NYSE : AM
Antero Midstream Corporation — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 21.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 10.14B
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Financial statements
Antero Midstream Corporation (AM) reported revenue of 1.35B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.35B | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M |
| Revenue | 1.35B | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M |
| Cost of Revenue | 292.55M | 231.91M | 217.98M | 213.16M | 180.25M | 157.12M |
| Gross Profit | 1.06B | 1.03B | 958.89M | 899.28M | 810.40M | 811.75M |
| Selling, General & Admin | 87.50M | 87.93M | 86.09M | 71.07M | 62.12M | 63.84M |
| Other Operating Expenses | 86.80M | 72.67M | 73.31M | 80.14M | 75.60M | 75.13M |
| Operating Expenses | 318.01M | 294.91M | 299.39M | 287.27M | 269.49M | 247.76M |
| Operating Income | 739.47M | 732.28M | 659.50M | 612.01M | 540.92M | 564.00M |
| Interest Expense | -207.29M | -190.40M | -207.03M | -217.25M | -189.95M | -175.28M |
| Earnings From Equity Investments | 115.20M | 116.44M | 110.57M | 105.46M | 94.22M | 90.45M |
| EBT Excluding Unusual Items | 647.38M | 658.31M | 563.04M | 500.22M | 445.19M | 479.17M |
| Merger & Restructuring Charges | -14.19M | -5.20M | ||||
| Gain (Loss) on Sale of Assets | -85.13M | -86.63M | 2.25M | -3.63M | ||
| Asset Writedown | -3.05M | -984.00K | -332.00K | -146.00K | -3.70M | -5.04M |
| Other Unusual Items | -1.61M | -1.31M | -14.09M | -21.76M | ||
| Pretax Income | 920.36M | 564.20M | 548.62M | 500.07M | 443.74M | 448.74M |
| Income Tax Expense | 243.99M | 151.03M | 147.73M | 128.29M | 117.49M | 117.12M |
| Net Income | 676.37M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M |
| Preferred Dividends & Other Adjustments | 550.00K | 550.00K | 550.00K | 550.00K | 550.00K | 550.00K |
| Net Income to Common | 675.82M | 412.61M | 400.34M | 371.24M | 325.69M | 331.07M |
| Shares Outstanding (Basic) | 474.64M | 477.91M | 480.82M | 479.38M | 478.23M | 477.27M |
| Shares Outstanding (Diluted) | 478.10M | 482.18M | 485.25M | 482.37M | 480.30M | 479.74M |
| EPS (Basic) | 1.42 | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 |
| EPS (Diluted) | 1.42 | 0.86 | 0.83 | 0.77 | 0.68 | 0.69 |
| Free Cash Flow | 1.16B | 770.21M | 601.65M | 595.06M | 183.95M | 476.93M |
| Free Cash Flow Per Share | 2.44 | 1.60 | 1.24 | 1.23 | 0.38 | 0.99 |
| Dividend Per Share | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Gross Margin | 78.33% | 81.58% | 81.48% | 80.84% | 81.81% | 83.78% |
| Operating Margin | 54.77% | 58.16% | 56.04% | 55.02% | 54.60% | 58.21% |
| Profit Margin | 50.06% | 32.77% | 34.02% | 33.37% | 32.88% | 34.17% |
| Free Cash Flow Margin | 86.26% | 61.17% | 51.12% | 53.49% | 18.57% | 49.23% |
| EBITDA | 967.74M | 937.26M | 870.17M | 818.74M | 743.57M | 743.92M |
