Earnings summaries and quarterly performance for Antero Midstream.
Executive leadership at Antero Midstream.
Michael Kennedy
Detailed
Chief Executive Officer and President
CEO
BK
Brendan Krueger
Detailed
Senior Vice President—Finance and Treasurer
JA
Justin Agnew
Detailed
Chief Financial Officer and Vice President—Finance & Investor Relations
YS
Yvette Schultz
Detailed
Chief Compliance Officer, Senior Vice President—Legal, General Counsel and Corporate Secretary
Board of directors at Antero Midstream.
Research analysts who have asked questions during Antero Midstream earnings calls.
JM
John Mackay
Goldman Sachs Group, Inc.
3 questions for AM
Also covers: ARIS, CQP, DTM +17 more
NM
Naomi Marfatia
Mizuho Securities USA LLC
3 questions for AM
Also covers: HESM
JT
Jeremy Tonet
JPMorgan Chase & Co.
2 questions for AM
Also covers: AEE, AEP, ARIS +46 more
JM
John McKay
Goldman Sachs
2 questions for AM
Also covers: PAA, PAGP, VG
NK
Noah Katz
JPMorgan Chase & Co.
2 questions for AM
Also covers: ARIS, EE, FWDI +3 more
Ned Baramov
Wells Fargo & Company
1 question for AM
Also covers: NGL, SUN, WES
Olivia Halferty
Goldman Sachs
1 question for AM
Also covers: TRP
Wade Suki
Capital One Financial
1 question for AM
Also covers: ARIS, EE, ENLC +5 more
ZV
Zackery Van Everen
Tudor, Pickering, Holt & Co.
1 question for AM
Also covers: DTM, EE, ENLC +6 more
Recent press releases and 8-K filings for AM.
Antero Midstream Completes Sale of Utica Shale Midstream Assets
AM
M&A
- On February 23, 2026, Antero Midstream Corporation's wholly-owned subsidiaries completed the previously announced sale of substantially all of their Utica Shale midstream assets.
- The assets were sold to an affiliate of Infinity Natural Resources, Inc. and Northern Oil and Gas, Inc. (NOG).
- The transaction generated an aggregate cash consideration of $400 million.
4 days ago
Antero Midstream Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Discusses HG Midstream Acquisition
AM
Earnings
M&A
Guidance Update
- Antero Midstream reported Q4 2025 Adjusted EBITDA of $285 million, a 4% year-over-year increase, and full-year 2025 EBITDA growth of 7%, marking its eleventh consecutive year of growth.
- The company generated a record $325 million in free cash flow after dividends for the full year 2025, a 30% increase compared to 2024, and achieved a 20% return on invested capital (ROIC).
- Antero Midstream recently closed the acquisition of HG Midstream for $1.1 billion, which is expected to drive 8% year-over-year Adjusted EBITDA growth to over $1.2 billion and 11% year-over-year free cash flow after dividends growth to $360 million in 2026.
- The 2026 capital investment budget is $190 million-$220 million, and the company anticipates continued high single-digit EBITDA growth in 2027 and beyond, supported by the acquisition and a consistent development program.
Feb 12, 2026, 5:00 PM
Antero Midstream Reports Strong Q4 and Full-Year 2025 Results, Provides 2026 Guidance and Acquisition Details
AM
Earnings
Guidance Update
M&A
- Antero Midstream (AM) reported full-year 2025 Adjusted EBITDA growth of 7% and a record $325 million in free cash flow after dividends, a 30% increase from 2024. For Q4 2025, Adjusted EBITDA was $285 million, and leverage was reduced to 2.7x.
- The company recently closed the $1.1 billion acquisition of HG Midstream, a bolt-on asset in the Marcellus Shale, which adds over 400 undeveloped locations and is expected to drive future growth.
- For 2026, AM forecasts Adjusted EBITDA of over $1.2 billion (an 8% year-over-year increase) and $360 million in free cash flow after dividends (an 11% increase from 2025). The capital budget is set at $190 million-$220 million, with a target leverage in the low 3x range.
- AM expects high single-digit EBITDA growth in 2027 due to acquisition synergies and anticipates continued mid- to high single-digit EBITDA growth beyond 2027 from its 3-rig, 2-completion crew development program.
Feb 12, 2026, 5:00 PM
Antero Midstream Reports Strong Q4 and Full Year 2025 Results, Provides Positive 2026 Guidance
AM
Earnings
Guidance Update
M&A
- Antero Midstream reported a 4% increase in Adjusted EBITDA and a 5% increase in gathering and compression volumes year-over-year for Q4 2025.
- For the full year 2025, the company achieved a 30% increase in Adjusted Free Cash Flow After Dividends to $324 million, reduced debt by $147 million, and purchased $163 million in shares.
- The company's leverage (Net Debt/Adjusted EBITDA) stood at 2.7x at the end of Q4 2025.
- For 2026, Antero Midstream anticipates 8% Adjusted EBITDA growth driven by an acquisition and expects over 10% growth in Adjusted Free Cash Flow after Dividends for both 2026 and 2027, with leverage projected to be in the low 3-times range.
