Antero Midstream
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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.
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Q4 2025 earnings summary12 Feb, 2026

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.

Quantify Utica Shale divestiture's 2026 impact
Detail 2026 capital allocation priorities
Explain water segment's future growth drivers
AR growth plans: AM capital impact?
What sustains mid-high single-digit EBITDA post-2027?
HG acquisition: Future optionality and reliability?
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Frequently asked questions

Antero Midstream Corp provides midstream services to natural gas producers, including gathering, compression, processing, and water handling. The company operates infrastructure assets that support production in the Appalachian Basin. It serves primarily Antero Resources Corporation. The company is headquartered in Denver, Colorado, and its shares are listed on the NYSE.

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