Filing Flows › Antero Resources (AR) › Q3 2026 › vs Q3 2025
Antero Resources (AR) Q3 2026 vs Q3 2025 (year over year)
Antero Resources's revenue rose $349M (+29%) from $1.2B in Q3 2025 to $1.6B in Q3 2026. The biggest changes: Commodity derivative fair value gains +$149M (+381%); Natural gas liquids sales +$109M (+23%); Natural gas sales +$71.8M (+11%). Operating margin 25.1% against 9.7% (+15.3 pts).
Antero Resources, Q3 2026: revenue $1.6B (+29% year over year), operating margin 25.1%, net earnings $367M, operating cash flow $575M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 25.1% | 9.7% | +15.3 pts |
| Net margin | 23.5% | 7.1% | +16.4 pts |
| Free cash flow margin | 16.7% | 10.3% | +6.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Natural gas sales | $703M | $631M | $71.8M | +11% |
| Natural gas liquids sales | $580M | $470M | $109M | +23% |
| Commodity derivative fair value gains | $189M | $39.2M | $149M | +381% |
| Oil sales | $44.7M | $31.4M | $13.3M | +43% |
| Marketing | $40.1M | $34.9M | $5.2M | +15% |
| Amortization of deferred revenue, VPP | $5.9M | $6.4M | −$444K | -7% |
| Other revenue and income | $983K | $851K | $132K | +16% |
| Revenue | $1.6B | $1.2B | $349M | +29% |
| Other income, net | $71.7M | $10.8M | $60.9M | +563% |
| Operating profit | $392M | $118M | $274M | +232% |
| Costs & expenses | $1.2B | $1.1B | $75.2M | +7% |
| Pre-tax earnings | $464M | $129M | $335M | +259% |
| General & admin | $57.8M | $56.9M | $851K | +1% |
| Other operating costs | $1.1B | $1.0B | $74.3M | +7% |
| Net earnings | $367M | $85.6M | $282M | +329% |
| Income tax | $96.4M | $43.3M | $53.0M | +122% |
| Depreciation & amortization | $241M | $189M | $52.4M | +28% |
| Share-based compensation | $13.2M | $15.5M | −$2.3M | -15% |
| Working capital & other | $46.3M | −$20.2M | $66.5M | — |
| Operating cash flow | $575M | $310M | $265M | +85% |
| Free cash flow (OCF − capex) | $261M | $126M | $135M | +108% |
| Capital expenditures | $314M | $185M | $130M | +70% |
Questions
How much did Antero Resources's revenue grow year over year in Q3 2026?
Antero Resources's revenue rose $349M (+29%) from $1.2B in Q3 2025 to $1.6B in Q3 2026.
What drove Antero Resources's revenue change in Q3 2026?
Commodity derivative fair value gains +$149M (+381%); Natural gas liquids sales +$109M (+23%); Natural gas sales +$71.8M (+11%).