Jun 2026 (Q2 FY26) — Jul 30, 2026
Antero Midstream Q2 FY26 — Record EBITDA and Strategic Infrastructure Expansion
Read the full callAntero Midstream (AM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Antero Midstream earnings: last reported Thu, 30 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 327 | +7.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 55.6 | −5.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | Quarterly, as filed | Quarter to Jun 2026 | Not in the filed figures for the quarter to jun 2026. No older figure is substituted. |
Guidance
What management said, and what became of it
5 of 11 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | over $1.2 billion | Dec 2025 | which keeps us on track to achieve our full year EBITDA guidance. | On Track |
6 of Antero Midstream Corp's 18 targets were missed. See which ones, and which are quietly gone. The 1 above are the free sample; 17 more targets are in the full ledger.
Claimed
- Gathered gas volumes increased by almost 20% year-over-year to over 4.1 Bcf per day.
- Adjusted EBITDA reached a company record of $289 million, a 2% increase year-over-year.
- Leverage reduced to 2.8x as of June 30, below the 3x target and ahead of schedule, pro forma for $370 million BOEM proceeds.
- Achieved 12th consecutive quarter of generating free cash flow after dividends.
- EURs on dry gas Marcellus revisit were over 60% higher than offset wells, validating resource productivity.
Qualified
Price
$19.92 −4.05% · −$0.84
Performance +10.7% 1Y
1Y: $18 on 14 Oct 2025 → $19.92. High $23.6 (25 Mar 2026), low $17.15 (6 Jan 2026).
- Previous close
- $20.76
- 52-week range
- $17.15 – $23.6
- One year
- +8.73%
Overview
- Symbol
- AM
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 11 judged targets kept · 7 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA | over $1.2 billion | Dec 2025 | which keeps us on track to achieve our full year EBITDA guidance. | On Track |
Claimed
- Gathered gas volumes increased by almost 20% year-over-year to over 4.1 Bcf per day.
- Adjusted EBITDA reached a company record of $289 million, a 2% increase year-over-year.
- Leverage reduced to 2.8x as of June 30, below the 3x target and ahead of schedule, pro forma for $370 million BOEM proceeds.
- Achieved 12th consecutive quarter of generating free cash flow after dividends.
- EURs on dry gas Marcellus revisit were over 60% higher than offset wells, validating resource productivity.
Qualified
The full ledger
Open Antero Midstream Corp’s full ledger
A free account opens 5 company ledgers a month. All 18 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Antero Midstream Q1 FY26 — Strong Start with Acquisition Integration and Growth
Read the full callEvery analysed call
Antero Midstream earnings calls (AM)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 270 | 287 | 291 | 305 | 295 | 297 | 314 | 327 |
| Operating profit | 162 | 178 | 177 | 186 | 180 | 101 | 189 | 182 |
| Operating margin | 60.2% | 61.8% | 60.9% | 61.0% | 61.2% | 33.8% | 60.0% | 55.6% |
| Profit before tax | 138 | 156 | 157 | 168 | 162 | 77 | 156 | 154 |
| Tax rate | 27.7% | 28.6% | 23.0% | 26.1% | 28.3% | 32.7% | 24.1% | 26.5% |
| EPS ($ per share) | 0.21 | — | 0.25 | 0.26 | 0.24 | — | 0.25 | 0.24 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | — | -342 | -464 | -132 | 83 | 100 | 91 | 15 |
| Total liabilities | 17 | 3,139 | 3,193 | 3,257 | 3,599 | 3,586 | 3,647 | 3,912 |
| Fixed assets | — | 3,273 | 3,254 | 3,395 | 3,751 | 3,794 | 3,882 | 3,455 |
| Total assets | 48 | 6,283 | 5,611 | 5,544 | 5,791 | 5,738 | 5,762 | 5,884 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 84 | 622 | 753 | 710 | 700 | 779 | 844 | 932 |
| Cash from investing | — | -526 | -219 | -233 | -494 | -183 | -243 | -169 |
| Cash from financing | -87 | -98 | -535 | -477 | -206 | -596 | -601 | -500 |
| Net cash flow | -3 | -2 | -1 | -1 | — | 0 | -0 | 263 |
| Capital expenditure | — | -267 | -158 | — | -217 | -0 | -70 | — |
| Free cash flow | — | 355 | 595 | — | 483 | 779 | 774 | — |
AM revenue by segment
Water Handling grew from 16% to 21% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Gathering and Compression | 84% | 78% | 79% | 78% | 82% | 81% | 80% | 79% | +7.6% |
