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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Antero Midstream
Antero Midstream (AM) investor relations material
Antero Midstream Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary29 Oct, 2026
Executive summary
Q3 2026 Adjusted EBITDA was $290.841MM, up 3% YoY; revenue rose 11% to $327.0m, and gathering volumes increased 19%.
Outlook calls for high-single-digit EBITDA growth in Q4 2026 and double-digit growth in 2027, supported by throughput, water projects and infrastructure demand.
Financial highlights
Q3 net income was $392.657MM versus $115.984MM; reported results included a $376.963MM Veolia litigation gain. Adjusted Net Income was $134MM.
Adjusted Free Cash Flow before dividends was $555.018MM and after dividends was $448.740MM; Q3 capital expenditures were $51MM.
Q3 operating cash flow was $600MM versus $213MM in Q3 2025; nine-month operating cash flow was $1.093bn.
Diluted EPS was $0.82 versus $0.24 YoY; Adjusted diluted EPS was $0.28, up 4%.
Outlook and guidance
Record Q4 EBITDA is expected, with high-single-digit QoQ growth from higher freshwater deliveries and modest throughput growth, net of expected Q4 curtailments of 15–20 Bcf.
Double-digit EBITDA growth is expected in 2027, supported by throughput growth and two completion crews operating throughout the year.
2026 Adjusted Free Cash Flow guidance increased by $370MM to $1.125–$1.185bn before dividends and $700–$760MM after dividends, reflecting litigation proceeds net of interest and current taxes.
The 2026 capital budget is $190–$220MM; 2027 capital is expected to include more than $100MM incremental to the organic program for East Side Express and other regional gas-demand projects.
East Side Express scope is $200–$300MM with seven interconnects and a late-2028-to-2029 target; North South is being scoped, with potential FID in 2027.
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Latest events from Antero Midstream
- Higher 2024 EBITDA and lower capital spending support deleveraging and cash returns.AM
Q4 2023 - Record gathering volumes, EBITDA growth, and legal award drive expansion and improved liquidity.AMQ2 2026
- Director elections, auditor ratification, and ESG-linked compensation were key agenda items.AMAGM 2026
- Peer-leading capital efficiency and strong free cash flow drive high investor returns.AMInvestor presentation
- Peer-leading Marcellus midstream operator delivers strong growth, efficiency, and investor returns.AMInvestor presentation
- Q1 2026 saw 5% EBITDA growth, 14% higher gathering volumes, and the $1.1B HG Acquisition.AMQ1 2026
- 2025 saw strong financials, governance enhancements, and significant ESG achievements.AMProxy filing
- $1.1B acquisition and volume growth drive double-digit free cash flow and EBITDA expansion.AMQ4 2025
- Q1 2025 delivered record volumes, 3% EBITDA growth, and improved leverage to 2.95x.AMQ1 2025
Next Antero Midstream earnings date
Q4 202610 Feb, 2027
Antero Midstream
Next Antero Midstream earnings date
Q4 202610 Feb, 2027
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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.