Feb 12, 2026, 5:00 PM
Antero Midstream Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance, and Discusses Acquisition
AM
Earnings
Guidance Update
M&A
- Antero Midstream reported Adjusted EBITDA of $285 million for Q4 2025, a 4% increase year-over-year, and generated a company record $325 million in free cash flow after dividends for the full year 2025, marking a 30% increase compared to 2024.
- The company recently closed the acquisition of HG Midstream for $1.1 billion, a bolt-on asset in the Marcellus Shale that adds over 400 highly economic, undeveloped locations dedicated to Antero Midstream.
- For 2026, Antero Midstream forecasts Adjusted EBITDA of over $1.2 billion, an 8% increase year-over-year, and expects to generate $360 million in free cash flow after dividends, an 11% increase compared to 2025, with a capital budget of $190 million-$220 million.
- Looking ahead to 2027, the company anticipates another year of high single-digit EBITDA growth and further expansion of free cash flow after dividends, with expectations for mid- to high single-digit EBITDA growth to continue beyond 2027.
Feb 12, 2026, 5:00 PM
Antero Midstream Announces Q4 2025 Results and 2026 Guidance
AM
Earnings
Guidance Update
M&A
- Antero Midstream reported Net Income of $52 million, or $0.11 per diluted share, for Q4 2025, a 52% decrease compared to the prior year quarter, while Adjusted Net Income increased 8% per share to $0.28 and Adjusted EBITDA rose 4% to $285 million.
- The company generated $86 million in Adjusted Free Cash Flow after dividends and reduced leverage to 2.7x as of December 31, 2025, also repurchasing 2.7 million shares for $48 million during Q4 2025.
- For 2026, Antero Midstream forecasts Net Income between $485 million and $535 million and Adjusted EBITDA between $1.19 billion and $1.24 billion, representing increases of 23% and 8% respectively at the midpoint compared to 2025.
- Capital expenditures are projected to be $190 million to $220 million in 2026, with Adjusted Free Cash Flow after dividends expected to be $330 million to $390 million, an 11% increase at the midpoint compared to 2025. The company also closed the acquisition of HG Midstream in early February.
Feb 11, 2026, 9:35 PM
Antero Midstream Announces Fourth Quarter 2025 Results and 2026 Guidance
AM
Earnings
Guidance Update
Share Buyback
- Antero Midstream reported Net Income of $52 million and Adjusted EBITDA of $285 million for Q4 2025, representing a 52% decrease and 4% increase respectively compared to the prior year quarter.
- For Q4 2025, the company generated $86 million in Adjusted Free Cash Flow after dividends and achieved a leverage of 2.7x as of December 31, 2025.
- The company repurchased 2.7 million shares for $48 million during Q4 2025.
- Antero Midstream issued 2026 guidance, forecasting Net Income of $485 to $535 million and Adjusted EBITDA of $1.19 to $1.24 billion, representing a 23% and 8% increase respectively compared to 2025 at the midpoint.
- Projected capital expenditures for 2026 are $190 to $220 million, with Adjusted Free Cash Flow after dividends expected to be $330 to $390 million.
Feb 11, 2026, 9:15 PM
Antero Midstream Completes Acquisition of HG Energy II Midstream Holdings
AM
M&A
New Projects/Investments
- Antero Midstream Partners LP, an indirect, wholly-owned subsidiary of Antero Midstream Corporation, completed the acquisition of HG Energy II Midstream Holdings, LLC on February 3, 2026.
- The acquisition was made from HG Energy II LLC for a cash consideration of approximately $1.1 billion.
- A First Amendment to the Membership Interest Purchase Agreement, originally dated December 5, 2025, was entered into on December 22, 2025, to amend certain annexes.
Feb 3, 2026, 9:32 PM
Antero Midstream Announces Q4 2025 Dividend, Share Repurchase, and Earnings Release
AM
Dividends
Share Buyback
Earnings
- Antero Midstream's Board of Directors declared a cash dividend of $0.225 per share for the fourth quarter of 2025, which is $0.90 per share on an annualized basis.
- During the fourth quarter of 2025, the company repurchased approximately 2.7 million shares for approximately $48 million. As of December 31, 2025, Antero Midstream had approximately $336 million of remaining share repurchase capacity under its authorized program.
- The company plans to issue its fourth quarter 2025 earnings on Wednesday, February 11, 2026, after the close of trading.
Jan 14, 2026, 9:15 PM
Antero Midstream Subsidiaries Complete $600 Million Senior Notes Offering
AM
Debt Issuance
M&A
New Projects/Investments
- On December 23, 2025, Antero Midstream Corporation's indirect, wholly owned subsidiaries, Antero Midstream Partners LP and Antero Midstream Finance Corporation, completed a private placement of $600.0 million in aggregate principal amount of their 5.750% Senior Notes due 2034.
- The offering was upsized from an initial $500.0 million aggregate principal amount.
- The net proceeds from the offering, along with borrowings under a revolving credit facility and proceeds from the disposition of Utica Shale midstream assets, will be used to fund the acquisition of HG Energy II Midstream Holdings, LLC, and related fees and expenses.
- The notes are not redeemable at the issuers' option prior to January 1, 2029, except for specific conditions, such as redeeming up to 35% of the aggregate principal amount with net cash proceeds from equity offerings at a price of 105.750%.
Dec 23, 2025, 10:12 PM
Quarterly earnings call transcripts for Antero Midstream.
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