| EBITDA Margin | 71.68% | 74.44% | 73.94% | 73.60% | 75.06% | 76.78% |
| D&A For EBITDA | 228.26M | 204.98M | 210.67M | 206.73M | 202.66M | 179.92M |
| EBIT | 739.47M | 732.28M | 659.50M | 612.01M | 540.92M | 564.00M |
| EBIT Margin | 54.77% | 58.16% | 56.04% | 55.02% | 54.60% | 58.21% |
| Effective Tax Rate | 26.51% | 26.77% | 26.93% | 25.65% | 26.48% | 26.10% |
| Revenue as Reported | 1.27B | 1.19B | 1.11B | 1.04B | 919.99M | 898.20M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 180.44M | 66.00K | ||||
| Cash & Short-Term Investments | 180.44M | 66.00K | ||||
| Accounts Receivable | 124.38M | 107.76M | 116.01M | 89.56M | 86.73M | 81.94M |
| Other Receivables | 1.90M | 940.00K | 940.00K | |||
| Receivables | 124.38M | 109.66M | 116.01M | 89.56M | 87.67M | 82.88M |
| Restricted Cash | 82.50M | |||||
| Other Current Assets | 2.62M | 7.27M | 2.05M | 1.50M | 1.33M | 920.00K |
| Total Current Assets | 126.99M | 379.86M | 118.06M | 91.13M | 88.99M | 83.80M |
| Property, Plant & Equipment | 4.00B | 3.45B | 3.88B | 3.79B | 3.75B | 3.39B |
| Long-Term Investments | 567.51M | 585.78M | 603.96M | 626.65M | 652.77M | 696.01M |
| Other Intangible Assets | 1.63B | 1.07B | 1.14B | 1.22B | 1.29B | 1.36B |
| Other Long-Term Assets | 13.69M | 389.81M | 13.35M | 10.89M | 12.03M | 12.67M |
| Total Assets | 6.34B | 5.88B | 5.76B | 5.74B | 5.79B | 5.54B |
| Accounts Payable | 8.87M | 10.37M | 12.31M | 10.50M | 22.86M | 23.59M |
| Accrued Expenses | 85.29M | 72.00M | 72.58M | 58.44M | 56.12M | 55.94M |
| Other Current Liabilities | 41.01M | 29.11M | 15.73M | 27.48M | 23.09M | 34.48M |
| Total Current Liabilities | 150.31M | 111.48M | 100.61M | 96.42M | 102.08M | 114.01M |
| Long-Term Debt | 3.15B | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B |
| Long-Term Deferred Tax Liabilities | 770.48M | 563.00M | 413.61M | 265.88M | 131.22M | 13.72M |
| Other Long-Term Liabilities | 16.21M | 15.07M | 15.40M | 10.38M | 4.43M | 6.66M |
| Total Liabilities | 4.13B | 3.91B | 3.65B | 3.59B | 3.60B | 3.26B |
| Common Stock | 4.73M | 4.74M | 4.79M | 4.80M | 4.79M | 4.78M |
| Additional Paid-In Capital | 1.84B | 1.95B | 2.02B | 2.05B | 2.10B | 2.41B |
| Retained Earnings | 370.36M | 14.78M | 90.55M | 100.45M | 82.79M | -132.47M |
| Shareholders' Equity | 2.21B | 1.97B | 2.12B | 2.15B | 2.19B | 2.29B |
| Total Liabilities & Equity | 6.34B | 5.88B | 5.76B | 5.74B | 5.79B | 5.54B |
| Total Debt | 3.20B | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B |
| Net Cash (Debt) | -3.20B | -3.04B | -3.12B | -3.21B | -3.36B | -3.12B |
| Net Cash Per Share | -6.70 | -6.31 | -6.42 | -6.66 | -7.00 | -6.51 |
| Filing Date Shares Outstanding | 472.35M | 473.08M | 478.61M | 479.74M | 478.61M | 477.68M |
| Total Common Shares Outstanding | 474.06M | 474.06M | 479.42M | 479.71M | 478.50M | 477.50M |
| Working Capital | -23.32M | 268.38M | 17.45M | -5.29M | -13.08M | -30.20M |
