Antero Midstream (AM) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 11% YoY to $327.0m; net income was $392.7m, including a $377m litigation gain, and Adjusted EBITDA increased 3% to $291m.

• Nine-month revenue increased to $968.5m from $891.4m; net income was $624.4m versus $361.2m, reflecting the litigation gain and HG Acquisition contribution.

• Gathering and compression volumes grew 19% and 17% YoY; management expects growth-pad activity, water-system integration and added compression capacity to support EBITDA growth in Q4 2026 and 2027.

Financial highlights

• Q3 operating income was $557.2m, including the $377m Veolia litigation gain; interest expense was $50.7m versus $47.2m.

• Diluted EPS was $0.82 versus $0.24 YoY; adjusted diluted EPS was $0.28, up 4%.

• Adjusted Net Income was $134m; Adjusted EBITDA was $291m, up 3% YoY.

• Q3 Adjusted Free Cash Flow was $555m before dividends and $449m after dividends, including the litigation gain.

• Nine-month operating cash flow was $1.093bn versus $677.0m; net cash used in investing was $866.7m.

Outlook and guidance

• 2026 capital budget is $190m–$220m, supporting Antero Resources’ capital program; budget may change with business conditions.

• 2026 Adjusted Free Cash Flow guidance increased by $370m to $1.125–$1.185bn before dividends and $700–$760m after dividends, reflecting litigation proceeds net of interest and current taxes.

• Two growth pads using the fresh-water system are expected to drive throughput growth in 2027; water-system integration is targeted for completion by year-end.

• An additional 80 MMcf/d of compression capacity is expected in the liquids-rich corridor in Q4 2026; East Side Express construction continued.

• Declared Q3 common dividend of $0.225/share, payable Nov. 11, 2026; preferred dividend of $137,500 payable Nov. 16, 2026.