Revenue held within a narrow $287M to $335M range with a stable operating margin near 55% to 60% and SG&A of about $21M to $23M per quarter, though net margin volatility from 16.5% to 120.1% suggests non-operating items distort reported profitability.
Antero Midstream Corporation (AM) annual income statement — 11-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Sales/Revenue | 1.33B | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M | 971.39M | 849.6M | 1.03B | 0 | 590.21M | 387.32M |
| Revenue Growth % | 6.21% | 6.99% | 5.79% | 12.29% | 2.25% | -0.26% | 14.34% | -17.4% | - | -100% | 52.38% | - |
| Cost of Goods Sold | 497.94M | 436.89M | 428.65M | 419.9M | 382.69M | 336.58M | 344.85M | 348.35M | 446.44M | 0 | 261.45M | 165.52M |
| COGS % of Revenue | - | 34.7% | 36.42% | 37.75% | 38.63% | 34.74% | 35.5% | 41% | 43.41% | - | 44.3% | 42.73% |
| Gross Profit | 829.22M | 822.21M | 748.22M | 692.55M | 607.97M | 632.29M | 626.54M | 501.24M | 582.09M | 0 | 328.76M | 221.8M |
| Gross Margin % | 62.48% | 65.3% | 63.58% | 62.25% | 61.37% | 65.26% | 64.5% | 59% | 56.59% | - | 55.7% | 57.27% |
| Gross Profit Growth % | - | 9.89% | 8.04% | 13.91% | -3.85% | 0.92% | 25% | -13.89% | - | -100% | 48.22% | - |
| Operating Expenses | -283.22M | 177.54M | 89.05M | 80.69M | 68.5M | 76.97M | 744.18M | 899.74M | 61.76M | 41.13M | 815K | 1.26M |
| OpEx % of Revenue | - | 14.1% | 7.57% | 7.25% | 6.91% | 7.94% | 76.61% | 105.9% | 6.01% | - | 0.14% | 0.33% |
| Selling, General & Admin | 87.5M | 87.93M | 86.09M | 71.07M | 62.13M | 63.84M | 52.21M | 118.11M | 61.63M | 41.13M | 815K | 0 |
| SG&A % of Revenue | - | 6.98% | 7.31% | 6.39% | 6.27% | 6.59% | 5.38% | 13.9% | 5.99% | - | 0.14% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 824K | 89.6M | 2.96M | 9.62M | 6.38M | 13.13M | 691.97M | 781.62M | 0 | 0 | 0 | 0 |
| Operating Income | 1.11B | 644.67M | 659.17M | 611.86M | 539.47M | 555.33M | -117.64M | -398.49M | 607.57M | -41.13M | 16.13M | 1.26M |
| Operating Margin % | 83.82% | 51.2% | 56.01% | 55% | 54.46% | 57.32% | -12.11% | -46.9% | 59.07% | - | 2.73% | 0.33% |
| Operating Income Growth % | - | -2.2% | 7.73% | 13.42% | -2.86% | 572.06% | 70.48% | -165.59% | 1577.05% | -355.02% | 1176.11% | - |
| EBITDA | 1.34B | 849.65M | 869.84M | 818.59M | 741.9M | 734.79M | 61.82M | -245.96M | 607.72M | 0 | 115.99M | 87.93M |
| EBITDA Margin % | 101.02% | 67.48% | 73.91% | 73.59% | 74.89% | 75.84% | 6.36% | -28.95% | 59.09% | - | 19.65% | 22.7% |
| EBITDA Growth % | 44.79% | -2.32% | 6.26% | 10.34% | 0.97% | 1088.52% | 125.14% | -140.47% | - | -100% | 31.91% | - |
| D&A (Non-Cash Add-back) | 228.26M | 204.98M | 210.67M | 206.73M | 202.43M | 179.46M | 179.46M | 152.54M | 148K | 41.13M | 99.86M | 86.67M |
| EBIT | 1.13B | 732.28M | 755.65M | 717.32M | 633.68M | 624.02M | -31.21M | -347.18M | 0 | -41.13M | 16.13M | 1.26M |
| Net Interest Income | -207.29M | -190.4M | -207.03M | -217.25M | -189.95M | -175.28M | -147.01M | -110.4M | -61.89M | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 0 |
| Interest Expense | 207.29M | 190.4M | 207.03M | 217.25M | 189.95M | 175.28M | 147.01M | 110.4M | 61.91M | 0 | 0 | 0 |
| Other Income/Expense | -192.08M | -80.47M | -110.55M | -111.79M | -95.73M | -106.59M | -60.58M | -59.09M | 127.53M | 69.72M | 0 | 0 |
| Pretax Income | 920.36M | 564.2M | 548.62M | 500.07M | 443.74M | 448.74M | -178.22M | -457.58M | 98.92M | 28.59M | 16.13M | 1.26M |
| Pretax Margin % | 69.35% | 44.81% | 46.62% | 44.95% | 44.79% | 46.32% | -18.35% | -53.86% | 9.62% | - | 2.73% | 0.33% |
| Income Tax | 243.99M | 151.03M | 147.73M | 128.29M | 117.49M | 117.12M | -55.69M | -102.47M | 32.31M | 26.26M | 6.42M | 483K |
| Effective Tax Rate % | 26.51% | 26.77% | 26.93% | 25.65% | 26.48% | 26.1% | 31.25% | 22.39% | 32.66% | 91.87% | 39.8% | 38.21% |
| Net Income | 676.37M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M | -122.53M | -355.11M | 443.04M | 2.33M | 9.71M | 781K |
| Net Margin % | 50.96% | 32.81% | 34.06% | 33.42% | 32.93% | 34.23% | -12.61% | -41.8% | 43.08% | - | 1.65% | 0.2% |
| Net Income Growth % | 43.17% | 3.06% | 7.83% | 13.96% | -1.62% | 370.65% | 65.5% | -180.15% | 18955.4% | -76.06% | 1143.41% | - |
| Net Income (Continuing) | 676.37M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M | -122.53M | -355.11M | 66.61M | 2.33M | 9.71M | 781K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.54M | 969K |
| EPS (Diluted) | 1.42 | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 | -0.26 | -0.80 | 2.36 | 0.04 | 0.05 | 0.00 |
| EPS Growth % | 44.9% | 3.61% | 7.79% | 13.24% | -1.45% | 365.38% | 67.5% | -133.9% | 5951.28% | -25.29% | - | - |
| EPS (Basic) | - | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 | -0.26 | -0.80 | 2.37 | 0.04 | 0.05 | 0.00 |
| Diluted Shares Outstanding | 477.09M | 482.18M | 485.25M | 482.37M | 480.3M | 480.15M | 478.28M | 442.64M | 187.4M | 186.18M | 186.17M | 186.17M |
