Antero Midstream Announces Second Quarter 2025 Financial and Operating Results and Increased Guidance

Rhea-AI Summary

Antero Midstream (NYSE:AM) reported strong Q2 2025 financial results with significant year-over-year improvements. The company achieved record gathering volumes of 3.5 Bcf/d, a 6% increase from the previous year. Key financial metrics include Net Income of $125 million ($0.26 per share), up 44%, and Adjusted EBITDA of $284 million, up 11%.

The company demonstrated robust capital efficiency with a 13% decrease in capital expenditures to $45 million and an 89% increase in Free Cash Flow after dividends to $82 million. Leverage improved to 2.8x as debt was reduced by approximately $170 million over the past year. Additionally, AM has repurchased $83 million in shares year-to-date through July 30, 2025.

Based on strong performance, AM increased its 2025 guidance, raising Net Income, Adjusted Net Income, and Adjusted EBITDA by $10 million each, while reducing projected expenses and increasing Free Cash Flow guidance by $25 million.

Positive

• Record gathering volumes of 3.5 Bcf/d, up 6% year-over-year
• Net Income increased 44% to $0.26 per share
• Adjusted EBITDA grew 11% to $284 million
• Free Cash Flow after dividends surged 89% to $82 million
• Debt reduced by $170 million over the past year
• Leverage improved to 2.8x
• Guidance increased for Net Income, EBITDA, and Free Cash Flow
• Capital expenditures decreased 13% to $45 million

Negative

• Joint Venture processing capacity operating at over 100% utilization
• Fractionation capacity reached 100% utilization, limiting growth potential

News Market Reaction

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+$584M Valuation Impact

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1.8x Rel. Volume

On the day this news was published, AM gained 7.06%, reflecting a notable positive market reaction. Argus tracked a peak move of +3.4% during that session. Our momentum scanner triggered 41 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $584M to the company's valuation, bringing the market cap to $8.85B at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

DENVER, July 30, 2025 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its second quarter 2025 financial and operating results. The relevant unaudited condensed consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended June 30, 2025.

Second Quarter 2025 Highlights:

• Low pressure gathering and processing volumes increased by 6% compared to the prior year quarter
• Net Income was $125 million, or $0.26 per diluted share, a 44% per share increase compared to the prior year quarter
• Adjusted Net Income was $138 million, or $0.29 per diluted share, a 26% per share increase compared to the prior year quarter (non-GAAP measure)
• Adjusted EBITDA was $284 million, an 11% increase compared to the prior year quarter (non-GAAP measure)
• Capital expenditures were $45 million, a 13% decrease compared to the prior year quarter
• Free Cash Flow after dividends was $82 million, an 89% increase compared to the prior year quarter (non-GAAP measure)
• Leverage was 2.8x as of June 30, 2025 (non-GAAP measure)

2025 Guidance Updates:

• Increasing net income, Adjusted Net Income and Adjusted EBITDA guidance by $10 million (non-GAAP measure)
• Decreasing interest expense, current income tax expense, and capital expenditures each by $5 million
• Increasing Free Cash Flow before and after dividends by $25 million (non-GAAP measure)

Paul Rady, Chairman and CEO said, "During the quarter Antero Midstream gathered 3.5 Bcf/d of production, which was a 6% increase year-over-year and a new company record. This growth coincides with the significant demand growth seen along the U.S. Gulf Coast LNG facilities over the last year. Looking ahead, we continue to see significant demand growth from Gulf Coast LNG facilities as well as natural gas fired power demand from data center growth in Appalachia. As the critical first link to delivering gas to LNG and power demand, Antero Midstream is well positioned for future growth opportunities."

Brendan Krueger, CFO of Antero Midstream, said "The record gathering and processing volumes in the second quarter led to an 11% year-over-year increase in EBITDA, while capital expenditures declined by 13%. This capital efficiency drove an 89% increase in Free Cash Flow compared to the second quarter of 2024."

Mr. Krueger continued, "Antero Midstream's consistent Free Cash Flow generation has enabled the Company to reduce debt by approximately $170 million over the past year, including nearly $100 million year-to-date. This debt reduction, combined with double-digit year-over-year EBITDA growth resulted in leverage declining to 2.8x as of June 30, 2025. In addition to the debt reduction, Antero Midstream has purchased approximately $83 million of shares year-to-date through July 30, 2025." 

