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Sep 30
Antero Midstream Q3 2025 Earnings Report
Antero Midstream reported its third quarter 2025 financial and operating results, highlighting increased volumes, net income, and free cash flow after dividends.
Key Takeaways
Antero Midstream delivered a strong third quarter in 2025, marked by significant operational growth and improved financial metrics. The company saw a 5% year-over-year increase in low-pressure gathering and compression volumes, and a notable 30% rise in fresh water delivery volumes. Financially, net income increased by 14% per share, adjusted EBITDA grew by 10%, and free cash flow after dividends nearly doubled compared to the prior year quarter, allowing for debt reduction and share repurchases.
Net Income increased by 14% per diluted share to $116 million, compared to the prior year quarter.
Adjusted EBITDA rose by 10% to $281 million, demonstrating strong operational performance.
Free Cash Flow after dividends surged by 94% to $78 million, enabling debt reduction and shareholder returns.
Low pressure gathering and compression volumes both increased by 5% year-over-year, while fresh water delivery volumes jumped by 30%.
Antero Midstream
Antero Midstream
Antero Midstream Revenue by Segment
Revenue by Segment
Gathering and Processing Revenue
CapyFin.comWater Handling Revenue
CapyFin.comAmortization of Customer Relationships Revenue
CapyFin.com Forward Guidance
Antero Midstream's forward-looking statements indicate a focus on continued development, leveraging existing infrastructure, and benefiting from Antero Resources' expansion. The company plans to allocate remaining 2025 capital towards well connections and fresh water delivery for the 2026 development plan, including a new Marcellus dry gas pad.
Positive Outlook
- Remaining 2025 capital focused on well connect and fresh water delivery for 2026 development plan.
- First Marcellus dry gas pad on dedicated acreage will utilize underutilized midstream capacity.
- Dry gas development will access local Appalachian markets, supporting future demand from power generation and AI datacenters.
- Antero Resources' acquisitions include 75-100 MMcfe/d of production already gathered by Antero Midstream.
- Antero Resources' acquisitions include 10 undeveloped locations dedicated to Antero Midstream.
- Antero Resources increased its 2025 organic land leasing program by $50 million, adding 79 dedicated locations year-to-date.
Challenges Ahead
- Forward-looking statements are subject to risks and uncertainties, many beyond Antero Midstream's control.
- Risks include commodity price volatility, inflation, and supply chain disruptions.
- Environmental risks and Antero Resources' operating risks could impact performance.
- Regulatory changes or changes in law pose potential challenges.
- Uncertainty in projecting Antero Resources' future production rates, cash flows, and access to capital.