Antero Midstream Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.54%.
Did AM Beat Earnings? Q4 2025 Results
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.
- Low pressure gathering, compression, and high pressure gathering volumes increased 5% year-over-year
- Gross Joint Venture processing volumes increased 5% year-over-year
- CPI-based fee adjustments of approximately 1.6%
- Fresh water delivery volumes decreased 18% year-over-year to 93 MBbl/d
- Other fluid handling volumes increased 15% year-over-year
- Interest expense decreased 6% compared to prior year quarter
“Antero Midstream reported another year of gathering and compression, Adjusted EBITDA, and Adjusted Free Cash Flow growth in 2025. This consistent strategy of organic growth, supplemented by attractive bolt-on acquisitions, positions us well for continued capital efficient growth in 2026 and beyond.”
Antero Midstream CEO, on the earnings call
Forward Guidance & Outlook
For 2026, Antero Midstream forecasts Net Income of $485 to $535 million, Adjusted EBITDA of $1.185 to $1.235 billion (8% midpoint increase vs. 2025), capital expenditures of $190 to $220 million, and Adjusted Free Cash Flow after dividends of $330 to $390 million (11% midpoint increase vs. 2025) assuming an annualized dividend of $0.90 per share. The 2026 guidance incorporates the HG Midstream acquisition (closed early February 2026) and Ohio Utica Shale divestiture (expected late February 2026). The company expects to maintain leverage near 3x and pursue a balanced approach of debt reduction and opportunistic share repurchases. Capital spending will focus on rich gas gathering system buildout, HG Midstream asset integration, and dry gas expansion projects in the core Marcellus Shale. The company expects to service 65 to 75 wells with its fresh water delivery system in 2026.
AM YoY Financials
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Figures from SEC filings and company reports. Not investment advice.