For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Free Cash Flow before and after dividends and Leverage please see "Non-GAAP Financial Measures and Definitions."

Share Repurchase Program

During the second quarter of 2025, Antero Midstream repurchased 1.0 million shares for $17 million. Antero Midstream had approximately $426 million of remaining capacity under its $500 million authorized share repurchase program as of June 30, 2025. During the quarter, Antero Midstream also purchased $9 million of shares related to satisfying tax withholding obligations incurred upon the vesting of equity awards. Year-to-date through June 30, 2025, total shares purchased under the share repurchase program and for tax withholding obligations have totaled 4.4 million shares at a weighted average price of $16.62 per share. In addition, July month-to-date the Company has repurchased 0.6 million shares for $11 million.

2025 Guidance Update

Antero Midstream is increasing its Net Income, Adjusted Net Income, and Adjusted EBITDA guidance. The company is decreasing its interest expense, capital expenditures, and current income tax guidance. These changes result in a $25 million increase in Free Cash Flow before and after dividends. 

The following is a summary of Antero Midstream's updated 2025 guidance ($ in millions, except per share amounts):

		Twelve Months Ended December 31, 2025								Change vs. Prior Guidance
		Low		High							(At midpoint)
Net Income		$455		$495					$10
Adjusted Net Income		510		550					10
Adjusted EBITDA		1,090		1,130					10
Capital Expenditures		170		190					(5)
Interest Expense		190		200					(5)
Current Income Tax Expense		—		—					(5)
Free Cash Flow Before Dividends		715		755					25
Dividend Per Share		$0.90							—
Free Cash Flow After Dividends		275		325					25

 

2024 ESG Report

Antero Midstream published its 2024 ESG Report. This year's report highlights the Company's emissions reduction progress, increased water recycling rate, and continued commitment to safety across our operations. The report can be found at www.anteromidstream.com/esg.

Second Quarter 2025 Financial Results

Low pressure gathering volumes for the second quarter of 2025 averaged 3,460 MMcf/d, a 6% increase compared to the prior year quarter. Compression volumes for the second quarter of 2025 averaged 3,447 MMcf/d, a 6% increase compared to the second quarter of 2024. High pressure gathering volumes averaged 3,221 MMcf/d, an 8% increase compared to the prior year quarter. Fresh water delivery volumes averaged 98 MBbl/d during the quarter, a 21% increase compared to the second quarter of 2024. 

Gross processing volumes from the processing and fractionation joint venture (the "Joint Venture") averaged 1,687 MMcf/d for the second quarter of 2025, a 6% increase compared to the prior year quarter. Joint Venture processing capacity was over 100% utilized during the quarter based on nameplate processing capacity of 1.6 Bcf/d. Gross Joint Venture fractionation volumes averaged 40 MBbl/d, in line with the prior year quarter. Joint Venture fractionation capacity was 100% utilized during the quarter based on nameplate fractionation capacity of 40 MBbl/d.

		Three Months Ended June 30,
Average Daily Volumes:		2024		2025			% Change
Low Pressure Gathering (MMcf/d)		3,258		3,460			6 %
Compression (MMcf/d)		3,246		3,447			6 %
High Pressure Gathering (MMcf/d)		2,994		3,221			8 %
Fresh Water Delivery (MBbl/d)		81		98			21 %
Gross Joint Venture Processing (MMcf/d)		1,588		1,687			6 %
Gross Joint Venture Fractionation (MBbl/d)		40		40			*

* Not meaningful or applicable.

 

For the three months ended June 30, 2025, revenues were $305 million, comprised of $239 million from the Gathering and Processing segment and $66 million from the Water Handling segment, net of $18 million of amortization of customer relationships. Water Handling revenues include $35 million from wastewater handling and high rate water transfer services.

Direct operating expenses for the Gathering and Processing and Water Handling segments were $26 million and $37 million, respectively, for a total of $63 million. Water Handling operating expenses include $32 million from wastewater handling and high rate water transfer services. General and administrative expenses excluding equity-based compensation were $11 million during the second quarter of 2025. Total operating expenses during the second quarter of 2025 included $11 million of equity-based compensation expense and $33 million of depreciation expense.

