Antero Midstream Corporation Earnings Recaps
Q1 2026
May 1, 2026
Antero Midstream shares closed down 0.8% following first quarter 2026 results, as the company delivered steady year-over-year EBITDA and free cash flow growth and maintained its 2026 guidance. The neutral stock reaction suggests the quarter largely met investor expectations, with no material surprises around operational execution or outlook.
Key takeaways
- Adjusted EBITDA was $288 million, up 5% year-over-year, supported by higher gathering, compression, and processing volumes.
- Free cash flow after dividends increased 8% year-over-year to $85 million, with cash allocation toward acquisition financing and opportunistic share repurchases.
- Leverage exited the quarter in the low 3x range, despite a $1.1 billion acquisition and ongoing capital returns, with liquidity above $800 million.
- Management reiterated full-year 2026 guidance, expecting capex to increase in upcoming quarters as construction activity rises.
- Integration of acquired water system assets remains on track to be completed by year-end, underpinning growth expectations for 2027.
Q3 2025
Nov 1, 2025
Antero Midstream reported strong financial results for Q3 2025, demonstrating robust growth in EBITDA and free cash flow, bolstered by significant capital investments and strategic asset acquisitions.
Key takeaways
- Adjusted EBITDA increased by 10% year-over-year to $281 million, driven by a 5% rise in gathering and compression volumes.
- Free cash flow after dividends reached $78 million, a remarkable 94% increase from the previous year, facilitating share repurchases and debt reduction.
- Total capital investment for the quarter was $51 million with 75% of the 2025 budget already allocated, reflecting ongoing expansion in the Marcellus Shale region.
- Leverage improved to 2.7x, following a $175 million reduction in absolute debt and a recent refinancing that extended maturity to 2033 at a favorable coupon rate.
- Antero is actively exploring behind-the-meter opportunities and in-basin demand growth, positioning itself for future market needs and infrastructure developments.