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Dec 31, 2025
Antero Midstream Q4 2025 Earnings Report
Antero Midstream reported its financial and operating results for the fourth quarter of 2025, including increases in low pressure gathering and compression volumes, Adjusted EBITDA, and Adjusted Net Income per diluted share, alongside a decrease in Net Income per diluted share.
Key Takeaways
Antero Midstream delivered a solid fourth quarter in 2025, with key operational metrics like low pressure gathering and compression volumes increasing by 5%. The company reported a Net Income of $52 million and an Adjusted Net Income of $133 million, with Adjusted EBITDA reaching $285 million. Capital expenditures were $45 million, and the company maintained a leverage of 2.7x.
Low pressure gathering and compression volumes increased by 5% compared to the prior year quarter.
Net Income was $52 million, or $0.11 per diluted share, a 52% decrease compared to the prior year quarter.
Adjusted Net Income was $133 million, or $0.28 per diluted share, an 8% increase compared to the prior year quarter.
Adjusted EBITDA was $285 million, a 4% increase compared to the prior year quarter.
Revenue by Segment
Forward Guidance
Antero Midstream's 2026 guidance forecasts significant growth in Net Income, Adjusted EBITDA, and Adjusted Free Cash Flow after dividends, driven by strategic acquisitions and focused capital investments in high-return infrastructure projects.
Positive Outlook
- Net Income is projected to increase by 23% compared to 2025 at the midpoint of guidance, ranging from $485 million to $535 million.
- Adjusted EBITDA is expected to increase by 8% compared to 2025 at the midpoint, ranging from $1.19 billion to $1.24 billion.
- Adjusted Free Cash Flow after dividends is forecasted to increase by 11% compared to 2025 at the midpoint, ranging from $330 million to $390 million.
- The capital budget of $190 million to $220 million is focused on high rate of return infrastructure projects in the core of the Marcellus Shale.
- The company expects to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases.
Challenges Ahead
- The guidance includes the impact of the Ohio Utica Shale divestiture, which could introduce some uncertainty.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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