Antero Midstream
AM · NYSENatural Gas Transmission · Fiscal year ends Dec 31
Antero Midstream reported revenue of $1.2B in the fiscal year ended Dec 2025, up 7.4% from the year before. Operating income was $645M, an operating margin of 54.2%, and net income was $413M. Net debt was $3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $898M | $920M | $1B | $1.1B | $1.2B |
| Operating income | $555M | $539M | $612M | $659M | $645M |
| Net interest incomeBanks | −$175M | −$190M | −$217M | – | – |
| Pre-tax income | $449M | $444M | $500M | $549M | $564M |
| Income tax | $117M | $117M | $128M | $148M | $151M |
| Net income | $332M | $326M | $372M | $401M | $413M |
| Diluted EPS | 0.69 | 0.68 | 0.77 | 0.83 | 0.86 |
| Diluted shares | 480M | 480M | 482M | 485M | 482M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | – | $0 | $66,000 | – | $180M |
| Receivables | $747,000 | $575,000 | – | – | – |
| Current assets | $84M | $89M | $91M | $118M | $380M |
| Net PP&E | $3.4B | $3.8B | $3.8B | $3.9B | $3.5B |
| Total assets | $5.5B | $5.8B | $5.7B | $5.8B | $5.9B |
| Payables | $24M | $23M | – | – | – |
| Current liabilities | $114M | $102M | $96M | $101M | $111M |
| Long-term debt | $3.1B | $3.4B | $3.2B | $3.1B | $3.2B |
| Total liabilities | $3.3B | $3.6B | $3.6B | $3.6B | $3.9B |
| Shareholders' equity | $2.3B | $2.2B | $2.2B | $2.1B | $2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $710M | $700M | $779M | $844M | $932M |
| Capital expenditure | – | $217M | $266,000 | $70M | – |
| Free cash flow | – | $483M | $779M | $774M | – |
| Depreciation & amortisation | $109M | $132M | $136M | $140M | $134M |
| Stock-based compensation | $14M | $20M | $32M | $44M | $46M |
| Share buybacks | – | – | – | $29M | $135M |
| Dividends paid | $471M | $433M | $435M | $438M | $439M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.4% | 13.2% | 6.2% | 7.4% |
| Operating income growth (YoY) | – | −2.9% | 13.4% | 7.7% | −2.2% |
| EPS growth (YoY) | – | −1.4% | 13.2% | 7.8% | 3.6% |
| Operating margin | 61.8% | 58.6% | 58.7% | 59.6% | 54.2% |
| Net margin | 36.9% | 35.5% | 35.7% | 36.2% | 34.8% |
| Return on equityBlank when equity is negative | 14.5% | 14.9% | 17.3% | 19.0% | 21.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.2% | 9.5% | 10.8% | 11.6% | 11.2% |
| Free cash flow margin | – | 52.5% | 74.8% | 70.0% | – |
| Cash conversion (CFO ÷ net income) | 2.14x | 2.14x | 2.10x | 2.11x | 2.26x |
| Receivable days | 0 | 0 | – | – | – |
| Debt ÷ equity | 1.37x | 1.53x | 1.49x | 1.47x | 1.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $3.4B | $3.2B | – | $3B |
| Current ratio | 0.74x | 0.87x | 0.95x | 1.17x | 3.41x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.