NYSE : AR
Antero Resources Corporation — Financial statements
Energy · Oil & Gas Exploration & Production · United States
Last price 42.08 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 12.92B
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Financial statements
Antero Resources Corporation (AR) reported revenue of 5.98B 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 | 5.98B | 5.14B | 4.29B | 4.48B | 8.71B | 6.51B |
| Other Revenue | 4.19M | 3.37M | 3.40M | 2.53M | 5.16M | 1.02M |
| Revenue | 5.98B | 5.14B | 4.30B | 4.49B | 8.72B | 6.51B |
| Cost of Revenue | 1.90B | 1.73B | 1.55B | 1.58B | 2.04B | 2.09B |
| Gross Profit | 4.08B | 3.41B | 2.75B | 2.90B | 6.67B | 4.42B |
| Selling, General & Admin | 1.95B | 1.85B | 1.95B | 1.85B | 1.65B | 1.66B |
| Other Operating Expenses | -494.03M | -132.32M | -23.68M | -193.30M | 1.58B | 1.90B |
| Operating Expenses | 2.33B | 2.50B | 2.74B | 2.46B | 4.11B | 4.40B |
| Operating Income | 1.75B | 911.39M | 5.79M | 448.41M | 2.56B | 25.93M |
| Interest Expense | -135.04M | -83.68M | -118.21M | -117.87M | -125.37M | -181.87M |
| Earnings From Equity Investments | 180.41M | 98.48M | 93.79M | 82.95M | 72.33M | 77.08M |
| Other Non Operating Income (Expenses) | 401.00K | -3.29M | ||||
| EBT Excluding Unusual Items | 1.80B | 926.19M | -18.63M | 413.49M | 2.51B | -82.14M |
| Merger & Restructuring Charges | -29.39M | -4.39M | ||||
| Gain (Loss) on Sale of Assets | 62.13M | 266.00K | -862.00K | 447.00K | -471.00K | 2.23M |
| Other Unusual Items | -36.58M | -31.64M | -5.00M | -52.98M | -71.30M | -148.27M |
| Pretax Income | 1.80B | 890.43M | -24.49M | 360.95M | 2.44B | -228.19M |
| Income Tax Expense | 390.82M | 215.87M | -118.19M | 63.63M | 441.26M | -74.08M |
| Earnings From Continuing Operations | 1.40B | 674.57M | 93.70M | 297.33M | 2.00B | -154.11M |
| Minority Interest in Earnings | -29.99M | -40.15M | -36.47M | -98.92M | -127.20M | -32.79M |
| Net Income | 1.37B | 634.42M | 57.23M | 198.40M | 1.87B | -186.90M |
| Net Income to Common | 1.37B | 634.42M | 57.23M | 198.40M | 1.87B | -186.90M |
| Shares Outstanding (Basic) | 308.63M | 309.72M | 309.49M | 299.79M | 307.20M | 308.15M |
| Shares Outstanding (Diluted) | 310.43M | 312.36M | 313.41M | 311.60M | 329.22M | 308.15M |
| EPS (Basic) | 4.45 | 2.05 | 0.18 | 0.66 | 6.09 | -0.61 |
| EPS (Diluted) | 4.43 | 2.03 | 0.18 | 0.64 | 5.69 | -0.61 |
| Free Cash Flow | 799.92M | 557.68M | 132.51M | -137.14M | 2.11B | 944.18M |
| Free Cash Flow Per Share | 2.58 | 1.78 | 0.42 | -0.44 | 6.40 | 3.06 |
| Gross Margin | 68.28% | 66.43% | 63.89% | 64.74% | 76.57% | 67.94% |
| Operating Margin | 29.32% | 17.73% | 0.14% | 10.00% | 29.43% | 0.40% |
| Profit Margin | 22.98% | 12.34% | 1.33% | 4.42% | 21.47% | -2.87% |
| Free Cash Flow Margin | 13.37% | 10.85% | 3.08% | -3.06% | 24.18% | 14.50% |
| EBITDA | 2.63B | 1.69B | 819.05M | 1.25B | 3.43B | 862.28M |
| EBITDA Margin | 44.00% | 32.97% | 19.06% | 27.87% | 39.40% | 13.24% |
| D&A For EBITDA | 877.90M | 782.92M | 813.26M | 801.39M | 869.52M | 836.35M |
| EBIT | 1.75B | 911.39M | 5.79M | 448.41M | 2.56B | 25.93M |
| EBIT Margin | 29.32% | 17.73% | 0.14% | 10.00% | 29.43% | 0.40% |
| Effective Tax Rate | 21.77% | 24.24% | 17.63% | 18.08% | ||
| Revenue as Reported | 6.48B | 5.28B | 4.33B | 4.68B | 7.14B | 4.62B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Receivables | 453.15M | 507.23M | 488.03M | 443.42M | 743.17M | 670.44M |
| Prepaid Expenses | 11.81M | 14.55M | 12.42M | 12.90M | 10.58M | 14.92M |
| Restricted Cash | 210.00M | |||||
| Other Current Assets | 300.15M | 100.00M | 7.10M | 19.37M | 33.77M | 757.00K |
| Total Current Assets | 765.11M | 831.78M | 507.55M | 475.69M | 787.52M | 686.12M |
| Property, Plant & Equipment | 14.36B | 11.34B | 12.24B | 12.79B | 13.08B | 12.95B |
| Long-Term Investments | 348.00M | 245.65M | 231.05M | 222.25M | 220.43M | 232.40M |
| Long-Term Deferred Charges | 16.00M | 9.00M | 5.00M | 6.00M | 8.00M | |
| Other Long-Term Assets | 101.68M | 814.15M | 25.51M | 25.95M | 20.95M | 23.05M |
| Total Assets | 15.58B | 13.25B | 13.01B | 13.52B | 14.12B | 13.90B |
| Accounts Payable | 87.79M | 65.97M | 94.28M | 60.28M | 99.25M | 47.06M |
| Accrued Expenses | 318.63M | 354.81M | 409.32M | 406.45M | 409.69M | 429.06M |
| Short-Term Debt | 451.00M | |||||
| Current Portion of Leases | 517.28M | 516.26M | 493.89M | 540.06M | 556.64M | 456.35M |
| Current Unearned Revenue | 17.87M | 23.50M | 25.26M | 27.10M | 30.55M | 37.60M |
| Other Current Liabilities | 552.49M | 542.78M | 423.17M | 418.20M | 678.77M | 1.10B |
| Total Current Liabilities | 1.95B | 1.50B | 1.45B | 1.45B | 1.77B | 2.07B |
| Long-Term Debt | 2.33B | 1.40B | 1.49B | 1.54B | 1.18B | 2.13B |
| Long-Term Leases | 1.35B | 1.61B | 2.05B | 2.43B | 2.89B | 2.96B |
| Long-Term Unearned Revenue | 11.95M | 35.45M | 60.71M | 87.81M | 118.37M | |
| Long-Term Deferred Tax Liabilities | 1.22B | 907.31M | 693.34M | 811.98M | 759.86M | 318.13M |
| Other Long-Term Liabilities | 87.36M | 96.93M | 79.23M | 92.19M | 404.97M | 236.27M |
| Total Liabilities | 6.94B | 5.53B | 5.79B | 6.38B | 7.10B | 7.83B |
| Common Stock | 3.07M | 3.08M | 3.11M | 3.04M | 2.97M | 3.14M |
| Additional Paid-In Capital | 5.82B | 5.87B | 5.91B | 5.85B | 5.84B | 6.37B |
| Retained Earnings | 2.82B | 1.68B | 1.11B | 1.05B | 913.90M | -617.38M |
| Treasury Stock | -1.16M | |||||
| Total Common Equity | 8.64B | 7.55B | 7.02B | 6.90B | 6.75B | 5.76B |
