AM earnings analysis
What we found in AM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Antero Midstream's Q1 2026 results show strong revenue growth with total revenues reaching $314 million, an 8% increase from $291 million in Q1 2025. EPS was reported at $0.26, up from $0.25 in the prior year, reflecting positive operational momentum despite increased operational costs and transaction expenses from recent acquisitions. Management anticipates sustained growth driven by the recent HG Midstream acquisition and stability in customer demand despite broader market pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 8% Revenue Growth YoY
- Total revenue increased to $314 million from $291 million in Q1 2025.
- EPS Growth
- Reported diluted EPS rose to $0.26 from $0.25 in Q1 2025.
- Segment Revenue Increase
- Gathering and processing revenues up 9% to $250 million; water handling revenues increased 3% to $64 million.
- Operational Efficiency
- Direct operating expenses rose by only 24% against a 9% revenue increase, reflecting improved operational efficiency.
- Successful Acquisition
- The HG Midstream acquisition has boosted throughput, contributing to higher gathering volumes of 342,446 MMcf, a 14% increase.
- Solid Cash Flow Generation
- Net cash provided by operating activities improved to $239 million from $199 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Interest Expense Increase
- Interest expense increased by 12% to $54 million, impacting overall profitability.
- Transaction Expenses
- Incurring $9 million in transaction expenses related to the HG Acquisition could pressure margins.
- Customer Concentration Risk
- Significant reliance on Antero Resources continues to pose revenue risk due to potential operational disruptions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.26
- Gross margin
- 75.7%
- Operating margin
- 60%
- Segment
- Gathering and Processing
- Segment
- Water Handling
What they said about what is next.
Management maintains a positive outlook driven by stable demand and operational efficiencies but does not provide specific numeric guidance.
The filing reads better than the one before it.
What came before.
- 10-K · February 11, 2026
- Antero Midstream reports year-over-year revenue growth driven by organic additions and acquisitions, while maintaining long-term, fixed-fee contracts with Antero Resources. The company closed (post-period) a material…
- 10-Q · October 25, 2023
- Antero Midstream reported Q3 revenue of $263,839 (thousands) and diluted EPS of $0.20, with operating income of $162,313 (thousands) — all up versus the three months ended September 30, 2022. Operating margin expanded…
- 10-K · February 15, 2023
- Antero Midstream emphasizes a scalable, capital-efficient midstream platform serving the Appalachian Basin, underpinned by long-term, fixed-fee contracts with Antero Resources and recent bolt-on acquisitions. The…
- 10-Q · October 26, 2022
- Antero Midstream's Q3 2022 results indicate a modest increase in revenue but a slight decline in net income and earnings per share compared to Q3 2021. Total revenue rose by 2.1%, but operating income decreased by 2.9%…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing AM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever