Antero Midstream Corporation primarily owns, operates, and expands vital midstream energy infrastructure. Its operations are divided into two key divisions: Gathering and ...
Antero Midstream Corporation (NYSE: AM) is a midstream energy company headquartered in Denver, Colorado, established in 2013. The company operates through two main segments: Gathering and Processing, and Water Handling. The Gathering and Processing segment includes a network of pipelines and compressor stations that collect and treat natural gas from ...Antero Midstream Corporation (NYSE: AM) is a midstream energy company headquartered in Denver, Colorado, established in 2013. The company operates through two main segments: Gathering and Processing, and Water Handling. The Gathering and Processing segment includes a network of pipelines and compressor stations that collect and treat natural gas from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment supplies fresh water through pumping stations, storage, and blending facilities. With a market cap of approximately $10.1 billion, the company reported revenue per share of $2.76, a net profit margin of 30.4%, and a dividend yield of 4.2%. Key financials include an enterprise value of $13.7 billion, EV/EBITDA of 14.09, and a price-to-earnings ratio of 25.32. The company employs 632 people and generates strong cash flows, with free cash flow per share of $2.06. Led by CEO Michael N. Kennedy, Antero Midstream plays a critical role in linking natural gas production to global LNG and LPG export markets. The company focuses on creating value through infrastructure development in the Appalachian Basin, with a commitment to safety, environmental stewardship, and operational efficiency. Its strategic relationship with Antero Resources ensures stable volumes and long-term contracts, supporting consistent growth and shareholder returns.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$1.3B
+7.0%
+4.4%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$413.2M
+3.1%
-4.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+65.3%
+2.7%
-5.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+51.2%
-8.6%
-6.2%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+32.8%
-3.7%
-8.0%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$770.2M
+28.0%
+45.6%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+61.2%
+19.7%
+39.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
163.4%
+10.9%
-3.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
3.41x
+190.4%
-14.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Greetings, and welcome to the Antero Midstream Corporation Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Dan Katzenberg, Vice President, Investor Relations. Please go ahead.
Daniel Katzenberg: Thank you for joining us for Antero Midstream's Second Quarter Investor Conference Call. We will spend a few minutes going through the financial and operating highlights, and then we will open it up for Q&A. I would also like to direct you to the homepage of our website at anteromidstream.com, where we have provided a separate earnings call presentation that will be reviewed during today's call. Today's call may contain certain non-GAAP financial measures. Please refer to the earnings press release for important disclosures regarding such measures. Joining me on the call today are Michael Kennedy, CEO and President of Antero Midstream; Justin Agnew, CFO of Antero Midstream; and Benny Krueger, CFO of Antero Resources. With that, I will turn the call over to Mike.
Michael Kennedy: Thanks, Dan. Good morning, everyone. I'll start my comments on Slide #3. Last year has been an exciting year for growth in Appalachia and more importantly, Antero Midstream. During the second quarter, we gathered over 4.1 Bcf per day of gas, which was almost a 20% increase year-over-year. This growth was driven by the successful integration of the HG Midstream assets. This increased scale, premier footprint and strong balance sheet positions Antero Midstream to capture the abundant opportunities that are beginning to materialize in the region. To this point, we've seen an acceleration of new gas-fired power generation project announcements and supply deals, including a 2-gigawatt combined cycle power plant in Doddridge County, West Virginia, accessed by AM's joint venture pipeline. We expect this trend to continue as final investment decisions and construction start-ups accelerate, providing increased visibility into the Appalachian demand growth story. Looking ahead, we are positioning our infrastructure to support the significant demand growth over the next several years. This starts with beginning construction on our first intrastate regional pipeline called Eastside Express. This large diameter east-west pipeline will enhance the regional connectivity of our dry gas gathering system with several downstream market outlets. We plan to phase in this project over the next several years as new market opportunities arise with the objective of increasing optionality and supporting low-cost dry gas growth. As the industrial builder in the state of West Virginia that gathers half of the gas produced in the state, we view this project as step 1 in positioning Antero Midstream to capture the incremental production needed to fulfill the visible demand growth. In our view, this production growth will have to come from high-quality investment-grade producers with …