Antero Midstream Corp Financials
This page shows Antero Midstream Corp (AM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
An asset-heavy cash-harvesting model is visible here: profits convert to cash, but distributions are shrinking the equity cushion.
By FY2025, operating cash flow reached$932M against net income of$418M , extending a three-year pattern in which cash meaningfully outran accounting profit. At the same time, ROE rose to21.2% as equity slipped to$2.0B , so the better headline return reflects both sturdy cash generation and a smaller shareholder capital base, not just stronger underlying margins.
Short-term liquidity improved sharply: the current ratio reached 3.4x in FY2025, helped by cash of
FY2025 reflects a distribution-first capital posture: dividends consumed
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Antero Midstream Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Antero Midstream Corp has an operating margin of 54.3%, meaning the company retains $54 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 59.6% the prior year.
Antero Midstream Corp's revenue grew 7.4% year-over-year to $1.2B, a solid pace of expansion. This earns a growth score of 45/100.
Antero Midstream Corp carries a low D/E ratio of 1.63, meaning only $1.63 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.41, Antero Midstream Corp holds $3.41 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.
Antero Midstream Corp's ROE of 21.2% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 19.0% the prior year.
Antero Midstream Corp scores 2.21, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($10.4B) relative to total liabilities ($3.9B). This signals moderate financial risk that warrants monitoring.
Antero Midstream Corp passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Antero Midstream Corp generates $2.23 in operating cash flow ($932.5M OCF vs $418.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Antero Midstream Corp generated $1.2B in revenue in fiscal year 2025. This represents an increase of 7.4% from the prior year.
Antero Midstream Corp's EBITDA was $849.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.3% from the prior year.
Antero Midstream Corp reported $418.0M in net income in fiscal year 2025. This represents an increase of 4.2% from the prior year.
Antero Midstream Corp earned $0.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 3.6% from the prior year.
Cash & Balance Sheet
Antero Midstream Corp held $180.4M in cash against $3.2B in long-term debt as of fiscal year 2025.
Antero Midstream Corp had 473M shares outstanding in fiscal year 2025. This represents a decrease of 1.2% from the prior year.
Margins & Returns
Antero Midstream Corp's operating margin was 54.3% in fiscal year 2025, reflecting core business profitability. This is down 5.3 percentage points from the prior year.
Antero Midstream Corp's net profit margin was 35.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.1 percentage points from the prior year.
Antero Midstream Corp's ROE was 21.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.2 percentage points from the prior year.
Capital Allocation
Antero Midstream Corp spent $135.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 370.5% from the prior year.
AM Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $314.2M+5.8% | $297.0M+0.7% | $294.8M-3.5% | $305.5M+4.9% | $291.1M+1.3% | $287.5M+6.5% | $269.9M0.0% | $269.8M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $22.3M+4.1% | $21.5M+0.7% | $21.3M-3.7% | $22.1M-3.9% | $23.0M+10.8% | $20.8M-9.2% | $22.9M+7.8% | $21.2M |
| Operating Income | $188.6M+87.7% | $100.5M-44.3% | $180.5M-3.2% | $186.4M+5.2% | $177.2M-0.3% | $177.7M+9.4% | $162.4M+6.3% | $152.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $37.6M+49.0% | $25.3M-44.7% | $45.7M+3.9% | $44.0M+21.9% | $36.1M-19.1% | $44.6M+16.8% | $38.2M+34.3% | $28.4M |
| Net Income | $118.3M+108.3% | $56.8M-51.1% | $116.0M-6.8% | $124.5M+3.1% | $120.7M+8.5% | $111.3M+11.6% | $99.7M+15.9% | $86.0M |
| EPS (Diluted) | $0.25 | N/A | $0.24-7.7% | $0.26+4.0% | $0.25 | N/A | $0.21+16.7% | $0.18 |
AM Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $6.4B+8.9% | $5.9B+2.9% | $5.7B-0.2% | $5.7B-0.4% | $5.8B-0.2% | $5.8B-0.3% | $5.8B0.0% | $5.8B |
| Current Assets | $154.9M-59.2% | $379.9M+235.1% | $113.4M-1.0% | $114.5M-10.3% | $127.7M+8.1% | $118.1M+18.2% | $99.9M-3.6% | $103.6M |
| Cash & Equivalents | $0-100.0% | $180.4M | $0 | $0 | $0 | N/A | $0 | $0 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.5B+14.2% | $3.9B+7.1% | $3.7B+0.3% | $3.6B-0.7% | $3.7B+0.5% | $3.6B0.0% | $3.6B0.0% | $3.6B |
| Current Liabilities | $157.3M+41.1% | $111.5M+23.8% | $90.0M-19.0% | $111.2M+23.3% | $90.2M-10.4% | $100.6M+9.9% | $91.5M-21.1% | $116.0M |
| Long-Term Debt | $3.7B+13.8% | $3.2B+7.1% | $3.0B-0.5% | $3.0B-2.8% | $3.1B-0.2% | $3.1B-1.7% | $3.2B-0.5% | $3.2B |
| Total Equity | $1.9B-1.8% | $2.0B-4.5% | $2.1B-1.1% | $2.1B-0.1% | $2.1B-1.3% | $2.1B-0.7% | $2.1B+0.1% | $2.1B |
| Retained Earnings | $104.2M+605.2% | $14.8M-83.3% | $88.3M-21.1% | $111.8M+12.5% | $99.4M+9.7% | $90.5M-9.2% | $99.7M+15.9% | $86.0M |
AM Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $238.6M-6.6% | $255.5M+20.0% | $212.8M-19.7% | $265.2M+33.3% | $198.9M-14.5% | $232.7M+25.8% | $184.9M-14.3% | $215.8M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $0+100.0% | -$642K-100.9% | $68.6M |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | $232.7M+26.3% | $184.3M+25.2% | $147.2M |
| Investing Cash Flow | -$780.8M-1462.4% | -$50.0M-6.5% | -$46.9M-17.1% | -$40.1M-24.1% | -$32.3M+18.6% | -$39.7M+27.4% | -$54.7M+50.9% | -$111.3M |
| Financing Cash Flow | $279.2M+386.4% | $57.4M+134.6% | -$165.9M+26.3% | -$225.1M-35.1% | -$166.7M+13.7% | -$193.0M-48.2% | -$130.3M+0.2% | -$130.6M |
| Dividends Paid | $111.1M+3.6% | $107.2M-0.5% | $107.7M-3.4% | $111.5M-1.0% | $112.6M+3.9% | $108.4M-0.1% | $108.5M-3.8% | $112.8M |
| Share Buybacks | $18.0M-62.7% | $48.3M+16.9% | $41.3M+146.4% | $16.8M-41.3% | $28.6M | N/A | N/A | N/A |
AM Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 60.0%+26.2pp | 33.8%-27.4pp | 61.2%+0.2pp | 61.0%+0.2pp | 60.9%-1.0pp | 61.8%+1.6pp | 60.2%+3.6pp | 56.6% |
| Net Margin | 37.6%+18.5pp | 19.1%-20.2pp | 39.3%-1.4pp | 40.8%-0.7pp | 41.5%+2.8pp | 38.7%+1.8pp | 37.0%+5.1pp | 31.9% |
| Return on Equity | 6.1%+3.2pp | 2.9%-2.7pp | 5.6%-0.4pp | 6.0%+0.2pp | 5.8%+0.5pp | 5.3%+0.6pp | 4.7%+0.6pp | 4.0% |
| Return on Assets | 1.8%+0.9pp | 1.0%-1.1pp | 2.0%-0.1pp | 2.2%+0.1pp | 2.1%+0.2pp | 1.9%+0.2pp | 1.7%+0.2pp | 1.5% |
| Current Ratio | 0.99-2.4 | 3.41+2.1 | 1.26+0.2 | 1.03-0.4 | 1.42+0.2 | 1.17+0.1 | 1.09+0.2 | 0.89 |
| Debt-to-Equity | 1.89+0.3 | 1.63+0.2 | 1.460.0 | 1.45-0.0 | 1.49+0.0 | 1.47-0.0 | 1.490.0 | 1.50 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | 80.9%+12.7pp | 68.3%+13.7pp | 54.6% |
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Frequently Asked Questions
What is Antero Midstream Corp's annual revenue?
Antero Midstream Corp (AM) reported $1.2B in total revenue for fiscal year 2025. This represents a 7.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Antero Midstream Corp's revenue growing?
Antero Midstream Corp (AM) revenue grew by 7.4% year-over-year, from $1.1B to $1.2B in fiscal year 2025.
Is Antero Midstream Corp profitable?
Yes, Antero Midstream Corp (AM) reported a net income of $418.0M in fiscal year 2025, with a net profit margin of 35.2%.
What is Antero Midstream Corp's EBITDA?
Antero Midstream Corp (AM) had EBITDA of $849.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Antero Midstream Corp have?
As of fiscal year 2025, Antero Midstream Corp (AM) had $180.4M in cash and equivalents against $3.2B in long-term debt.
What is Antero Midstream Corp's operating margin?
Antero Midstream Corp (AM) had an operating margin of 54.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Antero Midstream Corp's net profit margin?
Antero Midstream Corp (AM) had a net profit margin of 35.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Antero Midstream Corp's return on equity (ROE)?
Antero Midstream Corp (AM) has a return on equity of 21.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Antero Midstream Corp's operating cash flow?
Antero Midstream Corp (AM) generated $932.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Antero Midstream Corp's total assets?
Antero Midstream Corp (AM) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is Antero Midstream Corp's current ratio?
Antero Midstream Corp (AM) had a current ratio of 3.41 as of fiscal year 2025, which is generally considered healthy.
What is Antero Midstream Corp's debt-to-equity ratio?
Antero Midstream Corp (AM) had a debt-to-equity ratio of 1.63 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Antero Midstream Corp's return on assets (ROA)?
Antero Midstream Corp (AM) had a return on assets of 7.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Antero Midstream Corp's Altman Z-Score?
Antero Midstream Corp (AM) has an Altman Z-Score of 2.21, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Antero Midstream Corp's Piotroski F-Score?
Antero Midstream Corp (AM) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Antero Midstream Corp's earnings high quality?
Antero Midstream Corp (AM) has an earnings quality ratio of 2.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Antero Midstream Corp?
Antero Midstream Corp (AM) scores 72 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.