Antero Midstream Q3 Earnings Miss Estimates, Revenues Rise Y/Y

Antero Midstream Corporation AM reported third-quarter 2025 earnings per share of 24 cents, which missed the Zacks Consensus Estimate of 25 cents. The bottom line, however, increased from the year-ago quarter’s level of 21 cents.

Total quarterly revenues of $295 million beat the Zacks Consensus Estimate of $294 million. The top line also improved from $270 million in the year-ago quarter.

The weaker-than-expected quarterly earnings can be attributed to increased operating expenses. However, increased gathering and compression volumes largely offset the negatives.

Antero Midstream Corporation Price, Consensus and EPS Surprise

Antero Midstream Corporation price-consensus-eps-surprise-chart | Antero Midstream Corporation Quote

Operational Performance

Average daily compression volumes were 3,421 million cubic feet (MMcf/d) compared with 3,269 MMcf/d in the year-ago quarter. The reported figure was below our estimate of 3,469 MMcf/d. On a per-Mcf basis, the compression fee was 22 cents, which increased almost 5% from 21 cents a year ago.

High-pressure gathering volumes totaled 3,170 MMcf/d, up 4% from the year-ago level of 3,046 MMcf/d. Our estimate for the same was pinned at 3,238 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 23 cents, which remained flat year over year.

Low-pressure gathering volumes averaged 3,432 MMcf/d compared with 3,277 MMcf/d a year ago.  The figure was above our estimate of 3,415 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 36 cents, which remained flat year over year. The reported figure was slightly below our estimate of 37 cents.

Freshwater delivery volumes were registered at 92 MBbls/d, up 30% from the prior-year quarter’s figure of 71 MBbls/d. On a per-barrel basis, the average freshwater distribution fee was $4.37 compared with $4.31 a year ago. The figure was below our estimate of $4.40.

Operating Expenses

Direct operating expenses amounted to $57.9 million, up from $51.7 million recorded a year ago.

Antero Midstream’s total operating expenses amounted to $114.3 million, up from $107.4 million recorded in the corresponding period of 2024.

Balance Sheet

As of Sept. 30, 2025, the company had no cash and cash equivalents. The company also had a long-term debt of $3,009 million.

AM’s Zacks Rank and Key Picks

AM currently carries a Zacks Rank #3 (Hold).

Some top-ranked stocks from the energy sector are Oceaneering International OII, Canadian Natural Resources Ltd. CNQ and FuelCell Energy FCEL. While Oceaneering currently sports a Zacks Rank #1 (Strong Buy), Canadian Natural Resources and FuelCell carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers. 

FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

This article originally published on Zacks Investment Research (zacks.com).

Zacks Investment Research