| Book Value Per Share | 4.67 | 4.16 | 4.41 | 4.49 | 4.58 | 4.79 |
| Tangible Book Value | 585.48M | 897.95M | 970.41M | 936.30M | 906.22M | 929.92M |
| Tangible Book Value Per Share | 1.24 | 1.89 | 2.02 | 1.95 | 1.89 | 1.95 |
| Land | 30.73M | 29.43M | 31.24M | 31.67M | 31.67M | 23.37M |
| Machinery | 3.59B | 3.20B | 3.56B | 3.35B | 3.29B | 2.82B |
| Construction In Progress | 139.99M | 141.23M | 184.68M | 192.85M | 158.98M | 174.27M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 676.37M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M |
| Depreciation & Amortization | 228.26M | 204.98M | 210.67M | 206.73M | 202.66M | 179.92M |
| Other Amortization | 5.76M | 5.25M | 6.00M | 5.98M | 5.72M | 5.55M |
| Loss (Gain) From Sale of Assets | 85.13M | 86.63M | -2.25M | 3.63M | ||
| Asset Writedown & Restructuring Costs | 3.05M | 984.00K | 332.00K | 146.00K | 3.70M | 5.04M |
| Loss (Gain) on Equity Investments | 25.63M | 24.83M | 25.09M | 26.38M | 26.24M | 28.54M |
| Stock-Based Compensation | 43.49M | 45.96M | 44.33M | 31.61M | 19.65M | 13.53M |
| Other Operating Activities | 234.33M | 150.43M | 161.94M | 140.42M | 112.58M | 137.50M |
| Change in Accounts Receivable | 1.55M | 4.13M | -25.82M | -2.10M | -2.63M | -6.57M |
| Change in Accounts Payable | -2.36M | -936.00K | 3.67M | -9.03M | 8.76M | 1.49M |
| Change in Income Taxes | 11.60M | -954.00K | 940.00K | 16.31M | ||
| Change in Other Net Operating Assets | 35.86M | -2.00M | 16.89M | 6.21M | -1.06M | -6.80M |
| Operating Cash Flow | 1.35B | 932.46M | 843.99M | 779.06M | 699.60M | 709.75M |
| Capital Expenditures | -184.19M | -162.25M | -242.34M | -184.00M | -515.65M | -232.82M |
| Sale of Property, Plant & Equipment | 377.43M | 5.73M | 1.65M | |||
| Cash Acquisitions | -1.10B | |||||
| Investment in Securities | -900.00K | -6.65M | -2.39M | -262.00K | 17.00M | -2.07M |
| Other Investing Activities | -5.94M | -304.00K | 2.00M | 1.05M | -902.00K | |
| Investing Cash Flow | -916.63M | -169.21M | -242.73M | -183.21M | -493.83M | -233.24M |
| Long-Term Debt Issued | 3.02B | 2.17B | 1.04B | 1.27B | 1.76B | |
| Long-Term Debt Repaid | -2.90B | -2.27B | -1.19B | -1.03B | -1.75B | |
| Net Debt Issued (Repaid) | 146.84M | 115.70M | -106.66M | -151.90M | 234.80M | 16.23M |
| Repurchase of Common Stock | -134.97M | -162.58M | -43.69M | -8.49M | -6.90M | -5.01M |
| Preferred Dividends Paid | -550.00K | -550.00K | -550.00K | -550.00K | -550.00K | -550.00K |
| Common Dividends Paid | -434.73M | -439.01M | -437.63M | -434.85M | -432.82M | -471.17M |
| Dividends Paid | -435.28M | -439.56M | -438.18M | -435.40M | -433.38M | -471.72M |
| Other Financing Activities | -8.63M | -13.88M | -12.79M | -302.00K | -16.64M | |
| Financing Cash Flow | -432.04M | -500.32M | -601.33M | -595.79M | -205.78M | -477.15M |
| Net Cash Flow | 262.94M | -66.00K | 66.00K | -640.00K | ||
| Free Cash Flow | 1.16B | 770.21M | 601.65M | 595.06M | 183.95M | 476.93M |