Net Income was $125 million, or $0.26 per diluted share, a 44% per share increase compared to the prior year quarter. Net Income adjusted for amortization of customer relationships, loss on early extinguishment of debt, and loss on asset sale, net of tax effects of reconciling items, or Adjusted Net Income, was $138 million. Adjusted Net Income was $0.29 per diluted share, a 26% per share increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted Net Income (in thousands):

		Three Months Ended June 30,
			2024						2025
Net Income		$	86,037						124,513
Amortization of customer relationships			17,668						17,668
Loss on early extinguishment of debt			13,691						—
Loss on asset sale			1,379						—
Tax effect of reconciling items (1)			(8,430)						(4,564)
Adjusted Net Income		$	110,345						137,617

(1)       The statutory tax rate for each of the three months ended June 30, 2024 and 2025 was approximately 25.8%.

 

Adjusted EBITDA was $284 million, an 11% increase compared to the prior year quarter. Interest expense was $48 million, an 8% decrease compared to the prior year quarter, driven primarily by lower outstanding average total debt. Capital expenditures were $45 million, a 13% decrease compared to the second quarter of 2024. Current income tax expense was $2 million. Looking forward, the Company expects a reversal of substantially all of the cash paid for income taxes during the first half of the year. Free Cash Flow before dividends was $190 million, a 25% increase compared to the prior year quarter. Free Cash Flow after dividends was $82 million, an 89% increase compared to the prior year quarter.

The following table reconciles Net Income to Adjusted EBITDA and Free Cash Flow before and after dividends (in thousands):

		Three Months Ended June 30,
			2024			2025
Net Income		$	86,037			124,513
Interest expense, net			52,186			47,962
Income tax expense			28,436			43,985
Depreciation expense			37,576			33,364
Amortization of customer relationships			17,668			17,668
Equity-based compensation			11,599			11,407
Equity in earnings of unconsolidated affiliates			(27,597)			(30,016)
Distributions from unconsolidated affiliates			33,970			35,355
Loss on early extinguishment of debt			13,691			—
Other operating expense (1)			1,426			50
Adjusted EBITDA		$	254,992			284,288
Interest expense, net			(52,186)			(47,962)
Capital expenditures (accrual-based)			(51,276)			(44,847)
Current income tax expense			—			(1,908)
Free Cash Flow before dividends		$	151,530			189,571
Dividends declared (accrual-based)			(108,284)			(107,678)
Free Cash Flow after dividends		$	43,246			81,893

(1)       Other operating expense represents accretion of asset retirement obligations and loss on asset sale.

 

The following table reconciles net cash provided by operating activities to Free Cash Flow before and after dividends (in thousands):

		Three Months Ended June 30,
			2024						2025
Net cash provided by operating activities		$	215,806						265,183
Amortization of deferred financing costs			(1,495)						(1,314)
Settlement of asset retirement obligations			250						48
Changes in working capital			(11,755)						(29,499)
Capital expenditures (accrual-based)			(51,276)						(44,847)
Free Cash Flow before dividends		$	151,530						189,571
Dividends declared (accrual-based)			(108,284)						(107,678)
Free Cash Flow after dividends		$	43,246						81,893

 

Second Quarter 2025 Operating Update

During the second quarter of 2025, Antero Midstream connected 18 wells to its gathering system and serviced 11 wells with its fresh water delivery system.  

Capital Investments

Capital expenditures were $45 million during the second quarter of 2025. The Company invested $22 million in gathering and compression, $20 million in water infrastructure and $3 million in the Stonewall Joint Venture. 

Conference Call

A conference call is scheduled on Thursday, July 31, 2025 at 10:00 am MT to discuss the financial and operational results. A brief Q&A session for security analysts will immediately follow the discussion of the results. To participate in the call, dial in at 877-407-9126 (U.S.), or 201-493-6751 (International) and reference "Antero Midstream." A telephone replay of the call will be available until Thursday, August 7, 2025 at 10:00 am MT at 877-660-6853 (U.S.) or 201-612-7415 (International) using the conference ID: 13750399. To access the live webcast and view the related earnings conference call presentation, visit Antero Midstream's website at www.anteromidstream.com. The webcast will be archived for replay until Thursday, August 7, 2025 at 10:00 am MT.

