Antero Midstream Delivers Strong Fourth Quarter 2025 Results and Sets Ambitious Goals for 2026

Antero Midstream Corporation (NYSE: AM), a leader in the midstream energy sector, has recently shared its financial performance and operational achievements for the fourth quarter of 2025. The report paints a picture of resilience and upward momentum despite a few challenges faced during the year.

Fourth Quarter Overview

In Q4 2025, Antero Midstream experienced a 5% increase in volumes for low pressure gathering and compression compared to the same quarter of the previous year. This upward trend in operational metrics underscores the company's strategic focus on enhancing its infrastructure.

The financial results showed a net income of $52 million, equating to $0.11 per diluted share, which represents a notable decrease of 52% per share year-over-year. However, when adjusted for various non-GAAP measures, the adjusted net income was recorded at $133 million, or $0.28 per diluted share, indicating an 8% increase over the previous year. This adjusted figure reflects Antero Midstream’s ability to optimize its earnings despite headwinds.

Additionally, the company's adjusted EBITDA reached $285 million, marking a modest 4% growth from the same quarter in 2024. These results were buoyed by capital expenditures totaling $45 million, which facilitated steady operations and strategic investments in infrastructure.

Antero Midstream's successful share repurchase program also deserves mention; during this quarter, the company repurchased 2.7 million shares at a cost of $48 million, demonstrating its commitment to returning value to shareholders.

2026 Forecast: Strategic Growth Ahead

Looking forward, Antero Midstream has outlined promising guidance for 2026, projecting net income of $485 to $535 million, a midpoint increase of 23% compared to 2025. The anticipated adjusted EBITDA for the upcoming year is positioned between $1.19 billion and $1.24 billion, which represents an 8% growth trajectory.

Key factors driving this optimism include the recent acquisition of HG Midstream, completed in early February 2026. This addition is expected to strengthen the company’s operational footprint and enhance financial performance. The capital expenditures for 2026 are anticipated to be between $190 and $220 million as the company prioritizes high-return infrastructure projects, primarily within the Marcellus Shale region.

Justin Agnew, CFO of Antero Midstream, highlighted the positive cash flow growth attributable to operational efficiencies that allowed the company to reduce its net debt and leverage metrics to 2.7x as of the end of 2025. He emphasized the commitment to maintaining a robust balance sheet and balancing between debt reduction and opportunistic share repurchases.

Continued Commitment to Shareholder Value

The executive leadership at Antero Midstream continues to project confidence in their strategic plans. Michael Kennedy, CEO, noted the consistent growth seen in gathering and compression volumes, combined with strategically aligned acquisitions, poised the company well for capital-efficient growth into 2026 and beyond.

As Antero Midstream advances into 2026, the focus will remain on optimizing its gathering systems and expanding its water delivery infrastructure, ensuring it can support both rich and dry gas developments. The preparation for substantial investments in facilities and infrastructure will further unlock potential markets and expand operational capacity.

In conclusion, Antero Midstream is gearing up for a dynamic year ahead. With a strong foundation of operational accomplishments in 2025 and ambitious guidance for growth in 2026, the company is well-positioned to drive success in the competitive midstream energy landscape. Investors and stakeholders can look forward to a conference call scheduled for February 12, 2026, where this topic will be discussed in greater detail.