ANTERO RESOURCES Corp AR
Antero Resources Corporation (individually referred to as "Antero") and its consolidated subsidiaries (collectively referred to as "Antero Resources," the "Company," "we," "us" or "our") are engaged in the development, production, exploration and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs and oil from unconventional formations. As of December 31, 2025, we held approximately 537,000 net acres of natural gas, NGLs and oil properties located in the Appalachian Basin primarily in West Virginia and Ohio. Our corporate headquarters is in Denver, Colorado. Unless expressly stated otherwise, the operating and financial information presented in this Annual Report on Form 10-K does not give effect to the completion of 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 | $5.14B | $4.30B | $4.48B | $8.71B | $6.51B | $3.39B | $3.94B | $4.13B | $3.02B | $2.16B |
| SG&A | $232.5M | $229.3M | $224.5M | $172.9M | $145.0M | $134.5M | $178.7M | $240.3M | $251.2M | $239.3M |
| Total operating expenses | $4.39B | $4.33B | $4.29B | $4.60B | $4.60B | $4.45B | $5.40B | $4.07B | $2.92B | $2.72B |
| Operating income | $883.6M | $460.0K | $396.2M | $2.54B | $23.9M | -$953.4M | -$987.0M | $71.9M | $740.1M | -$975.8M |
| Interest expense | — | — | $117.9M | $125.4M | $181.9M | $199.9M | $228.1M | $286.7M | $268.7M | $253.6M |
| Pre-tax income | $890.4M | -$24.5M | $361.0M | $2.44B | -$228.2M | -$1.66B | -$367.2M | -$174.6M | $490.1M | -$1.25B |
| Income tax | $215.9M | $118.2M | $63.6M | $441.3M | $74.1M | $397.5M | $74.1M | $128.9M | $295.1M | $496.4M |
| Net income | $675.0M | $94.0M | $297.0M | $2.00B | -$162.0M | -$1.26B | -$293.1M | -$45.7M | $785.1M | -$749.4M |
| EPS, basic | 2.05 | 0.18 | 0.66 | 6.09 | -0.61 | -4.65 | -1.11 | -1.26 | 1.95 | -2.88 |
| EPS, diluted | 2.03 | 0.18 | 0.64 | 5.69 | -0.61 | -4.65 | -1.11 | -1.26 | 1.94 | -2.88 |
| Shares, diluted (wtd. avg.) | $312.4M | $313.4M | $311.6M | $329.2M | $308.1M | $272.4M | $306.4M | $316.0M | $316.3M | $294.9M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $210.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $28.4M | $31.6M |
| Receivables | $33.8M | $34.4M | $42.6M | $35.5M | $79.0M | $28.5M | $46.4M | $51.1M | $34.9M | $29.7M |
| Total current assets | $831.8M | $507.5M | $475.7M | $787.5M | $686.1M | $574.1M | $922.9M | $806.6M | $833.1M | $402.6M |
| Property, plant and equipment | — | — | — | — | — | — | $9.98B | $13.87B | $13.24B | $12.03B |
| Total assets | $13.25B | $13.01B | $13.52B | $14.12B | $13.90B | $13.15B | $15.20B | $15.52B | $15.26B | $14.26B |
| Accounts payable | — | — | — | $77.5M | $24.8M | $26.7M | $14.5M | $66.3M | $63.0M | $38.6M |
| Total current liabilities | $1.50B | $1.45B | $1.45B | $1.77B | $2.07B | $983.1M | $1.04B | $853.5M | $762.1M | $817.4M |
| Long-term debt | $1.40B | $1.49B | $1.54B | $1.18B | $2.13B | $3.00B | $3.76B | $5.46B | $4.80B | $4.70B |
| Total liabilities | $5.53B | $5.79B | $6.38B | $7.10B | $7.83B | $7.06B | $8.23B | $7.03B | $6.39B | $6.53B |
| Retained earnings | $1.68B | $1.11B | $1.05B | $913.9M | -$617.4M | -$430.5M | $837.4M | $1.18B | $1.58B | $960.0M |
| Total equity | $7.55B | $7.02B | $7.13B | $6.98B | $6.06B | $6.09B | $6.97B | $8.49B | $8.88B | $7.73B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.63B | $849.3M | $994.7M | $3.05B | $1.66B | $735.6M | $1.10B | $2.08B | $2.01B | $1.24B |
| Depreciation and amortisation | $749.7M | $762.1M | $746.8M | $715.2M | $742.0M | $861.9M | $914.9M | $972.5M | $824.6M | $809.9M |
| Stock-based compensation | $60.8M | $66.5M | $59.5M | $35.4M | $20.4M | $23.3M | $23.6M | $70.4M | $103.4M | $102.4M |
| Capital expenditure | — | — | — | $944.0M | $715.9M | $874.4M | $1.42B | $2.21B | $2.22B | — |
| Investing cash flow | -$1.08B | -$714.2M | -$1.14B | -$943.6M | -$710.8M | -$530.1M | -$1.04B | -$2.35B | -$2.46B | -$2.40B |
| Financing cash flow | -$343.1M | -$135.1M | $146.0M | -$2.11B | -$949.3M | -$205.6M | $557.6M | $240.3M | $452.2M | $1.16B |
| Buybacks | $136.4M | — | $75.4M | $873.7M | — | $43.4M | $38.8M | $129.1M | — | — |
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 0001308179-26-000330.
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