AM

MKT CAP:$10B

Antero Midstream Corporation

Market Cap

$10B

Energy·Oil & Gas Midstream·🇺🇸 United States·NYSE

Energy·Oil & Gas Midstream·🇺🇸·NYSE

Stock Price

$20.50+$2.55 (+14.24%)

Apr 21, 2026

Company Details

Antero Midstream Corporation owns, operates, and develops midstream energy infrastructure. It operates through Gathering and Processing, and Water Handling segments. The Gathering and Processing segment includes a network of gathering pipel...

CEO

Michael N. Kennedy

IPO Date

May 4, 2017

Website

www.anteromidstream.com

Key Metrics TTM

Revenue

$1.3B

+7.0% YoY

Net Income

$413M

EPS (Diluted)

$0.86

Free Cash Flow

$884M

Revenue / Share

$2.61

Gross Margin

65.3%

Operating Margin

58.1%

Net Margin

32.8%

FCF Margin

70.2%

P/S

8.1x

P/E

24.5x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Feb 11, 2026

$1.3B+7.0%EPS $0.86

Q4 2025

Feb 11, 2026

$315M+3.1%EPS $0.11

Q3 2025

Oct 29, 2025

$312M+8.7%EPS $0.24

Q2 2025

Jul 30, 2025

$323M+12.4%EPS $0.26

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$236M	$148M	$129M
Q2 22	$247M	$150M	$128M
Q3 22	$249M	$150M	$138M
Q4 22	$259M	$160M	$144M
Q1 23	$277M	$166M	$148M
Q2 23	$276M	$170M	$146M
Q3 23	$282M	$181M	$162M
Q4 23	$278M	$174M	$156M
Q1 24	$297M	$188M	$166M
Q2 24	$287M	$176M	$153M
Q3 24	$288M	$186M	$162M
Q4 24	$305M	$199M	$178M
Q1 25	$309M	$202M	$177M
Q2 25	$323M	$209M	$186M
Q3 25	$312M	$202M	$180M
Q4 25	$315M	$209M	$187M

Valuation

Quarter	P/S	P/E
Q1 22	10.5x	30.9x
Q2 22	10.6x	31.0x
Q3 22	10.5x	31.5x
Q4 22	10.2x	31.1x
Q1 23	9.8x	30.5x
Q2 23	9.6x	29.8x
Q3 23	9.3x	28.6x
Q4 23	9.1x	27.3x
Q1 24	9.0x	26.1x
Q2 24	8.9x	26.1x
Q3 24	8.8x	26.0x
Q4 24	8.6x	25.3x
Q1 25	8.5x	24.3x
Q2 25	8.3x	22.2x
Q3 25	8.1x	21.5x
Q4 25	8.1x	24.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$185M	$114M
Q2 22	$170M	$109M
Q3 22	$177M	$118M
Q4 22	$169M	-$157M
Q1 23	$183M	$139M
Q2 23	$186M	$156M
Q3 23	$202M	$171M
Q4 23	$208M	$154M
Q1 24	$211M	$175M
Q2 24	$216M	$172M
Q3 24	$185M	$130M
Q4 24	$233M	$366M
Q1 25	$199M	$168M
Q2 25	$265M	$228M
Q3 25	$213M	$280M
Q4 25	$256M	$207M

