Filing Flows › Antero Resources (AR) › Q1 2026
Antero Resources (AR) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 29, 2026
Antero Resources (AR) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), +44% from a year earlier and +38% from the quarter before. Operating margin was 37.5%, net earnings $535M (27.5% of revenue).
Antero Resources, Q1 2026: revenue $1.9B (+44% year over year), operating margin 37.5%, net earnings $535M, operating cash flow $859M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +38% | +44% |
| Operating profit | $729M | +152% | +169% |
| Net earnings | $535M | +176% | +157% |
| Operating cash flow | $859M | +132% | +88% |
| Free cash flow | $657M | — | +179% |
What changed
Revenue was $1.9B in Q1 2026, up 44% year over year and up 38% from the previous quarter. Natural gas sales was the largest line at 67% of revenue. Natural gas sales added $0.53B year over year (up 68%), 90% of the total change. Natural gas liquids sales declined 10%.
Operating profit was $0.73B, a 37.5% margin (up 17.4 points year over year). Of the extra revenue versus Q1 2025, 77% reached operating profit, above the 20% margin then. Total costs grew 12% against revenue growth of 44%. The fastest-growing cost line was Other operating costs (+13%). Net earnings were $0.54B, up 157% year over year. The effective tax rate was 21.0%.
Operating cash flow was $0.86B (up 88% year over year), 157% of net income including minority interests. Non-cash charges added back $0.21B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items added $0.09B. After capital expenditures, net ($0.18B) and distributions to non-controlling interests in Martica ($0.02B), adjusted free cash flow as the company reports it was $0.66B.
Questions
What was Antero Resources' revenue in the first quarter 2026?
Antero Resources (AR) reported revenue of $1.9B for the first quarter 2026 (Q1 2026), +44% from a year earlier and +38% from the quarter before.
Was Antero Resources profitable in the first quarter 2026?
Operating profit was $729M (37.5% of revenue) and net earnings $535M.
Source: Antero Resources 10-Q on SEC EDGAR.