Antero Midstream Announces Fourth Quarter 2025 Results and 2026 Guidance

About this update from Antero Midstream Corporation

[{"type":"text","content":" DENVER , Feb. 11, 2026 /PRNewswire/ -- Antero Midstream Corporation (NYSE: AM) ("Antero Midstream" or the "Company") today announced its fourth quarter 2025 financial and operating results and 2026 guidance. The relevant consolidated financial statements are included in Antero Midstream's Annual Report on Form 10-K for the year ended December 31, 2025.","length":382,"tagName":"p"},{"type":"image","alt":"(PRNewsfoto/Antero Midstream) (PRNewsfoto/Antero Midstream)","displaySize":"","headline":null,"caption":"(PRNewsfoto/Antero Midstream) (PRNewsfoto/Antero Midstream)","className":"","disableSlideshowImg":false,"size":{"original":{"width":400,"height":172,"url":"https://media.zenfs.com/en/prnewswire.com/008f53e8bfc3029c0e6b0c158daf060b"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/XBfRWRoNHmXPS3eYShIvfw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTcwNTtoPTMwMztjZj13ZWJw/https://media.zenfs.com/en/prnewswire.com/008f53e8bfc3029c0e6b0c158daf060b","width":400,"height":172}},"href":"https://mma.prnewswire.com/media/847871/Antero_Midstream_Logo.html","hrefExternal":true,"rel":"nofollow"},{"type":"text","content":" Fourth Quarter 2025 Highlights: ","length":31,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Low pressure gathering and compression volumes increased by 5% compared to the prior year quarter ","length":97,"tagName":"p"}]},{"val":[{"type":"text","content":" Net Income was $52 million, or $0.11 per diluted share, a 52% per share decrease compared to the prior year quarter ","length":115,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted Net Income was $133 million, or $0.28 per diluted share, an 8% per share increase compared to the prior year quarter (non-GAAP measure) ","length":144,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted EBITDA was $285 million, a 4% increase compared to the prior year quarter (non-GAAP measure) ","length":101,"tagName":"p"}]},{"val":[{"type":"text","content":" Capital expenditures were $45 million and Adjusted Free Cash Flow after dividends was $86 million (non-GAAP measure) ","length":116,"tagName":"p"}]},{"val":[{"type":"text","content":" Leverage was 2.7x as of December 31, 2025 (non-GAAP measure) ","length":60,"tagName":"p"}]},{"val":[{"type":"text","content":" Repurchased 2.7 million shares for $48 million ","length":46,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":679,"olType":false},{"type":"text","content":" 2026 Guidance Highlights: ","length":25,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Closed acquisition of HG Midstream in early February ","length":52,"tagName":"p"}]},{"val":[{"type":"text","content":" Net Income of $485 to $535 million, a 23% increase compared to 2025 at the midpoint of guidance ","length":95,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted EBITDA of $1.19 to $1.24 billion, an 8% increase compared to 2025 at the midpoint (non-GAAP measure) ","length":109,"tagName":"p"}]},{"val":[{"type":"text","content":" Capital expenditures of $190 to $220 million ","length":44,"tagName":"p"}]},{"val":[{"type":"text","content":" Adjusted Free Cash Flow after dividends of $330 to $390 million assuming an annualized dividend of $0.90 per share, an 11% increase compared to 2025 at the midpoint (non-GAAP measure) ","length":183,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":483,"olType":false},{"type":"text","content":"Michael Kennedy, CEO said, "Antero Midstream reported another year of gathering and compression, Adjusted EBITDA, and Adjusted Free Cash Flow growth in 2025. This consistent strategy of organic growth, supplemented by attractive bolt-on acquisitions, positions us well for continued capital efficient growth in 2026 and beyond."","length":338,"tagName":"p"},{"type":"text","content":"Mr. Kennedy continued, "The capital budget in 2026 is focused on high rate of return infrastructure projects in the core of the Marcellus Shale. These include the buildout of our rich gas gathering system, integration of recently acquired assets, and new expansion projects to support additional dry gas growth on Antero Midstream dedicated acreage. These projects will provide incremental outlet market opportunities and further unlock development optionality across Antero Midstream's diverse portfolio of rich and dry gas assets."","length":547,"tagName":"p"},{"type":"text","content":"Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's cash flow growth, driven by operational and capital efficiencies, allowed us to reduce net debt and leverage