Education
About Us
Working with TipRanks
Follow Us
Antero Midstream (AM)
NYSE:AM
Earnings Data
Report Date
Apr 29, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.27Last Year’s EPS
0.25Same Quarter Last Year
Moderate Sell
Based on 3 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive and growth-oriented outlook driven by a strategic $1.1B acquisition, record free cash flow (up 30% y/y), continued EBITDA expansion (7% in 2025) and positive 2026 guidance (adjusted EBITDA > $1.2B, +8% y/y; free cash flow after dividends $360M, +11% y/y). Key strengths include capital efficiency (20% ROIC), a modest 2026 capex plan ($190–220M), and clear integration plans for water assets that enhance visibility. Risks include a temporary rise in leverage to the low-3x range post-acquisition, reliance on Antero Resources’ drilling program to realize throughput gains, modest Q4 EBITDA growth (4% y/y) relative to the full-year pace, and integration/timing risks tied to M&A contributions to guidance. Overall, the positives—record cash generation, disciplined capital returns, and an accretive acquisition—outweigh the identified execution and leverage risks.Company Guidance
Strategic Acquisition of HG Mid
Closed acquisition of HG Mid for $1,100,000,000, adding over 400 highly economic undeveloped locations in the core Marcellus Shale and providing immediate development optionality and infrastructure synergies.
Consecutive EBITDA Growth
Generated 7% year-over-year EBITDA growth in 2025, marking the eleventh consecutive year of EBITDA growth since IPO (2014).
Record Free Cash Flow After Dividends
Produced a company record free cash flow after dividends of $325,000,000 for full-year 2025, a 30% increase versus 2024.
Quarterly Financial Performance
Fourth quarter adjusted EBITDA of $285,000,000, up 4% year over year; Q4 free cash flow after dividends of $85,000,000.
Strong Capital Efficiency and ROIC
Free cash flow growth driven by capital-efficient organic growth produced a 20% return on invested capital (ROIC) in 2025.
2026 Guidance and Growth Outlook
Forecasting 2026 adjusted EBITDA of over $1,200,000,000 (an 8% increase year over year) and free cash flow after dividends of $360,000,000 (an 11% increase versus 2025).
Modest 2026 Capital Budget
Budgeted 2026 capital expenditures between $190,000,000 and $220,000,000 focused on well connects, water integration, compression and high-pressure trunk lines to unlock dry gas optionality and reliability.
Return of Capital and Balance Sheet Actions
Used Q4 free cash flow to reduce leverage to 2.7x and repurchased approximately $48,000,000 of shares; plan a balanced 2026 capital return program (debt reduction and repurchases) while targeting leverage in the low-3x range after transactions.
Water System Integration and Low Incremental Capital Need
Integration of acquired water assets and existing water infrastructure provides high visibility into growth with very modest incremental capital required by Antero Midstream, enabling continued free cash flow expansion.
Multi-Year Growth Visibility
Expect continued mid- to high-single-digit EBITDA growth into 2027 and beyond supported by a three-rig, two-completion-crew development program and ongoing throughput expansion.
AM Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AM Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $20.44 | $20.91 | +2.30% |
Oct 29, 2025 | $17.32 | $17.28 | -0.23% |
Jul 30, 2025 | $16.73 | $17.91 | +7.06% |
Apr 30, 2025 | $15.94 | $16.25 | +1.93% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Antero Midstream (AM) report earnings?
Antero Midstream (AM) is schdueled to report earning on Apr 29, 2026, After Close (Confirmed).
What is Antero Midstream (AM) earnings time?
Antero Midstream (AM) earnings time is at Apr 29, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AM EPS forecast?
AM EPS forecast for the fiscal quarter 2026 (Q1) is 0.27.