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Antero Midstream (AM) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Antero Midstream (AM) Q3 2026 earnings results →
Q3 2026 Revenue up 11% year over year to $327M · 120¢ of every $1 of revenue kept as net profit · operating margin 170.4%
Antero Midstream made $327M in Q3 2026 (+11% Y/Y). Operating margin 170.4%, net earnings $393M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
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What changed this quarter
Revenue was $327.0M in Q3 2026, up 11% year over year and roughly flat from the previous quarter.
Operating profit was $557.2M, a 170.4% margin (up 109.2 points year over year). Of the extra revenue versus Q3 2025, 1170% reached operating profit, above the 61% margin then. Net earnings were $392.5M, up 239% year over year. The effective tax rate was 26.3%.
Operating cash flow was $600.3M (up 182% year over year), 153% of net earnings. Non-cash charges added back $60.8M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items added $135.8M. Capital expenditures of $44.7M left free cash flow of $555.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $327M | +11% | 170.4% | $393M | $600M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $327M | +7% | 55.6% | $114M | $254M |
| Q1 2026 | 10-Q | Apr 29, 2026 | $314M | +8% | 60.0% | $118M | $239M |
| Q4 2025 | 10-K | Feb 11, 2026 | $297M | +3% | 33.8% | $51.9M | $256M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $295M | +9% | 61.2% | $116M | $213M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $305M | +13% | 61.0% | $125M | $265M |
| Q1 2025 | 10-Q | Apr 30, 2025 | $291M | +4% | 60.9% | $121M | $199M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Antero Midstream against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +11% against the peers' median +30%. Operating margin: 170.4% against the peers' median 25.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| AM Antero Midstream | Q3 2026 | $327M | +11% | 170.4% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
Source: Antero Midstream 10-Q on SEC EDGAR · CIK 1623925 · Natural Gas Transmission
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results