Antero Resources
AR · NYSECrude Petroleum & Natural Gas · Fiscal year ends Dec 31
Antero Resources reported revenue of $5.3B in the fiscal year ended Dec 2025, up 22.0% from the year before. Operating income was $884M, an operating margin of 16.7%, and net income was $675M. Net debt was $1.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $4.6B | $7.1B | $4.7B | $4.3B | $5.3B |
| Operating income | $24M | $2.5B | $396M | $460,000 | $884M |
| Net interest incomeBanks | −$182M | −$125M | −$118M | – | – |
| Pre-tax income | −$228M | $2.4B | $361M | −$24M | $890M |
| Income tax | −$74M | $441M | $64M | −$118M | $216M |
| Net income | −$154M | $2B | $297M | $94M | $675M |
| Diluted EPS | −0.61 | 5.69 | 0.64 | 0.18 | 2.03 |
| Diluted shares | 308M | 329M | 312M | 313M | 312M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $0 | $0 | $0 | $0 | $210M |
| Receivables | $79M | $35M | $43M | $34M | $34M |
| Current assets | $686M | $788M | $476M | $508M | $832M |
| Total assets | $13.9B | $14.1B | $13.5B | $13B | $13.2B |
| Payables | $25M | $78M | – | – | – |
| Deferred revenue | $38M | $31M | $27M | $25M | $24M |
| Current liabilities | $2.1B | $1.8B | $1.5B | $1.4B | $1.5B |
| Long-term debt | $2.1B | $1.2B | $1.5B | $1.5B | $1.4B |
| Total liabilities | $7.8B | $7.1B | $6.4B | $5.8B | $5.5B |
| Shareholders' equity | $5.8B | $6.8B | $6.9B | $7B | $7.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $3.1B | $995M | $849M | $1.6B |
| Capital expenditure | $716M | $944M | – | – | – |
| Free cash flow | $944M | $2.1B | – | – | – |
| Depreciation & amortisation | $742M | $715M | $747M | $762M | $750M |
| Stock-based compensation | $20M | $35M | $60M | $66M | $61M |
| Share buybacks | – | $874M | $75M | – | $136M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 54.5% | −34.4% | −7.6% | 22.0% |
| Operating income growth (YoY) | – | 10542.7% | −84.4% | −99.9% | 191997.0% |
| EPS growth (YoY) | – | – | −88.8% | −71.9% | 1027.8% |
| Operating margin | 0.5% | 35.6% | 8.5% | 0.0% | 16.7% |
| Net margin | −3.3% | 28.0% | 6.4% | 2.2% | 12.8% |
| Return on equityBlank when equity is negative | −2.7% | 29.6% | 4.3% | 1.3% | 8.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 0.2% | 20.6% | 3.3% | 0.0% | 7.5% |
| Free cash flow margin | 20.4% | 29.5% | – | – | – |
| Cash conversion (CFO ÷ net income) | −10.8x | 1.53x | 3.35x | 9.06x | 2.42x |
| Receivable days | 6 | 2 | 3 | 3 | 2 |
| Debt ÷ equity | 0.37x | 0.18x | 0.22x | 0.21x | 0.19x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $2.1B | $1.2B | $1.5B | $1.5B | $1.2B |
| Current ratio | 0.33x | 0.44x | 0.33x | 0.35x | 0.55x |
Recent filings
More in Crude Petroleum & Natural Gas
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.