ANTERO RESOURCES Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ANTERO RESOURCES 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,161	3,656	4,140	4,409	3,492	6,510	8,712	4,682	4,326	5,276
General and administrative	239	251	240	179	134	145	173	225	229	233
Operating income	-976	740	71.9	-987	-953	23.9	2,539	396	0.46	884
Interest expense	254	269	287
Other non-operating income	-270	-250	-246	620	-704	-252	-99.2	-35.3	-24.9	6.79
Pre-tax income	-1,246	490	-175	-367	-1,658	-228	2,440	361	-24.5	890
Income tax	-496	-295	-129	-74.1	-397	-74.1	441	63.6	-118	216
Net income to minority interests	99.4	170	352	47	7.49	32.8	127	98.9	36.5	40.1
Net income	-849	615	-398	-340	-1,268	-187	1,872	198	57.2	634
EBITDA	-166	1,565	1,044	-72.2	-91.6	766	3,255	1,143	763	1,633
EPS, basic	-2.88	1.95	-1.26	-1.11	-4.65	-0.61	6.09	0.66	0.18	2.05
EPS, diluted	-2.88	1.94	-1.26	-1.11	-4.65	-0.61	5.69	0.64	0.18	2.03
Shares, basic (weighted)	295	315	316	306	272	308	307	300	309	310
Shares, diluted (weighted)	295	316	316	306	272	308	329	312	313	312

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	31.6	28.4	0	0	0	0	0	0	0	210
Receivables	29.7	34.9	51.1	46.4	28.5	79	35.5	42.6	34.4	33.8
Other current assets	6.31	8.94	35.5	10.7	15.2	14.9	31.9	14.2	6.05	10.8
Total current assets	403	833	807	923	574	686	788	476	508	832
Property, plant and equipment	12,027	13,236	13,870	9,979	9,647	9,527	9,639	9,822	9,688	9,205
Lease right-of-use assets				2,887	2,614	3,420	3,444	2,966	2,549	2,133
Other non-current assets	26.9	48.3	47.1	21.1	13.8	16.7	17.1	25.4	33.2	62.9
Total assets	14,256	15,261	15,519	15,198	13,151	13,897	14,118	13,517	13,010	13,245
Accounts payable	38.6	63	66.3	14.5	26.7	24.8	77.5
Accrued liabilities	394	443	465	401	344	457	462	381	403	339
Deferred revenue					45.3	37.6	30.6	27.1	25.3	23.5
Total current liabilities	817	762	854	1,040	983	2,068	1,775	1,452	1,446	1,503
Long-term debt	4,704	4,800	5,462	3,759	3,002	2,125	1,183	1,538	1,489	1,398
Lease liabilities				2,582	2,348	2,964	2,888	2,426	2,049	1,610
Other non-current liabilities	55.2	43.3	63.1	58.6	59.7	54.5	59.7	59.4	62	57.1
Total liabilities	6,527	6,385	7,032	8,227	7,061	7,830	7,101	6,383	5,794	5,530
Total debt	4,704	4,800	5,462	3,759	3,002	2,125	1,183	1,538	1,489	1,398
Paid-in capital	5,299	6,571	6,485	6,130	6,195	6,371	5,839	5,847	5,909	5,865
Retained earnings	960	1,575	1,178	837	-430	-617	914	1,052	1,109	1,682
Treasury stock							-1.16
Shareholders' equity	6,263	8,149	7,666	6,971	5,768	5,757	6,755	6,902	7,022	7,551
Minority interests	1,466	727	822		323	309	263	233	195	165
Total equity	7,729	8,876	8,487	6,971	6,090	6,058	6,982	7,134	7,217	7,716
Total liabilities and equity	14,256	15,261	15,519	15,198	13,151	13,897	14,118	13,517	13,010	13,245
Shares outstanding	315	316	309	296	269	314	297	304	311	309

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-749	785	-45.7	-293	-1,260	-154	1,999	297	93.7	675
Depreciation and amortization	810	825	972	915	862	742	715	747	762	750
Stock-based compensation	102	103	70.4	23.6	23.3	20.4	35.4	59.5	66.5	60.8
Deferred income tax	-485	-295	-129	-79.2	-397	-74.3	440	62	-119	214
Change in receivables	39.9	-5.21	-15.2	31.6	-9.49	-55.6	43.5	7.55	25.4	-0.14
Change in payables	7.37	9.46	9.31	-28	-19.3	-1.18	32.4	-16.8	35.3	-2.35
Cash from operations	1,241	2,006	2,082	1,103	736	1,660	3,051	995	849	1,631
Capital expenditures		-2,217	-2,211	-1,422	-874	-716	-944
Cash from investing	-2,395	-2,462	-2,351	-1,041	-530	-711	-944	-1,141	-714	-1,078
Stock issued	1,012
Share buybacks			-129	-38.8	-43.4		-874	-75.4		-136
Cash from financing	1,162	452	240	558	-206	-949	-2,108	146	-135	-343
Net change in cash	8.14	-3.17	-28.4	0	0	0	0	0	0	210
Free cash flow		-210	-129	-319	-139	944	2,107
Interest paid	239	264	276	224	192	142	155	114	120	88.1

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 $35.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	24.9%	Operating income / revenue.
EBITDA margin	38.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	24.1%	Pre-tax income / revenue.
Net margin	17.9%	Net income / revenue.
Operating cash flow margin	32.6%	Cash from operations / revenue.
Effective tax rate	23.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.1%	Net income / average total assets.
Return on invested capital (ROIC)	10.8%	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	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	13.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	22.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-15.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	191,997.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-29.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	114.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-20.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	1,009.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-30.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	1,028.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-29.1%	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	92.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-18.8%	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	17.3%	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	7.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.8%	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	5.5%	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	1.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.1%	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	0.1%	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	-0.3%	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	-1.7%	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	2.8%	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	0.40x	Current assets / current liabilities.
Quick ratio	0.01x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.00x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.29x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.0%	Total debt / total assets.
Liabilities / assets	45.4%	Total liabilities / total assets.
Net debt	$2.43B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$1.04B	Current assets - current liabilities.
Tangible book value	$8.32B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Receivables turnover	242x	Revenue / average receivables.
Days sales outstanding	2 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.49	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	$19.53	Revenue / diluted weighted shares.
Operating cash flow per share	$6.37	Cash from operations / diluted weighted shares.
Book value per share	$26.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.94	Tangible book value / shares outstanding.
Cash per share	$0.00	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$10.76B	Share price x shares outstanding.
Enterprise value	$13.19B	Market cap + total debt - cash - short-term investments.
P/E	9.93x	Market cap / net income. Only when net income is positive.
P/S	1.77x	Market cap / revenue.
P/B	1.29x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.29x	Market cap / tangible book value, when positive.
P/OCF	5.44x	Market cap / cash from operations, when positive.
EV/Sales	2.17x	Enterprise value / revenue.
EV/EBIT	8.72x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.68x	Enterprise value / EBITDA, when both are positive.
Earnings yield	10.1%	Net income / market cap (the inverse of P/E).

What was ANTERO RESOURCES Corp's revenue in fiscal 2025?

ANTERO RESOURCES Corp reported revenue of $5.28B for fiscal 2025, 22% higher than the year before.

Was ANTERO RESOURCES Corp profitable in fiscal 2025?

Yes. Net income was $634.4M, a net margin of 12%.

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.

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