Antero Midstream (AM) Q4 2025

Q1 2026 Q4 2025 Q3 2025 Q2 2025

Earnings

Antero Midstream delivered a clean beat to close out 2025, with adjusted earnings per share of $0.28 edging past the $0.27 consensus by 2.19% and revenue of $297.00 million topping expectations by 1.78%, even as the top line slipped 2.7% year-over-ye… Read more Antero Midstream delivered a clean beat to close out 2025, with adjusted earnings per share of $0.28 edging past the $0.27 consensus by 2.19% and revenue of $297.00 million topping expectations by 1.78%, even as the top line slipped 2.7% year-over-year. The headline numbers masked a sharp split between GAAP and adjusted results: a non-cash write-down of $86.63 million on Utica Shale assets held for sale dragged GAAP net income down 52% to $51.93 million, while Adjusted EBITDA climbed 4% to $284.88 million, underscoring the strength of the core Marcellus gathering business. Low pressure gathering, compression, and high pressure gathering volumes each grew 5% year-over-year, providing the operational backbone for the adjusted outperformance. The company has since completed the $400 million Utica Shale asset sale, further streamlining its portfolio. Looking ahead, management guided 2026 Adjusted EBITDA to a midpoint of $1.21 billion, an 8% increase, with Adjusted Free Cash Flow after dividends forecast to rise 11% at the midpoint to a $330.00 to $390.00 million range, supported by the integrated HG Midstream acquisition.