AM FY 2025 Earnings Report — Antero Midstream Corporation Revenue & Financial Results | Market Cap Arena

Antero Midstream CorporationAM

FY 2025 Earnings

Reported February 11, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$1.3B	—	$1.2B	—	7.0%
Op. Income	$645M	—	$659M	—	-2.2%
Gross Margin	65.3%	—	63.6%	—	1.7pp
Net Margin	32.8%	—	34.1%	—	-1.3pp
EPS (Diluted)	$0.86	—	$0.83	—	3.6%
Free Cash Flow	$770M	—	$602M	—	28.0%

Revenue Flow

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$437M
GROSS PROFIT	$822M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$88M
SG&A Expenses	$88M
Other Expenses	$90M
Operating Expenses	$178M
Cost & Expenses	$614M
OPERATING INCOME	$645M
Interest Income	$0
Interest Expense	$190M
Other Income/Expenses	-$80M
INCOME BEFORE TAX	$564M
Income Tax Expense	$151M
Net Income from Continuing Ops	$413M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$413M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$413M
D&A	$205M
EBIT	$732M
EBITDA	$937M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$1.3B
Cost of Revenue	$437M
GROSS PROFIT	$822M
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$88M
SG&A Expenses	$88M
Other Expenses	$90M
Operating Expenses	$178M
Cost & Expenses	$614M
OPERATING INCOME	$645M
Interest Income	$0
Interest Expense	$190M
Other Income/Expenses	-$80M
INCOME BEFORE TAX	$564M
Income Tax Expense	$151M
Net Income from Continuing Ops	$413M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$413M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$413M
D&A	$205M
EBIT	$732M
EBITDA	$937M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$413M
Depreciation & Amortization	$134M
Stock-Based Compensation	$46M
Deferred Income Tax	$149M
Other Non-Cash Items	$189M
Change in Working Capital	$240.0K
OPERATING CASH FLOW	$932M
Capital Expenditure	-$162M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$169M
NET CASH FROM INVESTING	-$169M
Net Debt Issuance	$116M
Common Stock Repurchased	-$135M
Common Dividends Paid	-$439M
Other Financing Activities	-$42M
NET CASH FROM FINANCING	-$500M
FREE CASH FLOW	$770M
Net Change in Cash	$263M

Balance Sheet

Item	Amount
Cash & Equivalents	$180M
Short-Term Investments	$0
Net Receivables	$110M
Inventory	$0
Other Current Assets	$90M
TOTAL CURRENT ASSETS	$380M
PP&E (Net)	$3.5B
Goodwill	$0
Intangible Assets	$1.1B
Long-Term Investments	$586M
Tax Assets	$0
Other Non-Current Assets	$390M
TOTAL NON-CURRENT ASSETS	$5.5B
TOTAL ASSETS	$5.9B
Account Payables	$16M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$96M
TOTAL CURRENT LIABILITIES	$111M
Long-Term Debt	$3.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$563M
Other Non-Current Liabilities	$15M
TOTAL NON-CURRENT LIABILITIES	$3.8B
TOTAL LIABILITIES	$3.9B
Common Stock	$5M
Additional Paid-In Capital	$2.0B
Retained Earnings	$15M
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$2.0B
Minority Interest	$0
TOTAL EQUITY	$2.0B
TOTAL LIABILITIES & EQUITY	$5.9B
Total Debt	$3.2B
Net Debt	$3.0B