Antero Midstream (AM) Financials

$21.76 +0.21 (+0.95%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$21.72 -0.04 (-0.18%)

As of 05/14/2026 07:56 PM Eastern

Annual Income Statements for Antero Midstream

This table shows Antero Midstream's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	2.33	133	-355	-123	332	326	372	401	413
Consolidated Net Income / (Loss)	2.05	9.71	2.33	67	-355	-123	332	326	372	401	413
Net Income / (Loss) Continuing Operations	2.05	9.71	2.33	67	-355	-123	332	326	372	401	413
Total Pre-Tax Income	2.53	16	29	99	-458	-178	449	444	500	549	564
Total Operating Income	1.26	16	-41	-44	-398	-118	555	539	612	659	645
Total Gross Profit	1.26	17	0.00	0.00	654	806	812	810	899	959	1,027
Total Revenue	1.26	17	0.00	0.00	850	971	969	991	1,112	1,177	1,259
Operating Revenue	1.26	17	-	-	850	971	969	991	1,112	1,177	1,259
Total Cost of Revenue	0.00	0.00	0.00	0.00	196	165	157	180	213	218	232
Operating Cost of Revenue	-	-	-	-	196	165	157	180	213	218	232
Total Operating Expenses	0.00	0.81	41	44	1,052	924	256	270	287	300	383
Selling, General & Admin Expense	0.00	0.81	41	44	118	52	64	62	71	86	88
Depreciation Expense	-	-	-	-	96	109	109	132	136	140	134
Amortization Expense	-	-	-	-	57	71	71	71	71	71	71
Other Operating Expenses / (Income)	-	-	-	-	20	15	4.46	4.39	9.47	2.63	89
Impairment Charge	-	-	-	-	762	674	5.04	3.70	0.15	0.33	0.98
Total Other Income / (Expense), net	1.26	0.00	70	143	-59	-61	-107	-96	-112	-111	-80
Interest Expense	-	0.00	-	0.14	110	147	197	0.00	0.00	14	1.31
Interest & Investment Income	1.26	-	70	-	51	86	90	-96	-112	-96	-74
Other Income / (Expense), net	-	-	-	143	-	-	-	-	0.00	0.00	-5.20
Income Tax Expense	0.48	6.42	26	32	-102	-56	117	117	128	148	151
Basic Earnings per Share	$0.00	$0.00	$0.03	$0.33	($0.80)	($0.26)	$0.69	$0.68	$0.77	$0.83	$0.86
Weighted Average Basic Shares Outstanding	0.00	0.00	186.18M	372.41M	442.64M	478.28M	477.27M	478.23M	479.38M	480.82M	477.91M
Diluted Earnings per Share	$0.00	$0.00	$0.03	$0.33	($0.80)	($0.26)	$0.69	$0.68	$0.77	$0.83	$0.86
Weighted Average Diluted Shares Outstanding	-	0.00	186.18M	186.20M	442.64M	478.28M	479.74M	480.30M	482.37M	485.25M	482.18M
Weighted Average Basic & Diluted Shares Outstanding	-	0.00	186.18M	186.20M	442.64M	476.91M	477.68M	478.61M	479.74M	478.61M	473.08M

This table shows Antero Midstream's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	98	100	104	86	100	111	121	125	116	52	118
Consolidated Net Income / (Loss)	98	100	104	86	100	111	121	125	116	52	118
Net Income / (Loss) Continuing Operations	98	100	104	86	100	111	121	125	116	52	118
Total Pre-Tax Income	134	131	140	114	138	156	157	168	162	77	156
Total Operating Income	162	156	166	153	162	178	177	186	180	101	189
Total Gross Profit	230	227	243	231	236	249	252	260	255	261	265
Total Revenue	282	278	297	287	288	305	309	323	312	315	335
Operating Revenue	282	278	297	287	288	305	309	323	312	315	335
Total Cost of Revenue	52	51	54	56	52	56	57	63	58	54	71
Operating Cost of Revenue	52	51	54	56	52	56	57	63	58	54	71
Total Operating Expenses	67	71	77	78	73	71	75	74	74	160	76
Selling, General & Admin Expense	18	18	21	21	23	21	23	22	21	21	22
Depreciation Expense	31	35	37	38	33	33	33	33	34	34	35
Amortization Expense	18	18	18	18	18	18	18	18	18	18	21
Other Operating Expenses / (Income)	0.77	0.57	0.57	1.84	-0.02	0.43	0.49	0.43	0.49	87	0.58
Impairment Charge	0.00	-	0.00	0.00	0.33	-	0.82	0.00	0.17	-	0.00
Other Special Charges / (Income)	0.47	-0.01	-	-	-	-0.18	0.00	-	-	-	-2.66
Total Other Income / (Expense), net	-28	-24	-26	-38	-24	-22	-20	-18	-19	-23	-33
Interest & Investment Income	-28	-79	-26	-25	-24	-75	-20	-18	-18	-18	-24
Other Income / (Expense), net	-	-	-	-	-	-	0.00	-	-	-	-8.69
Income Tax Expense	37	31	36	28	38	45	36	44	46	25	38
Basic Earnings per Share	$0.20	$0.21	$0.22	$0.18	$0.21	$0.22	$0.25	$0.26	$0.24	$0.11	$0.25
Weighted Average Basic Shares Outstanding	479.68M	479.38M	479.90M	481.10M	481.29M	480.82M	479.06M	479.08M	478.02M	477.91M	473.87M
Diluted Earnings per Share	$0.20	$0.21	$0.21	$0.18	$0.21	$0.23	$0.25	$0.26	$0.24	$0.11	$0.25
Weighted Average Diluted Shares Outstanding	482.84M	482.37M	484.30M	484.78M	485.53M	485.25M	484.38M	482.45M	481.81M	482.18M	477.96M
Weighted Average Basic & Diluted Shares Outstanding	479.71M	479.74M	481.24M	481.26M	481.32M	478.61M	479.22M	478.50M	476.28M	473.08M	474.98M

