Antero Midstream Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Antero Midstream Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	16.9	69.7	143	793	901	898	920	1,042	1,106	1,188
General and administrative	0.81	41.1	43.9	118	52.2	63.8	62.1	71.1	86.1	87.9
Operating expenses	0.81	41.1	43.9	1,191	1,018	343	381	430	447	544
Operating income	16.1	-41.1	-43.9	-398	-118	555	539	612	659	645
Other non-operating income				-59.1	-60.6	-107	-95.7	-112	-111	-80.5
Pre-tax income	16.1	28.6	98.9	-458	-178	449	444	500	549	564
Income tax	6.42	26.3	32.3	-102	-55.7	117	117	128	148	151
Net income to minority interests		0.78	5.24
Net income	9.71	4.94	61.4	-356	-123	331	326	371	400	413
EBITDA				-303	-8.85	664	671	748	799	779
EPS, basic		0.03	0.33	-0.80	-0.26	0.69	0.68	0.77	0.83	0.86
EPS, diluted		0.03	0.33	-0.80	-0.26	0.69	0.68	0.77	0.83	0.86
Shares, basic (weighted)		186	186	443	478	477	478	479	481	478
Shares, diluted (weighted)		186	186	443	478	480	480	482	485	482

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	9.61	5.99	2.82	1.24	0.64		0	0.07		180
Receivables				4.57	0.84	0.75	0.58
Other current assets			0.09	1.72	1.48	0.92	1.33	1.5	2.05	2.67
Total current assets	9.83	5.99	2.91	109	93.9	83.8	89	91.1	118	380
Property, plant and equipment				3,273	3,254	3,395	3,751	3,794	3,882	3,455
Goodwill				575
Intangible assets				1,498	1,427	1,357	1,286	1,215	1,145	1,074
Other non-current assets				14.5	9.61	12.7	12	10.9	13.3	10.8
Total assets	17.4	29.8	47.7	6,283	5,611	5,544	5,791	5,738	5,762	5,884
Accounts payable		0.24	0.03	6.65	9.5	23.6	22.9
Accrued liabilities	0.43	0.29	0.41	104	74.9	80.8	72.7	80.6	83.6	91.5
Total current liabilities	7.1	14.2	16.8	242	94	114	102	96.4	101	111
Long-term debt				2,892	3,092	3,123	3,361	3,213	3,117	3,223
Other non-current liabilities				5.13	7	6.66	4.43	10.4	15.4	12
Total liabilities	7.1	14.2	16.8	3,139	3,193	3,257	3,599	3,586	3,647	3,912
Total debt				2,892	3,092	3,123	3,361	3,213	3,117	3,223
Paid-in capital				3,480	2,878	2,414	2,105	2,046	2,020	1,953
Retained earnings				-342	-464	-132	82.8	100	90.5	14.8
Shareholders' equity			30.9	3,143	2,418	2,287	2,192	2,152	2,115	1,972
Total equity			30.9	3,143	2,418	2,287	2,192	2,152	2,115	1,972
Total liabilities and equity	17.4	29.8	47.7	6,283	5,611	5,544	5,791	5,738	5,762	5,884
Shares outstanding			0	484	477	477	478	480	479	474

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	9.71	2.33	66.6	-355	-123	332	326	372	401	413
Depreciation and amortization				95.5	109	109	132	136	140	134
Stock-based compensation		34.9	35.1	73.5	12.8	13.5	19.7	31.6	44.3	46
Deferred income tax	-0.37		-1.3	-102	-0.17	117	117	135	148	149
Change in receivables				0.19	1.43	0.9	0.72	0.36	0.75	0.33
Change in payables	0.43	-0.19	0.03	-9.76	1.2	0.7	7.97	-7.77	3.72	-2.08
Cash from operations	9.54	28.1	83.5	622	753	710	700	779	844	932
Capital expenditures				-267	-158		-217	-0.27	-70
Acquisitions				620
Cash from investing				-526	-219	-233	-494	-183	-243	-169
Debt issued				650	550	750			600	1,250
Share buybacks				-126	-24.7				-28.7	-135
Dividends paid		-16	-84.2	-492	-590	-471	-433	-435	-438	-439
Cash from financing		-31.7	-86.7	-98.3	-535	-477	-206	-596	-601	-500
Net change in cash		-3.62	-3.17	-1.59	-0.6	-0.64		0.07	-0.07	263
Free cash flow				355	595		483	779	774
Interest paid			0	83	141	180	183	214	190	188
Income taxes paid	0.23	19.1	-31.8	-16.1	39.2	16.3		-9.63	-0.1	2.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $20.93 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	52.8%	Operating income / revenue.
EBITDA margin	64.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	44.5%	Pre-tax income / revenue.
Net margin	32.4%	Net income / revenue.
Operating cash flow margin	77.9%	Cash from operations / revenue.
Effective tax rate	27.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	20.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.3%	Net income / average total assets.
Return on invested capital (ROIC)	8.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	3.5%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	11.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	3.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	3.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	4.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-3.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.84x	Current assets / current liabilities.
Quick ratio	0.00x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.83x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	56.0%	Total debt / total assets.
Liabilities / assets	69.4%	Total liabilities / total assets.
Net debt	$3.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.50x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$26.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$293.2M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	0.31x	Revenue / average property, plant and equipment.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.58	Revenue / diluted weighted shares.
Operating cash flow per share	$2.01	Cash from operations / diluted weighted shares.
Book value per share	$4.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.62	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	109.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.93B	Share price x shares outstanding.
Enterprise value	$13.50B	Market cap + total debt - cash - short-term investments.
P/E	24.9x	Market cap / net income. Only when net income is positive.
P/S	8.06x	Market cap / revenue.
P/B	5.11x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	33.9x	Market cap / tangible book value, when positive.
P/OCF	10.3x	Market cap / cash from operations, when positive.
EV/Sales	10.9x	Enterprise value / revenue.
EV/EBIT	20.7x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.1x	Enterprise value / EBITDA, when both are positive.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	4.4%	Dividends paid over the period / market cap.
Shareholder yield	5.6%	(Dividends paid + share buybacks) / market cap.
PEG	3.06x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Antero Midstream Corp's revenue in fiscal 2025?

Antero Midstream Corp reported revenue of $1.19B for fiscal 2025, 7.4% higher than the year before.

Was Antero Midstream Corp profitable in fiscal 2025?

Yes. Net income was $412.6M, a net margin of 34.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Antero Midstream Corp