Filing Flows › Antero Midstream (AM) › Q4 2025
Antero Midstream (AM) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Antero Midstream (AM) reported revenue of $297M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +0.7% from the quarter before. Operating margin was 33.8%, net earnings $51.9M (17.5% of revenue).
Antero Midstream, Q4 2025: revenue $297M (+3% year over year), operating margin 33.8%, net earnings $51.9M, operating cash flow $256M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $297M | +0.7% | +3% |
| Operating profit | $101M | -44% | -43% |
| Net earnings | $51.9M | -55% | -53% |
| Operating cash flow | $256M | +20% | +10% |
| Free cash flow | $207M | +24% | +6% |
What changed
Revenue was $297.0M in Q4 2025, up 3% year over year and up 1% from the previous quarter.
Operating profit was $100.5M, a 33.8% margin (down 28.0 points year over year). Operating profit fell $77.2M even though revenue rose $9.5M versus a year earlier, so costs grew faster than sales. Total costs grew 79% against revenue growth of 3%. The fastest-growing cost line was Other operating costs (+97%). Net earnings were $51.8M, down 53% year over year. The effective tax rate was 32.7%.
Operating cash flow was $255.5M (up 10% year over year), 492% of net earnings. Non-cash charges added back $51.4M of depreciation and amortization and $11.1M of share-based compensation. Working capital and other items added $141.1M. Capital expenditures of $48.8M left free cash flow of $206.7M.
Questions
What was Antero Midstream's revenue in the fourth quarter 2025?
Antero Midstream (AM) reported revenue of $297M for the fourth quarter 2025 (Q4 2025), +3% from a year earlier and +0.7% from the quarter before.
Was Antero Midstream profitable in the fourth quarter 2025?
Operating profit was $101M (33.8% of revenue) and net earnings $51.9M.
Source: Antero Midstream 10-K on SEC EDGAR.