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Antero Midstream Corp Financials

AM
FY2025 annual
Revenue $1.2B +7.4% YoY
Net Income $418.0M +4.2% YoY
EPS (Diluted) $0.86 +3.6% YoY
Free Cash Flow Not reported for FY2025
Source SEC Filings (10-K/10-Q) Data as of Jun 30, 2026 Currency USD FYE December

Antero Midstream Corp (AM) reported $1.2B in revenue for fiscal year 2025, up 7.4% from the prior fiscal year. This page shows its 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).

Rhea AI AM FY2025

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 to 21.2% 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 $180M. But debt-to-equity still climbed to 1.6x because equity shrank faster than debt, so liquidity and leverage are moving in opposite directions at once.

FY2025 reflects a distribution-first capital posture: dividends consumed $439M and buybacks another $135M. Even with operating margin easing to 54.3%, that payout posture was still backed by operating cash flow of $932M, which implies this business is being managed more as a cash remitter to capital providers than as an equity-building balance sheet.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity CashFlow Returns 74 / 100
Financial Health Score 74/100
Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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.

Profitability
98
Growth
63
Leverage
19
Liquidity
89
Cash Flow
98
Returns
79
Altman Z-Score Grey Zone
2.23

Antero Midstream Corp scores 2.23, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($10.5B) relative to total liabilities ($3.9B). This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
7/8

Antero Midstream Corp passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed
2.23x

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

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Earnings & Revenue

Revenue
$1.2B
YoY+7.4%
5Y CAGR+5.7%
10Y CAGR+98.3%

Antero Midstream Corp generated $1.2B in revenue in fiscal year 2025. This represents an increase of 7.4% from the prior year.

EBITDA
$849.7M
YoY-2.3%

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.

Net Income
$418.0M
YoY+4.2%
10Y CAGR+87.4%

Antero Midstream Corp reported $418.0M in net income in fiscal year 2025. This represents an increase of 4.2% from the prior year.

EPS (Diluted)
$0.86
YoY+3.6%

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

Cash & Debt
$180.4M

Antero Midstream Corp held $180.4M in cash against $3.2B in long-term debt as of fiscal year 2025.

Shares Outstanding
473M
YoY-1.2%
5Y CAGR-0.2%

Antero Midstream Corp had 473M shares outstanding in fiscal year 2025. This represents a decrease of 1.2% from the prior year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Operating Margin
54.3%
YoY-5.3pp
5Y CAGR+67.3pp

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.

Net Margin
35.2%
YoY-1.1pp
5Y CAGR+48.8pp
10Y CAGR-26.6pp

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.

Return on Equity
21.2%
YoY+2.2pp
5Y CAGR+26.3pp

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.

Gross Margin

Not reported for fiscal year 2025.

Capital Allocation

Share Buybacks
$135.0M
YoY+370.5%

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.

R&D Spending

Not reported for fiscal year 2025.

Capital Expenditures

Not reported for fiscal year 2025.

