AR Q3 2025 Earnings
Reported Oct 29, 2025 at 4:51 PM ET · SEC Source
Q3 25 EPS
$0.24
MISS 2.99%
Est. $0.25
Q3 25 Revenue
$1.21B
BEAT +2.89%
Est. $1.18B
vs S&P Since Q3 25
+3.3%
BEATING MARKET
AR +11.1% vs S&P +7.9%
Market Reaction
Did AR Beat Earnings? Q3 2025 Results
Antero Resources delivered a mixed third quarter for fiscal 2025, posting earnings per share of $0.24 against a consensus estimate of $0.25, a miss of roughly 3%, while revenue of $1.21 billion edged past the $1.18 billion estimate by 2.89% and climb… Read more Antero Resources delivered a mixed third quarter for fiscal 2025, posting earnings per share of $0.24 against a consensus estimate of $0.25, a miss of roughly 3%, while revenue of $1.21 billion edged past the $1.18 billion estimate by 2.89% and climbed 23.4% year-over-year. The primary engine behind the top-line strength was a sharp recovery in natural gas prices, with pre-hedge gas realizations rising 46% year-over-year to $3.12 per Mcf, helping swing net income to $76.18 million from a loss of $35.35 million in the year-ago quarter and lifting adjusted EBITDAX 70% to $318.24 million. The company also completed roughly $260 million in bolt-on Marcellus acquisitions funded entirely from free cash flow, adding near-term production and undeveloped locations. Looking ahead, Antero guided Q4 2025 production to 3.5-3.53 Bcfe/d, reflecting acquisition contributions, and analysts maintain a broadly constructive view on the stock given growing natural gas demand tied to LNG exports and datacenter buildout.
Key Takeaways
- • Natural gas prices increased 46% year-over-year to $3.12 per Mcf before hedges
- • Pre-hedge natural gas equivalent price of $3.59 per Mcfe, a $0.52 premium to NYMEX
- • Drilling and completion operational records including longest lateral at over 22,000 feet and 14.5 completion stages per day
- • Adjusted EBITDAX increased 70% year-over-year to $318 million
- • Net cash provided by operating activities increased 87% year-over-year to $310 million
- • All-in cash expense of $2.44 per Mcfe, relatively flat year-over-year
AR YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
AR Revenue by Segment
With YoY comparisons, source: SEC Filings
“Antero's third quarter results yet again raised the bar for operational performance, as we set numerous drilling and completion records during the period. In addition, we completed several bolt-on acquisitions located in our core Marcellus acreage position in West Virginia. The transactions increase Antero's production and inventory and enhance our ability to capitalize on the significant demand increases expected for natural gas. Further, these transactions were financed through 2025's Free Cash Flow.”
— Michael Kennedy, Q3 2025 Earnings Press Release
AR Earnings Trends
AR vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
AR EPS Trend
Earnings per share: estimate vs actual
AR Revenue Trend
Quarterly revenue: estimate vs actual
AR Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.14 | $1.72 | +51.38% | $1.95B | +19.10% |
| Q4 25 BEAT FY | $0.53 | $0.62 | +17.11% | $1.41B | +7.80% |
| FY Full Year | — | $2.03 | — | $5.28B | — |
| Q3 25 MISS | $0.25 | $0.24 | -2.99% | $1.21B | +2.89% |
| Q2 25 BEAT | $0.42 | $0.50 | +18.96% | $1.30B | +4.48% |