| Minority Interest | 164.82M | 194.88M | 232.70M | 262.60M | 308.93M | |
| Shareholders' Equity | 8.64B | 7.72B | 7.22B | 7.13B | 7.02B | 6.07B |
| Total Liabilities & Equity | 15.58B | 13.25B | 13.01B | 13.52B | 14.12B | 13.90B |
| Total Debt | 4.65B | 3.53B | 4.03B | 4.51B | 4.63B | 5.55B |
| Net Cash (Debt) | -4.65B | -3.53B | -4.03B | -4.51B | -4.63B | -5.55B |
| Net Cash Per Share | -14.99 | -11.29 | -12.87 | -14.46 | -14.06 | -18.00 |
| Filing Date Shares Outstanding | 307.14M | 308.52M | 311.18M | 303.57M | 295.25M | 314.71M |
| Total Common Shares Outstanding | 307.12M | 308.51M | 311.17M | 303.54M | 297.36M | 313.93M |
| Working Capital | -1.18B | -671.53M | -938.38M | -976.40M | -987.38M | -1.38B |
| Book Value Per Share | 28.14 | 24.48 | 22.57 | 22.74 | 22.72 | 18.34 |
| Tangible Book Value | 8.64B | 7.55B | 7.02B | 6.90B | 6.75B | 5.76B |
| Tangible Book Value Per Share | 28.14 | 24.48 | 22.57 | 22.74 | 22.72 | 18.34 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.37B | 634.42M | 57.23M | 198.40M | 1.87B | -186.90M |
| Depreciation & Amortization | 877.90M | 782.92M | 813.26M | 801.39M | 869.52M | 836.35M |
| Other Amortization | 1.36M | 937.00K | 2.42M | 2.26M | 4.34M | 12.49M |
| Loss (Gain) From Sale of Assets | -62.13M | -266.00K | 862.00K | -447.00K | 471.00K | -2.23M |
| Loss (Gain) on Equity Investments | -180.41M | -98.48M | -93.79M | -82.95M | -72.33M | -77.08M |
| Stock-Based Compensation | 52.46M | 60.81M | 66.46M | 59.52M | 35.44M | 20.44M |
| Other Operating Activities | 164.55M | 244.72M | 27.65M | -126.74M | 405.07M | 942.38M |
| Change in Accounts Receivable | -64.92M | -39.38M | -27.40M | 314.43M | -72.73M | -221.69M |
| Change in Accounts Payable | 1.25M | -2.35M | 35.30M | -16.84M | 32.37M | -1.18M |
| Change in Other Net Operating Assets | 79.10M | 47.60M | -32.71M | -154.31M | -22.45M | 337.55M |
| Operating Cash Flow | 2.24B | 1.63B | 849.29M | 994.72M | 3.05B | 1.66B |
| Capital Expenditures | -1.44B | -1.07B | -716.78M | -1.13B | -943.97M | -715.94M |
| Sale of Property, Plant & Equipment | 755.46M | 16.28M | 9.50M | 447.00K | 2.75M | 3.19M |
| Other Investing Activities | -40.53M | -20.84M | -6.87M | -9.35M | -2.39M | 1.96M |
| Investing Cash Flow | -3.53B | -1.08B | -714.15M | -1.14B | -943.61M | -710.78M |
| Long-Term Debt Issued | 4.91B | 4.13B | 4.50B | 6.31B | 6.81B | |
| Long-Term Debt Repaid | -5.01B | -4.15B | -4.12B | -7.30B | -7.66B | |
| Net Debt Issued (Repaid) | 1.48B | -96.33M | -24.00M | 382.03M | -992.93M | -857.30M |
| Repurchase of Common Stock | -131.58M | -166.05M | -29.61M | -105.72M | -939.88M | -13.27M |
| Other Financing Activities | -62.88M | -80.73M | -81.53M | -130.26M | -174.93M | -78.76M |
