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Dec 31, 2025
Antero Q4 2025 Earnings Report
Antero Midstream reported lower GAAP net income in the fourth quarter of 2025, while adjusted earnings and EBITDA increased year over year.
Key Takeaways
In Q4 2025, Antero Midstream generated $297004000 in revenue and $51929000 in net income, impacted by a non-cash asset write-down. Adjusted Net Income was $133055000, resulting in adjusted EPS of $0.43, with Adjusted EBITDA of $284883000.
Net Income was $51929000, or $0.11 per diluted share.
Adjusted Net Income totaled $133055000, translating to adjusted EPS of $0.43.
Adjusted EBITDA increased 4% year over year to $284883000.
Capital expenditures were $45234000, generating $85980000 of Adjusted Free Cash Flow after dividends.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
For 2026, Antero Midstream expects Net Income between $485000000 and $535000000 and Adjusted EBITDA between $1185000000 and $1235000000.
Positive Outlook
- Adjusted EBITDA guidance of $1185000000 to $1235000000.
- Net Income guidance range of $485000000 to $535000000.
- Adjusted Free Cash Flow after dividends expected between $330000000 and $390000000.
- Capital budget focused on high-return infrastructure projects.
- Leverage expected to remain near 3.0x.
Challenges Ahead
- Capital expenditures projected between $190000000 and $220000000.
- Interest expense expected between $210000000 and $230000000.
- Integration risk related to HG Midstream acquisition.
- Exposure to commodity-driven production volumes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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