Filing Flows › Antero Midstream (AM) › Q2 2025
Antero Midstream (AM) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Antero Midstream (AM) reported revenue of $305M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +5% from the quarter before. Operating margin was 61.0%, net earnings $125M (40.8% of revenue).
Antero Midstream, Q2 2025: revenue $305M (+13% year over year), operating margin 61.0%, net earnings $125M, operating cash flow $265M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $305M | +5% | +13% |
| Operating profit | $186M | +5% | +22% |
| Net earnings | $125M | +3% | +45% |
| Operating cash flow | $265M | +33% | +23% |
| Free cash flow | $228M | — | +33% |
What changed
Revenue was $305.5M in Q2 2025, up 13% year over year and up 5% from the previous quarter.
Operating profit was $186.4M, a 61.0% margin (up 4.4 points year over year). Of the extra revenue versus a year earlier, 94% reached operating profit, above the 57% margin then. Total costs grew 2% against revenue growth of 13%. Net earnings were $124.4M, up 45% year over year. The effective tax rate was 26.1%.
Operating cash flow was $265.2M (up 23% year over year), 213% of net earnings. Non-cash charges added back $51.0M of depreciation and amortization and $11.4M of share-based compensation. Working capital and other items added $78.2M. Capital expenditures of $36.7M left free cash flow of $228.4M.
Questions
What was Antero Midstream's revenue in the second quarter 2025?
Antero Midstream (AM) reported revenue of $305M for the second quarter 2025 (Q2 2025), +13% from a year earlier and +5% from the quarter before.
Was Antero Midstream profitable in the second quarter 2025?
Operating profit was $186M (61.0% of revenue) and net earnings $125M.
Source: Antero Midstream 10-Q on SEC EDGAR.