Antero Midstream Corporation Common Stock (AM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.33	$0.27	-18.2%	—	$350M	—
Q1 26	$0.3	$0.29	-3.3%	—	$335.4M	—
Q4 25	$0.27	$0.28	+3.7%	—	$314.7M	—
Q3 25	$0.29	$0.27	-6.9%	—	$312.5M	—
Q2 25	$0.29	$0.29	0.0%	—	$323.1M	—
Q1 25	$0.3	$0.28	-6.7%	—	$308.8M	—
Q4 24	$0.27	$0.26	-3.7%	—	$305.1M	—
Q3 24	$0.3	$0.23	-23.3%	—	$287.5M	—
Q2 24	$0.27	$0.23	-14.8%	—	$287.5M	—
Q1 24	$0.22	$0.21	-4.5%	—	$296.7M	—
Q4 23	$0.26	$0.24	-7.7%	—	—	—
Q3 23	$0.21	$0.2	-4.8%	—	$281.5M	—
Q2 23	$0.24	$0.22	-8.3%	—	$276M	—
Q1 23	$0.2	$0.18	-10.0%	—	$277.1M	—
Q4 22	$0.19	$0.17	-10.5%	—	$259.2M	—
Q3 22	$0.19	$0.17	-10.5%	—	$248.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.86	—	—	$1.3B	—
FY24	—	$0.83	—	—	$1.2B	—
FY23	—	$0.77	—	—	—	—
FY22	—	$0.68	—	—	$990.7M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$0	$0	$0	$849.6M	$971.4M	$968.9M	$990.7M	—	$1.2B	$1.3B
YoY change	0%	0%	0%	+InfinityT%	+14.3%	-0.26%	+2.25%	—	—	+6.99%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	0	0	0	849.6M	971.4M	968.9M	990.7M	—	1.2B	1.3B
Cost of revenue	—	0	0	348.4M	344.8M	336.6M	382.7M	—	428.6M	436.9M
Gross profit	—	0	0	501.2M	626.5M	632.3M	608M	—	748.2M	822.2M
Gross margin	—	—	—	59%	64.5%	65.3%	61.4%	—	63.6%	65.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	814K	41.1M	43.9M	118.1M	52.2M	63.8M	62.1M	—	86.1M	87.9M
Operating expenses	814K	41.1M	43.9M	129.7M	67.6M	68.3M	67.1M	—	88M	89.9M
Operating income	-814K	-41.1M	-43.9M	371.5M	558.9M	564M	540.9M	—	660.2M	732.3M
Operating margin	—	—	—	43.7%	57.5%	58.2%	54.6%	—	56.1%	58.2%
Non-operating income, net	16.9M	69.7M	142.9M	-718.7M	-590.1M	60M	92.8M	—	95.4M	22.3M
Pretax income	16.1M	28.6M	98.9M	-457.6M	-178.2M	448.7M	443.7M	—	548.6M	564.2M
Income tax	6.4M	26.3M	32.3M	-102.5M	-55.7M	117.1M	117.5M	—	147.7M	151M
Net income	9.7M	2.3M	133.2M	-710.2M	-245.1M	663.2M	652.5M	—	801.8M	826.3M
Net margin	—	—	—	-83.6%	-25.2%	68.5%	65.9%	—	68.1%	65.6%
EBITDA	16.1M	28.6M	99.1M	575.4M	824.8M	833.9M	837.6M	—	981.5M	1.1B
EPS	0.05	0.03	2.37	-0.8	-0.26	0.16	0.68	0.77	0.83	0.86
Diluted EPS	0.05	0.03	2.36	-0.8	-0.26	0.16	0.68	0.77	0.83	0.86

