Filing Flows

Filing Flows › Companies › Antero Midstream › Cash flow

Antero Midstream cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$600M in Q3 2026 · $1.3B over twelve months

Operating cash flow$600M
Free cash flow+$600M
Cash / net income1.5×

Analysis

In Q3 2026, Antero Midstream generated $600M of operating cash flow. That is $387M more than in Q3 2025 ($213M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.3B; the largest uses were other investing ($917M), dividends ($435M), buybacks ($102M); besides operations, cash came from other financing ($138M).

Operating cash flow was $600M against net income of $393M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: deferred taxes +$129M, depreciation & amortization +$60.8M, accrued liabilities −$26.2M.

Free cash flow

Antero Midstream: free cash flow by quarterAntero Midstream: free cash flow by quarter$233MQ4 2024$199MQ1 2025$265MQ2 2025$213MQ3 2025$256MQ4 2025$239MQ1 2026$254MQ2 2026$600MQ3 2026
Operating cash flow less capital spending.
Antero Midstream: operating cash flow against capital spendingAntero Midstream: operating cash flow against capital spendingOperating cash flowCapital spending$233M$0Q4 2024$199M$0Q1 2025$265M$0Q2 2025$213M$0Q3 2025$256M$0Q4 2025$239M$0Q1 2026$254M$0Q2 2026$600M$0Q3 2026
Latest (Q3 2026): Operating cash flow $600M, Capital spending $0.

Capital allocation, year by year

Antero Midstream: where the cash came from (up) and went (down), by fiscal yearAntero Midstream: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $710MFY2021: Asset sales $1.7MFY2021: Dividends −$471M$711MFY2021FY2022: Operating cash flow $700MFY2022: Net borrowing $235MFY2022: Asset sales $5.7MFY2022: Capital spending −$217MFY2022: Dividends −$433M$940MFY2022FY2023: Operating cash flow $779MFY2023: Net borrowing −$152MFY2023: Asset sales $1.1MFY2023: Capital spending −$266KFY2023: Dividends −$435M$780MFY2023FY2024: Operating cash flow $844MFY2024: Net borrowing $454MFY2024: Asset sales $1.3MFY2024: Capital spending −$70.0MFY2024: Buybacks −$28.7MFY2024: Dividends −$438M$1.3BFY2024FY2025: Operating cash flow $932MFY2025: Net borrowing $766MFY2025: Buybacks −$135MFY2025: Dividends −$439M$1.7BFY2025
Over these 5 years operating cash flow totalled $4.0B; the largest uses were dividends ($2.2B) and capital spending ($287M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$0
Debt$3.2B
Net debt$3.2B

Antero Midstream funds itself: free cash flow was $1.3B over the last twelve months, and $0 of cash and investments stands against $3.2B of debt.

Where the cash came from and went

Antero Midstream: sources (+) and uses (−) of cash, Q3 2026Antero Midstream: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$600MOther financing−$415MDividends−$107MOther investing−$49.7MBuybacks−$27.2MAsset & business sales−$1.2MTaxes on employees’ shares−$35K
Antero Midstream: sources (+) and uses (−) of cash, TTM to Q3 2026Antero Midstream: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$1.3BOther investing−$917MDividends−$435MOther financing$138MBuybacks−$102MTaxes on employees’ shares−$33.1M

From profit to cash

Antero Midstream: net income to operating cash flow, Q3 2026Antero Midstream: net income to operating cash flow, Q3 2026Net income$393MDepreciation & amortization$60.8MStock-based pay$11.0MDeferred taxes$129MImpairments$2.9MGains on disposals$1.2MReceivables$722KPayables−$4.1MAccrued liabilities−$26.2MPrepaid and other assets−$10KOperating cash flow$600M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$600M—−$27.2M−$107M——$600M
Q2 2026$254M$17.6M−$8.3M−$110M−$100M—$254M
Q1 2026$239M−$1.1B−$18.0M−$111M$442M$263M$239M
Q4 2025$256M—−$48.3M−$107M$220M−$263M$256M
Q3 2025$213M—−$41.3M−$108M−$9.7M—$213M
Q2 2025$265M—−$16.8M−$112M−$88.1M—$265M
Q1 2025$199M—−$28.6M−$113M−$6.9M—$199M
Q4 2024$233M——−$108M−$55.6M—$233M

Antero Midstream: income statement and cash flow

Antero Midstream, Q3 2026: revenue $327M (+11% year over year), operating margin 170.4%. The chart follows the revenue to costs, profit and cash.

Antero Midstream: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.