This table details how cash moves in and out of Antero Midstream's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.07	9.54	-3.62	-3.17	-1.59	-0.60	-0.64	0.00	0.07	-0.07	263
Net Cash From Operating Activities	0.30	9.54	28	84	622	753	710	700	779	844	932
Net Cash From Continuing Operating Activities	0.30	9.54	28	84	622	753	710	700	783	844	932
Net Income / (Loss) Continuing Operations	0.78	9.71	2.33	67	-355	-123	332	326	372	401	413
Consolidated Net Income / (Loss)	0.78	9.71	2.33	67	-355	-123	332	326	372	401	413
Depreciation Expense	-	-	-	-	96	109	109	132	136	140	134
Amortization Expense	-	0.00	-	0.15	60	75	76	76	77	77	76
Non-Cash Adjustments To Reconcile Net Income	-0.97	-6.57	19	15	900	692	72	43	200	83	159
Changes in Operating Assets and Liabilities, net	0.48	6.40	7.05	1.38	-78	0.25	122	123	-1.52	143	150
Net Cash From Investing Activities	0.00	0.00	0.00	0.00	-526	-219	-233	-494	-183	-243	-169
Net Cash From Continuing Investing Activities	0.00	0.00	0.00	0.00	-526	-219	-233	-493	-183	-243	-169
Purchase of Property, Plant & Equipment	-	-	-	-	-392	-197	-233	-516	-184	-242	-162
Acquisitions	-	-	-	-	465	-25	-2.07	0.00	-0.26	-2.39	-6.65
Other Investing Activities, net	-	-	-	-	-599	1.94	0.00	-0.10	1.06	2.00	-0.30
Net Cash From Financing Activities	-0.22	0.00	-32	-87	-98	-535	-477	-206	-596	-601	-500
Net Cash From Continuing Financing Activities	0.00	0.00	-32	-87	-98	-535	-477	-206	-596	-601	-500
Repayment of Debt	-	-	-	-0.23	-125	-352	-1,764	-1,035	-1,190	-2,284	-2,917
Repurchase of Common Equity	-	0.00	-	-	-126	-25	-	0.00	0.00	-29	-135
Payment of Dividends	0.00	0.00	-16	-86	-496	-590	-472	-433	-435	-438	-440
Issuance of Debt	-	-	-	-	650	550	1,763	1,269	1,038	2,165	3,019
Other Financing Activities, net	-	0.00	-16	-	-2.02	-117	-5.01	-6.90	-8.50	-15	-28
Cash Interest Paid	-	-	-	0.00	83	141	180	183	214	190	188
Cash Income Taxes Paid	-	0.23	19	32	-16	39	16	-	-9.63	-0.10	2.60

This table details how cash moves in and out of Antero Midstream's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-	0.07	26	-26	-	-	0.00	-	-	263	-263
Net Cash From Operating Activities	202	208	211	216	185	233	199	265	213	256	239
Net Cash From Continuing Operating Activities	202	208	211	216	185	233	199	262	216	256	239
Net Income / (Loss) Continuing Operations	98	100	104	86	100	111	121	125	116	52	118
Consolidated Net Income / (Loss)	98	100	104	86	100	111	121	125	116	52	118
Depreciation Expense	31	35	37	38	33	33	33	33	34	34	35
Amortization Expense	19	19	19	19	19	19	19	19	19	19	23
Non-Cash Adjustments To Reconcile Net Income	13	18	17	33	16	18	18	94	-57	104	14
Changes in Operating Assets and Liabilities, net	42	36	34	40	17	52	8.12	-8.52	103	47	49
Net Cash From Investing Activities	-45	-54	-37	-111	-55	-40	-32	-40	-47	-50	-781
Net Cash From Continuing Investing Activities	-45	-54	-37	-111	-55	-39	-32	-40	-47	-50	-781
Purchase of Property, Plant & Equipment	-45	-54	-37	-112	-55	-38	-31	-37	-46	-49	-38
Acquisitions	-	-	0.00	-	-0.89	-1.50	-1.75	-3.33	-1.58	-	-1,121
Sale of Property, Plant & Equipment	-	0.02	-	0.69	0.47	0.18	0.01	-	-	-	379
Net Cash From Financing Activities	-157	-155	-147	-131	-130	-193	-167	-225	-166	57	279
Net Cash From Continuing Financing Activities	-157	-155	-147	-131	-130	-193	-167	-225	-166	57	279
Repayment of Debt	-306	-325	-884	-765	-314	-321	-311	-351	-1,489	-766	-636
Repurchase of Common Equity	-	-	0.00	-	-	-	-29	-17	-41	-48	-18
Payment of Dividends	-108	-108	-108	-113	-109	-109	-113	-112	-108	-107	-111
Issuance of Debt	257	278	845	761	293	266	304	263	1,472	979	1,077
Other Financing Activities, net	-0.00	-0.15	-0.03	-14	-0.36	-0.17	-18	-8.59	-0.05	-0.51	-33
Cash Interest Paid	51	55	42	47	72	29	65	28	68	27	45

This table presents Antero Midstream's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	17	30	48	6,283	5,611	4,767	5,791	5,738	5,762	5,884
Total Current Assets	9.83	5.99	2.91	109	94	84	89	91	118	380
Cash & Equivalents	9.61	5.99	2.82	1.24	0.64	-	0.00	0.07	0.00	180
Restricted Cash	-	-	-	-	-	-	-	-	0.00	83
Accounts Receivable	0.22	-	-	106	75	0.75	87	90	116	108
Current Deferred & Refundable Income Taxes	-	-	-	0.00	17	0.94	0.94	-	0.00	1.90
Other Current Assets	-	-	0.09	1.72	1.48	0.92	1.33	1.50	2.05	2.67
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	0.00	4.60
Plant, Property, & Equipment, net	0.00	0.00	0.00	3,273	3,254	3,395	3,751	3,794	3,882	3,455
Total Noncurrent Assets	7.54	24	45	2,901	2,263	1,369	1,951	1,853	1,762	2,050
Long-Term Investments	7.54	24	43	710	722	-	653	627	604	586
Intangible Assets	-	-	-	1,498	1,427	1,357	1,286	1,215	1,145	1,074
Other Noncurrent Operating Assets	-	-	-	14	9.61	13	12	11	13	11
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	0.00	379
Total Liabilities & Shareholders' Equity	17	30	48	6,283	5,611	5,544	5,791	5,738	5,762	5,884
Total Liabilities	7.10	0.00	17	3,139	3,193	3,257	3,599	3,586	3,647	3,912
Total Current Liabilities	7.10	-14	17	242	94	114	102	96	101	111
Accounts Payable	-	-0.29	0.76	9.79	9.50	24	28	15	16	16
Accrued Expenses	0.43	-	0.41	104	75	81	73	81	84	92
Other Current Liabilities	-	-	-	3.11	9.56	4.62	1.06	0.83	0.64	1.92
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	0.00	2.30
Total Noncurrent Liabilities	0.00	0.00	0.00	2,897	3,099	3,143	3,497	3,489	3,546	3,801
Long-Term Debt	-	-	-	2,892	3,092	3,123	3,361	3,213	3,117	3,223
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	-	-	-	14	131	266	414	563
Other Noncurrent Operating Liabilities	-	-	-	5.13	7.00	6.66	4.43	10	15	12
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	0.00	3.02
Total Equity & Noncontrolling Interests	10	16	31	3,143	2,418	2,287	2,192	2,152	2,115	1,972
Total Preferred & Common Equity	10	16	31	3,143	2,418	2,287	2,192	2,152	2,115	1,972
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10	16	31	3,143	2,418	2,287	2,192	2,152	2,115	1,972
Common Stock	10	16	31	3,485	2,882	2,419	2,110	2,051	2,025	1,957
Retained Earnings	-	-	-	-342	-464	-132	83	100	91	15

