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…
Earnings analysis · 10-Q
AM earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.26
- Segment
- Gathering and Processing
- Segment
- Water Handling
What stood out
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8% Revenue Growth YoY
Total revenue increased to $314 million from $291 million in Q1 2025.
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EPS Growth
Reported diluted EPS rose to $0.26 from $0.25 in Q1 2025.
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Segment Revenue Increase
Gathering and processing revenues up 9% to $250 million; water handling revenues increased 3% to $64 million.
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Operational Efficiency
Direct operating expenses rose by only 24% against a 9% revenue increase, reflecting improved operational efficiency.
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Successful Acquisition
The HG Midstream acquisition has boosted throughput, contributing to higher gathering volumes of 342,446 MMcf, a 14% increase.
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Solid Cash Flow Generation
Net cash provided by operating activities improved to $239 million from $199 million in Q1 2025.
What to watch
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Interest Expense Increase
Interest expense increased by 12% to $54 million, impacting overall profitability.
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Transaction Expenses
Incurring $9 million in transaction expenses related to the HG Acquisition could pressure margins.
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Customer Concentration Risk
Significant reliance on Antero Resources continues to pose revenue risk due to potential operational disruptions.
Management's outlook
Management maintains a positive outlook driven by stable demand and operational efficiencies but does not provide specific numeric guidance.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.