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	276M	281.5M	296.7M	287.5M	287.5M	305.1M	308.8M	323.1M	312.5M	314.7M	335.4M	350M
Cost of revenue	105.5M	100.3M	108.7M	111.7M	101.9M	106.4M	107.2M	114.1M	110M	105.5M	126.5M	144.7M
Gross profit	170.5M	181.2M	188M	175.8M	185.6M	198.8M	201.6M	209M	202.5M	209.2M	208.9M	205.3M
Gross margin	61.8%	64.4%	63.4%	61.2%	64.6%	65.1%	65.3%	64.7%	64.8%	66.5%	62.3%	58.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	18.2M	17.6M	21.2M	21.2M	22.9M	20.8M	23M	22.1M	10.3M	56.3M	22.3M	22.6M
Operating expenses	19.1M	18.4M	21.8M	21.7M	22.9M	21.2M	23.5M	22.6M	10.8M	56.9M	22.9M	23.3M
Operating income	151.3M	162.8M	166.3M	154.1M	162.8M	177.6M	178M	186.4M	191.7M	152.3M	186M	182M
Operating margin	54.8%	57.8%	56%	53.6%	56.6%	58.2%	57.7%	57.7%	61.3%	48.4%	55.4%	52%
Non-operating income, net	20.2M	26.9M	27.5M	12.5M	27M	28M	27.2M	30M	17.2M	-28.3M	24M	28.1M
Pretax income	116.1M	134.5M	140.4M	114.5M	137.9M	155.8M	156.8M	168.5M	161.7M	77.2M	155.9M	154.5M
Income tax	29.1M	36.7M	36.5M	28.4M	38.2M	44.6M	36.1M	44M	45.7M	25.3M	37.6M	41M
Net income	174M	195.6M	207.9M	172.1M	199.5M	222.4M	241.5M	249M	232M	103.9M	236.5M	227M
Net margin	63.1%	69.5%	70.1%	59.9%	69.4%	72.9%	78.2%	77.1%	74.2%	33%	70.5%	64.9%
EBITDA	230.2M	238.6M	248.5M	237M	240.6M	255.8M	256.5M	267.5M	273.5M	232.4M	271.8M	270.7M
EPS	0.18	0.2	0.22	0.18	0.21	0.23	0.25	0.26	0.24	0.11	0.25	0.24
Diluted EPS	0.18	0.2	0.21	0.18	0.21	0.23	0.25	0.26	0.24	0.11	0.25	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	3.7B	2.1B	—	3.7B	4.6B	5.2B	6B	7.2B	8.4B	9.8B
Enterprise value	—	3.7B	2.1B	—	6.8B	7.7B	8.5B	6B	10.4B	11.5B	0
Shares outstanding	186.2M	186.2M	187M	442.6M	478.3M	477.5M	478.2M	479.4M	479.4M	474.1M	474.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	1.6K	15.7	—	—	6.97	7.91	—	9.02	10.2	25.2
P/S	—	—	—	—	3.8	4.77	5.21	—	6.15	6.7	7.57
P/B	—	235.2	67.8	—	1.52	2.02	2.35	—	3.42	4.28	5.11
EV/EBITDA	—	128.2	21.1	—	8.22	9.29	10.2	—	10.5	10.9	0
EV/Sales	—	—	—	—	6.98	7.99	8.6	—	8.8	9.11	0
Earnings yield	—	0.06%	6.37%	—	—	14.3%	12.6%	—	11.1%	9.8%	3.97%
FCF yield	—	0.76%	3.99%	—	15.1%	10.3%	3.56%	9.91%	8.32%	9.13%	4.4%
PEG	—	—	—	—	—	—	—	—	—	—	-3.28

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	—	—	—	59%	64.5%	65.3%	61.4%	—	63.6%	65.3%	58.7%
Operating margin	—	—	—	43.7%	57.5%	58.2%	54.6%	—	56.1%	58.2%	52%
Net margin	—	—	—	-83.6%	-25.2%	68.5%	65.9%	—	68.1%	65.6%	30.4%
ROE	94.6%	14.9%	431.7%	-22.6%	-10.1%	29%	29.8%	—	37.9%	41.9%	19.8%
ROA	55.9%	7.81%	279.2%	-11.3%	-4.37%	12%	11.3%	—	13.9%	14%	7.61%
ROIC	-74.3%	-34.8%	-105.3%	6.16%	10.1%	7.7%	7.16%	—	9.22%	10.7%	9.33%
Return on tangible assets	55.9%	7.81%	279.2%	-33.3%	-8.89%	23.4%	20.3%	—	23.1%	22.1%	26.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.38	0.42	0.17	0.45	1	0.74	0.87	—	1.17	3.41	0.84
Quick ratio	1.38	0.42	0.17	0.45	1	0.74	0.87	—	1.17	3.41	0.84
Debt / equity	—	—	—	0.92	1.28	1.37	1.53	—	1.47	1.63	1.86
Debt / assets	—	—	—	0.46	0.55	0.56	0.58	—	0.54	0.55	0.57
Net debt / EBITDA	—	—	—	5.02	3.75	3.74	—	—	3.18	2.89	3.44
Interest coverage	—	—	728.3	-3.14	-0.21	3.56	3.34	—	3.65	3.96	3.7
Effective tax rate	39.8%	91.9%	32.7%	0%	0%	26.1%	26.5%	—	26.9%	26.8%	27.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	0	0	0	1.92	2.03	2.03	2.07	—	2.45	2.66	2.76
EPS (basic)	0.05	0.03	2.37	-0.8	-0.26	0.16	0.68	0.77	0.83	0.86	0.86
EPS (diluted)	0.05	0.03	2.36	-0.8	-0.26	0.16	0.68	0.77	0.83	0.86	0.83
Book value per share	0.06	0.08	0.16	7.1	5.06	4.79	4.58	—	4.41	4.16	4.1
FCF per share	0.05	0.15	0.45	0.52	1.16	1	0.38	1.24	1.25	1.62	1.63
Cash per share	0.05	0.03	0.02	0	0	0	—	—	0	0.38	0
Capex per share	2.24	0	0	0.89	0.41	0.49	1.08	0.38	0.51	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	46.1%	20.3%	24%	52.1%	—	20.6%	—	—
Capex / operating cash flow	326%	0%	0%	-207.3%	253.7%	35.4%	76.7%	—	30.8%	—	—
Payout ratio	0%	1.4K%	64.9%	-69.9%	-240.8%	71.1%	66.4%	—	54.7%	53.2%	108.4%
Dividend yield	—	0.86%	4.13%	—	16%	10.2%	8.4%	—	6.06%	5.21%	4.34%