Presentation

An updated presentation will be posted to the Company's website before the conference call. The presentation can be found at www.anteromidstream.com on the homepage. Information on the Company's website does not constitute a portion of, and is not incorporated by reference into this press release.

Non-GAAP Financial Measures and Definitions

Antero Midstream uses certain non-GAAP financial measures. Antero Midstream defines Adjusted Net Income as Net Income adjusted for certain items. Antero Midstream uses Adjusted Net Income to assess the operating performance of its assets. Antero Midstream defines Adjusted EBITDA as Net Income adjusted for certain items.

Antero Midstream uses Adjusted EBITDA to assess:

• the financial performance of Antero Midstream's assets, without regard to financing methods, capital structure or historical cost basis;
• its operating performance and return on capital as compared to other publicly traded companies in the midstream energy sector, without regard to financing or capital structure; and
• the viability of acquisitions and other capital expenditure projects.

Antero Midstream defines Free Cash Flow before dividends as Adjusted EBITDA less net interest expense, accrual-based capital expenditures, and current income tax expense. Capital expenditures include additions to gathering systems and facilities, additions to water handling systems, and investments in unconsolidated affiliates. Capital expenditures exclude acquisitions. Free Cash Flow after dividends is defined as Free Cash Flow before dividends less accrual-based dividends declared for the quarter. Antero Midstream uses Free Cash Flow before and after dividends as a performance metric to compare the cash generating performance of Antero Midstream from period to period.

Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow before and after dividends are non-GAAP financial measures. The GAAP measure most directly comparable to these measures is Net Income. Such non-GAAP financial measures should not be considered as alternatives to the GAAP measures of Net Income and cash flows provided by (used in) operating activities. The presentations of such measures are not made in accordance with GAAP and have important limitations as analytical tools because they include some, but not all, items that affect Net Income and cash flows provided by operating activities. You should not consider any or all such measures in isolation or as a substitute for analyses of results as reported under GAAP. Antero Midstream's definitions of such measures may not be comparable to similarly titled measures of other companies.

The following table reconciles cash paid for capital expenditures and accrued capital expenditures during the period (in thousands):

		Three Months Ended June 30,
			2024						2025
Capital expenditures (as reported on a cash basis)		$	43,399						40,064
Change in accrued capital costs			7,877						4,783
Capital expenditures (accrual basis)		$	51,276						44,847

 

Antero Midstream defines Net Debt as consolidated total debt, excluding unamortized debt premiums and debt issuance costs, less cash and cash equivalents. Antero Midstream views Net Debt as an important indicator in evaluating Antero Midstream's financial leverage. Antero Midstream defines Leverage as Net Debt divided by Adjusted EBITDA for the last twelve months. The GAAP measure most directly comparable to Net Debt is total debt, excluding unamortized debt premiums and debt issuance costs.

The following table reconciles consolidated total debt to Net Debt as used in this release (in thousands):

		June 30,
				2024				2025
Bank credit facility		$		555,700				389,300
5.75% senior notes due 2027				650,000				650,000
5.75% senior notes due 2028				650,000				650,000
5.375% senior notes due 2029				750,000				750,000
6.625% senior notes due 2032				600,000				600,000
Consolidated total debt				3,205,700				3,039,300
Less: Cash and cash equivalents				—				—
Consolidated net debt		$		3,205,700				3,039,300

 

The following table reconciles Net Income to Adjusted EBITDA for the last twelve months ended June 30, 2025 (in thousands):

			Twelve Months Ended June 30, 2025
Net Income		$	456,179
Interest expense, net			197,905
Income tax expense			162,886
Depreciation expense			131,441
Amortization of customer relationships			70,672
Impairment of property and equipment			1,149
Equity-based compensation			47,215
Equity in earnings of unconsolidated affiliates			(113,482)
Distributions from unconsolidated affiliates			135,460
Loss on early extinguishment of debt			341
Other operating income, net (1)			(464)
Adjusted EBITDA		$	1,089,302

(1)       Other operating income, net represents accretion of asset retirement obligation and gain on asset sale.

