Filing Flows › Antero Resources (AR) › How it makes money
How Antero Resources (AR) makes money
Antero Resources (AR) made $1.6B of revenue in the third quarter 2026 (Q3 2026), +29% from a year earlier. Natural gas sales brought in $703M (45%); Natural gas liquids sales brought in $580M (37%); Commodity derivative fair value gains brought in $189M (12%). Of every dollar of revenue, 25¢ was left as operating profit, 23¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Natural gas sales | $703M | 45.0% | +2% | +11% |
| Natural gas liquids sales | $580M | 37.1% | -1% | +23% |
| Commodity derivative fair value gains | $189M | 12.1% | +17% | +381% |
| Oil sales | $44.7M | 2.9% | -25% | +43% |
| Marketing | $40.1M | 2.6% | -28% | +15% |
| Amortization of deferred revenue, VPP | $5.9M | 0.4% | +1% | -7% |
| Other revenue and income | $983K | 0.1% | -35% | +16% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.6B | 100.0% |
| Operating profit | $392M | 25.1% |
| Income tax | $96.4M | 6.2% |
| Net earnings | $367M | 23.5% |
| Operating cash flow | $575M | 36.8% |
| Free cash flow | $261M | 16.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.6B | +29% |
| Q2 2026 | $1.6B | +20% |
| Q1 2026 | $1.9B | +44% |
| Q4 2025 | $1.4B | +21% |
| Q3 2025 | $1.2B | +15% |
| Q2 2025 | $1.3B | +33% |
| Q1 2025 | $1.4B | +20% |
From Antero Resources' 10-Q filed Oct 28, 2026 (on EDGAR).
Questions
How does Antero Resources make money?
Antero Resources (AR) made $1.6B of revenue in the third quarter 2026 (Q3 2026), +29% from a year earlier. Natural gas sales brought in $703M (45%); Natural gas liquids sales brought in $580M (37%); Commodity derivative fair value gains brought in $189M (12%). Of every dollar of revenue, 25¢ was left as operating profit, 23¢ was left as net earnings.
What is Antero Resources' biggest business?
Natural gas sales: $703M in the third quarter 2026, 45% of revenue, +11% from a year earlier.
What is Antero Resources' profit margin?
Net earnings were $367M, 23.5% of revenue, in the third quarter 2026; the operating margin was 25.1%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.