Cash flow efficiency remains volatile, evidenced by a 2026Q1 FCF margin of -105.5% driven by a surge in capital expenditures that reached 151.6% of revenue.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 2.03B | 1.63B | 849.29M | 994.72M | 3.05B | 1.66B | 735.64M | 1.1B | 2.08B | 2.01B | 1.24B | 1.01B | 998.12M | 534.71M | 332.25M | 266.31M |
| Operating CF Margin % | - | 32.53% | 20.62% | 23.25% | 36.76% | 28.66% | 23.85% | 30.28% | 57% | 72.67% | 70.72% | 73.18% | 56.75% | 65.09% | 125.39% | 136.37% |
| Operating CF Growth % | 450.75% | 92.03% | -14.62% | -67.4% | 83.8% | 125.67% | -33.33% | -47% | 3.77% | 61.63% | 23.34% | 0.83% | 86.67% | 60.93% | 24.76% | - |
| Net Income | 961.66M | 634.42M | 93.7M | 297.33M | 2B | -154.11M | -1.26B | -293.14M | -45.7M | 785.14M | -749.45M | 980M | 675.84M | -18.93M | -285.07M | 392.68M |
| Depreciation & Amortization | 773.58M | 753.57M | 765.83M | 750.09M | 719.79M | 745.83M | 865.29M | 918.63M | 975.28M | 827.22M | 812.35M | 711.42M | 479.17M | 234.94M | 102.13M | 55.79M |
| Stock-Based Compensation | 57.4M | 60.81M | 66.46M | 59.52M | 35.44M | 20.44M | 23.32M | 23.56M | 70.41M | 103.44M | 102.42M | 97.88M | 112.25M | 365.28M | 0 | 0 |
| Deferred Taxes | 304.32M | 213.97M | -118.64M | 62.04M | 440.42M | -74.29M | -397.27M | -79.16M | -128.86M | -295.13M | -485.39M | 575.89M | 445.67M | 190.21M | 106.23M | 185.3M |
| Other Non-Cash Items | -373.84M | -37.7M | 66.75M | -317.54M | -80.34M | 1.01B | 1.61B | 498.02M | 1.24B | 509.58M | 1.59B | -1.39B | -732.61M | -278.71M | 384.08M | -375.77M |
| Working Capital Changes | 267.48M | 5.87M | -24.81M | 143.28M | -62.81M | 114.67M | -109.05M | 35.54M | -25.42M | 76.03M | -32.92M | 39.5M | 17.95M | 41.91M | 24.89M | 8.31M |
| Change in Receivables | 76.81M | -39.38M | -27.4M | 314.43M | -72.73M | -221.69M | -116.92M | 188.57M | -189.86M | -43.38M | -93.86M | 60.12M | -140.33M | -59.47M | -5.17M | -7.26M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 46.38M | -2.35M | 35.3M | -16.84M | 32.37M | -1.18M | -19.28M | -28M | 9.31M | 9.46M | 7.37M | -8.54M | -20.68M | 1.04M | -2.12M | -1.88M |
| Cash from Investing | -3.15B | -1.08B | -714.15M | -1.14B | -943.61M | -710.78M | -530.06M | -1.04B | -2.35B | -2.46B | -2.4B | -2.3B | -4.09B | -2.67B | -463.49M | -901.25M |
| Capital Expenditures | -21.7M | -1.09B | -101.92M | -167.52M | -163.32M | -114.76M | -48.09M | -1.42B | -722.01M | -934.77M | -1.17B | -696.63M | -1.61B | -1.06B | -846.2M | -375.71M |
| CapEx % of Revenue | 0.4% | 21.82% | 2.47% | 3.91% | 1.97% | 1.98% | 1.56% | 39.03% | 19.77% | 33.86% | 66.53% | 50.66% | 91.51% | 128.51% | 319.34% | 192.39% |
| Acquisitions | 0 | 16.28M | 0 | 0 | 0 | 0 | 125M | 371.59M | -136.47M | -235M | -75.52M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.13B | 0 | -612.23M | -973.25M | -780.29M | -596.02M | -606.97M | 9.07M | -1.49B | -1.29B | -1.15B | -1.6B | -2.48B | -1.62B | 382.71M | -525.54M |
| Cash from Financing | 1.12B | -343.12M | -135.13M | 146.05M | -2.11B | -949.33M | -205.58M | 557.56M | 240.3M | 452.17M | 1.16B | 1.07B | 3.32B | 2.14B | 146.88M | 629.3M |
| Debt Issued (Net) | 1.37B | -105.32M | -24M | 382.03M | -992.93M | -857.3M | -466.52M | 690.91M | 660.38M | 90M | 32.25M | 347M | 2.27B | 579.71M | 152M | 665M |
| Equity Issued (Net) | -126.31M | -136.4M | -29.61M | -75.36M | -873.74M | -13.27M | -43.44M | -38.77M | -129.08M | 560.06M | 1.26B | 778.53M | 1.09B | 1.58B | 0 | 0 |
| Dividends Paid | -125.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -28.86M |
| Share Repurchases | -126.31M | -136.4M | -29.61M | -75.36M | -873.74M | -13.27M | -43.44M | -38.77M | -129.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.83M | -101.4M | -81.53M | -160.63M | -241.06M | -78.76M | 304.38M | -94.57M | -291M | -197.89M | -126.06M | -65.69M | -34.32M | -20.9M | -5.12M | -6.84M |
| Net Change in Cash | 0 | 210M | 0 | 0 | 0 | 0 | 0 | 619.53M | 240.3M | -3.17M | 8.14M | -222.51M | 228.49M | -1.5M | 15.65M | -5.64M |
| Free Cash Flow | -1.02B | 1.24B | 747.36M | 827.2M | 2.89B | 1.55B | 687.55M | 935.42M | 1.36B | 1.07B | 73.59M | 309.75M | -611.3M | -520.9M | -511.14M | -109.41M |
