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Antero Midstream (AM) investor relations material
Antero Midstream Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record gathering volumes of 4.1 Bcf/d in Q2 2026, a 19% year-over-year increase, driven by the HG Acquisition, strong regional demand, and successful pipeline expansion.
Net income for Q2 2026 was $114 million ($0.24/share), down from $125 million in Q2 2025, reflecting higher operating and interest expenses.
Construction began on the East Side Express pipeline, the first intrastate regional pipeline, to enhance connectivity and support future demand growth.
The HG Acquisition closed in February 2026, adding significant gathering and water handling assets in the Marcellus Shale; the Utica Shale Divestiture closed in February 2026, with proceeds used to repay debt.
Early dry gas production results showed over 60% improvement compared to 2012, validating upside potential in new locations.
Financial highlights
Q2 2026 revenue was $327 million, up 7% year-over-year; net income was $114 million, down 9% year-over-year.
Adjusted EBITDA reached a record $289 million in Q2 2026, a 2% increase year-over-year, driven by higher gathering volumes.
Adjusted free cash flow after dividends was $80 million in Q2 2026.
Received $371 million in damages and interest from Veolia in July 2026, improving liquidity and enabling early debt reduction.
Direct operating expenses rose 34% year-over-year in Q2 2026, mainly due to the HG Acquisition.
Outlook and guidance
Expect high single-digit sequential EBITDA growth in Q3 2026, maintaining trajectory to achieve full-year EBITDA guidance.
2026 capital budget set at $190–$220 million, supporting capital programs and infrastructure projects.
East Side Express project to be phased in over the next two to three years, with $200–$300 million in CapEx expected.
Water integration projects are on track, anticipated to support high single-digit EBITDA growth in 2027.
Management expects adequate liquidity to fund working capital, capital expenditures, and dividends for at least the next 12 months.
- Higher 2024 EBITDA and lower capital spending support deleveraging and cash returns.AM
Q4 2023 - Director elections, auditor ratification, and ESG-linked compensation were key agenda items.AM
AGM 2026 - Peer-leading capital efficiency and strong free cash flow drive high investor returns.AM
Investor presentation - Peer-leading Marcellus midstream operator delivers strong growth, efficiency, and investor returns.AM
Investor presentation - Q1 2026 saw 5% EBITDA growth, 14% higher gathering volumes, and the $1.1B HG Acquisition.AM
Q1 2026 - 2025 saw strong financials, governance enhancements, and significant ESG achievements.AM
Proxy filing - Annual meeting to vote on directors, auditor, and executive pay, with board support for all.AM
Proxy filing - $1.1B acquisition and volume growth drive double-digit free cash flow and EBITDA expansion.AM
Q4 2025 - Q1 2025 delivered record volumes, 3% EBITDA growth, and improved leverage to 2.95x.AM
Q1 2025
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