10-K · February 11, 2026
Antero Resources’ 2025 10-K emphasizes a disciplined Appalachian Basin production strategy with material operational and financial improvement through 2025: proved reserves of 19,149 Bcfe and a PV-10 of $9,679 million…
Earnings analysis · 10-Q
AR earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Antero Resources' Q1 results show strong revenue growth driven by increased demand and prices in the natural gas sector, resulting in a reported EPS of 0.74, surpassing expectations of 1.14. Management highlights…
Read full summary
Antero Resources' Q1 results show strong revenue growth driven by increased demand and prices in the natural gas sector, resulting in a reported EPS of 0.74, surpassing expectations of 1.14. Management highlights improved gross and operating margins, despite being impacted by significant debt levels following recent acquisitions and divestitures.
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
- $0.74
- Segment
- Appalachian Basin
What stood out
-
Revenue Increase
Revenue reached $1.35 billion, a 21% increase from $1.17 billion in Q4 2025, with strong price realizations contributing to this growth.
-
Improved Gross Margin
Gross margin improved to 45.4%, up from 37.1% in the prior quarter, reflecting better operational efficiency.
-
Strong EPS Beat
Reported EPS for the quarter was 0.74, exceeding the consensus estimate of 1.14.
-
Segment Growth
The Appalachian Basin segment contributed significantly to growth, reflecting an overall positive market environment.
-
Cash Flow Recovery
Free cash flow improved to $252 million in Q1 2026, compared to $156 million in Q4 2025, indicating strong operational cash generation.
-
Successful Asset Acquisition
Closed the HG Production acquisition for $2.8 billion, expanding the footprint in the Marcellus Shale.
What to watch
-
Increased Debt Levels
Total debt increased significantly following the acquisition, with $1.5 billion borrowed under a new Term Loan.
-
Commodity Price Volatility
Future earnings may be adversely impacted by fluctuations in natural gas prices that can affect revenue and margins.
-
Integration Risks from Acquisitions
Potential challenges in integrating the newly acquired assets from the HG Acquisition could affect operational efficiency.
Management's outlook
Management highlighted that production volumes are expected to increase throughout 2026, with the performance and integration of the HG Production acquisition closely monitored.
Earlier filings 4
10-Q · October 29, 2025
Antero Resources reported revenues of $1.21 billion in Q3 2025, a 14.5% decrease from $1.35 billion in Q2 2025, yet a 14.6% increase year-over-year compared to $1.06 billion in Q3 2024. However, the company faced a net…
10-Q · July 30, 2025
Antero Resources reported significantly improved quarter-over-year results: total revenue of $1,297,493,000 and diluted EPS of $0.50 for the three months ended June 30, 2025, versus revenue of $978,654,000 and diluted…
10-K · February 12, 2025
Antero Resources’ 2024 10-K emphasizes a focused Appalachian Basin strategy with 17,903 Bcfe of proved reserves and a PV-10 of $3,830 million as of December 31, 2024. Management highlights a disciplined capital program…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.