Revenue growth remains stable with a peak of 12.4% in 2025Q2, supported by structural efficiency that consistently sustains gross margins above 60%.
| Sales/Revenue | 1.29B | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M | 971.39M | 849.6M | 1.03B | 0 | 590.21M | 387.32M |
| Revenue Growth % | 8.14% | 6.99% | 5.79% | 12.29% | 2.25% | -0.26% | 14.34% | -17.4% | - | -100% | 52.38% | - |
| Cost of Goods Sold | 456.19M | 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 | 829.53M | 822.21M | 748.22M | 692.55M | 607.97M | 632.29M | 626.54M | 501.24M | 582.09M | 0 | 328.76M | 221.8M |
| Gross Margin % | 64.52% | 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 | 89.21M | 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 | 87.26M | 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 | 1.95M | 89.6M | 2.96M | 9.62M | 6.38M | 13.13M | 691.97M | 781.62M | 0 | 0 | 0 | 0 |
| Operating Income | 740.11M | 644.67M | 659.17M | 611.86M | 539.47M | 555.33M | -117.64M | -398.49M | 607.57M | -41.13M | 16.13M | 1.26M |
| Operating Margin % | 57.56% | 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 | 950.52M | 849.65M | 869.84M | 818.59M | 741.9M | 734.79M | 61.82M | -245.96M | 560.6M | 0 | 115.99M | 87.93M |
| EBITDA Margin % | 73.93% | 67.48% | 73.91% | 73.59% | 74.89% | 75.84% | 6.36% | -28.95% | 54.51% | - | 19.65% | 22.7% |
| EBITDA Growth % | 8.45% | -2.32% | 6.26% | 10.34% | 0.97% | 1088.52% | 125.14% | -143.87% | - | -100% | 31.91% | - |
| D&A (Non-Cash Add-back) | 210.41M | 204.98M | 210.67M | 206.73M | 202.43M | 179.46M | 179.46M | 152.54M | 0 | 41.13M | 99.86M | 86.67M |
| EBIT | 798.5M | 732.28M | 755.65M | 717.32M | 633.68M | 624.02M | -31.21M | -347.18M | 0 | -41.13M | 16.13M | 1.26M |
| Net Interest Income | -196.02M | -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 | 196.02M | 190.4M | 207.03M | 217.25M | 189.95M | 175.28M | 147.01M | 110.4M | 61.91M | 0 | 0 | 0 |
| Other Income/Expense | -176.84M | -80.47M | -110.55M | -111.79M | -95.73M | -106.59M | -60.58M | -59.09M | 127.53M | 69.72M | 0 | 0 |
| Pretax Income | 563.27M | 564.2M | 548.62M | 500.07M | 443.74M | 448.74M | -178.22M | -457.58M | 98.92M | 28.59M | 16.13M | 1.26M |
| Pretax Margin % | 43.81% | 44.81% | 46.62% | 44.95% | 44.79% | 46.32% | -18.35% | -53.86% | 9.62% | - | 2.73% | 0.33% |
| Income Tax | 152.58M | 151.03M | 147.73M | 128.29M | 117.49M | 117.12M | -55.69M | -102.47M | 32.31M | 26.26M | 6.42M | 483K |
| Effective Tax Rate % | 27.09% | 26.77% | 26.93% | 25.65% | 26.48% | 26.1% | 31.25% | 22.39% | 32.66% | 91.87% | 39.8% | 38.21% |
| Net Income | 410.69M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M | -122.53M | -355.11M | 443.04M | 2.33M | 9.71M | 781K |
| Net Margin % | 31.94% | 32.81% | 34.06% | 33.42% | 32.93% | 34.23% | -12.61% | -41.8% | 43.08% | - | 1.65% | 0.2% |
| Net Income Growth % | -1.68% | 3.06% | 7.83% | 13.96% | -1.62% | 370.65% | 65.5% | -180.15% | 18955.4% | -76.06% | 1143.41% | - |
| Net Income (Continuing) | 410.69M | 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) | 0.86 | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 | -0.26 | -0.80 | 2.36 | 0.04 | 0.05 | 0.00 |
| EPS Growth % | -1.15% | 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 | 477.96M | 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 | 473.87M | 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% |
Upstream partner production concentration
According to quarterly financial data, Antero Midstream has maintained a steady revenue trajectory, with year-over-year growth peaking at 12.4% in 2025Q2, reflecting the underlying stability of its fee-based gathering and processing contracts tied to the Appalachian Basin's consistent production output from its primary upstream partner.
The revenue profile appears resilient, largely insulated from commodity price volatility due to the prevalence of Minimum Volume Commitments. Investors should monitor whether the recent 8.6% growth in 2026Q1 represents a sustainable baseline or if the reliance on a single producer limits future expansion potential.
As reported in recent income statements, Antero Midstream consistently sustains gross margins above 60%, with a peak of 66.5% in 2025Q4, suggesting that the company's integrated infrastructure model effectively leverages fixed assets to maintain profitability despite fluctuations in quarterly throughput volumes and operational costs.
The high gross margin profile indicates significant operating leverage inherent in the gathering and processing business. This suggests that incremental volumes flow through to the bottom line with minimal additional cost, provided the company maintains strict control over its field labor and compression fuel expenses.
Based on the provided income statement data, net income has exhibited notable quarterly fluctuations, such as the sharp decline to $51.9M in 2025Q4, which appears largely disconnected from the company's stable operating income, suggesting that non-operating items or tax adjustments may be distorting the reported bottom-line performance.
The discrepancy between operating income and net income warrants further investigation into non-recurring charges or financial items that do not reflect the core business health. Analysts should focus on operating income as a more reliable indicator of the company's underlying ability to generate cash for dividends.
Analysis of historical filings indicates that SG&A expenses have remained tightly controlled, generally hovering near $21M to $22M per quarter, which demonstrates management's commitment to expense discipline as the company scales its gathering and water handling infrastructure across the Marcellus and Utica shale regions.
The stability of SG&A relative to revenue growth suggests that the company has successfully achieved a mature operational state where administrative costs do not scale linearly with throughput. This efficiency appears to be a key driver of the company's ability to maintain strong operating margins over the long term.
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.