NYSE$AM

Antero Midstream Corp · Q4 2025 earnings

Q4 2025 earnings · · After market close · Investor relations

Briefing

Antero Midstream reported Q4 2025, revenue of $337.9M.

For Q4 2025, Antero Midstream reported revenue of $337.9M. Management discusses segment performance, liquidity, and outlook in the filing.

  • Revenue $337.9M.
  • Antero Midstream details capital allocation and 2026 priorities in the release.
  • Antero Midstream details capital allocation and 2026 priorities in the release.

Headline financials

Total Revenue

$338M

Previous: $287M+17.6%
EPS (adj)

$0.28

Previous: $0.26+7.7%
Adjusted EBITDA

$285M

Previous: $274M+3.9%
Capital Expenditures

$45.2M

Previous: $24M+88.4%
Adjusted Free Cash Flow after dividends

$86M

Previous: $92.8M-7.4%
Leverage

2.7

No prior period
Low Pressure Gathering Volumes

3.4K

Previous: 3.3K+4.9%
Compression Volumes

3.4K

Previous: 3.3K+4.8%
High Pressure Gathering Volumes

3.2K

Previous: 3.0K+4.9%
Fresh Water Delivery Volumes

93

Previous: 114-18.4%
Gross JV Processing Volumes

1.7K

Previous: 1.6K+4.5%
Gross JV Fractionation Volumes

40

Previous: 40+0.0%
Wells Connected to Gathering System

18

No prior period
Wells Serviced by Fresh Water Delivery

19

Previous: 16+18.8%
Other Fluid Handling

58

Previous: 51+13.7%
Adjusted Net Income

$133M

Previous: $124M+7.2%
Shares Repurchased

2.7M

No prior period
Cash, Cash Equivalents and Restricted Cash

$263M

Previous: $0.00
Net Income

$51.9M

Previous: $111M-53.3%
Operating Income

$101M

Previous: $178M-43.5%

Revenue & EPS history

Antero Midstream · Revenue · Quarterly

$338M

Q4 2025+17.6%vs Q4 2024
Beat estimate in 7 of 15 quarters(47%)
ActualEstimate

Revenue by segment

Antero Midstream · $246M total across 3 segments · Q3 2023

  • Gathering and Processing
    $206M+17.0%
  • Water Handling
    $58M+5.5%
  • Amortization of Customer Relationships
    -$18M+0.0%

Forward guidance

The filing discusses Antero Midstream's outlook, capital allocation, and key risks for upcoming periods beyond headline Q4 2025 results.

Tailwinds

  • Antero Midstream cites operational priorities supporting the forward outlook.
  • Balance sheet and liquidity support planned investments or returns.

Headwinds

  • Macro, input costs, or rates could pressure results versus plan.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q4 2025

Historical avgQ4 2025

-0.2%

Avg return

Earnings day

-1.4%

Avg return

5 days after

-0.8%

Avg return

30 days after

49%

17 / 35 earnings

Positive

+9.2%

Q1 2022

Best reaction

-12.5%

Q4 2020

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026-0.1%-0.5%-4.3%
Q4 2025+2.3%+4.9%+13.2%
Q3 2025-0.2%-1.9%+2.7%
Q1 2025+1.9%+5.8%+13.5%
Q4 2024+6.1%+5.9%+7.3%
Q3 2024-3.4%-3.0%+7.3%
Q2 2024-3.6%-8.0%+2.1%
Q1 2024+2.1%+1.7%+3.4%
Q4 2023+6.2%+6.2%+14.4%
Q3 2023+1.7%+0.4%+9.1%
Q2 2023-0.9%+1.8%+1.8%
Q1 2023+4.7%+10.3%+5.7%
Q4 2022+1.0%-2.4%-9.1%
Q3 2022+0.5%+4.0%+8.0%
Q2 2022+0.9%+2.9%+7.5%
Q1 2022+9.2%+3.7%+11.5%
Q4 2021-5.3%-3.7%+2.6%
Q3 2021-1.7%-3.1%-7.2%
Q2 2021+0.7%-3.9%+0.9%
Q1 2021-2.2%-2.3%+6.8%
Q4 2020-12.5%-12.4%-3.2%
Q3 2020-5.8%-11.9%+9.6%
Q1 2020+2.6%+1.7%+3.2%
Q4 2019-0.6%-4.8%-31.7%
Q3 2019-1.9%-8.9%-36.5%
Q2 2019-6.7%-12.5%-21.3%
Q1 2019+0.7%-1.1%+0.1%
Q4 2018+1.5%-5.9%-8.6%
Q3 2018-0.4%-3.9%-6.0%
Q2 2018-0.9%-1.7%-12.1%
Q1 2018+4.3%+3.3%+9.2%
Q4 2017+4.5%+4.6%-13.4%
Q3 2017-2.8%-2.6%-3.7%
Q2 2017-5.8%-7.1%-10.4%
Q1 2017-1.3%-3.5%-0.2%
Q4 2016
Q3 2016
Q2 2016
Q1 2016
Q4 2015
Q3 2015
Q1 2015
Q4 2014
Q2 2014

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