AM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AM annual income statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15
Revenue$1.2B$1.2B+7.4%$1.1B+6.2%$1.0B+13.2%$920.0M+2.4%$898.2M-0.3%$900.7M+13.6%$792.6M+454.6%$142.9M+105.0%$69.7M+311.5%$16.9M+1240.5%$1.3M
SG&A Expenses$87.7M$87.9M+2.1%$86.1M+21.1%$71.1M+14.4%$62.1M-2.7%$63.8M+22.3%$52.2M-55.8%$118.1M+169.4%$43.9M+6.6%$41.1M+4953.3%$814KN/A
Operating Income$651.5M$644.7M-2.2%$659.2M+7.7%$611.9M+13.4%$539.5M-2.9%$555.3M+572.1%-$117.6M+70.5%-$398.5M-808.7%-$43.9M-6.6%-$41.1M-355.0%$16.1MN/A
Interest ExpenseN/AN/AN/A-$217.2M-14.4%-$189.9M-8.4%-$175.3M-19.2%-$147.0M-33.2%-$110.4M-81077.9%-$136KN/AN/AN/A
Income Tax$149.6M$151.0M+2.2%$147.7M+15.2%$128.3M+9.2%$117.5M+0.3%$117.1M+310.3%-$55.7M+45.7%-$102.5M-417.1%$32.3M+23.0%$26.3M+309.1%$6.4M+1229.0%$483K
Net Income$404.5M$418.0M+4.2%$401.0M+7.8%$372.0M+14.1%$326.0M-1.8%$332.0M+371.0%-$122.5M+65.5%-$355.1M-633.1%$66.6M+1248.6%$4.9M-49.1%$9.7M+1143.4%$781K
EPS (Diluted)$0.86+3.6%$0.83+7.8%$0.77+13.2%$0.68-1.4%$0.69+365.4%-$0.26+67.5%-$0.80$0.33N/AN/AN/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AM Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AM annual balance sheet
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15
Total Assets$5.9B+2.1%$5.8B+0.4%$5.7B-0.9%$5.8B+4.5%$5.5B-1.2%$5.6B-10.7%$6.3B+13070.3%$47.7M+60.3%$29.8M+71.3%$17.4MN/A
Current Assets$379.9M+221.7%$118.1M+29.6%$91.1M+2.4%$89.0M+6.2%$83.8M-10.8%$93.9M-13.5%$108.6M+3631.8%$2.9M-51.4%$6.0M-39.1%$9.8MN/A
Cash & Equivalents$180.4MN/A$66K$0N/A$640K-48.2%$1.2M-56.2%$2.8M-52.9%$6.0M-37.7%$9.6M+13245.8%$72K
Accounts ReceivableN/AN/AN/A$575K-23.0%$747K-11.0%$839K-81.7%$4.6MN/AN/AN/AN/A
GoodwillN/AN/AN/AN/AN/AN/A$575.5MN/AN/AN/AN/A
Total Liabilities$3.9B+7.3%$3.6B+1.7%$3.6B-0.4%$3.6B+10.5%$3.3B+2.0%$3.2B+1.7%$3.1B+18538.5%$16.8M+19.0%$14.2M+99.3%$7.1MN/A
Current Liabilities$111.5M+10.8%$100.6M+4.4%$96.4M-5.5%$102.1M-10.5%$114.0M+21.3%$94.0M-61.2%$242.1M+1337.2%$16.8M+19.0%$14.2M+99.3%$7.1MN/A
Long-Term Debt$3.2B+3.4%$3.1B-3.0%$3.2B-4.4%$3.4B+7.6%$3.1B+1.0%$3.1B+6.9%$2.9BN/AN/AN/AN/A
Total Equity$2.0B-6.8%$2.1B-1.7%$2.2B-1.9%$2.2B-4.1%$2.3B-5.4%$2.4B-23.1%$3.1B+10085.7%$30.9M+97.7%$15.6M+52.0%$10.3MN/A
Retained Earnings$14.8M-83.7%$90.5M-9.9%$100.4M+21.3%$82.8M+162.5%-$132.5M+71.5%-$464.1M-35.9%-$341.6MN/AN/AN/AN/A

Not reported in any period shown, so not listed: Inventory.