 

Antero Midstream has not included a reconciliation of Adjusted Net Income, Adjusted EBITDA and Free Cash Flow before and after dividends to the nearest GAAP financial measures for 2025 because it cannot do so without unreasonable effort and any attempt to do so would be inherently imprecise. Antero Midstream is able to forecast the following reconciling items between such measures and Net Income (in millions):

		Twelve Months Ended December 31, 2025
		Low		High
Depreciation expense		$130		$140
Equity based compensation expense		40		45
Amortization of customer relationships		70		75
Distributions from unconsolidated affiliates		135		145

 

Antero Midstream Corporation is a Delaware corporation that owns, operates and develops midstream gathering, compression, processing and fractionation assets located in the Appalachian Basin, as well as integrated water assets that primarily service Antero Resources Corporation's (NYSE: AR) ("Antero Resources") properties.

This release includes "forward-looking statements." Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Midstream's control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Midstream expects, believes or anticipates will or may occur in the future, such as statements regarding our strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management, Antero Resources' expected production and development plan, natural gas, NGLs and oil prices, Antero Midstream's ability to realize the anticipated benefits of its investments in unconsolidated affiliates, Antero Midstream's ability to execute its share repurchase and dividend program, Antero Midstream's ability to execute its business strategy, impacts of geopolitical events, including the conflicts in Ukraine and in the Middle East, and world health events, information regarding long-term financial and operating outlooks for Antero Midstream and Antero Resources, information regarding Antero Resources' expected future growth and its ability to meet its drilling and development plan and the participation level of Antero Resources' drilling partner, the impact on demand for Antero Midstream's services as a result of incremental production by Antero Resources, the impact of recently enacted legislation, and expectations regarding the amount and timing of litigation awards are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. All forward-looking statements speak only as of the date of this release. Although Antero Midstream believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Midstream expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Midstream cautions you that these forward-looking statements are subject to all of the risks and uncertainties incidental to our business, most of which are difficult to predict and many of which are beyond Antero Midstream's control. These risks include, but are not limited to, commodity price volatility, inflation, supply chain or other disruptions, environmental risks, Antero Resources' drilling and completion and other operating risks, regulatory changes or changes in law, the uncertainty inherent in projecting Antero Resources' future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, cybersecurity risks, the state of markets for, and availability of, verified quality carbon offsets and the other risks described under the heading "Risk Factors" in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2024.

ANTERO MIDSTREAM CORPORATION Condensed Consolidated Balance Sheets  (In thousands, except per share amounts)
					(Unaudited)
		December 31,			June 30,
		2024			2025
Assets
Current assets:
Accounts receivable–Antero Resources		$	115,180			111,623
Accounts receivable–third party			832			774
Other current assets			2,052			2,080
Total current assets			118,064			114,477
Long-term assets:
Property and equipment, net			3,881,621			3,892,547
Investments in unconsolidated affiliates			603,956			598,340
Customer relationships			1,144,759			1,109,423
Other assets, net			13,348			12,215
Total assets		$	5,761,748			5,727,002
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable–Antero Resources		$	4,114			4,330
Accounts payable–third party			12,308			14,798
Accrued liabilities			83,555			90,303
Other current liabilities			635			1,737
Total current liabilities			100,612			111,168
Long-term liabilities:
Long-term debt			3,116,958			3,023,800
Deferred income tax liability, net			413,608			490,101
Other			15,399			14,544
Total liabilities			3,646,577			3,639,613
Stockholders' equity:
Preferred stock, $0.01 par value: 100,000 authorized as of December 31, 2024 and June 30,       2025
Series A non-voting perpetual preferred stock; 12 designated and 10 issued and       outstanding as of December 31, 2024 and June 30, 2025			—			—
Common stock, $0.01 par value; 2,000,000 authorized; 479,422 and 479,011 issued and       outstanding as of December 31, 2024 and June 30, 2025, respectively			4,794			4,790
Additional paid-in capital			2,019,830			1,970,769
Retained earnings			90,547			111,830
Total stockholders' equity			2,115,171			2,087,389
Total liabilities and stockholders' equity		$	5,761,748			5,727,002