This table presents Antero Midstream's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	5,564	5,032	5,753	5,759	5,749	5,775	5,777	5,752	5,727	5,717	6,406
Total Current Assets	81	98	94	96	134	104	100	128	114	113	155
Cash & Equivalents	-	-	-	-	26	0.00	0.00	-	-	-	0.00
Restricted Cash	-	-	-	-	-	-	-	-	-	-	0.00
Accounts Receivable	79	0.37	92	94	106	103	99	125	112	109	150
Current Deferred & Refundable Income Taxes	0.94	0.94	0.94	0.94	-	-	-	-	-	1.90	1.90
Other Current Assets	0.56	1.74	0.80	0.81	1.81	0.96	1.30	2.77	2.08	2.11	2.80
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	3,508	3,749	3,756	3,783	3,789	3,869	3,892	3,884	3,893	3,908	3,932
Total Noncurrent Assets	1,975	1,280	1,902	1,881	1,827	1,802	1,785	1,740	1,720	1,696	2,319
Long-Term Investments	659	-	640	636	619	613	609	600	598	592	581
Intangible Assets	1,304	1,268	1,251	1,233	1,198	1,180	1,162	1,127	1,109	1,092	1,682
Other Noncurrent Operating Assets	12	11	12	12	10	9.54	14	13	12	12	56
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Total Liabilities & Shareholders' Equity	5,564	5,771	5,753	5,759	5,749	5,775	5,777	5,752	5,727	5,717	6,406
Total Liabilities	3,352	3,595	3,600	3,608	3,599	3,648	3,648	3,664	3,640	3,652	4,469
Total Current Liabilities	106	96	97	111	107	116	92	90	111	90	157
Accounts Payable	24	21	21	28	24	19	15	21	19	22	25
Accrued Expenses	73	69	75	82	82	96	76	67	90	67	118
Other Current Liabilities	9.31	1.07	0.82	0.67	0.88	0.89	0.92	2.48	1.74	1.52	15
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	3,246	3,499	3,503	3,497	3,492	3,532	3,556	3,573	3,528	3,562	4,312
Long-Term Debt	3,143	3,331	3,307	3,259	3,175	3,187	3,172	3,111	3,024	3,009	3,666
Noncurrent Deferred & Payable Income Tax Liabilities	99	163	192	229	302	331	369	448	490	538	601
Other Noncurrent Operating Liabilities	3.90	4.62	4.59	9.75	14	15	15	14	15	15	46
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Total Equity & Noncontrolling Interests	2,212	2,175	2,153	2,151	2,150	2,127	2,130	2,089	2,087	2,065	1,936
Total Preferred & Common Equity	2,212	2,175	2,153	2,151	2,150	2,127	2,130	2,089	2,087	2,065	1,936
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,212	2,175	2,153	2,151	2,150	2,127	2,130	2,089	2,087	2,065	1,936
Common Stock	2,128	2,089	2,066	2,053	2,046	2,041	2,030	1,989	1,976	1,977	1,832
Retained Earnings	84	87	87	98	104	86	100	99	112	88	104

This table displays calculated financial ratios and metrics derived from Antero Midstream's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	1,240.51%	-100.00%	0.00%	0.00%	14.34%	-0.26%	2.25%	12.29%	5.79%	6.99%
EBITDA Growth	0.00%	1,176.11%	-355.02%	341.17%	-344.72%	127.32%	1,016.19%	0.98%	10.29%	6.22%	-2.98%
EBIT Growth	0.00%	1,176.11%	-355.02%	340.81%	-502.29%	70.48%	572.06%	-2.86%	13.42%	7.73%	-2.99%
NOPAT Growth	0.00%	849.73%	-134.45%	-782.58%	-844.70%	70.48%	598.36%	-3.35%	14.69%	5.89%	-1.99%
Net Income Growth	0.00%	374.87%	-76.06%	2,764.86%	-633.14%	65.50%	370.65%	-1.62%	13.96%	7.83%	3.06%
EPS Growth	0.00%	0.00%	0.00%	1,000.00%	-342.42%	67.50%	365.38%	-1.45%	13.24%	7.79%	3.61%
Operating Cash Flow Growth	0.00%	3,132.88%	194.43%	197.48%	645.10%	21.05%	-5.79%	-1.43%	11.36%	8.33%	10.48%
Free Cash Flow Firm Growth	0.00%	0.00%	-246.92%	100.31%	-7,505,505.57%	110.11%	-3.59%	-76.22%	363.76%	-4.17%	91.43%
Invested Capital Growth	0.00%	0.00%	305.59%	-209.20%	35,366.87%	-12.17%	-3.12%	5.68%	-3.32%	-2.32%	-14.27%
Revenue Q/Q Growth	0.00%	0.00%	-100.00%	-100.00%	9.31%	216.61%	-30.83%	2.60%	1.70%	2.38%	0.76%
EBITDA Q/Q Growth	0.00%	0.00%	-319.71%	2,435.84%	1.90%	127.50%	2.02%	2.95%	1.59%	2.30%	-8.75%
EBIT Q/Q Growth	0.00%	0.00%	-319.71%	2,432.35%	-37.97%	72.34%	2.50%	2.98%	1.92%	3.46%	-11.42%
NOPAT Q/Q Growth	0.00%	0.00%	-637.82%	-1,018.99%	-37.97%	72.34%	-13.16%	2.37%	3.62%	1.57%	-11.02%
Net Income Q/Q Growth	0.00%	0.00%	235.01%	30.28%	-87.73%	84.09%	-56.12%	1.29%	4.99%	2.75%	-12.54%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-175.86%	68.29%	1.47%	1.49%	5.48%	2.47%	-12.24%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	56.47%	15.87%	36.53%	1.89%	-5.62%	0.63%	5.37%	2.97%	2.51%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-94.87%	-1.33%	110.73%	-13.17%	-66.36%	70.90%	6.46%	52.87%
Invested Capital Q/Q Growth	0.00%	0.00%	210.50%	8.76%	0.00%	-1.84%	-1.42%	4.36%	-0.74%	-1.36%	-11.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	0.00%	0.00%	76.95%	82.97%	83.78%	81.80%	80.84%	81.48%	81.58%
EBITDA Margin	100.00%	95.20%	0.00%	0.00%	-28.58%	6.83%	76.41%	75.47%	74.12%	74.42%	67.49%
Operating Margin	100.00%	95.20%	0.00%	0.00%	-46.90%	-12.11%	57.32%	54.46%	55.00%	56.01%	51.20%
EBIT Margin	100.00%	95.20%	0.00%	0.00%	-46.90%	-12.11%	57.32%	54.46%	55.00%	56.01%	50.79%
Profit (Net Income) Margin	161.79%	57.31%	0.00%	0.00%	-41.80%	-12.61%	34.23%	32.93%	33.42%	34.06%	32.81%
Tax Burden Percent	80.89%	60.20%	8.13%	67.34%	77.61%	68.75%	73.90%	73.52%	74.35%	73.07%	73.23%
Interest Burden Percent	200.00%	100.00%	-69.49%	99.86%	114.83%	151.49%	80.81%	82.25%	81.73%	83.23%	88.23%
Effective Tax Rate	19.11%	39.80%	91.87%	32.66%	0.00%	0.00%	26.10%	26.48%	25.65%	26.93%	26.77%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	-10.27%	-1.61%	8.71%	8.32%	9.44%	10.29%	10.98%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	-17.01%	-3.33%	5.37%	5.53%	6.30%	7.12%	8.37%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	-12.11%	-2.80%	5.39%	6.25%	7.68%	8.51%	9.23%
Return on Equity (ROE)	0.00%	94.57%	17.97%	286.68%	-22.37%	-4.41%	14.10%	14.57%	17.12%	18.79%	20.22%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-172.28%	0.00%	-105.40%	11.34%	11.88%	2.79%	12.81%	12.64%	26.36%
Operating Return on Assets (OROA)	0.00%	92.87%	0.00%	0.00%	-12.59%	-1.98%	10.70%	10.22%	10.61%	11.46%	10.98%
Return on Assets (ROA)	0.00%	55.91%	0.00%	0.00%	-11.22%	-2.06%	6.39%	6.18%	6.45%	6.97%	7.10%
Return on Common Equity (ROCE)	0.00%	94.57%	17.97%	286.68%	-22.37%	-4.41%	14.10%	14.57%	17.12%	18.79%	20.22%
Return on Equity Simple (ROE_SIMPLE)	0.00%	94.57%	14.90%	215.83%	-11.30%	-5.07%	14.50%	14.88%	17.28%	18.95%	0.00%
Net Operating Profit after Tax (NOPAT)	1.02	9.71	-3.35	-30	-279	-82	410	397	455	482	472
NOPAT Margin	80.89%	57.31%	0.00%	0.00%	-32.83%	-8.48%	42.36%	40.04%	40.89%	40.93%	37.49%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	60.94%	402.48%	6.74%	1.72%	3.34%	2.78%	3.14%	3.17%	2.61%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	7.14%	8.48%	9.21%	9.09%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	23.05%	17.03%	16.22%	18.20%	19.16%	18.52%	18.42%
SG&A Expenses to Revenue	0.00%	4.80%	0.00%	0.00%	13.90%	5.38%	6.59%	6.27%	6.39%	7.31%	6.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	4.80%	0.00%	0.00%	123.86%	95.08%	26.47%	27.29%	25.76%	25.47%	30.38%
Earnings before Interest and Taxes (EBIT)	1.26	16	-41	99	-398	-118	555	539	612	659	639
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1.26	16	-41	99	-243	66	740	748	825	876	850
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	118.62	34.89	0.70	1.10	1.62	2.01	2.58	3.39	4.25
Price to Tangible Book Value (P/TBV)	0.00	0.00	118.62	34.89	2.05	2.68	3.99	4.86	5.93	7.38	9.32
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	2.59	2.73	3.83	4.45	4.99	6.08	6.65
Price to Earnings (P/E)	0.00	0.00	796.34	8.08	0.00	0.00	11.19	13.51	14.94	17.86	20.26
Dividend Yield	0.00%	0.00%	0.86%	7.82%	24.77%	22.08%	12.64%	9.77%	7.77%	6.05%	5.12%
Earnings Yield	0.00%	0.00%	0.13%	12.37%	0.00%	0.00%	8.93%	7.40%	6.69%	5.60%	4.94%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	128.73	0.00	0.83	1.05	1.47	1.45	1.72	2.09	2.71
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	5.30	5.17	7.05	7.18	7.32	8.22	8.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	10.39	0.00	75.74	9.23	9.52	9.87	11.04	12.65
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	10.40	0.00	0.00	12.31	13.19	13.31	14.67	16.80
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	16.66	17.94	17.90	20.08	22.76
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	64.88	12.34	7.24	6.67	9.63	10.17	10.45	11.46	11.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	13,463.45	0.00	8.65	12.21	53.44	13.18	16.35	9.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.96	1.28	1.37	1.53	1.49	1.47	1.63
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.92	1.28	1.37	1.53	1.49	1.47	1.63
Financial Leverage	0.00	-1.67	-0.72	-1.03	0.71	0.84	1.00	1.13	1.22	1.20	1.10
Leverage Ratio	0.00	1.69	1.82	1.67	1.99	2.14	2.21	2.36	2.65	2.70	2.85
Compound Leverage Factor	0.00	1.69	-1.27	1.66	2.29	3.24	1.78	1.94	2.17	2.24	2.51
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	48.98%	56.11%	57.73%	60.52%	59.89%	59.57%	62.04%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	2.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	46.95%	56.11%	57.73%	60.52%	59.89%	59.57%	62.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	100.00%	100.00%	51.02%	43.89%	42.27%	39.48%	40.11%	40.43%	37.96%
Debt to EBITDA	0.00	0.00	0.00	0.00	-12.43	46.61	4.22	4.50	3.90	3.56	3.79
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-9.50	35.71	4.22	3.62	3.14	2.87	2.79
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-11.91	46.61	4.22	4.50	3.90	3.56	3.79
Debt to NOPAT	0.00	0.00	0.00	0.00	-10.82	-37.54	7.61	8.47	7.06	6.47	6.83
Net Debt to NOPAT	0.00	0.00	0.00	0.00	-8.27	-28.76	7.61	6.83	5.69	5.22	5.03
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-10.37	-37.54	7.61	8.47	7.06	6.47	6.83
Altman Z-Score	0.00	0.00	0.00	44.86	0.24	0.49	1.23	1.23	1.50	1.79	1.91
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.38	-0.42	0.17	0.45	1.00	0.74	0.87	0.95	1.17	3.41
Quick Ratio	0.00	1.38	-0.42	0.17	0.44	0.80	0.01	0.85	0.93	1.15	2.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	17	-24	0.08	-5,744	581	560	133	617	592	1,133
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	158.78%	384.57%	307.02%	137.20%	425.92%	350.21%	574.69%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.56	-52.03	3.95	2.84	0.00	0.00	41.99	862.70
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	614.20	5.64	5.12	3.60	0.00	0.00	59.90	710.18
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	614.20	2.09	3.79	2.43	0.00	0.00	42.79	586.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.98	0.00	0.00	0.27	0.16	0.19	0.19	0.19	0.20	0.22
Accounts Receivable Turnover	0.00	78.08	0.00	0.00	0.00	10.78	25.73	22.65	12.62	11.45	11.25
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.30	0.29	0.28	0.29	0.31	0.34
Accounts Payable Turnover	0.00	0.00	0.00	0.00	37.12	17.15	9.50	6.95	9.86	13.89	14.42
Days Sales Outstanding (DSO)	0.00	4.67	0.00	0.00	0.00	33.85	14.19	16.11	28.92	31.88	32.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	9.83	21.28	38.43	52.54	37.03	26.27	25.30
Cash Conversion Cycle (CCC)	0.00	4.67	0.00	0.00	-9.83	12.57	-24.25	-36.43	-8.11	5.61	7.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-6.88	14	-15	5,450	4,787	4,637	4,901	4,738	4,628	3,968
Invested Capital Turnover	0.00	-4.92	0.00	0.00	0.31	0.19	0.21	0.21	0.23	0.25	0.29
Increase / (Decrease) in Invested Capital	0.00	-6.88	21	-30	5,465	-663	-149	263	-163	-110	-661
Enterprise Value (EV)	0.00	0.00	1,822	1,030	4,505	5,024	6,835	7,115	8,141	9,673	10,745
Market Capitalization	0.00	0.00	1,851	1,077	2,198	2,655	3,712	4,407	5,555	7,160	8,371
Book Value per Share	$0.00	$0.20	$0.08	$0.17	$6.24	$5.07	$4.79	$4.58	$4.49	$4.39	$4.14
Tangible Book Value per Share	$0.00	$0.20	$0.08	$0.17	$2.13	$2.08	$1.95	$1.89	$1.95	$2.02	$1.89
Total Capital	0.00	10	16	31	6,161	5,510	5,410	5,554	5,365	5,232	5,195
Total Debt	0.00	0.00	0.00	0.00	3,017	3,092	3,123	3,361	3,213	3,117	3,223
Total Long-Term Debt	0.00	0.00	0.00	0.00	2,892	3,092	3,123	3,361	3,213	3,117	3,223
Net Debt	0.00	-17	-30	-46	2,306	2,369	3,123	2,709	2,587	2,513	2,374
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	392	196	231	510	183	241	162
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-6.88	14	-17	-9.76	-0.71	-30	-13	-5.36	17	5.45
Debt-free Net Working Capital (DFNWC)	0.00	2.73	20	-14	-8.53	-0.07	-30	-13	-5.29	17	268
Net Working Capital (NWC)	0.00	2.73	20	-14	-134	-0.07	-30	-13	-5.29	17	268
Net Nonoperating Expense (NNE)	-1.02	0.00	-5.67	-96	76	40	79	70	83	81	59
Net Nonoperating Obligations (NNO)	0.00	-17	-1.46	-46	2,306	2,369	2,351	2,709	2,587	2,513	1,995
Total Depreciation and Amortization (D&A)	0.00	0.00	0.00	0.15	156	184	185	208	213	217	210
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-40.62%	0.00%	0.00%	-1.15%	-0.07%	-3.12%	-1.32%	-0.48%	1.48%	0.43%
Debt-free Net Working Capital to Revenue	0.00%	16.09%	0.00%	0.00%	-1.00%	-0.01%	-3.12%	-1.32%	-0.48%	1.48%	21.32%
Net Working Capital to Revenue	0.00%	16.09%	0.00%	0.00%	-15.72%	-0.01%	-3.12%	-1.32%	-0.48%	1.48%	21.32%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.33	($0.80)	($0.26)	$0.69	$0.68	$0.77	$0.83	$0.86
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	186.24M	885.28M	478.28M	477.27M	478.23M	479.38M	480.82M	477.91M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.33	($0.80)	($0.26)	$0.69	$0.68	$0.77	$0.83	$0.86
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	186.19M	186.24M	442.64M	478.28M	479.74M	480.30M	482.37M	485.25M	482.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.33	($0.80)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	186.19M	186.20M	442.64M	476.91M	477.68M	478.61M	479.74M	478.61M	473.08M
Normalized Net Operating Profit after Tax (NOPAT)	1.02	9.71	-29	-30	254	391	417	398	459	482	473
Normalized NOPAT Margin	80.89%	57.31%	0.00%	0.00%	29.95%	40.28%	43.02%	40.14%	41.30%	40.99%	37.55%
Pre Tax Income Margin	200.00%	95.20%	0.00%	0.00%	-53.86%	-18.35%	46.32%	44.79%	44.95%	46.62%	44.81%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	728.35	-3.61	-0.80	2.82	0.00	0.00	46.78	487.03
NOPAT to Interest Expense	0.00	0.00	0.00	-217.11	-2.53	-0.56	2.08	0.00	0.00	34.18	359.55
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	728.35	-7.16	-2.13	1.65	0.00	0.00	29.68	363.46
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-217.11	-6.08	-1.89	0.91	0.00	0.00	17.08	235.98
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	688.65%	129.81%	-139.73%	-481.68%	142.25%	132.84%	117.11%	109.30%	106.39%
Augmented Payout Ratio	0.00%	0.00%	688.65%	129.81%	-175.08%	-501.85%	142.25%	132.84%	117.11%	116.46%	139.06%

This table displays calculated financial ratios and metrics derived from Antero Midstream's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	473,081,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	473,081,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.25
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.19%	7.18%	7.06%	4.17%	2.14%	9.83%	4.07%	12.41%	8.68%	3.12%	8.62%
EBITDA Growth	11.07%	6.56%	9.86%	4.79%	0.93%	9.41%	2.82%	13.99%	9.22%	-33.23%	3.64%
EBIT Growth	17.81%	8.00%	12.07%	4.97%	0.07%	14.17%	6.60%	22.06%	11.12%	-43.45%	1.52%
NOPAT Growth	16.64%	15.24%	13.31%	5.27%	-0.53%	6.52%	10.88%	20.00%	10.25%	-46.70%	4.87%
Net Income Growth	16.43%	21.32%	20.14%	-1.12%	1.96%	10.69%	16.18%	44.72%	16.29%	-53.30%	-2.05%
EPS Growth	17.65%	23.53%	16.67%	0.00%	5.00%	9.52%	19.05%	44.44%	14.29%	-52.17%	0.00%
Operating Cash Flow Growth	14.50%	23.54%	15.24%	16.28%	-8.65%	11.70%	-5.52%	22.88%	15.09%	9.80%	19.95%
Free Cash Flow Firm Growth	-63.17%	275.90%	433.66%	5,617.89%	393.10%	-15.90%	0.46%	39.32%	70.79%	207.40%	-228.53%
Invested Capital Growth	1.65%	-3.32%	-1.95%	-2.47%	-1.71%	-2.32%	-1.73%	-4.00%	-4.48%	-14.27%	9.18%
Revenue Q/Q Growth	2.01%	-1.30%	6.80%	-3.12%	0.03%	6.12%	1.20%	4.64%	-3.30%	0.70%	6.59%
EBITDA Q/Q Growth	6.17%	-1.17%	6.16%	-5.92%	2.25%	7.13%	-0.23%	4.30%	-2.03%	-34.50%	54.85%
EBIT Q/Q Growth	11.54%	-4.09%	6.79%	-8.12%	6.33%	9.42%	-0.29%	5.20%	-3.19%	-44.31%	79.01%
NOPAT Q/Q Growth	8.26%	0.86%	3.33%	-6.70%	2.30%	8.01%	7.56%	0.98%	-6.02%	-47.78%	111.61%
Net Income Q/Q Growth	12.42%	2.69%	3.46%	-17.21%	15.93%	11.48%	8.59%	3.13%	-6.85%	-55.23%	127.75%
EPS Q/Q Growth	11.11%	5.00%	0.00%	-14.29%	16.67%	9.52%	8.70%	4.00%	-7.69%	-54.17%	127.27%
Operating Cash Flow Q/Q Growth	9.08%	2.91%	1.08%	2.49%	-14.30%	25.82%	-14.50%	33.30%	-19.74%	20.05%	-6.61%
Free Cash Flow Firm Q/Q Growth	1,052.57%	597.89%	-23.25%	8.14%	-14.88%	19.03%	-8.31%	49.96%	4.35%	114.24%	-138.34%
Invested Capital Q/Q Growth	-0.96%	-0.74%	-1.23%	0.45%	-0.18%	-1.36%	-0.63%	-1.88%	-0.69%	-11.47%	26.56%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.56%	81.72%	81.83%	80.38%	82.01%	81.67%	81.60%	80.47%	81.48%	82.81%	78.92%
EBITDA Margin	75.39%	75.49%	75.04%	72.88%	74.49%	75.20%	74.14%	73.90%	74.86%	48.69%	70.74%
Operating Margin	57.66%	56.03%	56.03%	53.14%	56.49%	58.25%	57.39%	57.70%	57.76%	31.94%	56.23%
EBIT Margin	57.66%	56.03%	56.03%	53.14%	56.49%	58.25%	57.39%	57.70%	57.76%	31.94%	53.64%
Profit (Net Income) Margin	34.75%	36.15%	35.03%	29.93%	34.69%	36.44%	39.10%	38.53%	37.12%	16.50%	35.26%
Tax Burden Percent	72.74%	76.49%	74.01%	75.16%	72.31%	71.37%	76.98%	73.90%	71.74%	67.27%	75.86%
Interest Burden Percent	82.85%	84.35%	84.46%	74.94%	84.93%	87.65%	88.49%	90.37%	89.57%	76.80%	86.65%
Effective Tax Rate	27.26%	23.51%	25.99%	24.84%	27.69%	28.63%	23.02%	26.10%	28.26%	32.73%	24.14%
Return on Invested Capital (ROIC)	9.69%	9.89%	9.93%	9.59%	9.92%	10.45%	11.32%	11.33%	11.29%	6.29%	11.40%
ROIC Less NNEP Spread (ROIC-NNEP)	8.90%	9.19%	9.19%	8.50%	9.24%	9.83%	10.70%	10.80%	10.75%	5.60%	10.51%
Return on Net Nonoperating Assets (RNNOA)	10.41%	11.20%	10.89%	10.40%	11.19%	11.75%	12.72%	12.81%	12.75%	6.18%	14.62%
Return on Equity (ROE)	20.10%	21.09%	20.82%	20.00%	21.11%	22.20%	24.04%	24.15%	24.04%	12.47%	26.02%
Cash Return on Invested Capital (CROIC)	7.63%	12.81%	11.90%	12.48%	11.74%	12.64%	12.42%	15.34%	16.15%	26.36%	1.17%
Operating Return on Assets (OROA)	11.14%	10.81%	11.77%	10.54%	11.26%	11.92%	11.87%	12.29%	12.56%	6.91%	11.35%
Return on Assets (ROA)	6.71%	6.98%	7.36%	5.94%	6.91%	7.46%	8.08%	8.21%	8.07%	3.57%	7.46%
Return on Common Equity (ROCE)	20.10%	21.09%	20.82%	20.00%	21.11%	22.20%	24.04%	24.15%	24.04%	12.47%	26.02%
Return on Equity Simple (ROE_SIMPLE)	16.46%	0.00%	18.10%	18.25%	18.32%	0.00%	20.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	118	119	123	115	117	127	136	138	129	68	143
NOPAT Margin	41.94%	42.86%	41.47%	39.94%	40.84%	41.57%	44.18%	42.64%	41.44%	21.49%	42.66%
Net Nonoperating Expense Percent (NNEP)	0.79%	0.70%	0.75%	1.10%	0.68%	0.61%	0.62%	0.53%	0.54%	0.70%	0.89%
Return On Investment Capital (ROIC_SIMPLE)	-	2.22%	-	-	-	2.42%	2.62%	2.70%	2.55%	1.30%	2.55%
Cost of Revenue to Revenue	18.44%	18.28%	18.17%	19.62%	17.99%	18.33%	18.40%	19.53%	18.52%	17.19%	21.08%
SG&A Expenses to Revenue	6.26%	6.45%	7.15%	7.38%	7.95%	6.81%	7.46%	6.85%	6.82%	6.82%	6.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	23.90%	25.62%	25.80%	27.24%	25.52%	23.43%	24.20%	22.77%	23.72%	50.87%	22.69%
Earnings before Interest and Taxes (EBIT)	162	156	166	153	162	178	177	186	180	101	180
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	212	210	223	209	214	229	229	239	234	153	237
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.46	2.58	3.04	3.28	3.35	3.39	4.07	4.29	4.45	4.25	5.51
Price to Tangible Book Value (P/TBV)	5.76	5.93	6.86	7.38	7.38	7.38	8.84	9.16	9.44	9.32	42.00
Price to Revenue (P/Rev)	4.84	4.99	5.77	6.11	6.21	6.08	7.15	7.32	7.35	6.65	8.30
Price to Earnings (P/E)	14.94	14.94	16.80	18.00	18.29	17.86	20.35	19.65	19.45	20.26	25.99
Dividend Yield	8.16%	7.77%	6.60%	6.20%	6.07%	6.05%	5.07%	4.81%	4.69%	5.12%	3.99%
Earnings Yield	6.69%	6.69%	5.95%	5.56%	5.47%	5.60%	4.91%	5.09%	5.14%	4.94%	3.85%
Enterprise Value to Invested Capital (EV/IC)	1.66	1.72	1.94	2.03	2.07	2.09	2.39	2.52	2.59	2.71	2.74
Enterprise Value to Revenue (EV/Rev)	7.23	7.32	8.01	8.36	8.44	8.22	9.26	9.30	9.29	8.53	10.70
Enterprise Value to EBITDA (EV/EBITDA)	9.75	9.87	10.74	11.19	11.33	11.04	12.48	12.49	12.46	12.65	16.04
Enterprise Value to EBIT (EV/EBIT)	13.18	13.31	14.40	15.01	15.22	14.67	16.43	16.18	16.07	16.80	21.43
Enterprise Value to NOPAT (EV/NOPAT)	18.02	17.90	19.32	20.13	20.45	20.08	22.22	21.96	21.87	22.76	28.77
Enterprise Value to Operating Cash Flow (EV/OCF)	10.70	10.45	11.24	11.42	11.83	11.46	13.23	12.91	12.76	11.52	14.15
Enterprise Value to Free Cash Flow (EV/FCFF)	21.90	13.18	16.12	16.10	17.45	16.35	19.11	16.12	15.66	9.49	245.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.51	1.49	1.48	1.50	1.49	1.47	1.49	1.45	1.46	1.63	1.89
Long-Term Debt to Equity	1.51	1.49	1.48	1.50	1.49	1.47	1.49	1.45	1.46	1.63	1.89
Financial Leverage	1.17	1.22	1.19	1.22	1.21	1.20	1.19	1.19	1.19	1.10	1.39
Leverage Ratio	2.60	2.65	2.49	2.69	2.69	2.70	2.71	2.73	2.74	2.85	3.02
Compound Leverage Factor	2.15	2.24	2.11	2.02	2.29	2.36	2.40	2.47	2.45	2.19	2.62
Debt to Total Capital	60.24%	59.89%	59.62%	59.97%	59.83%	59.57%	59.83%	59.16%	59.30%	62.04%	65.44%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	60.24%	59.89%	59.62%	59.97%	59.83%	59.57%	59.83%	59.16%	59.30%	62.04%	65.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	39.76%	40.11%	40.38%	40.03%	40.17%	40.43%	40.17%	40.84%	40.70%	37.96%	34.56%
Debt to EBITDA	4.01	3.90	3.76	3.73	3.70	3.56	3.53	3.32	3.23	3.79	4.27
Net Debt to EBITDA	3.23	3.14	3.00	3.01	2.99	2.87	2.85	2.66	2.60	2.79	3.60
Long-Term Debt to EBITDA	4.01	3.90	3.76	3.73	3.70	3.56	3.53	3.32	3.23	3.79	4.27
Debt to NOPAT	7.42	7.06	6.77	6.71	6.69	6.47	6.28	5.83	5.67	6.83	7.66
Net Debt to NOPAT	5.97	5.69	5.39	5.42	5.40	5.22	5.07	4.68	4.55	5.03	6.45
Long-Term Debt to NOPAT	7.42	7.06	6.77	6.71	6.69	6.47	6.28	5.83	5.67	6.83	7.66
Altman Z-Score	1.18	1.24	1.41	1.45	1.49	1.51	1.73	1.83	1.86	1.61	1.75
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.86	0.95	1.25	0.89	1.09	1.17	1.42	1.03	1.26	3.41	0.99
Quick Ratio	0.85	0.93	1.23	0.89	1.08	1.15	1.38	1.01	1.21	2.59	0.96
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	282	216	234	199	237	217	326	340	728	-279
Operating Cash Flow to CapEx	447.02%	387.99%	567.23%	193.90%	339.83%	609.84%	651.67%	721.90%	460.93%	523.38%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	4.05	17.08	583.66	0.00	0.00	0.00	258.89	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	3.95	15.76	542.33	0.00	0.00	0.00	162.10	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	3.25	7.63	382.74	0.00	0.00	0.00	126.93	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.19	0.21	0.20	0.20	0.20	0.21	0.21	0.22	0.22	0.21
Accounts Receivable Turnover	12.64	12.62	21.33	11.74	11.95	11.45	10.31	11.39	12.02	11.25	9.35
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.30	0.29	0.30	0.30	0.30	0.31	0.31	0.32	0.32	0.34	0.33
Accounts Payable Turnover	8.03	9.86	9.21	10.72	9.81	13.89	9.77	11.98	12.72	14.42	10.76
Days Sales Outstanding (DSO)	28.88	28.92	17.11	31.09	30.54	31.88	35.41	32.05	30.37	32.44	39.05
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	45.46	37.03	39.61	34.05	37.20	26.27	37.36	30.47	28.70	25.30	33.92
Cash Conversion Cycle (CCC)	-16.58	-8.11	-22.50	-2.96	-6.67	5.61	-1.95	1.57	1.67	7.13	5.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,774	4,738	4,680	4,701	4,692	4,628	4,599	4,513	4,482	3,968	5,021
Invested Capital Turnover	0.23	0.23	0.24	0.24	0.24	0.25	0.26	0.27	0.27	0.29	0.27
Increase / (Decrease) in Invested Capital	78	-163	-93	-119	-82	-110	-81	-188	-210	-661	422
Enterprise Value (EV)	7,912	8,141	9,067	9,561	9,698	9,673	11,010	11,388	11,604	10,745	13,760
Market Capitalization	5,290	5,555	6,537	6,987	7,136	7,160	8,499	8,962	9,187	8,371	10,675
Book Value per Share	$4.48	$4.49	$4.48	$4.42	$4.43	$4.39	$4.36	$4.36	$4.32	$4.14	$4.09
Tangible Book Value per Share	$1.91	$1.95	$1.99	$1.97	$2.01	$2.02	$2.01	$2.04	$2.03	$1.89	$0.54
Total Capital	5,410	5,365	5,325	5,314	5,302	5,232	5,200	5,111	5,074	5,195	5,602
Total Debt	3,259	3,213	3,175	3,187	3,172	3,117	3,111	3,024	3,009	3,223	3,666
Total Long-Term Debt	3,259	3,213	3,175	3,187	3,172	3,117	3,111	3,024	3,009	3,223	3,666
Net Debt	2,623	2,587	2,530	2,574	2,562	2,513	2,511	2,425	2,416	2,374	3,085
Capital Expenditures (CapEx)	45	54	37	111	54	38	31	37	46	49	-341
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-15	-5.36	0.28	-12	8.36	17	37	3.31	23	5.45	-2.31
Debt-free Net Working Capital (DFNWC)	-15	-5.29	26	-12	8.36	17	37	3.31	23	268	-2.31
Net Working Capital (NWC)	-15	-5.29	26	-12	8.36	17	37	3.31	23	268	-2.31
Net Nonoperating Expense (NNE)	20	19	19	29	18	16	16	13	14	16	25
Net Nonoperating Obligations (NNO)	2,623	2,587	2,530	2,574	2,562	2,513	2,511	2,425	2,416	1,995	3,085
Total Depreciation and Amortization (D&A)	50	54	56	57	52	52	52	52	53	53	57
Debt-free, Cash-free Net Working Capital to Revenue	-1.38%	-0.48%	0.02%	-1.08%	0.73%	1.48%	3.15%	0.27%	1.87%	0.43%	-0.18%
Debt-free Net Working Capital to Revenue	-1.38%	-0.48%	2.33%	-1.08%	0.73%	1.48%	3.15%	0.27%	1.87%	21.32%	-0.18%
Net Working Capital to Revenue	-1.38%	-0.48%	2.33%	-1.08%	0.73%	1.48%	3.15%	0.27%	1.87%	21.32%	-0.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.20	$0.21	$0.22	$0.18	$0.21	$0.22	$0.25	$0.26	$0.24	$0.11	$0.25
Adjusted Weighted Average Basic Shares Outstanding	479.68M	479.38M	479.90M	481.10M	481.29M	480.82M	479.06M	479.08M	478.02M	477.91M	473.87M
Adjusted Diluted Earnings per Share	$0.20	$0.21	$0.21	$0.18	$0.21	$0.23	$0.25	$0.26	$0.24	$0.11	$0.25
Adjusted Weighted Average Diluted Shares Outstanding	482.84M	482.37M	484.30M	484.78M	485.53M	485.25M	484.38M	482.45M	481.81M	482.18M	477.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	479.71M	479.74M	481.24M	481.26M	481.32M	478.61M	479.22M	478.50M	476.28M	473.08M	474.98M
Normalized Net Operating Profit after Tax (NOPAT)	118	119	123	116	117	127	137	138	130	68	141
Normalized NOPAT Margin	42.06%	42.86%	41.47%	40.30%	40.81%	41.53%	44.39%	42.64%	41.48%	21.49%	42.05%
Pre Tax Income Margin	47.77%	47.26%	47.32%	39.82%	47.97%	51.06%	50.79%	52.14%	51.74%	24.53%	46.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	3.12	11.16	476.33	0.00	0.00	0.00	137.47	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	2.31	8.39	344.41	0.00	0.00	0.00	98.62	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	2.42	3.03	316.74	0.00	0.00	0.00	102.30	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	1.61	0.26	184.82	0.00	0.00	0.00	63.45	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	122.87%	117.11%	111.75%	112.60%	112.21%	109.30%	106.03%	96.80%	93.30%	106.39%	106.66%
Augmented Payout Ratio	122.87%	117.11%	111.75%	112.60%	112.21%	116.46%	119.74%	113.03%	117.71%	139.06%	136.95%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused snapshot of Antero Midstream (AM) using the last four years of quarterly statements. Highlights follow:

Operating revenue rose to 314.7 million in Q4 2025, near the four-year high and consistent with a rising trend from ~259 million in 2022–2023 to 314.7 million in 2025.
Gross margin remained robust, with Total Gross Profit of 260.6 million on 314.7 million of revenue in Q4 2025 (about 83% gross margin).
Net cash from continuing operating activities was strong, at about 255.5 million in Q4 2025, illustrating solid cash generation across recent quarters (several quarters above 180 million).
Free cash flow in Q4 2025 was roughly 206 million (approx. 255.5 million from operations minus about 48.8 million in capital expenditures), supporting liquidity without relying solely on debt.
Debt issuance in 2025 added liquidity: roughly 1.472 billion issued in Q3 2025 and 979.2 million in Q4 2025, contributing to positive financing activity (net financing inflow about 57.4 million in Q4 2025).
Earnings per share have been relatively modest and show quarterly volatility, with Basic EPS ranging around 0.11 to 0.26 in 2025 quarters, and Diluted EPS similarly variable.
Non-cash adjustments were sizable in some quarters (e.g., 104.059 million in Q4 2025), which can distort quarterly net income but do not affect cash flow.
Quarterly net income can swing, such as 51.9 million in Q4 2025 vs 115.98 million in Q3 2025, signaling earnings volatility.
Long-term debt sits around 3.0 billion, indicating a sizable leverage that requires ongoing cash generation and financing to manage debt service.
Cash dividends of roughly 107–113 million per quarter are a meaningful cash outflow that reduces available liquidity for other uses.

05/15/26 01:47 AM ETAI Generated. May Contain Errors.

Antero Midstream Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Antero Midstream's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Antero Midstream's net income appears to be on an upward trend, with a most recent value of $413.16 million in 2025, rising from $2.05 million in 2015. The previous period was $400.89 million in 2024. See where experts think Antero Midstream is headed by visiting Antero Midstream's forecast page.

Antero Midstream's total operating income in 2025 was $644.67 million, based on the following breakdown:

Total Gross Profit: $1.03 billion
Total Operating Expenses: $382.52 million

Over the last 10 years, Antero Midstream's total revenue changed from $1.26 million in 2015 to $1.26 billion in 2025, a change of 99,512.2%.

Antero Midstream's total liabilities were at $3.91 billion at the end of 2025, a 7.3% increase from 2024, and a 54,999.6% increase since 2016.

In the past 9 years, Antero Midstream's cash and equivalents has ranged from $0.00 in 2021 to $180.44 million in 2025, and is currently $180.44 million as of their latest financial filing in 2025.

Over the last 10 years, Antero Midstream's book value per share changed from 0.00 in 2015 to 4.14 in 2025, a change of 414.1%.

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Financial statements for NYSE:AM last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Antero Midstream (AM) Financials

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Antero Midstream (AM) Financials

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Antero Midstream Financials - Frequently Asked Questions

When does Antero Midstream's financial year end?

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How has Antero Midstream's revenue changed over the last 10 years?

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How has Antero Midstream's book value per share changed over the last 10 years?

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