Filing Flows › Antero Midstream (AM) › Q1 2026
Antero Midstream (AM) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Antero Midstream (AM) reported revenue of $314M for the first quarter 2026 (Q1 2026), +8% from a year earlier and +6% from the quarter before. Operating margin was 60.0%, net earnings $118M (37.6% of revenue).
Antero Midstream, Q1 2026: revenue $314M (+8% year over year), operating margin 60.0%, net earnings $118M, operating cash flow $239M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $314M | +6% | +8% |
| Operating profit | $189M | +88% | +6% |
| Net earnings | $118M | +128% | -2% |
| Operating cash flow | $239M | -7% | +20% |
| Free cash flow | $201M | — | +19% |
What changed
Revenue was $314.2M in Q1 2026, up 8% year over year and up 6% from the previous quarter.
Operating profit was $188.6M, a 60.0% margin (down 0.8 points year over year). Of the extra revenue versus Q1 2025, 49% reached operating profit, below the 61% margin then. Total costs grew 10% against revenue growth of 8%. The fastest-growing cost line was Other operating costs (+14%). Net earnings were $118.1M, down 2% year over year. The effective tax rate was 24.1%.
Operating cash flow was $238.6M (up 20% year over year), 202% of net earnings. Non-cash charges added back $55.8M of depreciation and amortization and $10.6M of share-based compensation. Working capital and other items added $53.9M. Capital expenditures of $37.9M left free cash flow of $200.7M.
Questions
What was Antero Midstream's revenue in the first quarter 2026?
Antero Midstream (AM) reported revenue of $314M for the first quarter 2026 (Q1 2026), +8% from a year earlier and +6% from the quarter before.
Was Antero Midstream profitable in the first quarter 2026?
Operating profit was $189M (60.0% of revenue) and net earnings $118M.
Source: Antero Midstream 10-Q on SEC EDGAR.