Antero Midstream Corp AM
Antero Midstream Corporation together with its consolidated subsidiaries ("Antero Midstream," the "Company," "we," "us" or "our") is a growth-oriented midstream energy company formed to own, operate and develop midstream energy assets that primarily service Antero Resources' production and completion activity in the Appalachian Basin located in West Virginia and Ohio. Our assets consist of gathering systems and compression facilities, water handling and blending facilities and interests in processing and fractionation plants. We conduct our operations and own our operating assets and ownership interests in the Joint Venture and Stonewall through Antero Midstream Partners and its subsidiaries, all of which are wholly-owned. Additionally, Antero Resources has a 29% ownership interest in us as of December 31, 2025. Unless expressly stated otherwise, the operating and financial information presented in this Annual Report on Form 10-K does not give effect to the HG Acquisition or the Utica Shale Divestiture.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.19B | $1.11B | $1.04B | $920.0M | $898.2M | $900.7M | $792.6M | $142.9M | $69.7M | $16.9M |
| SG&A | $87.9M | $86.1M | $71.1M | $62.1M | $63.8M | $52.2M | $118.1M | $43.9M | $41.1M | $814.0K |
| Total operating expenses | $543.8M | $447.0M | $429.9M | $380.5M | $342.9M | $1.02B | $1.19B | $43.9M | $41.1M | $814.0K |
| Operating income | $644.7M | $659.2M | $611.9M | $539.5M | $555.3M | -$117.6M | -$398.5M | -$43.9M | -$41.1M | $16.1M |
| Interest expense | — | — | $217.2M | $189.9M | $175.3M | $147.0M | $110.4M | $136.0K | — | — |
| Pre-tax income | $564.2M | $548.6M | $500.1M | $443.7M | $448.7M | -$178.2M | -$457.6M | $98.9M | $28.6M | $16.1M |
| Income tax | $151.0M | $147.7M | $128.3M | $117.5M | $117.1M | $55.7M | $102.5M | $32.3M | $26.3M | $6.4M |
| Net income | $418.0M | $401.0M | $372.0M | $326.0M | $332.0M | -$122.5M | -$355.1M | $66.6M | $2.3M | $9.7M |
| EPS, basic | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 | -0.26 | -0.80 | 0.33 | — | — |
| EPS, diluted | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 | -0.26 | -0.80 | 0.33 | 0.03 | — |
| Shares, diluted (wtd. avg.) | $482.2M | $485.2M | $482.4M | $480.3M | $479.7M | $478.3M | $442.6M | $186.2M | $186.2M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $180.4M | — | $66.0K | — | — | $640.0K | $1.2M | $2.8M | $6.0M | $9.6M |
| Receivables | — | — | — | $575.0K | $747.0K | $839.0K | $4.6M | — | — | — |
| Total current assets | $379.9M | $118.1M | $91.1M | $89.0M | $83.8M | $93.9M | $108.6M | $2.9M | $6.0M | $9.8M |
| Property, plant and equipment | $3.45B | $3.88B | $3.79B | $3.75B | $3.39B | $3.25B | $3.27B | — | — | — |
| Goodwill | — | — | — | — | — | — | $575.5M | — | — | — |
| Other intangibles | $1.07B | $1.14B | $1.22B | $1.29B | $1.36B | $1.43B | $1.50B | — | — | — |
| Total assets | $5.88B | $5.76B | $5.74B | $5.79B | $5.54B | $5.61B | $6.28B | $47.7M | $29.8M | $17.4M |
| Accounts payable | — | — | — | $22.9M | $23.6M | $9.5M | $6.6M | $28.0K | $236.0K | — |
| Total current liabilities | $111.5M | $100.6M | $96.4M | $102.1M | $114.0M | $94.0M | $242.1M | $16.8M | $14.2M | $7.1M |
| Long-term debt | $3.22B | $3.12B | $3.21B | $3.36B | $3.12B | $3.09B | $2.89B | — | — | — |
| Total liabilities | $3.91B | $3.65B | $3.59B | $3.60B | $3.26B | $3.19B | $3.14B | $16.8M | — | — |
| Retained earnings | $14.8M | $90.5M | $100.4M | $82.8M | -$132.5M | -$464.1M | -$341.6M | — | — | — |
| Total equity | $1.97B | $2.12B | $2.15B | $2.19B | $2.29B | $2.42B | $3.14B | — | — | — |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $932.5M | $844.0M | $779.1M | $699.6M | $709.8M | $753.4M | $622.4M | $83.5M | $28.1M | $9.5M |
| Depreciation and amortisation | $134.3M | $140.0M | $136.1M | $131.8M | $108.8M | $108.8M | $95.5M | — | — | — |
| Stock-based compensation | $46.0M | $44.3M | $31.6M | $19.7M | $13.5M | $12.8M | $73.5M | $35.1M | $34.9M | — |
| Capital expenditure | — | $70.0M | $266.0K | $216.7M | — | $157.9M | $267.4M | — | — | — |
| Investing cash flow | -$169.2M | -$242.7M | -$183.2M | -$493.8M | -$233.2M | -$219.2M | -$525.7M | — | — | — |
| Financing cash flow | -$500.3M | -$601.3M | -$595.8M | -$205.8M | -$477.1M | -$534.7M | -$98.3M | -$86.7M | -$31.7M | — |
| Dividends paid | $439.0M | $437.6M | $434.8M | $432.8M | $107.7M | $147.2M | $148.9M | $152.1M | $16.0M | — |
| Buybacks | $135.0M | $28.7M | — | — | — | $24.7M | $125.5M | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000332.
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| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
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| KGS | Kodiak Gas Services, Inc. | $6.33B | 70.3x | 12.8% |