10-Q · April 29, 2026
Antero Midstream's Q1 2026 results show strong revenue growth with total revenues reaching $314 million, an 8% increase from $291 million in Q1 2025. EPS was reported at $0.26, up from $0.25 in the prior year,…
AM earnings analysis
10-Q · Filed October 28, 2026 · Our reading of the company's report
The latest report
The supplied filing text does not include the quarterly income statement, balance sheet, cash-flow statement or segment disclosures, so revenue, margin, EPS, free cash flow and period-over-period trends cannot be…
Read full summary
The supplied filing text does not include the quarterly income statement, balance sheet, cash-flow statement or segment disclosures, so revenue, margin, EPS, free cash flow and period-over-period trends cannot be quantified from the available excerpt. The filing does show $577 million of floating-rate borrowings, a quantified $3 million nine-month interest-expense sensitivity to a 1.0% rate increase, and continued share repurchases totaling 1,256,949 shares. Management reported effective controls and stated that there were no material changes to the risks described in the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
What stood out
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Share repurchases continued
Antero Midstream repurchased 1,256,949 shares during the quarter at an average price of $21.64 per share. The remaining authorization was approximately $282.777 million at September 30, 2026.
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No letters of credit outstanding
The company had $577 million of borrowings under its Credit Facility and no letters of credit outstanding as of September 30, 2026.
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Interest-rate sensitivity quantified
Management estimated that a 1.0% increase in the Credit Facility interest rate would have increased interest expense by approximately $3 million for the nine months ended September 30, 2026.
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Controls remained effective
Disclosure controls and procedures were deemed effective as of September 30, 2026, and management reported no changes in internal control that materially affected, or were reasonably likely to materially affect, reporting controls during the quarter.
What to watch
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Floating-rate debt exposure
The company had $577 million of floating-rate Credit Facility borrowings as of September 30, 2026; a 1.0% rate increase would have raised nine-month interest expense by an estimated $3 million.
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Concentration in Antero Resources
Antero Resources is the primary customer, and management expects to derive substantially all revenue from it for the foreseeable future. Any deterioration in Antero Resources' operations, liquidity or ability to perform under its agreements could reduce revenue and operating results.
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Commodity-price-linked volume risk
The company stated that it may become exposed to commodity-price risk if future contracts do not use fixed-fee or cost-of-service structures. Lower commodity prices could affect Antero Resources' drilling, production and related gathering, compression and water-handling volumes.
Management's outlook
The provided 10-Q excerpt contains no quantitative revenue or EPS outlook. No explicit guidance was disclosed in the supplied filing text.
Earlier filings 4
10-K · February 11, 2026
Antero Midstream reports year-over-year revenue growth driven by organic additions and acquisitions, while maintaining long-term, fixed-fee contracts with Antero Resources. The company closed (post-period) a material…
10-Q · October 25, 2023
Antero Midstream reported Q3 revenue of $263,839 (thousands) and diluted EPS of $0.20, with operating income of $162,313 (thousands) — all up versus the three months ended September 30, 2022. Operating margin expanded…
10-K · February 15, 2023
Antero Midstream emphasizes a scalable, capital-efficient midstream platform serving the Appalachian Basin, underpinned by long-term, fixed-fee contracts with Antero Resources and recent bolt-on acquisitions. The…
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