to 2.7x at year-end 2025. Looking ahead to 2026, we expect to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases. This return of capital approach, enhanced by the recently announced transactions, positions us well to deliver additional shareholder value."","length":529,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" For a discussion of the non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income, Leverage, and Adjusted Free Cash Flow after dividends please see "Non-GAAP Financial Measures." ","length":206,"tagName":"p"},{"type":"text","content":" Share Repurchases ","length":17,"tagName":"p"},{"type":"text","content":"During the fourth quarter of 2025, Antero Midstream repurchased 2.7 million shares for $48 million. Antero Midstream had approximately $336 million of remaining capacity under its share repurchase program as of December 31, 2025. Total shares purchased under the share repurchase program and for tax withholding obligations in 2025 were 9.4 million shares at a weighted average price of $17.28 per share.","length":404,"tagName":"p"},{"type":"text","content":" Fourth Quarter 2025 Operating and Strategic Updates ","length":51,"tagName":"p"},{"type":"text","content":"During the fourth quarter of 2025, Antero Midstream connected 18 wells to its gathering system and serviced 19 wells with its fresh water delivery system. Capital expenditures were $45 million during the fourth quarter of 2025. The Company invested $21 million in gathering and compression and $24 million in water infrastructure. Capital during the fourth quarter included well connect capital, capital to relocate and expand compression in the dry gas area, and the completion of the Patriot Water Blending Facility. This facility expands the water blending capabilities on the southern portion of the liquids-rich midstream corridor, allowing nearly the entire field to be connected via water pipelines.","length":726,"tagName":"p"},{"type":"text","content":" 2026 Guidance ","length":13,"tagName":"p"},{"type":"text","content":"Antero Midstream's 2026 guidance includes the impact of the previously announced HG Midstream acquisition and Ohio Utica Shale divestiture based on closing dates in early and late February of 2026, respectively, and contributions to guidance after closing.","length":260,"tagName":"p"},{"type":"text","content":"For full year 2026, Antero Midstream is forecasting Net Income of $485 to $535 million. The Company is forecasting Adjusted EBITDA of $1.19 to $1.24 billion, which represents an 8% increase compared to 2025 at the midpoint. Antero Midstream expects to service 65 to 75 wells with its fresh water delivery system, with the wells having an average lateral length of approximately 13,700 feet. Antero Midstream's water system will service Antero Resources legacy acreage completions in 2026 before integrating the water systems and providing incremental water services in 2027 and beyond on the acreage acquired in Antero Resources' acquisition of HG Energy II.","length":686,"tagName":"p"},{"type":"text","content":"Antero Midstream is forecasting a capital budget of $190 to $220 million. The midpoint of the 2026 capital budget includes approximately $145 million of investment in gathering and compression infrastructure for both the legacy Antero Midstream and acquired HG Midstream assets. The 2026 capital budget also includes expansion capital on the dry gas portion of Antero Midstream's assets to enhance the downstream deliverability to various dry gas outlets. The Company has budgeted an investment of $60 million for water infrastructure in 2026.","length":567,"tagName":"p"},{"type":"text","content":"Antero Midstream is forecasting Adjusted Free Cash Flow before dividends of $755 to $815 million and Adjusted Free Cash Flow after dividends of $330 to $390 million for 2026, assuming an annualized dividend of $0.90 per share. This represents an 11% increase in Adjusted Free Cash Flow after dividends at the midpoint of guidance compared to 2025.","length":347,"tagName":"p"},{"type":"text","content":"The following is a summary of Antero Midstream's 2026 guidance ($ in millions, except per share amounts):","length":109,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"1","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:RIGHT;","val":[{"type":"text","content":" ","length":0,"tagName":"p","attribs":{}}]},{"colspan":"8","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em;VERTICAL-ALIGN:BOTTOM;TEXT-ALIGN:CENTER;","val":[{"type":"text","content":" Year Ended ","length":10,"tagName":"p","attribs":{}},{"type":"text","content":" December 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