| Financing Cash Flow | 1.29B | -343.12M | -135.13M | 146.05M | -2.11B | -949.33M |
| Net Cash Flow | 210.00M | |||||
| Free Cash Flow | 799.92M | 557.68M | 132.51M | -137.14M | 2.11B | 944.18M |
| Free Cash Flow Margin | 13.37% | 10.85% | 3.08% | -3.06% | 24.18% | 14.50% |
| Free Cash Flow Per Share | 2.58 | 1.78 | 0.42 | -0.44 | 6.40 | 3.06 |
| Levered Free Cash Flow | 262.19M | -467.25K | 103.25M | -56.51M | 995.14M | 838.65M |
| Unlevered Free Cash Flow | 345.23M | 50.90M | 174.71M | 14.90M | 1.07B | 939.82M |
| Cash Interest Paid | 135.45M | 88.08M | 120.06M | 113.91M | 155.01M | 141.93M |
| Change in Working Capital | 15.43M | 5.87M | -24.81M | 143.28M | -62.81M | 114.67M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 12.92B | 10.63B | 10.91B | 6.82B | 9.30B | 5.49B |
| Enterprise Value | 17.58B | 14.37B | 15.38B | 11.79B | 14.28B | 11.09B |
| Last Close Price | 42.08 | 34.46 | 35.05 | 22.68 | 30.99 | 17.50 |
| PE Ratio | 9.50 | 16.76 | 190.58 | 34.36 | 4.97 | |
| Forward PE | 9.41 | 10.97 | 21.04 | 11.15 | 5.09 | 5.37 |
| PS Ratio | 2.16 | 2.07 | 2.54 | 1.52 | 1.07 | 0.84 |
| PB Ratio | 1.50 | 1.38 | 1.51 | 0.95 | 1.32 | 0.91 |
| P/TBV Ratio | 1.50 | 1.41 | 1.55 | 0.99 | 1.38 | 0.95 |
| P/FCF Ratio | 16.16 | 19.06 | 82.31 | 4.41 | 5.82 | |
| P/OCF Ratio | 5.76 | 6.52 | 12.84 | 6.85 | 3.05 | 3.31 |
| PEG Ratio | 0.09 | 0.32 | 0.79 | 0.56 | 0.27 | |
| EV/Sales Ratio | 2.94 | 2.80 | 3.58 | 2.63 | 1.64 | 1.70 |
| EV/EBITDA Ratio | 6.68 | 8.48 | 18.78 | 9.44 | 4.16 | 12.86 |
| EV/EBIT Ratio | 10.02 | 15.77 | 2,657.04 | 26.30 | 5.57 | 427.64 |
| EV/FCF Ratio | 21.97 | 25.77 | 116.10 | 6.77 | 11.75 | |
| Debt / Equity Ratio | 0.54 | 0.46 | 0.56 | 0.63 | 0.66 | 0.91 |
| Debt / EBITDA Ratio | 1.03 | 1.01 | 1.51 | 1.49 | 0.91 | 2.23 |
| Debt / FCF Ratio | 5.82 | 6.32 | 30.44 | 2.20 | 5.87 | |
| Net Debt / Equity Ratio | 0.54 | 0.46 | 0.56 | 0.63 | 0.66 | 0.91 |
| Net Debt / EBITDA Ratio | 1.77 | 2.08 | 4.92 | 3.60 | 1.35 | 6.43 |
| Net Debt / FCF Ratio | 5.82 | 6.32 | 30.44 | -32.86 | 2.20 | 5.87 |
| Asset Turnover | 0.42 | 0.39 | 0.32 | 0.33 | 0.62 | 0.48 |
| Quick Ratio | 0.23 | 0.34 | 0.34 | 0.30 | 0.42 | 0.32 |
| Current Ratio | 0.39 | 0.55 | 0.35 | 0.33 | 0.44 | 0.33 |
| Return on Equity (ROE) | 17.39% | 9.04% | 1.31% | 4.20% | 30.56% | -2.54% |
| Return on Assets (ROA) | 7.69% | 4.34% | 0.03% | 2.03% | 11.45% | 0.12% |
| Return on Invested Capital (ROIC) | 10.46% | 6.14% | 0.05% | 3.17% | 18.07% | 0.22% |
| Return on Capital Employed (ROCE) | 12.90% | 7.80% | 0.10% | 3.70% | 20.80% | 0.20% |
| Earnings Yield | 10.53% | 5.97% | 0.53% | 2.91% | 20.12% | -3.40% |
| FCF Yield | 6.19% | 5.25% | 1.21% | -2.01% | 22.66% | 17.19% |
| Buyback Yield / Dilution | 1.85% | 0.34% | -0.58% | 5.35% | -6.84% | -13.11% |