Yield

4.34%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.225

ex-dividend Jul 29, 2026

Payout ratio

108%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 29, 2026	$0.225
Apr 29, 2026	$0.225
Jan 28, 2026	$0.225
Oct 22, 2025	$0.225
Jul 23, 2025	$0.225
Apr 23, 2025	$0.225

Period	Q2 23	Q3 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$276M	$281.5M	$296.7M	$287.5M	$287.5M	$305.1M	$308.8M	$323.1M	$312.5M	$314.7M	$335.4M	$350M
YoY change	+11.9%	+13.2%	+7.06%	+4.17%	+2.14%	—	+4.07%	+12.4%	+8.68%	+3.12%	+8.62%	+8.33%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	9.6M	6M	2.8M	1.2M	640K	0	—	—	0	180.4M
Receivables	217K	0	0	105.6M	74.6M	81.9M	86.7M	89.6M	116M	107.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	9.8M	6M	2.9M	108.6M	93.9M	83.8M	89M	—	118.1M	379.9M
Property, plant & equipment	—	—	—	3.3B	3.3B	3.4B	3.8B	—	3.9B	3.5B
Goodwill & intangibles	—	—	0	4.1B	2.9B	2.7B	2.6B	—	2.3B	2.1B
Total assets	17.4M	29.8M	47.7M	6.3B	5.6B	5.5B	5.8B	—	5.8B	5.9B
Accounts payable	426K	293K	759K	9.8M	13.4M	28.5M	28.3M	15M	16.4M	15.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	7.1M	14.2M	16.8M	242.1M	94M	114M	102.1M	—	100.6M	111.5M
Long-term debt	—	—	—	2.9B	3.1B	3.1B	3.4B	—	3.1B	3.2B
Total liabilities	7.1M	14.2M	16.8M	3.1B	3.2B	3.3B	3.6B	—	3.6B	3.9B
Shareholders' equity	10.3M	15.6M	30.9M	3.1B	2.4B	2.3B	2.2B	—	2.1B	2B
Total debt	—	—	—	2.9B	3.1B	3.1B	3.4B	—	3.1B	3.2B
Net debt	—	—	—	2.9B	3.1B	3.1B	—	—	3.1B	3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q2 23	Q3 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	26.1M	0	0	0	—	—	—	180.4M	0	0
Receivables	92.2M	93.8M	105.8M	102.6M	98.6M	116M	124.9M	112.4M	109.4M	107.8M	150.2M	136.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	93.9M	95.5M	133.7M	103.6M	99.9M	118.1M	127.7M	114.5M	113.4M	379.9M	154.9M	140.9M
Property, plant & equipment	3.8B	3.8B	3.8B	3.9B	3.9B	3.9B	3.9B	3.9B	3.9B	3.5B	4B	4B
Goodwill & intangibles	2.5B	2.5B	2.4B	2.4B	2.3B	2.3B	2.3B	2.2B	2.2B	2.1B	3.4B	3.3B
Total assets	5.8B	5.8B	5.7B	5.8B	5.8B	5.8B	5.8B	5.7B	5.7B	5.9B	6.4B	6.4B
Accounts payable	20.9M	28.4M	24.4M	18.9M	15M	16.4M	20.8M	19.1M	21.7M	15.7M	24.9M	18.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—	13.2M	12.8M
Total current liabilities	96.6M	110.6M	107.3M	116M	91.5M	100.6M	90.2M	111.2M	90M	111.5M	157.3M	167.4M
Long-term debt	3.3B	3.3B	3.2B	3.2B	3.2B	3.1B	3.1B	3B	3B	3.2B	3.7B	3.6B
Total liabilities	3.6B	3.6B	3.6B	3.6B	3.6B	3.6B	3.7B	3.6B	3.7B	3.9B	4.5B	4.4B
