Filing Flows › Antero Resources (AR) › Q4 2025
Antero Resources (AR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Antero Resources (AR) reported revenue of $1.4B for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and +16% from the quarter before. Operating margin was 20.5%, net earnings $194M (13.7% of revenue).
Antero Resources, Q4 2025: revenue $1.4B (+21% year over year), operating margin 20.5%, net earnings $194M, operating cash flow $371M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.4B | +16% | +21% |
| Operating profit | $289M | +145% | +400% |
| Net earnings | $194M | +154% | +29% |
| Operating cash flow | $371M | +20% | +33% |
| Free cash flow | $156M | — | +16% |
What changed
Revenue was $1.4B in Q4 2025, up 21% year over year and up 16% from the previous quarter. Natural gas sales was the largest line at 55% of revenue.
Operating profit was $0.29B, a 20.5% margin (up 15.5 points year over year). Of the extra revenue versus a year earlier, 95% reached operating profit, above the 5% margin then. Total costs grew 1% against revenue growth of 21%. Net earnings were $0.19B, up 29% year over year. The effective tax rate was 25.6%.
Operating cash flow was $0.37B (up 33% year over year), 183% of net income including minority interests. Non-cash charges added back $0.19B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.03B. After capital expenditures, net ($0.20B) and distributions to non-controlling interests in Martica ($0.02B), adjusted free cash flow as the company reports it was $0.16B.
Questions
What was Antero Resources' revenue in the fourth quarter 2025?
Antero Resources (AR) reported revenue of $1.4B for the fourth quarter 2025 (Q4 2025), +21% from a year earlier and +16% from the quarter before.
Was Antero Resources profitable in the fourth quarter 2025?
Operating profit was $289M (20.5% of revenue) and net earnings $194M.
Source: Antero Resources 10-K on SEC EDGAR.