 

ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (In thousands, except per share amounts)
		Three Months Ended June 30,
		2024			2025
Revenue:
Gathering and compression–Antero Resources		$	228,993			248,901
Water handling–Antero Resources			58,056			73,773
Water handling–third party			414			466
Amortization of customer relationships			(17,668)			(17,668)
Total revenue			269,795			305,472
Operating expenses:
Direct operating			56,409			63,114
General and administrative (including $11,599 and $11,407 of equity-based compensation       in 2024 and 2025, respectively)			21,219			22,125
Facility idling			412			375
Depreciation			37,576			33,364
Other operating expense, net			1,426			50
Total operating expenses			117,042			119,028
Operating income			152,753			186,444
Other income (expense):
Interest expense, net			(52,186)			(47,962)
Equity in earnings of unconsolidated affiliates			27,597			30,016
Loss on early extinguishment of debt			(13,691)			—
Total other expense			(38,280)			(17,946)
Income before income taxes			114,473			168,498
Income tax expense			(28,436)			(43,985)
Net income and comprehensive income		$	86,037			124,513
Net income per common share–basic		$	0.18			0.26
Net income per common share–diluted		$	0.18			0.26
Weighted average common shares outstanding:
Basic			481,103			479,083
Diluted			484,778			482,451

 

ANTERO MIDSTREAM CORPORATION Selected Operating Data (Unaudited)
								Amount of
		Three Months Ended June 30,						Increase			Percentage
		2024			2025			or Decrease			Change
Operating Data:
Gathering—low pressure (MMcf)			296,489			314,826			18,337			6	%
Compression (MMcf)			295,400			313,706			18,306			6	%
Gathering—high pressure (MMcf)			272,447			293,146			20,699			8	%
Fresh water delivery (MBbl)			7,362			8,941			1,579			21	%
Other fluid handling (MBbl)			5,144			5,330			186			4	%
Wells serviced by fresh water delivery			19			11			(8)			(42)	%
Gathering—low pressure (MMcf/d)			3,258			3,460			202			6	%
Compression (MMcf/d)			3,246			3,447			201			6	%
Gathering—high pressure (MMcf/d)			2,994			3,221			227			8	%
Fresh water delivery (MBbl/d)			81			98			17			21	%
Other fluid handling (MBbl/d)			57			59			2			4	%
Average Realized Fees(1):
Average gathering—low pressure fee ($/Mcf)		$	0.36			0.36			—			*
Average compression fee ($/Mcf)		$	0.21			0.22			0.01			5	%
Average gathering—high pressure fee ($/Mcf)		$	0.22			0.23			0.01			5	%
Average fresh water delivery fee ($/Bbl)		$	4.31			4.37			0.06			1	%
Joint Venture Operating Data:
Processing—Joint Venture (MMcf)			144,520			153,560			9,040			6	%
Fractionation—Joint Venture (MBbl)			3,640			3,640			—			*
Processing—Joint Venture (MMcf/d)			1,588			1,687			99			6	%
Fractionation—Joint Venture (MBbl/d)			40			40			—			*

*	Not meaningful or applicable.
(1)	The average realized fees for the three months ended June 30, 2025 include annual CPI-based adjustments of approximately 1.6%.

 

ANTERO MIDSTREAM CORPORATION Condensed Consolidated Results of Segment Operations (Unaudited) (In thousands)
		Three Months Ended June 30, 2025
		Gathering and			Water						Consolidated
		Processing			Handling			Unallocated			Total
Revenues:
Revenue–Antero Resources		$	248,901			73,773			—			322,674
Revenue–third-party			—			466			—			466
Amortization of customer relationships			(9,272)			(8,396)			—			(17,668)
Total revenues			239,629			65,843			—			305,472
Operating expenses:
Direct operating			25,662			37,452			—			63,114
General and administrative (excluding equity-based       compensation)			5,132			3,996			1,590			10,718
Equity-based compensation			7,229			3,893			285			11,407
Facility idling			—			375			—			375
Depreciation			19,336			14,028			—			33,364
Other operating expense, net			—			50			—			50
Total operating expenses			57,359			59,794			1,875			119,028
Operating income			182,270			6,049			(1,875)			186,444
Other income (expense):
Interest expense, net			—			—			(47,962)			(47,962)
Equity in earnings of unconsolidated affiliates			30,016			—			—			30,016
Total other income (expense)			30,016			—			(47,962)			(17,946)
Income before income taxes			212,286			6,049			(49,837)			168,498
Income tax expense			—			—			(43,985)			(43,985)
Net income and comprehensive income		$	212,286			6,049			(93,822)			124,513

