Antero Midstream Corporation (AM) Earnings
Antero Midstream Corporation is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.28. AM has beaten EPS estimates in 2 of its last 12 reported quarters (average surprise -14.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $0.26 | $0.25 | -3.8% | $314M | +0.9% |
| Feb 11, 2026 | $0.24 | $0.11 | -54.2% | $315M | +0.6% |
| Oct 29, 2025 | $0.25 | $0.24 | -4.0% | $312M | +6.8% |
| Jul 30, 2025 | $0.25 | $0.26 | +5.3% | $323M | +7.7% |
| Apr 30, 2025 | $0.23 | $0.25 | +9.1% | $309M | +8.0% |
| Feb 12, 2025 | $0.24 | $0.23 | -4.2% | $305M | +11.7% |
| Jul 31, 2024 | $0.22 | $0.18 | -18.2% | $287M | +6.5% |
| Feb 14, 2024 | $0.21 | $0.21 | +0.0% | $278M | +8.0% |
| Oct 25, 2023 | $0.21 | $0.20 | -4.8% | $282M | +7.8% |
| Jul 26, 2023 | $0.20 | $0.18 | -10.0% | $276M | +0.1% |
| Feb 15, 2023 | $0.19 | $0.17 | -10.5% | $259M | +4.8% |
| Oct 26, 2022 | $0.19 | $0.17 | -10.5% | $249M | +0.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Successfully navigated adverse winter weather conditions and achieved EBITDA and free cash flow growth. - Closed the company's largest acquisition to date in February. - At the end of the first quarter, commissioned the dry gas compression expansion. - Commenced initial water system integration efforts, on track to be completed by year - end. - Currently, there are three rigs running on AM dedicated acreage, with a balanced and consistent development program delivering low - cost volume growth and expected high single - digit EBITDA growth in the foreseeable future.
Guidance
- Expect an increase in capital expenditures as construction season conditions improve in line with full - year budget. - Anticipate gradual EBITDA growth throughout the year, with leverage declining towards 3.0 times at year - end 2026, and 2026 guidance remains unchanged.
Segment performance
During the first quarter, adjusted EBITDA was $288 million, a 5% year - over - year increase, driven by growth in gathering, compression, and processing volumes. Free cash flow before dividends was $192 million and after dividends was $85 million, an 8% year - over - year increase. After a $1.1 billion acquisition and share repurchases, leverage ended the quarter in the low three times range with over $800 million of liquidity.
Analyst Q&A
Q: Please state your question. Hey, guys. Thank you for the time. Maybe we'll start on the kind of in - basin demand side of things. There's a couple projects floating around, a lot of eyeballs on Monarch, et cetera. I know you guys are kind of too early, and you touched on this in the AR call as well, but do you mind kind of just framing up of what you guys could see the opportunity set for AM looking like here again? And if you want to use a, you know, generic kind of EBITDA per gigawatt or anything like that, just kind of frame this up. how you're thinking about the AM side of things here.
A: Yeah, we're not going to use a generic metric there, but AM is participating in all those because the vast majority of these need some infrastructure, laterals off existing pipe that Brendan talked about, water, some sort of infrastructure build out from the existing infrastructure. And AM's got its seat at the table of all those discussions because, like I mentioned, we are the industrial builder of northern West Virginia. We've built all of this infrastructure. It's all been a greenfield expansion for us from gathering, compression, processing, and watering without the whole system here. So we are the builder of choice, and that's part of the attraction of what AR and AM bring is that integrated development between upstream and midstream. We have the resource, and we have the ability to build the infrastructure.
Q: Maybe just to clarify, any sense you guys could give on just kind of how long of a timeline would be needed to kind of support a larger project?
A: Well, we're mainly talking about everything in - state, so it wouldn't be that long of a timeline. It would just be our typical kind of high - pressure build, you know, year one, two, three, not five years out.
Q: And then second question for me, you guys mentioned the kind of high single - digit growth target. Could you just frame that up a little bit around what that implies for AR's underlying growth? AR kind of came out with a kind of higher growth pace on the last quarter call, just trying to figure out where that shakes. And then again, kind of what the AM algorithm off that is.
A: Yeah, that's off the base business. You get to the high single digit just from integrating the water system in 27. So just servicing AR's from a water perspective, gets you that high single - digit. If AR actually does pursue three rigs, two completions, and doesn't build ducts and actually completes those, you'd be in excess of that high single - digit EBIT growth in 27 and 28.
Q: Hi, team. Thanks for taking the question. I wanted to ask for any additional color you have on how much capital is needed to fully integrate the acquired HG assets and also how far along that process do you think you are at this point?
A: I think it's $25 million, probably halfway through. Like I mentioned, the water system, we cement that in the first quarter. That'll be done by year end. The gathering system was almost already fully integrated. I think it was $5 million to connect that. So it's really around the water, and we're in the midst of it and should be completed by year end.
Q: And then just looking forward, where do you feel that most of your opportunity set is for incremental returns in the future?
A: I think it's around these data center local power projects, Our base business delivers very high rates of return. I think it's in the high teens, 20% return on invested capital in the base, and we've got that fully mapped out. We've built the whole backbone of the system, the whole water pipes, the large gathering system that we've got. I think the incremental returns will just be building off of that and building off of our relationship with AR and our own ability to build industrial projects in northern West Virginia. That's kind of the next leg. The base is terrific, you know, high single - digit EBIT growth. We've had quite some time and will going forward, but incremental growth and returns from that will be from these local demand projects.