Antero Resources Corporation (AR) 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	$0.85	$0.76	-10.6%	—	$1.3B	—
Q1 26	$1.14	$1.15	+0.9%	—	$1.9B	—
Q4 25	$0.52	$0.43	-17.3%	—	$1.3B	—
Q3 25	$0.25	$0.16	-36.0%	—	$1.1B	—
Q2 25	$0.42	$0.35	-16.7%	—	$1.2B	—
Q1 25	$0.88	$0.78	-11.4%	—	$1.4B	—
Q4 24	$0.29	$0.57	+96.6%	—	$1.1B	—
Q3 24	-$0.06	-$0.12	-100.0%	—	$983.6M	—
Q2 24	-$0.16	-$0.19	-18.8%	—	$928.1M	—
Q1 24	$0.03	$0.07	+133.3%	—	$1.1B	—
Q4 23	$0.21	$0.23	+9.5%	—	$1.1B	—
Q3 23	$0.04	$0.08	+100.0%	—	$1.1B	—
Q2 23	-$0.28	-$0.28	0.0%	—	$893.6M	—
Q1 23	$0.54	$0.5	-7.4%	—	$1.2B	—
Q4 22	$0.91	$1.04	+14.3%	—	$1.8B	—
Q3 22	$1.87	$1.63	-12.8%	—	$2.4B	—

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	—	$2.05	—	—	$5B	—
FY24	—	$0.18	—	—	$4.1B	—
FY23	—	$0.81	—	—	$4.3B	—
FY22	—	$6.18	—	—	$8.3B

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	$1.8B	$2.8B	$3.7B	$3.6B	$3.1B	$5.8B	$8.3B	$4.3B	$4.1B	$5B
YoY change	+27.6%	+57.3%	+32.3%	-0.25%	-15.4%	+87.8%	+43.3%	-48.4%	-3.75%	+21.7%

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	1.8B	2.8B	3.7B	3.6B	3.1B	5.8B	8.3B	4.3B	4.1B	5B
Cost of revenue	1.8B	2.1B	2.6B	3.3B	3.6B	3.5B	3.7B	3.6B	3.8B	3.9B
Gross profit	-54.3M	656.8M	1.1B	311.5M	-514.4M	2.3B	4.6B	669.4M	327.3M	1.1B
Gross margin	-3.1%	23.8%	29.5%	8.55%	-16.7%	38.9%	55.7%	15.6%	7.95%	22.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	738.7M	617.5M	926.4M	728.5M	603.9M	956.7M	704.2M	509.5M	474.2M	422.7M
Operating expenses	355M	370.6M	475.3M	436.8M	280.5M	202.9M	261.9M	279.1M	274.8M	278.5M
Operating income	-409.3M	286.2M	603.2M	-125.3M	-795M	2.1B	4.4B	390.3M	52.5M	829.7M
Operating margin	-23.3%	10.4%	16.5%	-3.44%	-25.8%	35.4%	52.6%	9.12%	1.27%	16.5%
Non-operating income, net	-583M	472.6M	-491M	-13.8M	-663.1M	-2.1B	-1.8B	145.4M	41.2M	144.4M
Pretax income	-1.2B	490.1M	-174.6M	-367.2M	-1.7B	-228.2M	2.5B	417.8M	-24.5M	890.4M
Income tax	-496.4M	-295.1M	-128.9M	-74.1M	-397.5M	-74.1M	448.7M	76M	-118.2M	215.9M
Net income	-749.4M	785.1M	-45.7M	-293.1M	-1.3B	-154.1M	2B	341.8M	93.7M	674.6M
Net margin	-42.7%	28.4%	-1.25%	-8.04%	-40.9%	-2.66%	24.4%	7.99%	2.27%	13.5%
EBITDA	403.6M	1.1B	1.6B	775.1M	430K	2.8B	5.1B	1.2B	912.1M	1.7B
EPS	-2.88	1.95	-1.26	-1.11	-4.65	-0.61	6.18	0.81	0.18	2.05
Diluted EPS	-2.88	1.94	-1.26	-1.11	-4.65	-0.61	5.77	0.78	0.18	2.03