 

ANTERO MIDSTREAM CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)
		Six Months Ended June 30,
		2024			2025
Cash flows provided by (used in) operating activities:
Net income		$	189,963			245,250
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation			74,671			66,112
Impairment of property and equipment			—			817
Deferred income tax expense			64,924			76,493
Equity-based compensation			20,926			23,809
Equity in earnings of unconsolidated affiliates			(55,127)			(58,036)
Distributions from unconsolidated affiliates			68,930			68,730
Amortization of customer relationships			35,336			35,336
Amortization of deferred financing costs			3,150			2,621
Settlement of asset retirement obligations			(414)			(258)
Loss on early extinguishment of debt			13,750			—
Other operating activities			1,470			94
Changes in assets and liabilities:
Accounts receivable–Antero Resources			(12,641)			3,557
Accounts receivable–third party			755			304
Other current assets			452			(195)
Accounts payable–Antero Resources			(353)			166
Accounts payable–third party			3,387			1,750
Income taxes payable			—			989
Accrued liabilities			17,188			(3,414)
Net cash provided by operating activities			426,367			464,125
Cash flows provided by (used in) investing activities:
Additions to gathering systems, facilities and other			(62,330)			(43,094)
Additions to water handling systems			(16,142)			(24,168)
Additional investments in unconsolidated affiliate			—			(5,078)
Acquisition of gathering systems and facilities			(70,634)			—
Other investing activities			684			6
Net cash used in investing activities			(148,422)			(72,334)
Cash flows provided by (used in) financing activities:
Dividends to common stockholders			(220,736)			(224,134)
Dividends to preferred stockholders			(275)			(275)
Repurchases of common stock			—			(45,340)
Issuance of Senior Notes			600,000			—
Redemption of Senior Notes			(560,862)			—
Payments of deferred financing costs			(7,274)			—
Borrowings on Credit Facility			1,006,400			567,500
Repayments on Credit Facility			(1,080,800)			(662,500)
Employee tax withholding for settlement of equity-based compensation awards			(14,464)			(27,042)
Net cash used in financing activities			(278,011)			(391,791)
Net decrease in cash and cash equivalents			(66)			—
Cash and cash equivalents, beginning of period			66			—
Cash and cash equivalents, end of period		$	—			—
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			88,672			93,416
Cash paid during the period for income taxes			—			2,600
Increase in accrued capital expenditures and accounts payable for property and equipment			2,576			9,795

 

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SOURCE Antero Midstream Corporation

FAQ

What were Antero Midstream's (AM) key financial results for Q2 2025?

AM reported Net Income of $125 million ($0.26 per share), Adjusted EBITDA of $284 million (up 11%), and Free Cash Flow after dividends of $82 million (up 89% year-over-year).

How much did Antero Midstream's gathering volumes increase in Q2 2025?

AM achieved record gathering volumes of 3.5 Bcf/d, representing a 6% increase compared to the prior year quarter.

What changes did Antero Midstream make to its 2025 guidance?

AM increased Net Income, Adjusted Net Income, and Adjusted EBITDA guidance by $10 million each, decreased expenses, and raised Free Cash Flow guidance by $25 million.

How much debt has Antero Midstream reduced and what is its current leverage?

AM reduced debt by $170 million over the past year, including nearly $100 million year-to-date, resulting in improved leverage of 2.8x as of June 30, 2025.

What is Antero Midstream's share repurchase activity in 2025?

Through July 30, 2025, AM has purchased $83 million worth of shares, including 1.0 million shares for $17 million in Q2 and 0.6 million shares for $11 million in July.