AR Q4 2025 Earnings
Reported Feb 11, 2026 at 4:34 PM ET · SEC Source
Q4 25 EPS
$0.62
BEAT +17.11%
Est. $0.53
Q4 25 Revenue
$1.41B
BEAT +7.80%
Est. $1.31B
vs S&P Since Q4 25
-12.0%
TRAILING MARKET
AR -4.4% vs S&P +7.6%
Full Year 2025 Results
FY 25 EPS
$2.03
FY 25 Revenue
$5.28B
Market Reaction
Did AR Beat Earnings? Q4 2025 Results
Antero Resources delivered a strong finish to fiscal 2025, posting fourth-quarter earnings of $0.62 per share, beating the $0.53 consensus estimate by 17.11%, while revenue of $1.41 billion topped expectations by 7.80% and climbed 22.80% from the yea… Read more Antero Resources delivered a strong finish to fiscal 2025, posting fourth-quarter earnings of $0.62 per share, beating the $0.53 consensus estimate by 17.11%, while revenue of $1.41 billion topped expectations by 7.80% and climbed 22.80% from the year-ago period. The primary engine behind the beat was a 42% surge in natural gas sales to $773.60 million, driven by realized gas prices of $3.71 per Mcf compared to $2.77 per Mcf a year earlier, a tailwind that helped lift operating income to $289.17 million from just $57.78 million in Q4 2024. Adjusted EBITDAX rose 27% to $422.14 million as net debt fell to $1.19 billion from $1.49 billion at year-end 2024, a deleveraging trend reinforced by the completed $800 million sale of substantially all Utica Shale assets, proceeds from which were used to redeem senior notes due 2029. Looking ahead, Antero guided 2026 production to average 4.10 Bcfe per day on $1.00 billion of development capital, with volumes expected to ramp toward 4.20 Bcfe per day in the second half as contributions from the recently closed HG Energy acquisition accelerate.
Key Takeaways
- • 34% increase in realized natural gas prices ($3.71/Mcf vs $2.77/Mcf)
- • Net production increased 2% YoY to 3.5 Bcfe/d
- • Pre-hedge natural gas equivalent price of $3.97/Mcfe, a $0.42 premium to NYMEX
- • Pre-hedge C3+ NGL price of $35.41/barrel, a $1.52 premium to Mont Belvieu
- • Commodity derivative fair value gains of $90.1 million vs losses of $21.5 million in prior year quarter
- • Operational records including 16.1 stages per day averaged over an entire pad
AR YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
AR Revenue by Segment
With YoY comparisons, source: SEC Filings
“2025 was a pivotal year for Antero as we took significant steps in increasing our production and drilling inventory. During the year we completed a transaction to acquire higher working interest in our wells, followed by the largest acquisition in our company's history, acquiring our West Virginia peer, HG Energy. The recent closing of the HG Energy acquisition was ahead of schedule and will increase our scale and dry gas exposure. This larger production base and inventory positions Antero to capture the significant demand opportunities that are expected from LNG exports, data centers and natural gas fired power plants.”
— Michael Kennedy, Q4 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% |