debt
- • CPI-based fee adjustments of approximately 1.6%
AM YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
AM Revenue by Segment
With YoY comparisons, source: SEC Filings
“Antero Midstream reported another strong quarter operationally with 5% year-over-year growth in gathering and compression volumes. Additionally, fresh water delivery volumes increased by 30% year-over-year while servicing just one completion crew. This completion crew set records for completion stages per day and pumping hours, highlighting the deliverability, consistency, and importance of Antero Midstream's world-class integrated water system.”
— Michael Kennedy, Q3 2025 Earnings Press Release
AM Earnings Trends
AM vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AM EPS Trend
Earnings per share: estimate vs actual
AM Revenue Trend
Quarterly revenue: estimate vs actual
AM Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.30 | $0.29 | -3.59% | $314.2M | +2.06% |
| Q4 25 BEAT | $0.27 | $0.28 | +2.19% | $297.0M | +1.78% |
| Q3 25 MISS | $0.29 | $0.27 | -7.57% | $294.8M | +1.12% |
| Q2 25 BEAT | $0.29 | $0.29 | +1.22% | $305.5M | +2.76% |