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	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.1B	1.1B	1.1B	928.1M	983.6M	1.1B	1.4B	1.2B	1.1B	1.3B	1.9B	1.3B
Cost of revenue	913.9M	904.1M	932.6M	905.7M	932.4M	1B	970.7M	961.4M	961.1M	1B	1.1B	1.1B
Gross profit	148.1M	203.2M	124.9M	22.4M	51.2M	128.8M	421.9M	242.7M	172.4M	271.3M	741.8M	276.2M
Gross margin	13.9%	18.4%	11.8%	2.41%	5.2%	11.2%	30.3%	20.2%	15.2%	21.1%	39.8%	20.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	128M	122.8M	115.7M	130.2M	116.8M	111.6M	105.2M	109.2M	108M	100.3M	125.9M	129.9M
Operating expenses	68.8M	65.3M	61.8M	75.5M	64.8M	72.7M	75.1M	70.7M	68.6M	64.2M	80.3M	69.8M
Operating income	79.3M	138M	63.1M	-53.1M	-13.6M	56.1M	346.9M	171.9M	103.8M	207.1M	661.5M	206.3M
Operating margin	7.47%	12.5%	5.97%	-5.72%	-1.39%	4.88%	24.9%	14.3%	9.16%	16.1%	35.5%	15.4%
Non-operating income, net	-1.3M	40.6M	25.4M	12M	32.8M	-29M	-49.6M	62.8M	43.3M	87.9M	69.2M	196.6M
Pretax income	46.3M	145.9M	58.3M	-73.8M	-9.1M	56K	273.9M	214.8M	128.9M	272.9M	693.7M	365.4M
Income tax	13.7M	30M	10M	-13.3M	1.2M	-116.1M	54.4M	48.2M	43.3M	69.9M	145.5M	79M
Net income	32.6M	115.9M	48.3M	-60.5M	-10.3M	116.2M	219.5M	166.6M	85.6M	202.9M	548.2M	286.4M
Net margin	3.07%	10.5%	4.57%	-6.51%	-1.05%	10.1%	15.8%	13.8%	7.55%	15.8%	29.4%	21.4%
EBITDA	278.6M	336.6M	260.3M	121.7M	147.7M	329.5M	562.8M	391M	322.6M	405.3M	898.9M	463.9M
EPS	0.06	—	0.12	-0.21	-0.07	0.48	0.67	0.5	0.25	0.63	1.73	0.9
Diluted EPS	0.06	—	0.12	-0.21	-0.07	0.48	0.66	0.5	0.24	0.62	1.72	0.9

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	7B	6B	3B	873.2M	—	—	9.5B	6.8B	10.8B	10.7B	10.6B
Enterprise value	11.6B	10.8B	8.4B	7.5B	—	—	14.2B	11.3B	14.9B	14.2B	0
Shares outstanding	294.9M	315.4M	316M	306.4M	272.4M	308.1M	307.2M	299.8M	309.5M	309.7M	309.7M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	7.63	—	—	—	—	4.7	19.9	115.8	15.8	9.91
P/S	3.97	2.17	0.81	0.24	—	—	1.15	1.59	2.63	2.13	1.84
P/B	0.9	0.68	0.35	0.13	—	—	1.36	0.94	1.5	1.38	1.28
EV/EBITDA	28.9	9.5	5.21	9.7	—	—	2.76	9.7	16.3	8.44	0
EV/Sales	6.64	3.9	2.31	2.06	—	—	1.7	2.64	3.61	2.83	0
Earnings yield	—	13.1%	—	—	—	—	21.3%	5.03%	0.86%	6.32%	10.1%
FCF yield	1.05%	17.9%	45.8%	107.1%	—	—	30.3%	12.2%	6.89%	11.6%	3.71%
PEG	—	—	—	—	—	—	—	—	—	—	0.12

