Jun 2026 (Q2 FY26) — Jul 30, 2026
Antero Resources Q2 FY26 — Record Production & Significant Cost Reduction Initiative
Read the full callAntero Resources (AR) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Antero Resources 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 | 1,560 | +20.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 24.1 | +8.3 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 9 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Dry gas well productivity (Harrison County) | 2 Bcf per 1,000 foot | Sep 2025 | our EUR increased 67% from 1.2 Bcf per 1,000 to over 2 Bcf per 1,000. | Achieved |
| Drilling & Completion Capital | $1 billion | Dec 2025 | Right now, we're probably somewhere a bit north of $1 billion, but not to the $1.2 billion. | Diluted |
| Annualized cash flow uplift (from ORRI dissolution) | $60 million | Jun 2026 | resulting in an increase of $60 million of annualized cash flow beginning in the third quarter of 2026. | New |
4 of ANTERO RESOURCES Corp's 34 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 31 more targets are in the full ledger.
Claimed
- Adjusted EBITDAX increased 57% year-over-year, reaching $220 million of free cash flow.
- Quarterly production was a company record at over 4.1 Bcfe a day, an increase of 21% year-over-year.
- Cash operating costs declined $0.29 per Mcfe, or 11% from the year-ago period, reaching the low end of guidance.
- Dry gas pad delivered a 67% improvement in EUR and a nearly 30% decrease in cost per foot, with 90-day cumulative production rates increasing more than 3x.
- Acquired assets for $315 million, adding 125 million cubic feet a day equivalent of net production and 15 net drilling locations at 4x EBITDAX and over 20% FCF yield.
Qualified
- VLGC freight rates have been elevated since Epic Fury, creating headwinds for U.S. LPG exports, though the order book is robust.
- Cost reduction initiative includes a $0.35 per Mcfe offset from lower price realizations as more product is sold in-basin.
Price
$36.44 −0.52% · −$0.19
Performance +15.3% 1Y
1Y: $31.61 on 14 Oct 2025 → $36.44. High $45.15 (27 Mar 2026), low $30.03 (30 Oct 2025).
- Previous close
- $36.63
- 52-week range
- $30.03 – $45.15
- One year
- +13.38%
Overview
- Symbol
- AR
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
5 of 9 judged targets kept · 25 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Dry gas well productivity (Harrison County) | 2 Bcf per 1,000 foot | Sep 2025 | our EUR increased 67% from 1.2 Bcf per 1,000 to over 2 Bcf per 1,000. | Achieved |
| Drilling & Completion Capital | $1 billion | Dec 2025 | Right now, we're probably somewhere a bit north of $1 billion, but not to the $1.2 billion. | Diluted |
| Annualized cash flow uplift (from ORRI dissolution) | $60 million | Jun 2026 | resulting in an increase of $60 million of annualized cash flow beginning in the third quarter of 2026. | New |
Claimed
- Adjusted EBITDAX increased 57% year-over-year, reaching $220 million of free cash flow.
- Quarterly production was a company record at over 4.1 Bcfe a day, an increase of 21% year-over-year.
- Cash operating costs declined $0.29 per Mcfe, or 11% from the year-ago period, reaching the low end of guidance.
- Dry gas pad delivered a 67% improvement in EUR and a nearly 30% decrease in cost per foot, with 90-day cumulative production rates increasing more than 3x.
- Acquired assets for $315 million, adding 125 million cubic feet a day equivalent of net production and 15 net drilling locations at 4x EBITDAX and over 20% FCF yield.
Qualified
- VLGC freight rates have been elevated since Epic Fury, creating headwinds for U.S. LPG exports, though the order book is robust.
- Cost reduction initiative includes a $0.35 per Mcfe offset from lower price realizations as more product is sold in-basin.