Capital Expenditures

Quarter	CapEx
Q1 22	$71M
Q2 22	$61M
Q3 22	$59M
Q4 22	$325M
Q1 23	$43M
Q2 23	$30M
Q3 23	$31M
Q4 23	$54M
Q1 24	$35M
Q2 24	$43M
Q3 24	$55M
Q4 24	$133M
Q1 25	$31M
Q2 25	$37M
Q3 25	$67M
Q4 25	$49M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-2.3%	-1.1%
Q2 22	-1.5%	+19.3%
Q3 22	+2.6%	+10.2%
Q4 22	+10.7%	+8.9%
Q1 23	+17.4%	+20.4%
Q2 23	+11.9%	+10.4%
Q3 23	+13.2%	+7.4%
Q4 23	+7.2%	+5.9%
Q1 24	+7.1%	+1.3%
Q2 24	+4.2%	+3.3%
Q3 24	+2.1%	+5.0%
Q4 24	+9.8%	+4.6%
Q1 25	+4.1%	+0.8%
Q2 25	+12.4%	+1.5%
Q3 25	+8.7%	+5.5%
Q4 25	+3.1%	+0.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$3M	1.2%
Q2 22	$6M	2.3%
Q3 22	$6M	2.2%
Q4 22	$6M	2.2%
Q1 23	$6M	2.3%
Q2 23	$8M	3.1%
Q3 23	$8M	3.0%
Q4 23	$8M	3.0%
Q1 24	$9M	3.1%
Q2 24	$12M	4.0%
Q3 24	$12M	4.2%
Q4 24	$11M	3.8%
Q1 25	$12M	4.0%
Q2 25	$11M	3.5%
Q3 25	$11M	3.5%
Q4 25	$11M	3.5%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$18M	—
Q2 22	$16M	—
Q3 22	$14M	—
Q4 22	$15M	—
Q1 23	$17M	—
Q2 23	$18M	—
Q3 23	$18M	—
Q4 23	$18M	$526.0K
Q1 24	$21M	—
Q2 24	$21M	—
Q3 24	$23M	—
Q4 24	$21M	—
Q1 25	$23M	—
Q2 25	$22M	—
Q3 25	$21M	—
Q4 25	$21M	—

Revenue Segments

Quarter	Natural Gas Water Handling and Treatment	Natural Gas Water Handling and Treatment - Affiliate	Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate	Natural Gas Gathering Transportation Marketing And Processing Affiliate	Natural Gas Water Handling And Treatment	Natural Gas Water Handling And Treatment Affiliate
Q1 22	$395.0K	$53M	$182M	—	—	—
Q2 22	$242.0K	$62M	$184M	—	—	—
Q3 22	$2M	$61M	$186M	—	—	—
Q4 22	$334.0K	$68M	$191M	—	—	—
Q1 23	$272.0K	$77M	$200M	—	—	—
Q2 23	$274.0K	$65M	$211M	—	—	—
Q3 23	$383.0K	$66M	$215M	—	—	—
Q1 24	$671.0K	$68M	$228M	—	—	—
Q2 24	—	—	—	$229M	$414.0K	$58M
Q3 24	—	—	—	$235M	$397.0K	$52M
Q1 25	—	—	—	$238M	$505.0K	$70M
Q2 25	—	—	—	$249M	$466.0K	$74M
Q3 25	—	—	—	$250M	$533.0K	$62M
Q4 25	—	—	—	$251M	$911.0K	$63M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$0	$0
Q2 22	$0	$0	$0
Q3 22	$0	$0	$0
Q4 22	$0	$0	$0
Q1 23	$0	$0	$0
Q2 23	$0	$0	$0
Q3 23	$0	$0	$0
Q4 23	$66.0K	$0	$66.0K
Q1 24	$26M	$0	$26M
Q2 24	$0	$0	$0
Q3 24	$0	$0	$0
Q4 24	$0	$0	$0
Q1 25	$0	$0	$0
Q2 25	$0	$0	$0
Q3 25	$0	$0	$0
Q4 25	$180M	$0	$180M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	480M	+0.1%	+0.2%
Q2 22	480M	+0.0%	+0.2%
Q3 22	480M	+0.0%	+0.1%
Q4 22	481M	+0.1%	+0.3%
Q1 23	481M	+0.1%	+0.3%
Q2 23	482M	+0.0%	+0.3%
Q3 23	483M	+0.3%	+0.5%
Q4 23	484M	+0.2%	+0.6%
Q1 24	484M	+0.1%	+0.6%
Q2 24	485M	+0.1%	+0.7%
Q3 24	486M	+0.2%	+0.6%
Q4 24	486M	+0.1%	+0.5%
Q1 25	484M	-0.4%	+0.0%
Q2 25	482M	-0.4%	-0.5%
Q3 25	482M	-0.1%	-0.8%
Q4 25	482M	+0.1%	-0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$455.0K	519
Q2 22	$475.1K	519
Q3 22	$479.2K	519
Q4 22	$442.4K	586
Q1 23	$472.9K	586
Q2 23	$470.9K	586
Q3 23	$480.4K	586
Q4 23	$460.0K	604
Q1 24	$491.3K	604
Q2 24	$475.9K	604
Q3 24	$476.1K	604
Q4 24	$495.4K	616
Q1 25	$501.3K	616
Q2 25	$524.6K	616
Q3 25	$507.3K	616
Q4 25	$497.9K	632

Revenue / Employee