Revenue growth accelerated to 33.8% in 2026Q1, while gross margins expanded significantly to 39.8% compared to the 0.5% recorded in 2024Q2.
| 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 |
|---|
| Sales/Revenue | 5.48B | 5.01B | 4.12B | 4.28B | 8.3B | 5.79B | 3.08B | 3.64B | 3.65B | 2.76B | 1.76B | 1.38B | 1.76B | 821.45M | 264.98M | 195.29M |
| Revenue Growth % | 23.13% | 21.73% | -3.75% | -48.45% | 43.3% | 87.81% | -15.37% | -0.25% | 32.32% | 57.3% | 27.63% | -21.82% | 114.11% | 210% | 35.69% | - |
| Cost of Goods Sold | 4.06B | 3.91B | 3.79B | 3.67B | 3.71B | 3.54B | 3.6B | 3.33B | 2.57B | 2.1B | 1.81B | 1.48B | 1.06B | 512.22M | 219.57M | 109.55M |
| COGS % of Revenue | - | 77.9% | 92.05% | 85.69% | 44.67% | 61.05% | 116.68% | 91.45% | 70.48% | 76.21% | 103.1% | 107.88% | 60.07% | 62.36% | 82.86% | 56.1% |
| Gross Profit | 1.43B | 1.11B | 327.33M | 612.47M | 4.59B | 2.26B | -514.44M | 311.5M | 1.08B | 656.81M | -54.33M | -108.33M | 702.26M | 309.22M | 45.41M | 85.73M |
| Gross Margin % | 26.04% | 22.1% | 7.95% | 14.31% | 55.33% | 38.95% | -16.68% | 8.55% | 29.52% | 23.79% | -3.1% | -7.88% | 39.93% | 37.64% | 17.14% | 43.9% |
| Gross Profit Growth % | - | 238.57% | -46.56% | -86.66% | 103.57% | 538.51% | -265.15% | -71.12% | 64.19% | 1308.98% | 49.85% | -115.43% | 127.11% | 580.97% | -47.04% | - |
| Operating Expenses | 283.81M | 278.55M | 326.87M | 216.22M | 2.05B | 2.23B | 439M | 1.3B | 1.01B | -83.28M | 921.47M | -1.9B | -597.48M | -31.99M | -398.61M | -445.25M |
| OpEx % of Revenue | - | 5.56% | 7.94% | 5.05% | 24.74% | 38.54% | 14.24% | 35.64% | 27.55% | -3.02% | 52.5% | -138.07% | -33.97% | -3.89% | -150.43% | -227.99% |
| Selling, General & Admin | 443.41M | 422.73M | 474.24M | 509.48M | 704.21M | 956.7M | 603.89M | 728.51M | 926.4M | 617.48M | 738.67M | 532.76M | 319.97M | 425.44M | 45.28M | 33.34M |
| SG&A % of Revenue | - | 8.43% | 11.51% | 11.91% | 8.48% | 16.52% | 19.58% | 19.99% | 25.36% | 22.37% | 42.09% | 38.74% | 18.19% | 51.79% | 17.09% | 17.07% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -4M | -144.18M | -147.37M | -293.26M | 1.35B | 1.28B | -164.88M | 570.03M | 80.14M | -700.76M | 182.81M | -2.43B | -917.44M | -457.42M | -443.89M | -478.59M |
| Operating Income | 1.14B | 829.7M | 460K | 396.25M | 2.54B | 23.86M | -953.45M | -987.04M | 71.91M | 740.09M | -975.8M | 1.79B | 1.3B | 341.21M | 444.01M | 530.98M |
| Operating Margin % | 20.87% | 16.55% | 0.01% | 9.26% | 30.59% | 0.41% | -30.92% | -27.09% | 1.97% | 26.81% | -55.6% | 130.19% | 73.9% | 41.54% | 167.56% | 271.9% |
| Operating Income Growth % | - | 180269.78% | -99.88% | -84.4% | 10542.67% | 102.5% | 3.4% | -1472.71% | -90.28% | 175.84% | -154.51% | 37.74% | 280.92% | -23.15% | -16.38% | - |
| EBITDA | 1.92B | 1.58B | 766.29M | 1.15B | 3.26B | 769.69M | -88.16M | -68.42M | 1.05B | 1.57B | -163.46M | 2.5B | 1.78B | 576.15M | 546.14M | 586.77M |
| EBITDA Margin % | 34.97% | 31.58% | 18.61% | 26.79% | 39.27% | 13.29% | -2.86% | -1.88% | 28.67% | 56.77% | -9.31% | 181.93% | 101.14% | 70.14% | 206.11% | 300.46% |
| EBITDA Growth % | 86.94% | 106.62% | -33.15% | -64.83% | 323.43% | 973.1% | -28.85% | -106.53% | -33.19% | 1058.87% | -106.53% | 40.63% | 208.76% | 5.49% | -6.92% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 1.41B | 974.12M | 93.72M | 478.82M | 2.57B | -46.32M | -1.46B | -139.13M | 112.19M | 758.79M | -992.27M | 1.79B | 1.28B | 298.64M | 444.01M | 530.89M |
