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Jun 30, 2025
Antero Midstream Q2 2025 Earnings Report
Antero Midstream announced its second quarter 2025 financial and operating results, reporting increased net income, adjusted EBITDA, and free cash flow, alongside decreased capital expenditures and leverage.
Key Takeaways
Antero Midstream delivered a strong second quarter in 2025, with significant increases in net income, adjusted net income, and adjusted EBITDA, driven by record gathering and processing volumes. The company also demonstrated capital efficiency with a decrease in capital expenditures and a notable reduction in leverage, leading to a substantial increase in free cash flow.
Net Income increased by 44% per diluted share to $125 million, or $0.26 per diluted share, compared to the prior year quarter.
Adjusted EBITDA rose by 11% to $284 million, reflecting strong operational performance.
Capital expenditures decreased by 13% to $45 million, indicating improved capital efficiency.
Free Cash Flow after dividends surged by 89% to $82 million, and leverage declined to 2.8x as of June 30, 2025.
Revenue by Segment
Forward Guidance
Antero Midstream has increased its full-year 2025 guidance for Net Income, Adjusted Net Income, Adjusted EBITDA, and Free Cash Flow before and after dividends, while decreasing guidance for interest expense, current income tax expense, and capital expenditures.
Positive Outlook
- Net Income guidance increased by $10 million (midpoint).
- Adjusted Net Income guidance increased by $10 million (midpoint).
- Adjusted EBITDA guidance increased by $10 million (midpoint).
- Free Cash Flow before dividends guidance increased by $25 million (midpoint).
- Free Cash Flow after dividends guidance increased by $25 million (midpoint).
Challenges Ahead
- Interest expense guidance decreased by $5 million (midpoint).
- Current income tax expense guidance decreased by $5 million (midpoint).
- Capital expenditures guidance decreased by $5 million (midpoint).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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