10-Q · April 29, 2026
Antero Resources' Q1 results show strong revenue growth driven by increased demand and prices in the natural gas sector, resulting in a reported EPS of 0.74, surpassing expectations of 1.14. Management highlights…
AR earnings analysis
10-Q · Filed October 28, 2026 · Our reading of the company's report
The latest report
The provided extract does not contain the current-quarter income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A, so revenue, margins, EPS, free cash flow, and period-over-period operating…
Read full summary
The provided extract does not contain the current-quarter income statement, balance sheet, cash-flow statement, segment disclosures, or MD&A, so revenue, margins, EPS, free cash flow, and period-over-period operating trends cannot be verified. Risk management improved through substantially higher hedging, with 44% of production covered by commodity derivatives and a $284 million net derivative asset at September 30, 2026. However, commodity sensitivity remains material: a $0.10/MMBtu gas-price decline or $1.00/barrel oil and NGL decline would each reduce revenue by an estimated $85 million. The filing states 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
-
Hedging coverage increased
Commodity hedging increased materially: 44% of production was hedged through commodity derivatives for both the three and nine months ended September 30, 2026, versus 4% in the comparable 2025 periods.
-
Derivative position improved
The estimated fair value of commodity derivative instruments was a net asset of $284 million at September 30, 2026, up from $81 million at December 31, 2025.
-
No past-due major receivables
Management reported no past-due receivables from major customers or derivative counterparties as of September 30, 2026, supporting the stated assessment that counterparties represented acceptable credit risks.
-
Controls remained effective
Disclosure controls and procedures were assessed as effective as of September 30, 2026, and management reported no material changes in internal control during the quarter.
-
Repurchase capacity remains
The company had $820.908 million of remaining share-repurchase authorization at September 30, 2026, after 1,631,144 publicly announced-plan shares were repurchased in July at an average price of $34.15.
What to watch
-
Commodity-price sensitivity
The filing estimates that a $0.10 per MMBtu decline in natural-gas prices and a $1.00 per barrel decline in oil and NGL prices would each reduce revenue by $85 million, excluding changes in open derivative fair values.
-
Unhedged production exposure
Only 44% of production was hedged through commodity derivatives for the nine months ended September 30, 2026, while 16% was hedged through basis swaps, leaving a substantial portion exposed to commodity and basis-price volatility.
-
Customer and counterparty credit
Natural-gas, NGL, and oil sales receivables totaled $427 million and derivative-contract receivables totaled $305 million as of September 30, 2026; customer or counterparty defaults could adversely affect results.
-
Floating-rate debt exposure
The average annualized interest rate on Credit Facility and Term Loan borrowings was 5.3% for the nine months ended September 30, 2026, and a 1.0% increase in average rates was estimated to raise interest expense by $10 million.
-
Derivative earnings volatility
Commodity-derivative mark-to-market adjustments create earnings volatility without a cash-flow impact until settlement or monetization; the filing states that continued fair-value volatility is expected.
Management's outlook
The provided 10-Q extract does not include quantitative revenue, EPS, production, capital-spending, or liquidity guidance. No explicit outlook was identified.
Earlier filings 4
10-K · February 11, 2026
Antero Resources’ 2025 10-K emphasizes a disciplined Appalachian Basin production strategy with material operational and financial improvement through 2025: proved reserves of 19,149 Bcfe and a PV-10 of $9,679 million…
10-Q · October 29, 2025
Antero Resources reported revenues of $1.21 billion in Q3 2025, a 14.5% decrease from $1.35 billion in Q2 2025, yet a 14.6% increase year-over-year compared to $1.06 billion in Q3 2024. However, the company faced a net…
10-Q · July 30, 2025
Antero Resources reported significantly improved quarter-over-year results: total revenue of $1,297,493,000 and diluted EPS of $0.50 for the three months ended June 30, 2025, versus revenue of $978,654,000 and diluted…
Smart money in AR
Totals from the last full session. Insider and politician figures cover 90 days.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.
See every AR trade live.
The free pages stop at the last full session. Trader shows every trade as it prints.
Start tracking No card needed.