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Antero Midstream (AM) investor relations material
Antero Midstream Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Closed the $1.1 billion HG Midstream acquisition, adding over 400 undeveloped Marcellus locations and supporting inventory and organic growth.
Achieved 7% year-over-year EBITDA growth in 2025, with Q4 2025 Adjusted EBITDA up 4% and gathering/compression volumes up 5%.
Free cash flow after dividends increased by 30% in 2025, driven by capital-efficient organic growth and increased throughput.
Net income for Q4 2025 was $52 million ($0.11 per diluted share), down 52% per share year-over-year; adjusted net income was $133 million ($0.28 per diluted share), up 8% per share.
Repurchased 9.4 million shares in 2025 for $163 million, with $336 million remaining under the repurchase program.
Financial highlights
Adjusted EBITDA for 2025 reached $1,124.7 million, up from $1,051.1 million in 2024; Q4 2025 Adjusted EBITDA was $285 million.
Adjusted Free Cash Flow after dividends increased to $324.7 million in 2025 from $250.1 million in 2024.
Leverage ratio was 2.7x at year-end 2025, with net debt at $2.99 billion.
Return on Invested Capital (ROIC) reached 20% for 2025.
$147 million in debt reduction and $163 million in share repurchases during 2025.
Outlook and guidance
2026 Adjusted EBITDA guidance: $1.19–$1.24 billion, up 8% at midpoint year-over-year.
2026 free cash flow after dividends expected at $330–$390 million, up 11% at midpoint.
Capital budget for 2026 set at $190–$250 million, focused on well connects, water system integration, and dry gas expansion.
Dividend of $0.90 per share planned for 2026.
High single-digit EBITDA growth expected in 2027 and beyond, supported by a 3-rig, 2-completion crew program.
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