AM Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

AM annual cash flow statement
MetricTTMFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15
Operating Cash Flow$961.2M$932.5M+10.5%$844.0M+8.3%$779.1M+11.4%$699.6M-1.4%$709.8M-5.8%$753.4M+21.0%$622.4M+645.1%$83.5M+197.5%$28.1M+194.4%$9.5M+3132.9%$295K
Capital ExpendituresN/AN/A$70.0M+26212.8%$266K-99.9%$216.7MN/A$157.9M-40.9%$267.4MN/AN/AN/AN/A
Free Cash FlowN/AN/A$774.0M-0.6%$778.8M+61.3%$482.9MN/A$595.5M+67.7%$355.0MN/AN/AN/AN/A
Investing Cash Flow-$912.7M-$169.2M+30.3%-$242.7M-32.5%-$183.2M+62.9%-$493.8M-111.7%-$233.2M-6.4%-$219.2M+58.3%-$525.7MN/AN/AN/AN/A
Financing Cash Flow-$48.6M-$500.3M+16.8%-$601.3M-0.9%-$595.8M-189.5%-$205.8M+56.9%-$477.1M+10.8%-$534.7M-444.0%-$98.3M-13.4%-$86.7M-173.5%-$31.7MN/A-$223K
Dividends Paid$435.6M$439.0M+0.3%$437.6M+0.6%$434.8M+0.5%$432.8M-8.1%$471.2M-20.1%$589.6M+19.8%$492.1M+484.7%$84.2M+425.7%$16.0MN/AN/A
Share Buybacks$116.0M$135.0M+370.5%$28.7MN/AN/AN/A$24.7M-80.3%$125.5MN/AN/AN/AN/A

TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.

AM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

AM annual financial ratios
MetricFY25FY24FY23FY22FY21FY20FY19FY18FY17FY16FY15
Operating Margin54.3%-5.3pp59.6%+0.9pp58.7%+0.1pp58.6%-3.2pp61.8%+74.9pp-13.1%+37.2pp-50.3%-19.6pp-30.7%+28.3pp-59.0%-154.2pp95.2%N/A
Net Margin35.2%-1.1pp36.3%+0.5pp35.7%+0.3pp35.4%-1.5pp37.0%+50.6pp-13.6%+31.2pp-44.8%-91.4pp46.6%+39.5pp7.1%-50.2pp57.3%-4.5pp61.8%
Return on Equity21.2%+2.2pp19.0%+1.7pp17.3%+2.4pp14.9%+0.4pp14.5%+19.6pp-5.1%+6.2pp-11.3%-227.1pp215.8%+184.2pp31.6%-62.9pp94.6%N/A
Return on Assets7.1%+0.1pp7.0%+0.5pp6.5%+0.8pp5.6%-0.4pp6.0%+8.2pp-2.2%+3.5pp-5.7%-145.3pp139.6%+123.0pp16.6%-39.3pp55.9%N/A
Current Ratio3.41+2.2x1.17+0.2x0.95+0.1x0.87+0.1x0.74-0.3x1.00+0.6x0.45+0.3x0.17-0.3x0.42-1.0x1.38N/A
Debt-to-Equity1.63+0.2x1.470.0x1.490.0x1.53+0.2x1.37+0.1x1.28+0.4x0.92+0.4x0.55-0.4x0.91+0.2x0.69N/A
FCF MarginN/A70.0%-4.8pp74.8%+22.3pp52.5%N/A66.1%+21.3pp44.8%N/AN/AN/AN/A

Not reported in any period shown, so not listed: Gross Margin.

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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%.

Antero Midstream Corp (AM) reported diluted earnings per share of $0.86 for fiscal year 2025. This represents a 3.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Antero Midstream Corp (AM) had EBITDA of $849.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Antero Midstream Corp (AM) had $180.4M in cash and equivalents against $3.2B in long-term debt.

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.

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.

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.

Antero Midstream Corp (AM) generated $932.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Antero Midstream Corp (AM) had $5.9B in total assets as of fiscal year 2025, including both current and long-term assets.

Yes, Antero Midstream Corp (AM) spent $135.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Antero Midstream Corp (AM) had 473M shares outstanding as of fiscal year 2025.

Antero Midstream Corp (AM) had a current ratio of 3.41 as of fiscal year 2025, which is generally considered healthy.

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.

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.

Antero Midstream Corp (AM) has an Altman Z-Score of 2.23, 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.

Antero Midstream Corp (AM) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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.

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.

Antero Midstream Corp (AM) scores 74 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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