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Antero Resources (AR) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · Antero Resources (AR) Q3 2026 earnings results →

Q3 2026 Revenue up 29% year over year to $1.6B · 23¢ of every $1 of revenue kept as net profit · operating margin 25.1%

Antero Resources made $1.6B in Q3 2026 (+29% Y/Y): Natural gas sales $703M, Natural gas liquids sales $580M, Commodity derivative fair value gains $189M. Operating margin 25.1%, net earnings $367M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$1.6B

Year over year+29%

Operating margin25.1%

Net earnings$367M

Operating cash flow$575M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $1.6B in Q3 2026, up 29% year over year and roughly flat from the previous quarter. Natural gas sales was the largest line at 45% of revenue. Commodity derivative fair value gains added $0.15B year over year (up 381%), 43% of the total change. Amortization of deferred revenue, VPP declined 7%.

Operating profit was $0.39B, a 25.1% margin (up 15.3 points year over year). Of the extra revenue versus Q3 2025, 78% reached operating profit, above the 10% margin then. Total costs grew 7% against revenue growth of 29%. Net earnings were $0.37B, up 382% year over year. The effective tax rate was 20.8%.

Operating cash flow was $0.58B (up 85% year over year), 157% of net earnings. Non-cash charges added back $0.24B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.05B. Capital expenditures of $0.31B left free cash flow of $0.26B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2026	10-Q	Oct 28, 2026	$1.6B	+29%	25.1%	$367M	$575M
Q2 2026	10-Q	Jul 29, 2026	$1.6B	+20%	24.1%	$279M	$439M
Q1 2026	10-Q	Apr 29, 2026	$1.9B	+44%	37.5%	$535M	$859M
Q4 2025	10-K	Feb 11, 2026	$1.4B	+21%	20.5%	$194M	$371M
Q3 2025	10-Q	Oct 29, 2025	$1.2B	+15%	9.7%	$76.2M	$310M
Q2 2025	10-Q	Jul 30, 2025	$1.3B	+33%	15.8%	$157M	$492M
Q1 2025	10-Q	Apr 30, 2025	$1.4B	+20%	20.1%	$208M	$458M

Charts

Latest (Q3 2026): Y/Y +29%, Q/Q +0%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q3 2026): Net income $367M, Operating cash flow $575M.

+14.7% since FY2020: more shares outstanding (issuance, stock pay).

Crude Petroleum & Natural Gas; dot size is quarterly revenue; dashed lines are the industry's medians.