Shareholders' equity	2.2B	2.2B	2.2B	2.1B	2.1B	2.1B	2.1B	2.1B	2.1B	2B	1.9B	1.9B
Total debt	3.3B	3.3B	3.2B	3.2B	3.2B	3.1B	3.1B	3B	3B	3.2B	3.7B	3.6B
Net debt	—	—	3.1B	3.2B	3.2B	3.1B	—	—	—	3B	3.7B	3.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	9.7M	2.3M	66.6M	-355.1M	-122.5M	331.6M	326.2M	—	400.9M	413.2M
Depreciation & amortization	99.9M	0	0	152.5M	179.5M	179.5M	202.4M	—	210.7M	205M
Stock-based compensation	0	34.9M	35.1M	73.5M	12.8M	13.5M	19.7M	—	44.3M	46M
Change in working capital	209K	57K	697K	30.5M	13.6M	11.8M	5.8M	—	-22.9M	565K
Operating cash flow	127.7M	37.3M	101.3M	-189.1M	77.5M	658.1M	672.7M	—	786.1M	932.5M
Capital expenditure	-416.3M	0	0	-392M	-196.7M	-232.8M	-515.6M	-184M	-242.3M	—
Investing cash flow	-478.2M	0	0	-525.7M	-219.2M	-233.2M	-493.8M	-182.9M	-242.7M	-7M
Dividends paid	0	-31.7M	-86.5M	-496.2M	-590.2M	-471.7M	-433.4M	—	-438.2M	-439.6M
Share repurchases	—	0	0	-125.5M	-24.7M	0	0	—	-28.7M	-135M
Financing cash flow	-120.8M	-31.7M	-86.7M	-213.8M	-534.7M	-1.6B	-1.2B	—	-601.3M	-500.3M
Net change in cash	-471.3M	5.6M	14.6M	-928.5M	-676.5M	-1.1B	-1.1B	-182.9M	-58M	425.2M
Free cash flow	9.5M	28.1M	83.5M	230.4M	556.7M	476.9M	184M	595.1M	601.7M	770.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	97.8M	—	103.9M	86M	99.7M	111.2M	120.7M	124.5M	116M	51.9M	118.3M	113.5M
Depreciation & amortization	48.4M	—	54.8M	55.2M	50.2M	50.5M	50.4M	51M	52.1M	51.4M	55.8M	60.2M
Stock-based compensation	8.3M	—	9.3M	11.6M	11.9M	11.5M	12.4M	11.4M	11M	11.1M	10.6M	10.8M
Change in working capital	903K	—	-13.2M	4.8M	-38K	-14.5M	-6.8M	12.4M	234K	-5.3M	-1.5M	-2.5M
Operating cash flow	193.5M	—	192.9M	187.4M	200.2M	204.3M	212.3M	242.7M	212.8M	255.5M	238.6M	254.2M
Capital expenditure	-45.3M	-53.7M	-37.1M	-112M	-54.9M	-38.3M	-30.5M	-36.7M	—	—	—	—
Investing cash flow	-45.3M	-53.7M	-37.1M	-111.3M	-54.7M	-39.7M	-32.3M	-40.1M	-731K	-1.2M	-742.9M	17.7M
Dividends paid	-108M	—	-108.1M	-113M	-108.7M	-108.5M	-112.8M	-111.7M	-107.8M	-107.3M	-111.2M	-109.8M
Share repurchases	—	—	—	—	—	—	-28.6M	-16.8M	-41.3M	-48.3M	-18M	-8.3M
Financing cash flow	-108M	—	-777.5M	-130.6M	-130.3M	-164.3M	-166.7M	-225.1M	-165.9M	57.4M	279.2M	-219.2M
Net change in cash	40.2M	-53.7M	-621.8M	-54.5M	15.3M	267K	13.4M	-22.5M	46.2M	311.8M	-225M	52.7M
Free cash flow	157.2M	154.6M	173.4M	103.8M	130M	194.4M	168.4M	228.4M	166.7M	206.7M	200.7M	201.5M

Antero Midstream Corporation Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement