Antero Resources (AR) Financials

$37.07 -0.91 (-2.39%)

Closing price 03:59 PM Eastern

Extended Trading

$37.50 +0.43 (+1.16%)

As of 04:46 PM Eastern

Annual Income Statements for Antero Resources

This table shows Antero Resources' 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	941	-849	615	-398	-340	-1,268	-187	1,872	198	57	634
Consolidated Net Income / (Loss)	980	-749	785	-46	-293	-1,260	-154	1,999	297	94	675
Net Income / (Loss) Continuing Operations	980	-749	785	-46	-293	-1,260	-154	1,999	297	94	675
Total Pre-Tax Income	1,556	-1,246	490	-175	-367	-1,658	-228	2,440	361	-24	890
Total Operating Income	1,790	-976	740	72	-987	-953	24	2,539	396	0.46	884
Total Gross Profit	3,181	141	2,002	1,847	1,586	384	1,302	3,994	1,752	1,375	2,225
Total Revenue	3,955	1,647	3,656	4,140	4,409	3,492	4,619	7,138	4,682	4,326	5,276
Operating Revenue	3,955	1,647	3,656	4,140	4,409	3,492	4,619	7,138	4,682	4,326	5,276
Total Cost of Revenue	774	1,506	1,654	2,293	2,822	3,108	3,317	3,144	2,930	2,950	3,051
Operating Cost of Revenue	695	1,439	1,560	2,167	2,697	3,001	3,317	3,144	2,930	2,950	3,051
Total Operating Expenses	1,391	1,117	1,261	1,775	2,573	1,337	1,278	1,455	1,356	1,375	1,342
Selling, General & Admin Expense	234	239	251	240	324	233	145	173	225	230	233
Depreciation Expense	710	810	825	972	915	862	742	715	747	762	750
Other Operating Expenses / (Income)	40	2.47	2.61	2.82	18	18	303	417	281	330	330
Impairment Charge	104	163	183	559	1,315	224	91	150	51	47	29
Other Special Charges / (Income)	0.00	-98	0.00	0.00	0.95	0.35	-2.23	0.47	52	5.33	-0.27
Total Other Income / (Expense), net	-234	-270	-250	-246	620	-704	-252	-99	-35	-25	6.79
Interest Expense	234	271	270	287	192	24	326	46	0.37	0.53	3.63
Interest & Investment Income	-	-	0.00	0.00	830	-673	77	-53	-35	-24	15
Other Income / (Expense), net	0.00	0.49	20	40	-18	-7.24	-3.30	-	0.00	-	-4.39
Income Tax Expense	576	-496	-295	-129	-74	-397	-74	441	64	-118	216
Net Income / (Loss) Attributable to Noncontrolling Interest	39	99	170	352	47	7.49	33	127	99	36	40
Basic Earnings per Share	$0.00	($2.88)	$1.95	($1.26)	($1.11)	($4.65)	($0.61)	$6.09	$0.66	$0.18	$2.05
Weighted Average Basic Shares Outstanding	274.12M	294.95M	315.43M	316.04M	306.40M	272.43M	308.15M	307.20M	299.79M	309.49M	309.72M
Diluted Earnings per Share	$0.00	($2.88)	$1.94	($1.26)	($1.11)	($4.65)	($0.61)	$5.69	$0.64	$0.18	$2.03
Weighted Average Diluted Shares Outstanding	274.14M	294.95M	316.28M	316.04M	306.40M	272.43M	308.15M	329.22M	311.60M	313.41M	312.36M
Weighted Average Basic & Diluted Shares Outstanding	274.50M	315.01M	316.52M	308.65M	286.68M	301.19M	314.71M	295.25M	303.57M	311.18M	308.53M

This table shows Antero Resources' 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	18	50	23	-80	-35	107	208	157	76	194	535
Consolidated Net Income / (Loss)	33	71	35	-75	-25	116	219	167	86	203	548
Net Income / (Loss) Continuing Operations	33	71	35	-75	-25	116	219	167	86	203	548
Total Pre-Tax Income	46	89	41	-92	-28	0.06	274	215	129	273	694
Total Operating Income	56	98	48	-80	-25	3.19	271	205	118	289	729
Total Gross Profit	352	497	390	244	308	481	614	543	451	617	1,093
Total Revenue	1,126	1,194	1,122	979	1,056	1,169	1,353	1,297	1,214	1,412	1,945
Operating Revenue	-	-	1,122	979	1,056	-	1,353	1,297	1,214	1,412	1,945
Total Cost of Revenue	774	698	733	735	748	687	738	754	763	795	852
Operating Cost of Revenue	742	730	733	735	748	735	738	754	763	795	852
Total Operating Expenses	296	399	342	324	333	478	343	338	333	328	363
Selling, General & Admin Expense	92	21	56	59	55	30	62	57	57	56	63
Depreciation Expense	176	232	190	189	189	248	186	188	189	187	206
Other Operating Expenses / (Income)	0.89	182	90	75	78	169	89	73	62	105	127
Impairment Charge	13	6.56	5.19	0.31	13	28	5.62	6.30	12	5.22	0.95
Other Special Charges / (Income)	14	-43	0.19	-0.02	-2.81	2.93	-0.58	14	13	-25	-34
Total Other Income / (Expense), net	-9.43	-8.93	-6.84	-12	-3.17	-3.14	2.39	9.88	11	-19	-36
Interest Expense	0.00	-25	0.00	0.00	0.53	-30	2.90	0.73	0.00	-	6.74
Interest & Investment Income	-32	-12	-6.84	-12	-2.64	-7.69	5.29	11	11	-12	-6.85
Other Income / (Expense), net	22	-	-	-	-	-	0.00	-	-	-	-22
Income Tax Expense	14	18	6.23	-17	-2.95	-116	54	48	43	70	146
Net Income / (Loss) Attributable to Noncontrolling Interest	15	21	12	5.21	10	9.16	11	9.99	9.43	9.24	13
Basic Earnings per Share	$0.06	$0.16	$0.07	($0.26)	($0.11)	$0.34	$0.67	$0.50	$0.25	$0.63	$1.73
Weighted Average Basic Shares Outstanding	300.14M	299.79M	304.94M	310.81M	311.03M	309.49M	311.33M	310.32M	308.76M	309.72M	308.93M
Diluted Earnings per Share	$0.06	$0.17	$0.07	($0.26)	($0.11)	$0.34	$0.66	$0.50	$0.24	$0.63	$1.72
Weighted Average Diluted Shares Outstanding	311.53M	311.60M	312.50M	310.81M	311.03M	313.41M	314.80M	313.18M	311.03M	312.36M	311.43M
Weighted Average Basic & Diluted Shares Outstanding	300.54M	303.57M	310.81M	311.01M	311.16M	311.18M	310.53M	308.93M	308.49M	308.53M	309.84M

This table details how cash moves in and out of Antero Resources' 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	-223	8.14	-3.17	160	0.00	0.00	0.00	0.00	0.00	0.00	210
Net Cash From Operating Activities	1,016	1,241	2,006	2,082	1,103	736	1,660	3,051	995	849	1,631
Net Cash From Continuing Operating Activities	1,016	1,241	2,006	2,270	1,103	736	1,660	3,051	995	849	1,631
Net Income / (Loss) Continuing Operations	980	-749	785	-46	-293	-1,260	-154	1,999	297	94	675
Consolidated Net Income / (Loss)	980	-749	785	-46	-293	-1,260	-154	1,999	297	94	675
Depreciation Expense	711	812	827	975	919	865	746	720	750	766	754
Amortization Expense	-	-	-	4.68	11	-2.48	-33	-33	-28	-25	-24
Non-Cash Adjustments To Reconcile Net Income	-1,291	1,709	615	1,490	511	1,640	1,061	-12	-230	158	7.29
Changes in Operating Assets and Liabilities, net	615	-531	-221	-154	-44	-506	40	378	205	-143	220
Net Cash From Investing Activities	-2,298	-2,395	-2,462	-2,351	-1,041	-530	-711	-944	-1,141	-714	-1,078
Net Cash From Continuing Investing Activities	-2,298	-2,395	-2,462	-2,351	-1,041	-530	-711	-944	-1,141	-714	-1,078
Purchase of Property, Plant & Equipment	-2,348	-2,495	-2,217	-2,211	-1,422	-874	-716	-944	-1,132	-717	-1,073
Sale of Property, Plant & Equipment	40	172	2.16	0.00	1.98	0.70	3.19	2.75	0.45	9.50	16
Other Investing Activities, net	9.75	3.98	-12	-3.66	107	344	1.96	-2.39	-9.35	-6.87	-21
Net Cash From Financing Activities	1,060	1,162	452	240	558	-206	-949	-2,108	146	-135	-343
Net Cash From Continuing Financing Activities	1,060	1,162	452	240	558	-206	-949	-2,108	146	-135	-343
Repayment of Debt	-425	-1,242	-21	-6.71	34	-764	-7,696	-7,303	-4,121	-4,162	-5,016
Repurchase of Common Equity	-	0.00	0.00	-129	-39	-43	0.00	-874	-75	0.00	-136
Payment of Dividends	-34	-75	-152	-267	-85	-36	-97	-174	-129	-74	-70
Issuance of Debt	750	1,250	90	660	650	288	6,806	6,309	4,501	4,131	4,909
Other Financing Activities, net	-9.43	151	287	-17	-2.39	351	38	-66	-30	-30	-30
Cash Interest Paid	220	239	264	276	224	192	142	155	114	120	88

This table details how cash moves in and out of Antero Resources' 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	-	-	0.00	-	-	-	0.00	-	-	210	-210
Net Cash From Operating Activities	183	312	262	143	166	278	458	492	310	371	859
Net Cash From Continuing Operating Activities	183	312	262	143	166	278	458	492	310	371	859
Net Income / (Loss) Continuing Operations	33	71	35	-60	-10	116	219	167	86	203	548
Consolidated Net Income / (Loss)	33	71	35	-60	-10	116	219	167	86	203	548
Depreciation Expense	177	232	191	171	171	249	187	189	190	188	207
Amortization Expense	-6.83	-8.04	-6.02	-6.13	-6.24	-6.29	-5.76	-5.94	-6.28	-6.34	-5.38
Non-Cash Adjustments To Reconcile Net Income	44	-8.47	21	41	21	75	85	-22	-11	-44	-215
Changes in Operating Assets and Liabilities, net	-63	25	21	-2.01	-9.47	-156	-28	165	52	30	324
Net Cash From Investing Activities	-276	-227	-227	-187	-174	-126	-208	-197	-449	-224	-2,283
Net Cash From Continuing Investing Activities	-276	-227	-227	-187	-174	-126	-208	-197	-449	-224	-2,283
Purchase of Property, Plant & Equipment	-275	-220	-222	-192	-174	-128	-176	-208	-444	-215	-214
Acquisitions	-	-	-	-	-	-	0.00	-	-	-	-2,794
Sale of Property, Plant & Equipment	0.14	-	0.36	0.06	7.07	2.02	0.58	11	4.43	0.32	737
Other Investing Activities, net	-1.28	-6.81	-4.72	5.02	-7.56	0.40	-33	-0.03	-9.42	-9.07	-13
Net Cash From Financing Activities	93	-86	-35	44	7.95	-152	-250	-295	139	63	1,214
Net Cash From Continuing Financing Activities	93	-86	-35	44	7.95	-152	-250	-295	139	63	1,214
Repayment of Debt	-856	-1,056	-1,128	-744	-1,357	-933	-1,516	-1,172	-1,143	-1,185	-3,063
Repurchase of Common Equity	-	0.00	0.00	-	-	-	-10	-75	-51	-0.08	0.00
Payment of Dividends	-21	-25	-24	-19	-16	-16	-16	-22	-17	-16	-18
Issuance of Debt	970	998	1,126	824	1,382	799	1,308	983	1,350	1,267	4,330
Other Financing Activities, net	-0.09	-2.92	-9.02	-17	-0.67	-2.58	-16	-10	-0.13	-2.90	-35
Cash Interest Paid	48	14	48	15	46	11	43	4.97	33	7.17	51

This table presents Antero Resources' assets and liabilities at the end of each period, using annual balance sheet 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
Total Assets	14,115	14,256	15,261	15,519	15,198	13,151	13,897	14,118	13,517	13,010	13,245
Total Current Assets	1,248	403	833	807	923	574	686	788	476	508	832
Restricted Cash	-	-	-	-	-	-	-	-	-	0.00	210
Accounts Receivable	79	30	35	51	171	28	79	35	43	34	34
Prepaid Expenses	-	-	-	-	-	-	15	11	13	12	15
Other Current Assets	1,145	341	770	756	751	546	592	741	420	461	553
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	20
Plant, Property, & Equipment, net	10,732	12,027	13,236	13,870	9,979	9,647	9,527	9,639	9,822	9,688	9,205
Plant, Property & Equipment, gross	12,322	14,391	16,418	18,024	13,306	13,516	13,811	14,322	14,988	15,387	14,959
Accumulated Depreciation	1,589	2,364	3,182	4,154	3,328	3,869	4,284	4,683	5,165	5,699	5,753
Total Noncurrent Assets	2,135	1,826	1,193	843	4,296	2,930	3,683	3,692	3,219	2,815	3,208
Long-Term Investments	-	68	303	434	1,055	255	232	220	222	231	246
Other Noncurrent Operating Assets	2,135	1,758	890	409	3,241	2,675	3,451	3,471	2,997	2,584	2,208
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	755
Total Liabilities & Shareholders' Equity	14,115	14,256	15,261	15,519	15,198	13,151	13,897	14,118	13,517	13,010	13,245
Total Liabilities	6,829	6,527	6,385	7,032	8,227	7,061	7,830	7,101	6,383	5,794	5,530
Total Current Liabilities	707	817	762	854	1,040	983	2,068	1,775	1,452	1,446	1,503
Short-Term Debt	130	164	210	313	513	464	445	1,025	902	810	901
Accounts Payable	70	39	63	66	112	27	25	158	125	173	151
Accrued Expenses	488	394	443	465	401	344	457	462	381	403	339
Current Deferred Revenue	-	-	-	-	0.00	45	38	31	27	25	24
Other Current Liabilities	19	221	46	8.90	14	103	1,104	99	17	35	27
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	62
Total Noncurrent Liabilities	6,122	5,710	5,623	6,178	7,187	6,078	5,762	5,326	4,931	4,348	4,026
Long-Term Debt	4,669	4,704	4,800	5,462	3,759	3,002	2,125	1,183	1,538	1,489	1,398
Capital Lease Obligations	-	-	-	2.87	2,584	2,349	-	2,890	2,428	2,050	1,612
Noncurrent Deferred Revenue	-	-	-	-	0.00	156	118	88	61	35	12
Noncurrent Deferred & Payable Income Tax Liabilities	1,371	950	780	651	782	412	318	760	812	693	907
Other Noncurrent Operating Liabilities	82	55	44	63	62	159	3,200	405	92	79	57
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	40
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,287	7,729	8,876	8,487	6,971	6,090	6,066	7,017	7,134	7,217	7,716
Total Preferred & Common Equity	5,934	6,263	8,149	7,666	6,971	5,768	5,757	6,755	6,902	7,022	7,551
Preferred Stock	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	5,934	6,263	8,149	7,666	6,971	5,768	5,757	6,755	6,902	7,022	7,551
Common Stock	4,126	5,303	6,574	6,488	6,133	6,198	6,375	5,842	5,850	5,912	5,869
Retained Earnings	1,809	960	1,575	1,178	837	-430	-617	914	1,052	1,109	1,682
Noncontrolling Interest	1,352	1,466	727	822	0.00	323	309	263	233	195	165

This table presents Antero Resources' 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	14,413	13,871	13,767	13,737	13,548	13,416	13,224	13,049	12,766	12,912	15,349
Total Current Assets	978	438	385	422	403	409	369	575	428	428	678
Restricted Cash	-	-	-	-	-	-	-	-	-	-	0.00
Accounts Receivable	24	30	37	37	40	24	26	40	32	37	32
Prepaid Expenses	-	22	21	9.54	12	9.79	7.04	13	9.59	9.35	14
Other Current Assets	954	386	327	376	350	376	335	522	386	381	632
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	9,651	9,786	9,876	9,938	9,953	9,958	9,934	9,672	9,656	9,914	12,209
Plant, Property & Equipment, gross	14,238	14,557	14,731	14,895	15,133	15,255	15,381	15,441	15,539	15,894	18,166
Accumulated Depreciation	4,588	4,771	4,855	4,957	5,180	5,296	5,447	5,768	5,883	5,980	5,957
Total Noncurrent Assets	3,785	3,648	3,506	3,376	3,192	3,049	2,921	2,802	2,683	2,570	2,462
Long-Term Investments	223	220	218	220	226	224	227	240	249	256	253
Other Noncurrent Operating Assets	3,562	3,428	3,288	3,156	2,966	2,825	2,694	2,563	2,433	2,314	2,209
Other Noncurrent Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Total Liabilities & Shareholders' Equity	14,413	13,871	13,767	13,737	13,548	13,416	13,224	13,049	12,766	12,912	15,349
Total Liabilities	7,943	6,701	6,698	6,638	6,277	6,224	6,042	5,641	5,282	5,394	7,126
Total Current Liabilities	2,544	1,498	1,507	1,461	1,383	1,406	1,324	1,485	1,405	1,386	1,693
Short-Term Debt	682	382	359	338	894	855	834	880	878	871	1,058
Accounts Payable	104	84	156	171	132	136	130	174	147	166	216
Accrued Expenses	498	318	366	335	315	365	316	309	313	305	373
Current Deferred Revenue	32	30	29	28	27	26	26	25	24	24	24
Other Current Liabilities	1,228	684	596	588	15	24	18	98	42	21	22
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	5,399	5,203	5,192	5,177	4,894	4,818	4,718	4,155	3,877	4,008	5,433
Long-Term Debt	1,173	1,312	1,492	1,607	1,510	1,591	1,622	1,285	1,099	1,307	2,665
Capital Lease Obligations	-	-	-	-	2,399	2,268	2,149	2,006	1,879	1,754	1,550
Noncurrent Deferred Revenue	96	81	74	68	54	48	42	30	24	18	6.01
Noncurrent Deferred & Payable Income Tax Liabilities	619	822	792	806	844	831	832	747	796	839	1,142
Other Noncurrent Operating Liabilities	3,511	2,988	2,833	2,697	86	80	74	88	80	91	71
Other Noncurrent Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,470	7,170	7,068	7,098	7,272	7,192	7,181	7,409	7,485	7,518	8,223
Total Preferred & Common Equity	6,211	6,911	6,826	6,862	7,051	6,985	6,980	7,218	7,306	7,346	8,063
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	6,211	6,911	6,826	6,862	7,051	6,985	6,980	7,218	7,306	7,346	8,063
Common Stock	5,945	5,809	5,807	5,825	5,883	5,883	5,898	5,906	5,870	5,857	5,846
Retained Earnings	266	1,102	1,019	1,037	1,168	1,103	1,082	1,312	1,435	1,489	2,218
Noncontrolling Interest	259	259	242	236	221	207	201	190	179	172	160

This table displays calculated financial ratios and metrics derived from Antero Resources' 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	47.53%	-58.36%	121.97%	13.24%	6.50%	-20.80%	32.30%	54.53%	-34.41%	-7.61%	21.97%
EBITDA Growth	40.63%	-106.51%	1,074.11%	-31.20%	-106.95%	-28.87%	849.54%	339.70%	-65.34%	-33.67%	116.89%
EBIT Growth	37.74%	-154.48%	177.95%	-85.24%	-996.07%	4.43%	102.14%	12,247.88%	-84.40%	-99.88%	191,043.48%
NOPAT Growth	44.16%	-160.57%	273.58%	-95.75%	-1,472.71%	3.40%	102.50%	12,354.39%	-84.31%	-99.90%	207,795.84%
Net Income Growth	45.01%	-176.47%	204.76%	-105.82%	-541.42%	-329.97%	87.77%	1,397.03%	-85.12%	-68.49%	619.95%
EPS Growth	-100.00%	0.00%	167.36%	-164.95%	11.90%	-318.92%	86.88%	1,032.79%	-88.75%	-71.88%	1,027.78%
Operating Cash Flow Growth	1.76%	22.19%	61.63%	3.77%	-47.00%	-33.33%	125.67%	83.80%	-67.40%	-14.62%	92.04%
Free Cash Flow Firm Growth	64.08%	3.77%	111.47%	-277.28%	262.52%	23.01%	618.12%	-143.24%	131.29%	0.87%	238.19%
Invested Capital Growth	23.42%	3.60%	8.46%	2.05%	-7.67%	-8.78%	-27.86%	41.54%	-0.97%	-3.78%	-7.38%
Revenue Q/Q Growth	-11.89%	-33.95%	35.77%	2.93%	-4.00%	11.30%	30.65%	-4.15%	-15.99%	-0.58%	4.83%
EBITDA Q/Q Growth	-22.10%	-122.59%	106.80%	-13.78%	-42.14%	70.53%	464.18%	-9.07%	-41.17%	-9.23%	15.85%
EBIT Q/Q Growth	-28.53%	-3,090.85%	1,224.19%	-67.08%	3.71%	18.87%	102.16%	-12.06%	-68.07%	-99.70%	34.80%
NOPAT Q/Q Growth	-27.32%	-3,092.44%	2,244.73%	-97.61%	62.22%	18.23%	102.19%	-9.15%	-68.90%	-99.73%	9.43%
Net Income Q/Q Growth	-30.66%	-519.02%	497.98%	-109.82%	-241.07%	31.42%	84.84%	-8.72%	-70.85%	0.23%	7.00%
EPS Q/Q Growth	-100.00%	-3.60%	385.29%	-625.00%	-1,950.00%	28.13%	81.17%	-11.09%	-76.64%	20.00%	7.98%
Operating Cash Flow Q/Q Growth	-2.39%	14.89%	-1.09%	32.28%	-37.91%	14.86%	16.25%	0.00%	-14.09%	-3.87%	6.03%
Free Cash Flow Firm Q/Q Growth	43.27%	11.57%	308.56%	-125.22%	160.20%	51.67%	730.82%	-129.93%	34.32%	117.00%	53.90%
Invested Capital Q/Q Growth	3.52%	-3.08%	5.83%	-1.28%	-0.19%	-0.26%	-20.16%	46.80%	33.51%	-1.94%	-6.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	80.44%	8.57%	54.75%	44.61%	35.98%	10.99%	28.19%	55.96%	37.42%	31.79%	42.18%
EBITDA Margin	63.26%	-9.90%	43.43%	26.38%	-1.72%	-2.80%	15.88%	45.19%	23.88%	17.14%	30.49%
Operating Margin	45.27%	-59.25%	20.25%	1.74%	-22.39%	-27.31%	0.52%	35.57%	8.46%	0.01%	16.75%
EBIT Margin	45.27%	-59.22%	20.80%	2.71%	-22.80%	-27.51%	0.45%	35.57%	8.46%	0.01%	16.67%
Profit (Net Income) Margin	24.78%	-45.51%	21.48%	-1.10%	-6.65%	-36.10%	-3.34%	28.00%	6.35%	2.17%	12.79%
Tax Burden Percent	62.99%	60.16%	160.20%	26.18%	79.82%	76.02%	67.54%	81.92%	82.37%	-382.62%	75.76%
Interest Burden Percent	86.91%	127.74%	64.46%	-155.60%	36.53%	172.57%	-1,109.58%	96.09%	91.09%	-5,323.48%	101.27%
Effective Tax Rate	37.01%	0.00%	-60.20%	0.00%	0.00%	0.00%	0.00%	18.08%	17.63%	0.00%	24.24%
Return on Invested Capital (ROIC)	10.33%	-5.56%	9.10%	0.37%	-5.19%	-5.47%	0.17%	20.50%	2.76%	0.00%	6.13%
ROIC Less NNEP Spread (ROIC-NNEP)	7.07%	-6.95%	0.62%	-1.55%	1.94%	-15.91%	-4.16%	18.24%	2.15%	2.13%	6.28%
Return on Net Nonoperating Assets (RNNOA)	5.03%	-4.42%	0.35%	-0.89%	1.40%	-13.83%	-2.70%	10.06%	1.44%	1.30%	2.90%
Return on Equity (ROE)	15.36%	-9.98%	9.46%	-0.53%	-3.79%	-19.30%	-2.54%	30.56%	4.20%	1.31%	9.04%
Cash Return on Invested Capital (CROIC)	-10.64%	-9.10%	0.98%	-1.66%	2.78%	3.72%	32.54%	-13.90%	3.73%	3.85%	13.79%
Operating Return on Assets (OROA)	13.94%	-6.88%	5.15%	0.73%	-6.55%	-6.78%	0.15%	18.13%	2.87%	0.00%	6.70%
Return on Assets (ROA)	7.63%	-5.28%	5.32%	-0.30%	-1.91%	-8.89%	-1.14%	14.27%	2.15%	0.71%	5.14%
Return on Common Equity (ROCE)	12.42%	-8.11%	8.21%	-0.48%	-3.59%	-18.82%	-2.40%	29.22%	4.06%	1.27%	8.82%
Return on Equity Simple (ROE_SIMPLE)	16.51%	-11.97%	9.63%	-0.60%	-4.21%	-21.85%	-2.68%	29.59%	4.31%	1.33%	0.00%
Net Operating Profit after Tax (NOPAT)	1,128	-683	1,186	50	-691	-667	17	2,080	326	0.32	669
NOPAT Margin	28.51%	-41.48%	32.43%	1.22%	-15.67%	-19.11%	0.36%	29.14%	6.97%	0.01%	12.69%
Net Nonoperating Expense Percent (NNEP)	3.25%	1.39%	8.48%	1.92%	-7.14%	10.44%	4.33%	2.25%	0.61%	-2.13%	-0.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	17.17%	2.72%	0.00%	5.76%
Cost of Revenue to Revenue	19.56%	91.43%	45.25%	55.39%	64.02%	89.01%	71.81%	44.04%	62.58%	68.21%	57.82%
SG&A Expenses to Revenue	5.91%	14.53%	6.87%	5.81%	7.36%	6.68%	3.14%	2.42%	4.80%	5.31%	4.41%
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	35.17%	67.82%	34.51%	42.87%	58.37%	38.29%	27.67%	20.38%	28.96%	31.78%	25.43%
Earnings before Interest and Taxes (EBIT)	1,790	-975	760	112	-1,005	-961	21	2,539	396	0.46	879
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,502	-163	1,588	1,092	-76	-98	734	3,226	1,118	742	1,609
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.02	1.19	0.74	0.39	0.12	0.25	0.95	1.38	0.99	1.55	1.41
Price to Tangible Book Value (P/TBV)	1.02	1.19	0.74	0.39	0.12	0.25	0.95	1.38	0.99	1.55	1.41
Price to Revenue (P/Rev)	1.53	4.51	1.64	0.72	0.20	0.42	1.19	1.30	1.46	2.52	2.02
Price to Earnings (P/E)	6.42	0.00	9.75	0.00	0.00	0.00	0.00	4.97	34.36	190.58	16.76
Dividend Yield	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	15.59%	0.00%	10.26%	0.00%	0.00%	0.00%	0.00%	20.12%	2.91%	0.52%	5.97%
Enterprise Value to Invested Capital (EV/IC)	1.01	1.09	0.84	0.66	0.52	0.63	0.97	1.21	0.99	1.34	1.36
Enterprise Value to Revenue (EV/Rev)	3.08	8.29	3.12	2.21	1.51	2.10	1.76	2.02	2.50	3.52	2.70
Enterprise Value to EBITDA (EV/EBITDA)	4.86	0.00	7.18	8.37	0.00	0.00	11.10	4.48	10.46	20.52	8.86
Enterprise Value to EBIT (EV/EBIT)	6.80	0.00	15.00	81.50	0.00	0.00	395.85	5.69	29.51	33,085.93	16.21
Enterprise Value to NOPAT (EV/NOPAT)	10.79	0.00	9.62	181.66	0.00	0.00	487.40	6.94	35.83	47,265.61	21.29
Enterprise Value to Operating Cash Flow (EV/OCF)	11.98	11.00	5.68	4.39	6.04	9.99	4.90	4.73	11.76	17.92	8.74
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	88.95	0.00	18.05	16.17	2.50	0.00	26.49	34.18	9.46
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.63	0.56	0.68	0.98	0.95	0.42	0.73	0.68	0.60	0.51
Long-Term Debt to Equity	0.64	0.61	0.54	0.64	0.91	0.88	0.35	0.58	0.56	0.49	0.39
Financial Leverage	0.71	0.64	0.57	0.58	0.72	0.87	0.65	0.55	0.67	0.61	0.46
Leverage Ratio	2.01	1.89	1.78	1.77	1.99	2.17	2.23	2.14	1.95	1.85	1.76
Compound Leverage Factor	1.75	2.41	1.15	-2.76	0.73	3.75	-24.69	2.06	1.78	-98.40	1.78
Debt to Total Capital	39.71%	38.65%	36.08%	40.50%	49.58%	48.84%	29.76%	42.08%	40.56%	37.61%	33.64%
Short-Term Debt to Total Capital	1.08%	1.30%	1.51%	2.20%	3.71%	3.90%	5.15%	8.46%	7.51%	7.00%	7.75%
Long-Term Debt to Total Capital	38.63%	37.34%	34.57%	38.31%	45.87%	44.94%	24.61%	33.62%	33.04%	30.60%	25.89%
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	11.19%	11.64%	5.24%	5.76%	0.00%	2.71%	3.58%	2.17%	1.94%	1.69%	1.42%
Common Equity to Total Capital	49.10%	49.72%	58.69%	53.74%	50.42%	48.45%	66.66%	55.75%	57.50%	60.71%	64.94%
Debt to EBITDA	1.92	-29.87	3.16	5.29	-90.27	-59.40	3.50	1.58	4.35	5.86	2.43
Net Debt to EBITDA	1.91	-29.26	2.95	4.89	-76.37	-56.80	3.19	1.51	4.16	5.55	2.15
Long-Term Debt to EBITDA	1.87	-28.86	3.02	5.00	-83.51	-54.66	2.90	1.26	3.55	4.77	1.87
Debt to NOPAT	4.26	-7.13	4.23	114.79	-9.92	-8.71	153.89	2.45	14.91	13,507.43	5.84
Net Debt to NOPAT	4.23	-6.98	3.95	106.18	-8.40	-8.33	139.98	2.34	14.23	12,789.89	5.16
Long-Term Debt to NOPAT	4.14	-6.89	4.05	108.57	-9.18	-8.02	127.26	1.96	12.15	10,992.44	4.50
Altman Z-Score	1.45	0.63	1.12	0.65	0.20	0.07	0.58	1.89	1.11	1.49	1.89
Noncontrolling Interest Sharing Ratio	19.14%	18.77%	13.21%	8.92%	5.32%	2.47%	5.19%	4.37%	3.50%	2.98%	2.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	0.49	1.09	0.95	0.89	0.58	0.33	0.44	0.33	0.35	0.55
Quick Ratio	0.15	0.08	0.08	0.06	0.16	0.03	0.04	0.02	0.03	0.02	0.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,162	-1,118	128	-227	369	454	3,262	-1,411	441	445	1,506
Operating Cash Flow to CapEx	44.01%	53.42%	90.59%	94.18%	77.70%	84.20%	232.92%	324.19%	87.92%	120.08%	154.30%
Free Cash Flow to Firm to Interest Expense	-4.96	-4.13	0.47	-0.79	1.93	19.00	10.01	-30.54	1,180.36	843.35	415.08
Operating Cash Flow to Interest Expense	4.33	4.59	7.43	7.26	5.76	30.77	5.09	66.05	2,659.68	1,608.50	449.54
Operating Cash Flow Less CapEx to Interest Expense	-5.51	-4.00	-0.77	-0.45	-1.65	-5.77	2.91	45.68	-365.49	268.95	158.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.31	0.12	0.25	0.27	0.29	0.25	0.34	0.51	0.34	0.33	0.40
Accounts Receivable Turnover	40.44	30.19	113.21	96.31	39.63	34.94	85.98	124.70	119.89	112.31	154.75
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	0.39	0.14	0.29	0.31	0.37	0.36	0.48	0.74	0.48	0.44	0.56
Accounts Payable Turnover	2.57	27.75	32.56	35.48	31.59	44.69	128.72	34.35	20.67	19.76	18.82
Days Sales Outstanding (DSO)	9.03	12.09	3.22	3.79	9.21	10.45	4.25	2.93	3.04	3.25	2.36
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)	141.88	13.16	11.21	10.29	11.55	8.17	2.84	10.63	17.66	18.47	19.40
Cash Conversion Cycle (CCC)	-132.85	-1.07	-7.99	-6.50	-2.34	2.28	1.41	-7.70	-14.62	-15.22	-17.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,062	12,497	13,554	13,832	12,771	11,650	8,404	11,895	11,780	11,335	10,498
Invested Capital Turnover	0.36	0.13	0.28	0.30	0.33	0.29	0.46	0.70	0.40	0.37	0.48
Increase / (Decrease) in Invested Capital	2,289	435	1,057	278	-1,060	-1,122	-3,246	3,491	-115	-445	-836
Enterprise Value (EV)	12,167	13,659	11,402	9,144	6,668	7,346	8,141	14,442	11,695	15,220	14,251
Market Capitalization	6,040	7,425	5,997	2,978	867	1,464	5,494	9,301	6,816	10,906	10,631
Book Value per Share	$21.42	$19.95	$25.82	$24.17	$22.91	$21.47	$18.34	$22.51	$22.96	$22.57	$24.48
Tangible Book Value per Share	$21.42	$19.95	$25.82	$24.17	$22.91	$21.47	$18.34	$22.51	$22.96	$22.57	$24.48
Total Capital	12,085	12,597	13,886	14,265	13,827	11,905	8,636	12,115	12,002	11,566	11,627
Total Debt	4,799	4,868	5,010	5,778	6,856	5,815	2,570	5,098	4,868	4,349	3,911
Total Long-Term Debt	4,669	4,704	4,800	5,465	6,343	5,350	2,125	4,073	3,966	3,540	3,010
Net Debt	4,775	4,768	4,678	5,344	5,801	5,559	2,338	4,878	4,646	4,118	3,456
Capital Expenditures (CapEx)	2,308	2,324	2,215	2,211	1,420	874	713	941	1,131	707	1,057
Debt-free, Cash-free Net Working Capital (DFCFNWC)	647	-282	252	266	396	55	-937	37	-75	-129	20
Debt-free Net Working Capital (DFNWC)	671	-251	281	266	396	55	-937	37	-75	-129	230
Net Working Capital (NWC)	541	-415	71	-47	-117	-409	-1,382	-987	-976	-938	-672
Net Nonoperating Expense (NNE)	148	66	401	96	-398	593	171	81	29	-93	-5.14
Net Nonoperating Obligations (NNO)	4,775	4,768	4,678	5,344	5,801	5,559	2,338	4,878	4,646	4,118	2,783
Total Depreciation and Amortization (D&A)	711	812	827	980	929	863	713	687	722	741	729
Debt-free, Cash-free Net Working Capital to Revenue	16.37%	-17.15%	6.90%	6.43%	8.98%	1.58%	-20.29%	0.52%	-1.59%	-2.97%	0.37%
Debt-free Net Working Capital to Revenue	16.96%	-15.23%	7.68%	6.43%	8.98%	1.58%	-20.29%	0.52%	-1.59%	-2.97%	4.35%
Net Working Capital to Revenue	13.68%	-25.19%	1.94%	-1.13%	-2.66%	-11.71%	-29.92%	-13.83%	-20.85%	-21.69%	-12.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.43	($2.88)	$0.00	($1.26)	($1.11)	($4.65)	($0.61)	$6.18	$0.81	$0.18	$2.05
Adjusted Weighted Average Basic Shares Outstanding	274.12M	294.95M	315.43M	316.04M	306.40M	272.43M	308.15M	307.20M	299.79M	309.49M	309.72M
Adjusted Diluted Earnings per Share	$3.43	($2.88)	$0.00	($1.26)	($1.11)	($4.65)	($0.61)	$5.78	$0.78	$0.18	$2.03
Adjusted Weighted Average Diluted Shares Outstanding	274.14M	294.95M	316.28M	316.04M	306.40M	272.43M	308.15M	329.22M	311.60M	313.41M	312.36M
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	277.06M	315.01M	316.52M	308.65M	286.68M	301.19M	314.71M	295.25M	303.57M	311.18M	308.53M
Normalized Net Operating Profit after Tax (NOPAT)	1,193	-637	646	442	230	-511	79	2,203	368	37	691
Normalized NOPAT Margin	30.17%	-38.70%	17.68%	10.67%	5.23%	-14.62%	1.70%	30.86%	7.87%	0.86%	13.11%
Pre Tax Income Margin	39.34%	-75.65%	13.41%	-4.22%	-8.33%	-47.48%	-4.94%	34.18%	7.71%	-0.57%	16.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.64	-3.61	2.81	0.39	-5.24	-40.18	0.06	54.97	1,059.48	0.87	242.35
NOPAT to Interest Expense	4.81	-2.53	4.39	0.18	-3.60	-27.91	0.05	45.03	872.73	0.61	184.52
EBIT Less CapEx to Interest Expense	-2.21	-12.20	-5.38	-7.32	-12.65	-76.72	-2.12	34.59	-1,965.69	-1,338.67	-48.98
NOPAT Less CapEx to Interest Expense	-5.04	-11.11	-3.81	-7.53	-11.01	-64.45	-2.14	24.65	-2,152.45	-1,338.94	-106.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	3.48%	-10.02%	19.40%	-584.83%	-29.02%	-2.85%	-63.22%	8.68%	43.33%	79.28%	10.41%
Augmented Payout Ratio	3.48%	-10.02%	19.40%	-867.28%	-42.25%	-6.30%	-63.22%	52.39%	68.67%	79.28%	30.63%

This table displays calculated financial ratios and metrics derived from Antero Resources' 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	-	-	-	-	-	-	-	-	-	-	308,525,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	308,525,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.73
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-45.45%	-42.73%	-20.31%	2.66%	-6.24%	-2.13%	20.53%	32.58%	14.97%	20.78%	43.80%
EBITDA Growth	-73.47%	-70.86%	-52.77%	34.17%	-25.61%	-23.43%	95.48%	275.45%	89.60%	91.10%	100.71%
EBIT Growth	-89.93%	-89.21%	-80.34%	30.30%	-74.68%	-96.74%	473.67%	355.83%	573.00%	400.48%	160.55%
NOPAT Growth	-93.77%	-89.85%	-79.85%	30.30%	-110.52%	8,325.23%	437.54%	383.46%	548.64%	28.06%	164.98%
Net Income Growth	-94.51%	-90.69%	-81.51%	11.01%	-131.51%	62.64%	532.98%	323.29%	439.86%	27.77%	149.79%
EPS Growth	-96.51%	-92.20%	-82.61%	25.00%	-216.67%	100.00%	842.86%	292.31%	318.18%	31.25%	160.61%
Operating Cash Flow Growth	-83.14%	-34.32%	-23.93%	-7.58%	-9.38%	-10.95%	74.97%	243.11%	86.60%	33.36%	87.67%
Free Cash Flow Firm Growth	-122.31%	107.13%	-213.68%	-212.04%	-302.16%	3,548.94%	122.96%	124.71%	116.17%	71.57%	-282.48%
Invested Capital Growth	8.89%	-0.97%	37.07%	34.25%	31.01%	-3.78%	-4.30%	-5.06%	-3.17%	-7.38%	16.77%
Revenue Q/Q Growth	18.13%	6.04%	-6.02%	-12.80%	7.90%	10.69%	15.74%	-4.08%	-6.44%	16.28%	37.79%
EBITDA Q/Q Growth	222.76%	29.62%	-27.60%	-55.70%	78.96%	33.41%	84.83%	-14.91%	-22.17%	56.14%	93.10%
EBIT Q/Q Growth	187.63%	25.69%	-57.92%	-195.13%	131.83%	-83.82%	8,479.76%	-25.19%	-42.35%	144.82%	144.60%
NOPAT Q/Q Growth	163.11%	100.02%	-56.15%	-180.43%	90.48%	160,325.16%	-96.71%	-26.95%	-50.65%	174.21%	168.06%
Net Income Q/Q Growth	148.05%	118.79%	-58.35%	-225.20%	82.98%	1,229.11%	88.95%	-24.10%	-48.61%	137.03%	170.16%
EPS Q/Q Growth	121.43%	183.33%	-61.29%	-275.00%	66.67%	585.71%	94.12%	-24.24%	-52.00%	162.50%	173.02%
Operating Cash Flow Q/Q Growth	18.11%	70.23%	-16.20%	-45.15%	15.80%	67.29%	64.65%	7.56%	-37.02%	19.56%	131.71%
Free Cash Flow Firm Q/Q Growth	-125.24%	128.42%	-2,091.63%	4.01%	9.39%	357.84%	-89.72%	3.30%	-40.68%	136.19%	-226.08%
Invested Capital Q/Q Growth	1.39%	33.51%	-0.09%	-1.41%	-1.06%	-1.94%	0.05%	-2.20%	0.92%	-6.20%	26.14%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.25%	41.59%	34.71%	24.91%	24.67%	41.18%	45.41%	41.86%	37.16%	43.69%	56.18%
EBITDA Margin	22.04%	26.95%	20.76%	10.55%	17.49%	21.08%	33.67%	29.86%	24.84%	33.36%	46.74%
Operating Margin	4.95%	8.20%	5.81%	-6.33%	-0.56%	0.27%	20.07%	15.79%	9.73%	20.49%	37.50%
EBIT Margin	6.92%	8.20%	5.81%	-6.33%	1.87%	0.27%	20.25%	15.79%	9.73%	20.49%	36.36%
Profit (Net Income) Margin	2.90%	5.98%	4.30%	-6.18%	-0.97%	9.94%	16.22%	12.84%	7.05%	14.37%	28.18%
Tax Burden Percent	70.49%	80.22%	82.80%	81.93%	113.36%	207,414.29%	80.14%	77.56%	66.40%	74.37%	79.03%
Interest Burden Percent	59.41%	90.88%	89.50%	119.04%	-45.99%	1.75%	100.00%	104.82%	109.16%	94.36%	98.08%
Effective Tax Rate	29.51%	19.78%	17.20%	0.00%	0.00%	-207,314.29%	19.86%	22.44%	33.60%	25.63%	20.98%
Return on Invested Capital (ROIC)	2.30%	2.60%	2.06%	-1.92%	-0.17%	212.02%	6.32%	5.24%	2.86%	7.36%	14.15%
ROIC Less NNEP Spread (ROIC-NNEP)	1.90%	2.45%	1.88%	-2.48%	-0.37%	63.58%	6.36%	5.43%	3.04%	7.01%	13.52%
Return on Net Nonoperating Assets (RNNOA)	0.47%	1.65%	0.79%	-1.07%	-0.16%	38.83%	3.69%	3.00%	1.66%	3.24%	7.74%
Return on Equity (ROE)	2.77%	4.25%	2.85%	-2.99%	-0.32%	250.84%	10.01%	8.24%	4.52%	10.60%	21.89%
Cash Return on Invested Capital (CROIC)	3.88%	3.73%	-29.73%	-27.63%	-25.70%	3.85%	6.97%	9.71%	8.60%	13.79%	-7.12%
Operating Return on Assets (OROA)	2.74%	2.78%	1.86%	-2.06%	0.60%	0.09%	6.94%	5.88%	3.75%	8.23%	15.03%
Return on Assets (ROA)	1.15%	2.03%	1.38%	-2.01%	-0.31%	3.24%	5.56%	4.78%	2.72%	5.78%	11.65%
Return on Common Equity (ROCE)	2.67%	4.10%	2.75%	-2.89%	-0.31%	243.37%	9.73%	8.02%	4.41%	10.35%	21.40%
Return on Equity Simple (ROE_SIMPLE)	14.86%	0.00%	1.83%	1.95%	1.34%	0.00%	3.86%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	39	79	54	-43	-4.13	6,621	218	159	78	215	576
NOPAT Margin	3.49%	6.58%	4.81%	-4.43%	-0.39%	566.47%	16.08%	12.25%	6.46%	15.23%	29.64%
Net Nonoperating Expense Percent (NNEP)	0.40%	0.15%	0.19%	0.56%	0.20%	148.44%	-0.05%	-0.19%	-0.18%	0.35%	0.63%
Return On Investment Capital (ROIC_SIMPLE)	-	0.65%	-	-	-	57.24%	1.88%	1.40%	0.69%	1.85%	4.27%
Cost of Revenue to Revenue	68.75%	58.41%	65.29%	75.09%	75.33%	58.82%	54.59%	58.14%	62.84%	56.31%	43.83%
SG&A Expenses to Revenue	8.17%	1.80%	4.98%	6.07%	8.01%	2.55%	4.62%	4.41%	4.69%	3.97%	3.26%
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	26.30%	33.38%	28.91%	31.24%	25.23%	40.91%	25.34%	26.07%	27.43%	23.20%	18.67%
Earnings before Interest and Taxes (EBIT)	78	98	65	-62	20	3.19	274	205	118	289	707
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	248	322	233	103	185	246	455	387	302	471	909
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.11	0.99	1.24	1.45	1.28	1.55	1.74	1.71	1.41	1.41	1.62
Price to Tangible Book Value (P/TBV)	1.11	0.99	1.24	1.45	1.28	1.55	1.74	1.71	1.41	1.41	1.62
Price to Revenue (P/Rev)	1.37	1.46	1.98	2.29	2.05	2.52	2.76	2.57	2.06	2.02	2.23
Price to Earnings (P/E)	8.68	34.36	132.39	121.82	198.00	190.58	51.90	26.12	17.56	16.76	13.62
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	11.52%	2.91%	0.76%	0.82%	0.51%	0.52%	1.93%	3.83%	5.69%	5.97%	7.34%
Enterprise Value to Invested Capital (EV/IC)	1.09	0.99	1.14	1.27	1.17	1.34	1.47	1.47	1.27	1.36	1.38
Enterprise Value to Revenue (EV/Rev)	1.72	2.50	3.07	3.36	3.10	3.52	3.67	3.34	2.82	2.70	3.11
Enterprise Value to EBITDA (EV/EBITDA)	5.04	10.46	15.76	16.79	16.51	20.52	17.37	13.08	10.24	8.86	8.85
Enterprise Value to EBIT (EV/EBIT)	7.72	29.51	72.35	69.42	88.68	33,085.93	74.52	32.00	21.79	16.21	13.90
Enterprise Value to NOPAT (EV/NOPAT)	9.13	35.83	85.73	89.96	115.14	47,265.61	55.78	31.72	23.24	21.29	17.79
Enterprise Value to Operating Cash Flow (EV/OCF)	8.28	11.76	14.81	16.48	15.27	17.92	15.98	11.69	9.24	8.74	8.99
Enterprise Value to Free Cash Flow (EV/FCFF)	29.16	26.49	0.00	0.00	0.00	34.18	20.66	14.74	14.53	9.46	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.27	0.68	0.66	0.66	0.64	0.60	0.56	0.52	0.52	0.51	0.64
Long-Term Debt to Equity	0.23	0.56	0.54	0.54	0.53	0.49	0.44	0.40	0.41	0.39	0.51
Financial Leverage	0.25	0.67	0.42	0.43	0.43	0.61	0.58	0.55	0.55	0.46	0.57
Leverage Ratio	2.07	1.95	1.90	1.91	1.89	1.85	1.81	1.78	1.78	1.76	1.82
Compound Leverage Factor	1.23	1.77	1.70	2.27	-0.87	0.03	1.81	1.87	1.94	1.66	1.78
Debt to Total Capital	21.51%	40.56%	39.78%	39.59%	39.07%	37.61%	36.02%	34.00%	34.34%	33.64%	39.07%
Short-Term Debt to Total Capital	3.74%	7.51%	7.40%	7.18%	7.08%	7.00%	7.60%	7.75%	7.60%	7.75%	7.84%
Long-Term Debt to Total Capital	17.77%	33.04%	32.37%	32.41%	31.99%	30.60%	28.42%	26.26%	26.73%	25.89%	31.23%
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	2.61%	1.94%	1.83%	1.74%	1.71%	1.69%	1.64%	1.58%	1.50%	1.42%	1.19%
Common Equity to Total Capital	75.88%	57.50%	58.39%	58.67%	59.22%	60.71%	62.33%	64.42%	64.16%	64.94%	59.74%
Debt to EBITDA	1.02	4.35	5.60	5.33	5.64	5.86	4.34	3.09	2.83	2.43	2.55
Net Debt to EBITDA	0.91	4.16	5.34	5.08	5.36	5.55	4.09	2.89	2.65	2.15	2.43
Long-Term Debt to EBITDA	0.85	3.55	4.56	4.37	4.62	4.77	3.42	2.39	2.20	1.87	2.04
Debt to NOPAT	1.85	14.91	30.47	28.58	39.31	13,507.43	13.93	7.51	6.43	5.84	5.13
Net Debt to NOPAT	1.64	14.23	29.04	27.22	37.37	12,789.89	13.13	7.02	6.01	5.16	4.89
Long-Term Debt to NOPAT	1.53	12.15	24.80	23.40	32.19	10,992.44	10.99	5.80	5.00	4.50	4.10
Altman Z-Score	1.13	1.03	1.21	1.32	1.25	1.50	1.81	1.92	1.65	1.74	1.76
Noncontrolling Interest Sharing Ratio	3.65%	3.50%	3.32%	3.15%	3.06%	2.98%	2.80%	2.63%	2.54%	2.41%	2.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.29	0.33	0.29	0.29	0.28	0.35	0.39	0.30	0.31	0.55	0.40
Quick Ratio	0.03	0.03	0.03	0.02	0.02	0.02	0.03	0.02	0.03	0.02	0.02
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-681	194	-3,151	-3,024	-2,740	7,066	727	750	445	1,052	-1,326
Operating Cash Flow to CapEx	66.73%	142.02%	117.80%	74.61%	99.77%	220.11%	222.67%	249.34%	70.57%	172.80%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-104.37	0.00	-5,189.99	0.00	250.61	1,029.48	0.00	0.00	-196.64
Operating Cash Flow to Interest Expense	0.00	0.00	8.67	0.00	314.73	0.00	157.90	675.39	0.00	0.00	127.42
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	1.31	0.00	-0.73	0.00	86.98	404.52	0.00	0.00	205.05
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.40	0.34	0.32	0.33	0.32	0.33	0.34	0.37	0.39	0.40	0.41
Accounts Receivable Turnover	183.63	119.89	125.01	146.30	137.94	112.31	113.18	176.62	159.01	154.75	161.14
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	0.57	0.48	0.45	0.45	0.44	0.44	0.46	0.50	0.51	0.56	0.54
Accounts Payable Turnover	21.77	20.67	27.25	20.14	19.67	19.76	19.36	21.04	20.25	18.82	16.25
Days Sales Outstanding (DSO)	1.99	3.04	2.92	2.49	2.65	3.25	3.22	2.07	2.30	2.36	2.27
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)	16.76	17.66	13.40	18.13	18.56	18.47	18.85	17.35	18.02	19.40	22.47
Cash Conversion Cycle (CCC)	-14.78	-14.62	-10.48	-15.63	-15.91	-15.22	-15.62	-15.28	-15.73	-17.04	-20.20
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,823	11,780	11,849	11,683	11,559	11,335	11,340	11,091	11,193	10,498	13,243
Invested Capital Turnover	0.66	0.40	0.43	0.43	0.43	0.37	0.39	0.43	0.44	0.48	0.48
Increase / (Decrease) in Invested Capital	721	-115	3,205	2,981	2,736	-445	-509	-592	-367	-836	1,902
Enterprise Value (EV)	9,585	11,695	13,514	14,839	13,490	15,220	16,706	16,293	14,215	14,251	18,273
Market Capitalization	7,624	6,816	8,716	10,142	8,910	10,906	12,584	12,508	10,368	10,631	13,094
Book Value per Share	$22.84	$22.96	$23.12	$22.47	$22.44	$22.57	$23.20	$23.53	$23.78	$24.48	$26.13
Tangible Book Value per Share	$22.84	$22.96	$23.12	$22.47	$22.44	$22.57	$23.20	$23.53	$23.78	$24.48	$26.13
Total Capital	9,043	12,002	12,075	11,906	11,786	11,566	11,580	11,340	11,449	11,627	13,496
Total Debt	1,945	4,868	4,804	4,714	4,605	4,349	4,171	3,856	3,932	3,911	5,273
Total Long-Term Debt	1,607	3,966	3,909	3,859	3,771	3,540	3,291	2,977	3,061	3,010	4,214
Net Debt	1,725	4,646	4,578	4,491	4,378	4,118	3,932	3,607	3,675	3,456	5,019
Capital Expenditures (CapEx)	275	220	222	192	167	126	206	197	439	215	-523
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-700	-75	-86	-142	-121	-129	-30	-99	-88	20	43
Debt-free Net Working Capital (DFNWC)	-700	-75	-86	-142	-121	-129	-30	-99	-88	230	43
Net Working Capital (NWC)	-1,039	-976	-980	-997	-955	-938	-911	-977	-958	-672	-1,015
Net Nonoperating Expense (NNE)	6.65	7.16	5.66	17	6.15	6,505	-1.92	-7.66	-7.19	12	28
Net Nonoperating Obligations (NNO)	1,725	4,646	4,578	4,491	4,378	4,118	3,932	3,607	3,675	2,783	5,019
Total Depreciation and Amortization (D&A)	170	224	168	165	165	243	182	183	183	182	202
Debt-free, Cash-free Net Working Capital to Revenue	-12.57%	-1.59%	-1.96%	-3.21%	-2.79%	-2.97%	-0.67%	-2.03%	-1.74%	0.37%	0.73%
Debt-free Net Working Capital to Revenue	-12.57%	-1.59%	-1.96%	-3.21%	-2.79%	-2.97%	-0.67%	-2.03%	-1.74%	4.35%	0.73%
Net Working Capital to Revenue	-18.64%	-20.85%	-22.30%	-22.55%	-21.96%	-21.69%	-19.99%	-20.05%	-19.04%	-12.73%	-17.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.06	$0.16	$0.12	($0.21)	($0.07)	$0.34	$0.67	$0.50	$0.25	$0.63	$1.73
Adjusted Weighted Average Basic Shares Outstanding	300.14M	299.79M	304.94M	310.81M	311.03M	309.49M	311.33M	310.32M	308.76M	309.72M	308.93M
Adjusted Diluted Earnings per Share	$0.06	$0.17	$0.12	($0.21)	($0.07)	$0.34	$0.66	$0.50	$0.24	$0.63	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	311.53M	311.60M	312.50M	310.81M	311.03M	313.41M	314.80M	313.18M	311.03M	312.36M	311.43M
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	300.54M	303.57M	310.81M	311.01M	311.16M	311.18M	310.53M	308.93M	308.49M	308.53M	309.84M
Normalized Net Operating Profit after Tax (NOPAT)	58	49	60	-41	3.32	24	221	175	95	200	550
Normalized NOPAT Margin	5.18%	4.12%	5.35%	-4.20%	0.31%	2.07%	16.30%	13.47%	7.83%	14.18%	28.30%
Pre Tax Income Margin	4.11%	7.46%	5.20%	-7.54%	-0.86%	0.00%	20.25%	16.55%	10.62%	19.33%	35.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	2.16	0.00	37.37	0.00	94.47	281.05	0.00	0.00	104.91
NOPAT to Interest Expense	0.00	0.00	1.79	0.00	-7.83	0.00	75.04	217.98	0.00	0.00	85.50
EBIT Less CapEx to Interest Expense	0.00	0.00	-5.20	0.00	-278.09	0.00	23.56	10.18	0.00	0.00	182.54
NOPAT Less CapEx to Interest Expense	0.00	0.00	-5.57	0.00	-323.29	0.00	4.13	-52.88	0.00	0.00	163.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.10%	43.33%	78.42%	64.98%	89.02%	79.28%	23.93%	13.25%	11.05%	10.41%	7.17%
Augmented Payout Ratio	42.94%	68.67%	78.42%	64.98%	89.02%	79.28%	27.55%	29.60%	32.67%	30.63%	19.75%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Antero Resources’ latest quarterly cash flow, income statement, and balance sheet data, focusing on the most relevant trends for retail investors over the last four years. The emphasis is on cash generation, profitability, liquidity, and leverage.