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-3.1%	23.8%	29.5%	8.55%	-16.7%	38.9%	55.7%	15.6%	7.95%	22.1%	20.7%
Operating margin	-23.3%	10.4%	16.5%	-3.44%	-25.8%	35.4%	52.6%	9.12%	1.27%	16.5%	26%
Net margin	-42.7%	28.4%	-1.25%	-8.04%	-40.9%	-2.66%	24.4%	7.99%	2.27%	13.5%	18.7%
ROE	-9.7%	8.85%	-0.54%	-4.21%	-20.7%	-2.54%	28.9%	4.74%	1.3%	8.74%	14.2%
ROA	-5.26%	5.14%	-0.29%	-1.93%	-9.58%	-1.11%	14.4%	2.51%	0.72%	5.09%	6.61%
ROIC	-3.3%	2.1%	4.32%	-0.92%	-6.79%	17.7%	30.7%	2.72%	0.47%	5.59%	7.01%
Return on tangible assets	-5.26%	5.14%	-0.29%	-1.93%	-9.58%	-1.11%	14.4%	2.51%	0.72%	5.09%	7.37%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.49	1.09	0.95	0.89	0.58	0.33	0.44	0.33	0.35	0.55	0.4
Quick ratio	0.49	1.09	0.95	0.89	0.58	0.33	0.44	0.33	0.35	0.55	0.4
Debt / equity	0.61	0.54	0.64	0.95	0.92	0.91	0.66	0.62	0.56	0.46	0.55
Debt / assets	0.33	0.31	0.35	0.44	0.43	0.4	0.33	0.33	0.31	0.27	0.3
Net debt / EBITDA	11.6	4.21	3.38	—	—	—	—	—	—	—	2.21
Interest coverage	-3.91	2.82	0.39	-0.61	-7.29	-0.25	20.7	4.54	0.79	11.6	13.7
Effective tax rate	0%	0%	0%	0%	0%	0%	18.1%	18.2%	0%	24.2%	23.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.95	8.75	11.6	11.9	11.3	18.8	27	14.3	13.3	16.2	18.7
EPS (basic)	-2.88	1.95	-1.26	-1.11	-4.65	-0.61	6.18	0.81	0.18	2.05	2.05
EPS (diluted)	-2.88	1.94	-1.26	-1.11	-4.65	-0.61	5.77	0.78	0.18	2.03	3.49
Book value per share	26.2	28.1	26.9	22.8	22.4	19.7	22.8	24.1	23.3	24.9	27
FCF per share	0.25	3.4	4.3	3.05	2.52	5.02	9.4	2.76	2.41	4.01	5.13
Cash per share	0.11	0.09	0	—	—	—	—	—	—	—	—
Capex per share	3.96	2.96	2.28	0.55	0.18	0.37	0.53	0.56	0.33	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	66.5%	33.9%	19.8%	4.61%	1.56%	1.98%	1.97%	3.91%	2.47%	—	—
Capex / operating cash flow	-279.1%	67.5%	105.3%	27.1%	-5.32%	33.6%	5.26%	13.4%	12.8%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%
Dividend yield	—	—	—	—	—	—	—	—	—	—	1.75%

Yield

1.75%

trailing twelve months

Frequency

Semi-annual

Last dividend

$0.30

ex-dividend May 1, 2017

Payout ratio

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
May 1, 2017	$0.30
May 9, 2016	$0.235
Nov 6, 2015	$0.205
May 11, 2015	$0.18
Feb 11, 2015	$0.0943

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
Revenue	$1.1B	$1.1B	$1.1B	$928.1M	$983.6M	$1.1B	$1.4B	$1.2B	$1.1B	$1.3B	$1.9B	$1.3B
YoY change	-56.2%	-38.5%	-13%	+3.86%	-7.38%	+3.81%	+31.7%	+29.7%	+15.2%	+11.7%	+33.8%	+11.1%

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	31.6M	28.4M	0	—	—	—	—	—	—	—
Receivables	29.7M	34.9M	51.1M	171.4M	28.5M	79M	35.5M	42.6M	34.4M	33.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	402.6M	833.1M	806.6M	922.9M	574.1M	686.1M	787.5M	475.7M	507.5M	831.8M
Property, plant & equipment	-2.3B	-3.1B	-4.1B	-369.2M	-2.5B	-2.4B	-2.7B	-3.4B	-4.2B	-4.5B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	14.3B	15.3B	15.5B	15.2B	13.2B	13.9B	14.1B	13.6B	13B	13.2B
Accounts payable	38.6M	63M	66.3M	14.5M	26.7M	24.8M	77.5M	39M	62.2M	49.5M
Short-term debt	—	—	2.5M	305.3M	266M	456.3M	556.6M	540.1M	493.9M	516.3M
Total current liabilities	817.4M	762.1M	853.5M	1B	983.1M	2.1B	1.8B	1.5B	1.4B	1.5B
Long-term debt	4.7B	4.8B	5.5B	6.3B	5.4B	5.1B	4.1B	4B	3.5B	3B
Total liabilities	6.5B	6.4B	7B	8.2B	7.1B	7.8B	7.1B	6.4B	5.8B	5.5B
Shareholders' equity	7.7B	8.9B	8.5B	7B	6.1B	6.1B	7B	7.2B	7.2B	7.7B
Total debt	4.7B	4.8B	5.5B	6.6B	5.6B	5.5B	4.6B	4.5B	4B	3.5B
Net debt	4.7B	4.8B	5.5B	—	—	—	—	—	—	—

