Antero Midstream Q4 Adjusted EBITDA Hits $285M, Guides $1.19–$1.24B for 2026
Antero Midstream’s Q4 2025 adjusted EBITDA rose 4% to $285 million and adjusted net income increased 8% to $133 million. The company repurchased 2.7 million shares for $48 million and forecasts 2026 adjusted EBITDA of $1.19–$1.24 billion with free cash flow of $330–$390 million on $190–$220 million capex.
1. Fourth Quarter Financial Results
In Q4 2025, Antero Midstream’s low pressure gathering and compression volumes rose 5% year-over-year and the company recorded net income of $52 million ($0.11 per share), down 52% from Q4 2024. Adjusted net income was $133 million ($0.28 per share, up 8%) and adjusted EBITDA reached $285 million (up 4%), with leverage at 2.7x.
2. Share Repurchase and Balance Sheet
During Q4 the company invested $45 million in capital expenditures and repurchased 2.7 million shares for $48 million, leaving about $336 million of remaining capacity under its authorization. Balance sheet strength improved through debt reduction that supported the 2.7x leverage ratio at year-end.
3. 2026 Guidance and Strategic Focus
For full-year 2026, the company projects net income of $485–$535 million (up 23% at midpoint), adjusted EBITDA of $1.19–$1.24 billion (8% growth) and adjusted free cash flow after dividends of $330–$390 million (11% increase), supported by $190–$220 million in capex. The guidance incorporates the early-February acquisition of HG Midstream and focuses investment on Marcellus Shale infrastructure, rich gas gathering, and dry gas expansion.