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Antero Midstream vs Summit Midstream: AM and SMC compared
Antero Midstream is the larger company: $327M of revenue in its latest quarter (Q3 2026) against $155M for Summit Midstream (Q2 2026). Antero Midstream is growing faster (+11% against +11% a year earlier). Antero Midstream is more profitable, with an operating margin of 170.4% against 16.1%.
Where the money goes: AM and SMC
Antero Midstream (AM) · Q3 2026
Antero Midstream, Q3 2026: revenue $327M (+11% year over year), operating margin 170.4%, net earnings $393M, operating cash flow $600M. The chart follows the revenue to costs, profit and cash.
Summit Midstream (SMC) · Q2 2026
Summit Midstream, Q2 2026: revenue $155M (+11% year over year), operating margin 16.1%, net earnings $1.6M, operating cash flow $43.9M. The chart follows the revenue to costs, profit and cash.
| Antero Midstream (AM) | Summit Midstream (SMC) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q2 2026 |
| Revenue | $327M | $155M |
| Revenue growth, Y/Y | +11% | +11% |
| Operating margin | 170.4% | 16.1% |
| Net earnings | $393M | $1.6M |
| Net margin | 120.1% | 1.0% |
| Operating cash flow | $600M | $43.9M |
| Free cash flow | $556M | $18.9M |
| Market value | $10.2B | — |
| P/E | 15.1× | — |
| Analysts’ mean target | $24.00 | — |
Where the revenue comes from
Summit Midstream
- Natural gas, NGLs and condensate sales: $84.1M (54%)
- Gathering services and related fees: $62.7M (40%)
- Other revenues: $8.2M (5%)
Questions
Which is bigger, Antero Midstream or Summit Midstream?
Antero Midstream is the larger company: $327M of revenue in its latest quarter (Q3 2026) against $155M for Summit Midstream (Q2 2026).
Is Antero Midstream or Summit Midstream growing faster?
Antero Midstream is growing faster (+11% against +11% a year earlier).
Which is more profitable, Antero Midstream or Summit Midstream?
Antero Midstream is more profitable, with an operating margin of 170.4% against 16.1%.
More: Antero Midstream earnings · how Antero Midstream makes money · Summit Midstream earnings · how Summit Midstream makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Aug 10, 2026). Fiscal quarters can end on different dates. Not investment advice.