| Net Interest Income | -97.28M | -83.68M | -118.21M | -117.87M | -125.37M | -181.87M | -199.87M | -228.11M | -286.74M | -268.7M | -253.55M | -234.4M | -160.05M | -136.62M | -97.51M | -74.4M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 97.28M | 83.68M | 118.21M | 117.87M | 125.37M | 181.87M | 199.87M | 228.11M | 286.74M | 268.7M | 253.55M | 234.4M | 160.05M | 136.62M | 97.51M | 74.4M |
| Other Income/Expense | 166M | 60.73M | -24.95M | -35.29M | -99.24M | -252.05M | -704.45M | 619.8M | -246.46M | -250.01M | -270.02M | -234.4M | -180.44M | -179.18M | -97.51M | -74.5M |
| Pretax Income | 1.31B | 890.43M | -24.49M | 360.95M | 2.44B | -228.19M | -1.66B | -367.25M | -174.56M | 490.09M | -1.25B | 1.56B | 1.12B | 162.02M | 346.5M | 456.49M |
| Pretax Margin % | 23.89% | 17.76% | -0.59% | 8.44% | 29.4% | -3.94% | -53.76% | -10.08% | -4.78% | 17.75% | -70.98% | 113.14% | 63.64% | 19.72% | 130.77% | 233.75% |
| Income Tax | 306.98M | 215.87M | -118.19M | 63.63M | 441.26M | -74.08M | -397.48M | -74.11M | -128.86M | -295.05M | -496.38M | 575.89M | 445.67M | 186.21M | 121.23M | 185.3M |
| Effective Tax Rate % | 23.43% | 24.24% | 482.62% | 17.63% | 18.08% | 32.46% | 23.98% | 20.18% | 73.82% | -60.2% | 39.84% | 37.01% | 39.82% | 114.93% | 34.99% | 40.59% |
| Net Income | 961.66M | 634.42M | 57.23M | 198.4M | 1.87B | -186.9M | -1.27B | -340.13M | -397.52M | 615.07M | -848.82M | 941.36M | 673.59M | -18.93M | -285.07M | 392.68M |
| Net Margin % | 17.54% | 12.65% | 1.39% | 4.64% | 22.55% | -3.23% | -41.11% | -9.33% | -10.88% | 22.28% | -48.36% | 68.46% | 38.3% | -2.3% | -107.58% | 201.08% |
| Net Income Growth % | 347.89% | 1008.62% | -71.16% | -89.4% | 1101.42% | 85.26% | -272.77% | 14.44% | -164.63% | 172.46% | -190.17% | 39.75% | 3658.3% | 93.36% | -172.6% | - |
| Net Income (Continuing) | 1B | 674.57M | 93.7M | 297.33M | 2B | -154.11M | -1.26B | -293.14M | -45.7M | 785.14M | -749.45M | 980M | 673.63M | -24.19M | 225.28M | 271.19M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.21M | 5.26M | -510.35M | 121.49M |
| Minority Interest | 160.17M | 164.82M | 194.88M | 232.7M | 262.6M | 308.93M | 322.57M | 0 | 821.67M | 726.96M | 1.47B | 1.35B | 1.09B | 0 | 0 | 0 |
| EPS (Diluted) | 3.09 | 2.03 | 0.18 | 0.64 | 5.69 | -0.61 | -4.65 | -1.11 | -1.26 | 1.94 | -2.88 | 3.43 | 2.57 | -0.07 | -1.10 | 1.51 |
| EPS Growth % | 356.77% | 1027.78% | -71.88% | -88.75% | 1032.79% | 86.88% | -318.92% | 11.9% | -164.95% | 167.36% | -183.97% | 33.46% | 3771.43% | 93.64% | -172.85% | - |
| EPS (Basic) | - | 2.05 | 0.18 | 0.66 | 6.09 | -0.61 | -4.65 | -1.11 | -1.26 | 1.95 | -2.88 | 3.43 | 2.57 | -0.07 | -1.10 | 1.51 |
| Diluted Shares Outstanding | 311.43M | 312.36M | 313.41M | 311.6M | 329.22M | 308.15M | 272.43M | 306.4M | 316.04M | 316.28M | 294.94M | 274.14M | 262.07M | 262.05M | 260.1M | 260.1M |
| Basic Shares Outstanding | 308.93M | 309.72M | 309.49M | 299.79M | 307.2M | 308.15M | 272.43M | 306.4M | 315.49M | 315.43M | 294.73M | 274.12M | 262.05M | 262.05M | 260.1M | 260.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.35% |
Commodity price volatility exposure
As reported in recent financial statements, Antero Resources achieved a 33.8% revenue growth rate in 2026Q1, signaling a sharp acceleration from the 3.8% growth observed in 2024Q4, largely driven by the company's strategic exposure to NGL pricing and improved market access for its Appalachian production volumes.