Q4 2025: Net income to common shareholders was about $193.7 million, with diluted earnings per share of $0.63.
Q4 2025: Operating cash flow (Net Cash From Continuing Operating Activities) was about $370.7 million, up from Q4 2024’s $278.0 million.
Q4 2025: Free cash flow appears positive—roughly $156 million (approx. $370.7M operating cash flow minus $214.9M in purchases of PPE in the quarter).
Q4 2025: Total revenue was about $1.412 billion with gross margin around 43.7% (gross profit ~$616.7 million on ~$1.411–$1.412 billion revenue).
Q4 2025: Net change in cash and equivalents was about $210 million, signaling improved liquidity for the quarter.
Dividend activity remains a feature of cash outflow, with quarterly dividends around the mid-teens to low-twenties millions (e.g., Q4 2025 dividends were ~$16.2 million), indicating ongoing shareholder returns.

Debt issuance activity in late 2025: Q3 2025 saw issuance of debt around $1.35 billion, and Q4 2025 issuance around $1.27 billion, which boosts liquidity but increases near-term liabilities.
Balance sheet context: Total equity hovered around the mid to high single-digit billions in 2025 (e.g., about $7.3–$7.9 billion across quarters), while total liabilities were roughly in the $5.0–$5.4 billion range, indicating a solid equity cushion relative to liabilities.