| FCF Margin % | -18.63% | 24.8% | 18.15% | 19.33% | 34.8% | 26.68% | 22.29% | 25.67% | 37.23% | 38.81% | 4.19% | 22.53% | -34.76% | -63.41% | -192.9% | -56.02% |
| FCF Growth % | -199.63% | 66.34% | -9.65% | -71.36% | 86.88% | 124.76% | -26.5% | -31.22% | 26.92% | 1356.15% | -76.24% | 150.67% | -17.35% | -1.91% | -367.2% | - |
| FCF per Share | -3.28 | 3.98 | 2.38 | 2.65 | 8.77 | 5.02 | 2.52 | 3.05 | 4.30 | 3.39 | 0.25 | 1.13 | -2.33 | -1.99 | -1.97 | -0.42 |
| FCF Conversion (FCF/Net Income) | -1.06x | 2.57x | 14.84x | 5.01x | 1.63x | -8.88x | -0.58x | -3.24x | -5.24x | 3.26x | -1.46x | 1.07x | 1.48x | -28.25x | -1.17x | 0.68x |
| Interest Paid | 7.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price volatility exposure
As reported in recent financial statements, Antero Resources' operating cash flow to net income ratio reached 1.61 in 2026Q1, indicating that while cash generation remains positive, the significant gap between accounting profits and actual cash inflows warrants close scrutiny regarding the sustainability of current earnings quality.
The persistent variance between net income and operating cash flow suggests that non-cash items and working capital adjustments play a disproportionate role in the company's reported profitability. Investors should monitor whether this divergence reflects temporary timing differences or a structural reliance on accounting accruals that may not translate into long-term cash liquidity.
Based on the provided quarterly data, Antero Resources experienced a sharp FCF margin contraction to -105.5% in 2026Q1, a stark reversal from the 30.6% margin observed in 2025Q1, primarily driven by a massive surge in capital expenditures that significantly outpaced the company's reported net income growth.
The erratic trajectory of free cash flow suggests that the company's capital allocation strategy is subject to lumpy, high-intensity investment cycles. This volatility makes it difficult to rely on FCF as a consistent indicator of operational health, as the recent spike in spending appears to have temporarily overwhelmed the company's cash-generating capacity.
According to the latest financial disclosures, Antero Resources' CapEx to revenue ratio ballooned to 151.6% in 2026Q1, representing a dramatic shift from the 2.2% level seen in 2025Q1 and suggesting a period of aggressive, potentially non-recurring investment in infrastructure or asset development projects.
This sudden escalation in capital intensity implies that the company is either accelerating its drilling program or funding significant midstream-related projects. Analysts should investigate whether this level of spending is sustainable or if it represents a strategic pivot that may pressure liquidity if commodity prices fail to support the expected returns.
As indicated by the company's cash flow statements, Antero Resources has prioritized share repurchases over consistent dividend payments, with buybacks totaling $74.9M in 2025Q2, signaling a clear management preference for returning capital to shareholders through equity reduction rather than direct cash distributions during periods of positive cash flow.
The inconsistent nature of these buybacks, which fluctuate significantly quarter-to-quarter, suggests that management is timing its capital returns based on available excess cash rather than a fixed policy. This approach provides flexibility but may leave investors questioning the long-term commitment to a predictable shareholder return framework.
Quick answers to the most common questions about buying AR stock.
Antero Resources Corporation (AR) generated $1.63B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Antero Resources Corporation (AR) generated $1.24B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Antero Resources Corporation (AR) spent $1.09B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Antero Resources Corporation (AR) spent $136.4M on share repurchases. This shows the company's commitment to returning capital to its equity investors.