The recent revenue surge appears to be a function of both volume optimization and favorable commodity price realizations. Investors should monitor whether this growth trajectory is sustainable or if it remains highly sensitive to the cyclical nature of global petrochemical demand for NGLs.
Based on the provided income statement data, Antero Resources expanded its gross margin to 39.8% in 2026Q1, a significant improvement from the 0.5% margin recorded in 2024Q2, suggesting that the company's firm transportation strategy is successfully capturing higher value for its liquids-rich production profile.
The structural improvement in margins indicates that the company is effectively leveraging its midstream infrastructure to bypass regional price discounting. This trend warrants further investigation into whether these gains are permanent structural shifts or temporary benefits from favorable basis spreads in the Appalachian Basin.
According to the company's quarterly filings, operating income scaled to $661.5M in 2026Q1, demonstrating significant operating leverage as the company's operating margin reached 35.5% compared to the negative margins seen during the 2024 mid-year period, reflecting disciplined control over fixed gathering and transportation costs.
The ability to convert revenue growth into operating income at this rate suggests that the company's cost structure is becoming increasingly efficient as production scales. Analysts should consider whether this operating leverage will persist if commodity prices face downward pressure in future quarters.
As indicated by the 2026Q1 data, net income reached $535.2M with stock-based compensation remaining relatively contained at $11.7M, suggesting that the company is prioritizing shareholder value while maintaining a disciplined approach to executive and employee compensation relative to the significant growth in bottom-line profitability.
The alignment between net income growth and controlled compensation expenses appears to be a positive indicator of management's focus on capital discipline. However, investors should remain cautious regarding the impact of non-operating items and derivative settlements that often obscure the underlying cash-generating capability of the business.
While recent figures show strong profitability, the historical volatility in gross margins, which dropped as low as 0.5% in 2024Q2, suggests that Antero Resources remains highly vulnerable to sudden shifts in regional basis spreads and the global NGL-to-crude price ratio, which could quickly erode current gains.
Short-term margin expansion may be masking underlying risks associated with the company's heavy reliance on long-term midstream agreements. Any regulatory or market-driven disruption to LNG export capacity could force volumes back into the local market, potentially reversing the recent margin improvements.
Quick answers to the most common questions about buying AR stock.
For fiscal year 2025, Antero Resources Corporation (AR) reported total revenue of $5.01B. This represents a 2467.3% increase compared to $195.3M in 2011.
Antero Resources Corporation (AR) is profitable, generating $634.4M in net income for the fiscal year ending 2025 with a net profit margin of 12.7%.
Antero Resources Corporation (AR) reported an operating income of $829.7M, resulting in an operating profit margin of 16.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Antero Resources Corporation (AR) generated $1.11B in gross profit for the year, representing a gross profit margin of 22.1%. This demonstrates the company's core pricing power and production efficiency.