Antero Midstream Corporation (AM) Cash Flow Statement

The consistently high ratio of operating cash flow to net income indicates that non-cash charges such as depreciation, which reached $50M to $60M per quarter, are a large share of the gap. The Q4 2025 ratio of 4.92x, driven by a net income trough of $51.9M, illustrates how sensitive the ratio is to non-operating items rather than to underlying cash economics. Investors should monitor whether the gap persists once impairments or other non-cash items normalize.

Several quarters show positive capital expenditure figures, which are inconsistent with a capital-intensive build cycle and likely reflect reclassifications, asset sales, or accounting adjustments that warrant further investigation. Underlying operating cash flow of $185M to $600M per quarter is the more reliable indicator of cash earning power. The volatility in FCF margin suggests that headline free cash flow overstates or understates repeatable generation depending on the quarter.

The near-constant dividend level against fluctuating free cash flow implies a payout policy anchored to a distribution target rather than to any single quarter's cash generation. In quarters where free cash flow fell below roughly $200M, the dividend appears to have been covered only through operating cash flow. Sustained coverage depends on operating cash flow holding near its recent range.

Capex intensity in the low double digits is consistent with a mature midstream asset base requiring periodic maintenance rather than heavy expansion. The Q4 2024 spike and the positive capex entries cannot be fully reconciled from the supplied data, so the true maintenance versus growth split is not determinable here. Depreciation of roughly $50M per quarter sets a rough benchmark for maintenance spending that the reported capex broadly approximates.