Filing Flows › Antero Resources (AR) › Q2 2026 › vs Q2 2025
Antero Resources (AR) Q2 2026 vs Q2 2025 (year over year)
Antero Resources's revenue rose $262M (+20%) from $1.3B in Q2 2025 to $1.6B in Q2 2026. The biggest changes: Commodity derivative fair value gains +$107M (+201%); Natural gas liquids sales +$107M (+22%); Oil sales +$25.9M (+77%). Operating margin 24.1% against 15.8% (+8.3 pts).
Antero Resources, Q2 2026: revenue $1.6B (+20% year over year), operating margin 24.1%, net earnings $279M, operating cash flow $439M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 24.1% | 15.8% | +8.3 pts |
| Net margin | 17.9% | 12.1% | +5.8 pts |
| Free cash flow margin | 5.9% | 20.2% | -14.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Natural gas sales | $688M | $689M | −$275K | 0% |
| Natural gas liquids sales | $588M | $481M | $107M | +22% |
| Commodity derivative fair value gains | $161M | $53.4M | $107M | +201% |
| Oil sales | $59.6M | $33.7M | $25.9M | +77% |
| Marketing | $56.1M | $33.7M | $22.3M | +66% |
| Amortization of deferred revenue, VPP | $5.9M | $6.3M | −$438K | -7% |
| Other revenue and income | $1.5M | $833K | $679K | +82% |
| Revenue | $1.6B | $1.3B | $262M | +20% |
| Operating profit | $375M | $205M | $171M | +83% |
| Costs & expenses | $1.2B | $1.1B | $91.8M | +8% |
| Pre-tax earnings | $365M | $215M | $151M | +70% |
| Other expense, net | $10.0M | −$9.9M | $19.9M | — |
| General & admin | $57.8M | $57.2M | $612K | +1% |
| Other operating costs | $1.1B | $1.0B | $91.2M | +9% |
| Net earnings | $279M | $157M | $122M | +78% |
| Minority interests | $7.8M | $10.0M | −$2.2M | -22% |
| Income tax | $79.0M | $48.2M | $30.8M | +64% |
| Depreciation & amortization | $227M | $188M | $39.7M | +21% |
| Share-based compensation | $13.3M | $15.9M | −$2.6M | -16% |
| Working capital & other | $80.3M | −$132M | $213M | — |
| Operating cash flow | $439M | $492M | −$53.5M | -11% |
| Adjusted Free Cash Flow (company-reported) | $92.7M | $262M | −$170M | -65% |
| Capital expenditures, net | $339M | $208M | $130M | +63% |
| Distributions to non-controlling interests in Martica | $7.3M | $21.5M | −$14.2M | -66% |
Questions
How much did Antero Resources's revenue grow year over year in Q2 2026?
Antero Resources's revenue rose $262M (+20%) from $1.3B in Q2 2025 to $1.6B in Q2 2026.
What drove Antero Resources's revenue change in Q2 2026?
Commodity derivative fair value gains +$107M (+201%); Natural gas liquids sales +$107M (+22%); Oil sales +$25.9M (+77%).