Filing Flows › Antero Midstream (AM) › Q3 2025
Antero Midstream (AM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
Antero Midstream (AM) reported revenue of $295M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -3% from the quarter before. Operating margin was 61.2%, net earnings $116M (39.3% of revenue).
Antero Midstream, Q3 2025: revenue $295M (+9% year over year), operating margin 61.2%, net earnings $116M, operating cash flow $213M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $295M | -3% | +9% |
| Operating profit | $180M | -3% | +11% |
| Net earnings | $116M | -7% | +16% |
| Operating cash flow | $213M | -20% | +15% |
| Free cash flow | $167M | — | +29% |
What changed
Revenue was $294.8M in Q3 2025, up 9% year over year and down 3% from the previous quarter.
Operating profit was $180.5M, a 61.2% margin (up 1.0 points year over year). Of the extra revenue versus a year earlier, 72% reached operating profit, above the 60% margin then. Total costs grew 6% against revenue growth of 9%. Net earnings were $115.8M, up 16% year over year. The effective tax rate was 28.3%.
Operating cash flow was $212.8M (up 15% year over year), 184% of net earnings. Non-cash charges added back $52.1M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items added $33.7M. Capital expenditures of $46.2M left free cash flow of $166.7M.
Questions
What was Antero Midstream's revenue in the third quarter 2025?
Antero Midstream (AM) reported revenue of $295M for the third quarter 2025 (Q3 2025), +9% from a year earlier and -3% from the quarter before.
Was Antero Midstream profitable in the third quarter 2025?
Operating profit was $180M (61.2% of revenue) and net earnings $116M.
Source: Antero Midstream 10-Q on SEC EDGAR.