The full ledger
Open ANTERO RESOURCES Corp’s full ledger
A free account opens 5 company ledgers a month. All 34 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 30, 2026
Antero Resources Q1 FY26 — Record Production and Accelerated Debt Reduction
Read the full callEvery analysed call
Antero Resources earnings calls (AR)
Financials
What the filings say
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,056 | 1,169 | 1,353 | 1,297 | 1,214 | 1,412 | 1,945 | 1,560 |
| Expenses | 1,081 | 1,166 | 1,081 | 1,093 | 1,096 | 1,122 | 1,216 | 1,184 |
| Operating profit | -25 | 3 | 271 | 205 | 118 | 289 | 729 | 375 |
| Operating margin | −2.4% | 0.3% | 20.1% | 15.8% | 9.7% | 20.5% | 37.5% | 24.1% |
| Other income | -3 | -3 | 2 | 10 | 11 | -16 | -36 | -10 |
| Profit before tax | -28 | 0 | 274 | 215 | 129 | 273 | 694 | 365 |
| Tax rate | 10.5% | −207314.3% | 19.9% | 22.4% | 33.6% | 25.6% | 21.0% | 21.6% |
| EPS ($ per share) | -0.11 | — | 0.67 | 0.50 | 0.25 | — | 1.73 | 0.90 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 1,178 | 837 | -430 | -617 | 914 | 1,052 | 1,109 | 1,682 |
| Total liabilities | 7,032 | 8,227 | 7,061 | 7,830 | 7,101 | 6,383 | 5,794 | 5,530 |
| Fixed assets | 13,870 | 9,979 | 9,647 | 9,527 | 9,639 | 9,822 | 9,688 | 9,205 |
| Total assets | 15,519 | 15,198 | 13,151 | 13,897 | 14,118 | 13,517 | 13,010 | 13,245 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,082 | 1,103 | 736 | 1,660 | 3,051 | 995 | 849 | 1,631 |
| Cash from investing | -2,351 | -1,041 | -530 | -711 | -944 | -1,141 | -714 | -1,078 |
| Cash from financing | 240 | 558 | -206 | -949 | -2,108 | 146 | -135 | -343 |
| Net cash flow | -28 | 0 | 0 | 0 | 0 | 0 | 0 | 210 |
| Capital expenditure | -2,211 | -1,422 | -874 | -716 | -944 | -1,132 | -717 | -944 |
| Free cash flow | -129 | -319 | -139 | 944 | 2,107 | -137 | 133 | 687 |
AR revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Exploration and Production | 96% | 97% | 94% | 97% | 97% | 102% | 98% | 96% | +19.0% |
| Antero Midstream | 26% | 25% | 21% | 24% | 24% | 22% | 16% | 21% | +7.1% |
| Marketing | 4% | 3% | 2% | 3% | 3% | 2% | 2% | 4% | +66.2% |
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
71 filings between Nov 3, 2025 and Oct 10, 2026.
Open market
decisions to buy or sellPurchases
$166.8K
1 purchase by 1 insider
Sales
$11.16M
8 sales by 4 insiders
50% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 44
- Award — granted as compensation
- 6
- Option exercise — converted options into shares
- 10
- 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. | — | $7.31M | May 4, 2026 |
| Schultz Yvette K | — | $2.14M | May 4, 2026 |
| Hardesty Benjamin A. | — | $960.0K | Mar 19, 2026 |
| Pearce Sheri | — | $749.9K | Mar 10, 2026 |
| Krueger Brendan E. | $166.8K | — | Nov 7, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 10, 2026 | Sutil Vicky Director | Award | 1,497 | $0 |
| Oct 10, 2026 | Schroer Brenda R Director | Award | 1,497 | $0 |
| Oct 10, 2026 | Munoz Jeffrey S. Director | Award | 1,497 | $0 |
| Oct 10, 2026 | Hardesty Benjamin A. Director | Award | 2,019 | $0 |
| Oct 10, 2026 | Keenan W Howard JR Director | Award | 1,497 | $0 |
| Oct 10, 2026 | Tyree Thomas B JR Director | Award | 1,497 | $0 |
| Oct 10, 2026 | Mutschler Jacqueline C Director | Award | 1,497 | $0 |