| Water Handling | 16% | 22% | 21% | 22% | 18% | 19% | 20% | 21% | +5.6% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
58 filings between Dec 12, 2025 and Oct 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$5.26M
8 sales by 4 insiders
13% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 40
- Award — granted as compensation
- 8
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Kennedy Michael N. | — | $2.19M | May 4, 2026 |
| Schultz Yvette K | — | $2.09M | May 4, 2026 |
| Pearce Sheri | — | $670.8K | Aug 4, 2026 |
| KLIMLEY BROOKS J | — | $310.1K | Aug 6, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 10, 2026 | Chisholm Nancy Director | Award | 2,015 | $0 |
| Oct 10, 2026 | KLIMLEY BROOKS J Director | Award | 2,015 | $0 |
| Oct 10, 2026 | DEA PETER A Director | Award | 2,015 | $0 |
| Oct 10, 2026 | Munoz Jeffrey S. Director | Award | 2,015 | $0 |
| Oct 10, 2026 | Keenan W Howard JR Director | Award | 2,015 | $0 |
| Oct 10, 2026 | MOLLENKOPF JOHN C Director | Award | 2,015 | $0 |
| Oct 10, 2026 | KEYTE DAVID H Director | Award | 3,408 | $0 |
| Oct 10, 2026 | MCARDLE JANINE J Director | Award | 2,015 | $0 |
| Aug 6, 2026 | KLIMLEY BROOKS J Director | Sale | 5,000 | $106.3K |
| Aug 4, 2026 | Pearce Sheri See Remarks | Sale | 16,000 | $352.2K |
| Jul 10, 2026 | Munoz Jeffrey S. Director | Award | 1,907 | $0 |
| Jul 10, 2026 | Keenan W Howard JR Director | Award | 1,907 | $0 |
| Jul 10, 2026 | DEA PETER A Director | Award | 1,907 | $0 |
| Jul 10, 2026 | Chisholm Nancy Director | Award | 1,907 | $0 |
| Jul 10, 2026 | MCARDLE JANINE J Director | Award | 1,907 | $0 |
| Jul 10, 2026 | KEYTE DAVID H Director | Award | 3,225 | $0 |
| Jul 10, 2026 | KLIMLEY BROOKS J Director | Award | 1,907 | $0 |
| Jul 10, 2026 | MOLLENKOPF JOHN C Director | Award | 1,907 | $0 |
| May 4, 2026 | Kennedy Michael N. See Remarks | Sale 10b5-1 plan | 100,000 | $2.19M |
| May 4, 2026 | Schultz Yvette K See Remarks | Sale | 69,269 | $1.52M |
| Apr 10, 2026 | MCARDLE JANINE J Director | Award | 1,617 | $0 |
| Apr 10, 2026 | MOLLENKOPF JOHN C Director | Award | 1,617 | $0 |
| Apr 10, 2026 | KEYTE DAVID H Director | Award | 2,950 | $0 |
| Apr 10, 2026 | KLIMLEY BROOKS J Director | Award | 1,617 | $0 |
| Apr 10, 2026 | Keenan W Howard JR Director | Award | 1,617 | $0 |
| Apr 10, 2026 | DEA PETER A Director | Award | 1,617 | $0 |
| Apr 10, 2026 | Chisholm Nancy Director | Award | 1,617 | $0 |
| Apr 10, 2026 | Munoz Jeffrey S. Director | Award | 1,617 | $0 |
| Mar 12, 2026 | KLIMLEY BROOKS J Director | Sale | 5,000 | $115.8K |
| Mar 10, 2026 | Pearce Sheri See Remarks | Sale | 14,000 | $318.6K |
| Mar 9, 2026 | Schultz Yvette K See Remarks | Sale | 25,000 | $570.3K |
| Mar 7, 2026 | Agnew Justin J. See Remarks | Tax withheld | 15,499 | $356.0K |
| Mar 7, 2026 | Agnew Justin J. See Remarks | Award | 32,651 | $0 |
| Mar 7, 2026 | Kennedy Michael N. See Remarks | Gift | 15,000 | $0 |
| Mar 7, 2026 | Kennedy Michael N. See Remarks | Tax withheld | 108,526 | $2.49M |
| Mar 7, 2026 | Kennedy Michael N. See Remarks | Award | 261,210 | $0 |
| Mar 7, 2026 | Krueger Brendan E. See Remarks | Award | 97,953 | $0 |
| Mar 7, 2026 | Krueger Brendan E. See Remarks | Tax withheld | 56,546 | $1.30M |
| Mar 7, 2026 | Schultz Yvette K See Remarks | Award | 97,953 | $0 |
| Mar 7, 2026 | Schultz Yvette K See Remarks | Tax withheld | 66,252 | $1.52M |
| Mar 7, 2026 | Pearce Sheri See Remarks | Tax withheld | 25,240 | $579.8K |
| Mar 7, 2026 | Pearce Sheri See Remarks | Award | 32,651 | $0 |
| Feb 24, 2026 | Schultz Yvette K See Remarks | Tax withheld | 54,785 | $1.21M |
| Feb 24, 2026 | Kennedy Michael N. See Remarks | Tax withheld | 89,392 | $1.98M |
| Feb 24, 2026 | Kennedy Michael N. See Remarks | Award | 203,212 | $0 |
| Feb 24, 2026 | Schultz Yvette K See Remarks | Award | 124,054 | $0 |
| Feb 24, 2026 | Krueger Brendan E. See Remarks | Tax withheld | 43,847 | $969.9K |
| Feb 24, 2026 | Krueger Brendan E. See Remarks | Award | 99,242 | $0 |
| Jan 10, 2026 | KEYTE DAVID H Director | Award | 3,755 | $0 |
| Jan 10, 2026 | MCARDLE JANINE J Director | Award | 2,058 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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