Revenue rebounded sharply to about $1.9B in 2026Q1 with a 35.5% operating margin, yet margins collapsed to 0.5% gross and negative operating results in 2024, underscoring how dependent profitability is on commodity pricing.
Antero Resources Corporation (AR) annual income statement — 15-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 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 6.05B | 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 % | 23.91% | 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 | 4.24B | 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 | 1.81B | 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 % | 29.93% | 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 | 343.17M | 278.55M | 274.84M | 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% | 6.67% | 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 | 469.58M | 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 | -2M | -144.18M | -199.4M | -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 | 1.47B | 829.7M | 52.49M | 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 % | 24.26% | 16.55% | 1.27% | 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 % | - | 1480.62% | -86.75% | -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 | 2.33B | 1.58B | 818.32M | 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 % | 38.58% | 31.58% | 19.87% | 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 % | 56.14% | 93.48% | -28.61% | -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) | 865.72M | 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 | 1.93B | 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 | -135.04M | -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 | 135.04M | 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 | 328.88M | 60.73M | -76.98M | -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 | 1.8B | 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 % | 29.7% | 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 | 390.82M | 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 % | 21.77% | 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 | 1.37B | 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 % | 22.74% | 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 % | 150.98% | 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) | 1.4B | 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 | 0 | 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) | 4.45 | 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 % | 154.6% | 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 | 308.63M | 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 | 307.41M | 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% |
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.
Key Metrics
Top Statement Risk
Commodity price exposure driving volatility
Metrics are mathematically derived from official filings.
Revenue Rebounds After Prolonged Contraction
Based on reported figures, AR's quarterly revenue climbed from roughly $928M in 2024Q2 to about $1.9B in 2026Q1, a sharp recovery that appears largely tied to commodity pricing rather than sustained volume expansion.
The top-line trajectory shows two distinct phases: a trough in mid-2024 followed by a steep rebound that accelerated through 2025 and into early 2026. Revenue growth has since moderated, with 2026Q3 still up 37.9% year over year but sequentially flat versus 2026Q2. The pattern suggests the recovery is sensitive to commodity cycles, and investors should monitor whether growth holds without further price support.
Gross Margins Swing With Commodity Cycles
As reported in financial statements, AR's gross margin ranged from roughly 0.5% in 2024Q2 to 39.8% in 2026Q1, indicating that realized pricing relative to cost of revenue drives profitability far more than structural cost improvements.
Gross margin volatility is extreme across the period, and the reported COGS line moves in step with revenue rather than declining as a share of sales. This pattern suggests limited pricing power independent of the commodity deck. The 2026Q2 gross margin figure appears anomalous given COGS of only $85.7M and should be treated cautiously pending further investigation into how that line is classified.
Operating Leverage Largely Commodity-Dependent
Based on AR's reported figures, operating margin expanded from negative territory in 2024 to 35.5% in 2026Q1, while SG&A remained comparatively flat near $100M to $130M per quarter.
Because SG&A stayed in a narrow band while revenue swung widely, the incremental margin on higher revenue has been substantial during upcycles. This indicates that overhead efficiency is not the primary driver of the margin profile. Operating income is scaling with gross profit, but the scaling reverses sharply when prices fall, which suggests high sensitivity to the commodity cycle.
Net Income Tracks Operating Results Closely
According to recent SEC filings, AR's net income of $535.2M in 2026Q1 represented about 28.7% of revenue, with stock-based compensation remaining modest at roughly $12M to $17M per quarter.
The gap between operating income and net income is generally consistent with ordinary interest and tax effects, and stock-based compensation is small relative to earnings. Diluted EPS moved in line with net income, which suggests limited dilution distortion. Investors should still monitor the large swings in quarterly earnings, since they appear to reflect commodity timing more than underlying earnings power.
Cyclical Peaks Risk Overstating Earnings Power
Based on reported figures, the sharp 2026Q1 earnings peak may not be representative, since AR posted net losses in 2024 and net margin fell back to 6.7% by 2025Q3.
The strongest challenge to the current narrative is that recent profitability reflects a favorable price environment rather than a durable step-up in the business. Revenue and margins have reverted meaningfully within a single year, which suggests base-case assumptions built on peak quarters may be too optimistic. Investors should monitor whether sequential declines continue, since the 2026Q3 margin contraction could signal the start of normalization.