| Jul 10, 2026 | Schroer Brenda R Director | Award | 1,617 | $0 |
| Jul 10, 2026 | Munoz Jeffrey S. Director | Award | 1,617 | $0 |
| Jul 10, 2026 | Tyree Thomas B JR Director | Award | 1,617 | $0 |
| Jul 10, 2026 | Keenan W Howard JR Director | Award | 1,617 | $0 |
| Jul 10, 2026 | Sutil Vicky Director | Award | 1,617 | $0 |
| Jul 10, 2026 | Mutschler Jacqueline C Director | Award | 1,617 | $0 |
| Jul 10, 2026 | Hardesty Benjamin A. Director | Award | 2,181 | $0 |
| May 4, 2026 | Kennedy Michael N. See Remarks | Sale 10b5-1 plan | 170,740 | $6.71M |
| May 4, 2026 | Schultz Yvette K See Remarks | Sale | 38,941 | $1.53M |
| May 4, 2026 | Schultz Yvette K See Remarks | Sale | 549 | $21.8K |
| May 4, 2026 | Kennedy Michael N. See Remarks | Sale 10b5-1 plan | 15,086 | $597.6K |
| Apr 10, 2026 | Munoz Jeffrey S. Director | Award | 1,418 | $0 |
| Apr 10, 2026 | Mutschler Jacqueline C Director | Award | 1,418 | $0 |
| Apr 10, 2026 | Hardesty Benjamin A. Director | Award | 1,913 | $0 |
| Apr 10, 2026 | Schroer Brenda R Director | Award | 1,418 | $0 |
| Apr 10, 2026 | Keenan W Howard JR Director | Award | 1,418 | $0 |
| Apr 10, 2026 | Sutil Vicky Director | Award | 1,418 | $0 |
| Apr 10, 2026 | Tyree Thomas B JR Director | Award | 1,418 | $0 |
| Mar 19, 2026 | Hardesty Benjamin A. Director | Sale 10b5-1 plan | 12,000 | $528.0K |
| Mar 16, 2026 | Schultz Yvette K See Remarks | Tax withheld | 8,382 | $343.9K |
| Mar 16, 2026 | Schultz Yvette K See Remarks | Option exercise | 6,415 | $0 |
| Mar 16, 2026 | Kennedy Michael N. See Remarks | Option exercise | 10,510 | $0 |
| Mar 16, 2026 | Krueger Brendan E. See Remarks | Tax withheld | 6,706 | $275.1K |
| Mar 16, 2026 | Krueger Brendan E. See Remarks | Option exercise | 5,132 | $0 |
| Mar 16, 2026 | Kennedy Michael N. See Remarks | Tax withheld | 13,729 | $563.3K |
| Mar 10, 2026 | Pearce Sheri See Remarks | Sale | 19,667 | $749.9K |
| Mar 9, 2026 | Schultz Yvette K See Remarks | Sale | 15,000 | $590.0K |
| Mar 7, 2026 | Pearce Sheri See Remarks | Tax withheld | 13,514 | $524.7K |
| Mar 7, 2026 | Pearce Sheri See Remarks | Award | 22,534 | $0 |
| Mar 7, 2026 | Schultz Yvette K See Remarks | Tax withheld | 20,270 | $787.1K |
| Mar 7, 2026 | Krueger Brendan E. See Remarks | Award | 38,629 | $0 |
| Mar 7, 2026 | Schultz Yvette K See Remarks | Award | 38,629 | $0 |
| Mar 7, 2026 | Krueger Brendan E. See Remarks | Tax withheld | 17,355 | $673.9K |
| Mar 7, 2026 | Kennedy Michael N. See Remarks | Tax withheld | 33,203 | $1.29M |
| Mar 7, 2026 | Kennedy Michael N. See Remarks | Award | 103,013 | $0 |
| Feb 27, 2026 | Hardesty Benjamin A. Director | Sale 10b5-1 plan | 12,000 | $432.0K |
| Feb 25, 2026 | Kennedy Michael N. See Remarks | Award | 27,606 | $0 |
| Feb 25, 2026 | Kennedy Michael N. See Remarks | Award | 16,292 | $0 |
| Feb 25, 2026 | Krueger Brendan E. See Remarks | Tax withheld | 41,233 | $1.42M |
| Feb 25, 2026 | Krueger Brendan E. See Remarks | Option exercise | 4,749 | $0 |
| Feb 25, 2026 | Krueger Brendan E. See Remarks | Award | 12,952 | $0 |
| Feb 25, 2026 | Krueger Brendan E. See Remarks | Award | 13,026 | $0 |
| Feb 25, 2026 | Krueger Brendan E. See Remarks | Award | 13,482 | $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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