| Basic Shares Outstanding | 474.31M | 477.91M | 480.82M | 482.37M | 478.23M | 477.49M | 478.28M | 442.64M | 187.05M | 186.18M | 186.17M | 186.17M |
| Dividend Payout Ratio | - | 106.26% | 109.17% | 117.11% | 132.67% | 142.08% | - | - | 19.52% | 1363.53% | - | 28.55% |
Quick answers to the most common questions about buying AM stock.
For fiscal year 2025, Antero Midstream Corporation (AM) reported total revenue of $1.26B. This represents a 225.1% increase compared to $387.3M in 2015.
Antero Midstream Corporation (AM) is profitable, generating $413.2M in net income for the fiscal year ending 2025 with a net profit margin of 32.8%.
Antero Midstream Corporation (AM) reported an operating income of $644.7M, resulting in an operating profit margin of 51.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Antero Midstream Corporation (AM) generated $822.2M in gross profit for the year, representing a gross profit margin of 65.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Quarterly earnings volatility from non-operating items
Metrics are mathematically derived from official filings.
Revenue Flat Despite Recent Modest Gains
As reported in the quarterly income statements, AM's revenue moved within a narrow band of roughly $287M to $335M over ten quarters, with the latest quarter at $327.0M showing a 4.7% year-over-year increase that suggests stable but unspectacular top-line momentum.
The revenue series shows no sustained acceleration, with year-over-year growth alternating between low single digits and high single digits, which points to a contracted-volume or fee-based midstream model rather than a growth-driven one. Investors should monitor whether the 8.6% growth in Q1 2026 reflects durable throughput additions or timing effects. Without segment or volume disclosure in the supplied data, the source of growth cannot be attributed to pricing versus volume.
Gross Margin Structurally Anchored Near Two-Thirds
Based on the reported figures, AM's gross margin held in a 61% to 66% range for most quarters, which is consistent with a fee-based midstream cost structure but well below peer HESM's reported 86.8%, suggesting a different cost allocation or reporting presentation.
The stability of gross margin across cycles implies limited exposure to commodity price swings, a characteristic that supports cash flow predictability. The sharp dip to 33.0% in Q2 2026, driven by a COGS spike to $533.5M, appears to be an outlier that warrants further investigation rather than a trend. Comparisons to HESM should be made cautiously given differences in cost classification.
Net Income Swings Distort Underlying Earnings Power
As reported in financial statements, AM's net margin ranged from 16.5% in Q4 2025 to 120.1% in Q3 2026, a spread driven by non-operating items rather than the relatively steady operating margin near 55% to 60%.
Operating income remained comparatively consistent, which suggests that the large net income variance reflects below-the-line items such as interest, tax, or other gains and losses rather than core operating deterioration. The Q3 2026 net income of $392.7M exceeds operating income of $557.2M only partially, and its magnitude relative to revenue warrants scrutiny before it is treated as recurring. Stock-based compensation of roughly $11M per quarter is modest and does not appear to materially distort earnings quality.
Operating Efficiency Holds Despite Flat Revenue
Based on reported figures, AM's SG&A remained close to $21M to $23M per quarter while operating margin stayed in a 55% to 60% band, indicating overhead that has not scaled with revenue and supporting a stable efficiency profile.
The limited SG&A movement against flat revenue suggests management has held overhead steady rather than expanding it, which is consistent with a mature asset base. Operating leverage is therefore largely a function of the fixed-cost nature of midstream infrastructure rather than active cost reduction. Investors should monitor whether revenue growth can outpace this stable overhead base over the next several periods.
Margin Durability and Earnings Volatility Concerns
Analytical challenge: AM's reported net income volatility, including a Q4 2025 net margin of 16.5% against a Q3 2026 margin of 120.1%, may indicate that headline earnings are not a reliable proxy for sustainable profitability.
A skeptical reading would argue that the quarter-to-quarter swings in net income and EPS, which fell 52.2% in Q4 2025 before rebounding sharply, suggest that reported earnings contain non-recurring or non-operating components that are not disclosed in the supplied data. Revenue growth that has averaged in the low single digits offers limited cushion if throughput or contract terms weaken. Without balance sheet or cash flow detail in the supplied data, the ability to fund distributions or capital needs from operations cannot be fully confirmed.