Near-term leverage risk: The sizable debt issuances in Q3–Q4 2025 increase liabilities and could raise interest costs going forward, potentially weighing on standalone profitability if commodity prices soften or cash generation slows.

05/21/26 02:58 PM ETAI Generated. May Contain Errors.

Antero Resources Financials - Frequently Asked Questions

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

Antero Resources' net income appears to be on an upward trend, with a most recent value of $674.57 million in 2025, falling from $980.00 million in 2015. The previous period was $93.70 million in 2024. Check out Antero Resources' forecast to explore projected trends and price targets.

Antero Resources' total operating income in 2025 was $883.65 million, based on the following breakdown:

Total Gross Profit: $2.23 billion
Total Operating Expenses: $1.34 billion

Over the last 10 years, Antero Resources' total revenue changed from $3.95 billion in 2015 to $5.28 billion in 2025, a change of 33.4%.

Antero Resources' total liabilities were at $5.53 billion at the end of 2025, a 4.6% decrease from 2024, and a 19.0% decrease since 2015.

Over the last 10 years, Antero Resources' book value per share changed from 21.42 in 2015 to 24.48 in 2025, a change of 14.3%.

Related Companies

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

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Antero Resources (AR) Financials

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Antero Resources (AR) Financials

Annual Income Statements for Antero Resources

Quarterly Income Statements for Antero Resources

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Quarterly Cash Flow Statements for Antero Resources

Annual Balance Sheets for Antero Resources

Quarterly Balance Sheets for Antero Resources

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Quarterly Metrics And Ratios for Antero Resources

Financials Breakdown Chart

Key Financial Trends

Antero Resources Financials - Frequently Asked Questions

When does Antero Resources' financial year end?

How has Antero Resources' net income changed over the last 10 years?

What is Antero Resources' operating income?

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

How much debt does Antero Resources have?

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

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