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	Q3 23	Q4 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	—	—	—	—	—	—	—	—	—	—	—	—
Receivables	36.9M	42.6M	40.1M	23.6M	26.2M	34.4M	40.4M	31.6M	37.1M	33.8M	32.4M	25.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	422.4M	475.7M	402.7M	409M	368.6M	507.5M	574.8M	427.5M	427.8M	831.8M	677.9M	693.6M
Property, plant & equipment	-3.2B	-3.4B	-3.5B	-3.7B	-3.9B	-4.2B	-4.4B	-4.5B	-4.7B	-4.5B	-4.8B	-4.9B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	13.7B	13.6B	13.5B	13.4B	13.2B	13B	13B	12.8B	12.9B	13.2B	15.3B	15.2B
Accounts payable	81.9M	39M	38.1M	38.2M	37.1M	62.2M	55.3M	39.9M	61.1M	49.5M	78M	45.5M
Short-term debt	551M	540.1M	535.6M	525.6M	505.7M	493.9M	515.9M	514.3M	509.4M	516.3M	536.3M	713.7M
Total current liabilities	1.5B	1.5B	1.4B	1.4B	1.3B	1.4B	1.5B	1.4B	1.4B	1.5B	1.7B	1.7B
Long-term debt	4.2B	4B	3.9B	3.9B	3.8B	3.5B	3.3B	3B	3.1B	3B	4.2B	3.9B
Total liabilities	6.6B	6.4B	6.3B	6.2B	6B	5.8B	5.6B	5.3B	5.4B	5.5B	7.1B	6.9B
Shareholders' equity	7.1B	7.2B	7.3B	7.2B	7.2B	7.2B	7.4B	7.5B	7.5B	7.7B	8.2B	8.3B
Total debt	4.7B	4.5B	4.4B	4.4B	4.3B	4B	3.8B	3.5B	3.6B	3.5B	4.8B	4.6B
Net debt	—	—	—	—	—	—	—	—	—	—	—	—

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	-749.4M	785.1M	-45.7M	-293.1M	-1.3B	-154.1M	2B	341.8M	93.7M	674.6M
Depreciation & amortization	812.3M	827.2M	975.3M	918.6M	865.3M	745.8M	685.2M	693.2M	765.8M	753.6M
Stock-based compensation	102.4M	103.4M	70.4M	23.6M	23.3M	20.4M	35.4M	59.5M	66.5M	60.8M
Change in working capital	-85.8M	-34.5M	-190.2M	164.1M	-141.8M	-209.7M	-53M	297.2M	11.1M	-28.1M
Operating cash flow	-418.4M	1.4B	685.6M	619.7M	-904.3M	341.7M	3.1B	1.2B	795.5M	1.6B
Capital expenditure	-1.2B	-934.8M	-722M	-168M	-48.1M	-114.8M	-163.3M	-167.5M	-101.9M	—
Investing cash flow	-2.4B	-2.5B	-2.4B	-1B	-530.1M	-710.8M	-943.6M	-1.1B	-714.2M	-690M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-129.1M	-38.8M	-43.4M	0	-873.7M	-75.4M	0	-136.4M
Financing cash flow	1.2B	452.2M	240.3M	557.6M	-205.6M	-2B	-2.1B	146M	-135.1M	-343.1M
Net change in cash	-1.7B	-625.1M	-1.4B	135.8M	-1.6B	-2.3B	90.8M	252.6M	-53.8M	597.8M
Free cash flow	73.6M	1.1B	1.4B	935.4M	687.5M	1.5B	2.9B	827.2M	747.4M	1.2B

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	32.6M	115.9M	48.3M	-46.8M	17.5M	116.2M	219.5M	166.6M	85.6M	202.9M	548.2M	286.4M
Depreciation & amortization	177.1M	175M	173.8M	153.9M	135.7M	249.5M	187.3M	188.5M	189.7M	188M	207.3M	228.2M
Stock-based compensation	18.5M	14.5M	16.1M	17.2M	16.1M	17.2M	15.1M	15.9M	15.5M	14.3M	11.7M	13.3M
Change in working capital	-39.9M	-52.5M	81.1M	-14.7M	37M	-92.4M	-41.3M	121.8M	10.3M	-118.9M	101.8M	-52.4M
Operating cash flow	207M	290.3M	323.1M	95.3M	209.6M	167.6M	426.9M	492.4M	310.1M	370.7M	859.1M	438.8M
Capital expenditure	-32.7M	-15.3M	-33.5M	-19.1M	-26.6M	-22.8M	-31M	—	—	—	—	—
Investing cash flow	-276.1M	-226.6M	-226.8M	-187.3M	-174.1M	-125.9M	-207.9M	-170.3M	-172M	-170.9M	-2.3B	-316M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	1K	0	0	0	0	-10.1M	-74.9M	-51.4M	-83K	0	-37.9M
Financing cash flow	92.7M	-85.5M	-1.2B	-780.5M	7.9M	-152.1M	-338.9M	-294.9M	138.7M	62.9M	1.2B	-97.6M
Net change in cash	23.6M	-21.8M	-1.1B	-872.5M	43.4M	-110.4M	-119.9M	27.2M	276.9M	262.7M	-180.8M	25.3M
Free cash flow	150.7M	296.9M	228.1M	124.4M	139.6M	255.2M	426.7M	465.1M	33.2M	318M	829.9M	413.6M

Antero Resources Corporation 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