Antero Midstream (AM) Q4 2025 earnings summary

Executive summary

• Closed the $1.1 billion HG Midstream acquisition, adding over 400 undeveloped Marcellus Shale locations and supporting inventory and organic growth.

• Achieved 7% year-over-year EBITDA growth in 2025, with Q4 Adjusted EBITDA up 4% and gathering/compression volumes rising 5%.

• Free cash flow after dividends increased by 30% in 2025, reaching $324.7 million, driven by capital-efficient organic growth and increased throughput.

• Repurchased 9.4 million shares for $163 million in 2025, with $336 million remaining under the repurchase program.

• 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.

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.

• Full-year free cash flow after dividends was $324.7 million, a 30% increase from 2024.

• Return on invested capital (ROIC) for 2025 was 20%.

• Leverage ratio at 2.7x at year-end 2025; net debt was $2.99 billion.

• $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 projected at $330–$390 million, up 11% at midpoint.

• Capital budget for 2026 set at $190–$250 million, focused on well connects, water capital, and integration of acquired assets.

• Dividend of $0.90 per share planned for 2026.

• Continued high single-digit EBITDA growth expected in 2027 and beyond, supported by a 3-rig, 2-completion crew program.