| Free Cash Flow Margin | 86.26% | 61.17% | 51.12% | 53.49% | 18.57% | 49.23% |
| Free Cash Flow Per Share | 2.44 | 1.60 | 1.24 | 1.23 | 0.38 | 0.99 |
| Levered Free Cash Flow | 457.46M | 362.12M | 278.66M | 299.31M | -85.39M | 238.61M |
| Unlevered Free Cash Flow | 581.26M | 475.86M | 402.04M | 429.11M | 27.61M | 342.62M |
| Cash Interest Paid | 185.55M | 187.66M | 189.91M | 213.96M | 183.08M | 179.75M |
| Cash Income Tax Paid | 2.60M | -104.00K | -9.63M | -16.31M | ||
| Change in Working Capital | 46.66M | 240.00K | -5.26M | -3.98M | 5.06M | 4.43M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 10.14B | 8.47B | 7.26B | 6.01B | 5.16B | 4.62B |
| Enterprise Value | 13.35B | 11.48B | 10.43B | 9.27B | 8.31B | 7.72B |
| Last Close Price | 21.47 | 17.03 | 13.70 | 10.66 | 8.48 | 6.95 |
| PE Ratio | 15.14 | 20.54 | 18.14 | 16.19 | 15.85 | 13.96 |
| Forward PE | 17.05 | 15.48 | 15.96 | 14.08 | 14.48 | 11.48 |
| PS Ratio | 7.51 | 6.73 | 6.17 | 5.40 | 5.21 | 4.77 |
| PB Ratio | 4.60 | 4.30 | 3.43 | 2.79 | 2.35 | 2.02 |
| P/TBV Ratio | 17.32 | 9.44 | 7.49 | 6.42 | 5.70 | 4.97 |
| P/FCF Ratio | 8.71 | 11.00 | 12.07 | 10.10 | 28.07 | 9.69 |
| P/OCF Ratio | 7.52 | 9.09 | 8.61 | 7.71 | 7.38 | 6.51 |
| PEG Ratio | 2.92 | 2.66 | 2.35 | 2.41 | 3.83 | |
| EV/Sales Ratio | 9.89 | 9.12 | 8.87 | 8.33 | 8.38 | 7.97 |
| EV/EBITDA Ratio | 13.79 | 12.25 | 11.99 | 11.32 | 11.17 | 10.38 |
| EV/EBIT Ratio | 18.05 | 15.68 | 15.82 | 15.15 | 15.36 | 13.68 |
| EV/FCF Ratio | 11.46 | 14.91 | 17.34 | 15.58 | 45.15 | 16.18 |
| Debt / Equity Ratio | 1.45 | 1.63 | 1.47 | 1.49 | 1.53 | 1.37 |
| Debt / EBITDA Ratio | 3.31 | 3.44 | 3.58 | 3.92 | 4.52 | 4.20 |
| Debt / FCF Ratio | 2.75 | 4.18 | 5.18 | 5.40 | 18.27 | 6.55 |
| Net Debt / Equity Ratio | 1.45 | 1.54 | 1.47 | 1.49 | 1.53 | 1.37 |
| Net Debt / EBITDA Ratio | 3.31 | 3.25 | 3.58 | 3.92 | 4.52 | 4.20 |
| Net Debt / FCF Ratio | 2.75 | 3.95 | 5.18 | 5.40 | 18.27 | 6.55 |
| Asset Turnover | 0.22 | 0.22 | 0.20 | 0.19 | 0.17 | 0.17 |
| Quick Ratio | 0.83 | 2.60 | 1.15 | 0.93 | 0.86 | 0.73 |
| Current Ratio | 0.84 | 3.41 | 1.17 | 0.94 | 0.87 | 0.73 |
| Return on Equity (ROE) | 31.61% | 20.22% | 18.79% | 17.12% | 14.57% | 14.10% |
| Return on Assets (ROA) | 7.67% | 7.86% | 7.17% | 6.64% | 5.96% | 6.32% |
| Return on Invested Capital (ROIC) | 9.90% | 10.47% | 9.10% | 8.33% | 7.26% | 7.63% |
| Return on Capital Employed (ROCE) | 11.90% | 12.70% | 11.60% | 10.80% | 9.50% | 10.40% |
| Earnings Yield | 6.60% | 4.88% | 5.52% | 6.19% | 6.32% | 7.17% |
| FCF Yield | 11.48% | 9.09% | 8.28% | 9.90% | 3.56% | 10.32% |
| Dividend Yield | 4.19% | 5.04% | 5.94% | 7.18% | 8.34% | 9.30% |
| Payout Ratio | 63.47% | 106.39% | 109.30% | 117.11% | 132.84% | 142.25% |
| Buyback Yield / Dilution | 1.16% | 0.63% | -0.60% | -0.43% | -0.12% | -0.30% |
| Total Shareholder Return | 5.35% | 5.67% | 5.34% | 6.75% | 8.22% | 8.99% |