Antero Midstream Q4 EBITDA Climbs 4% to $285M with Record $325M FCF
Antero Midstream posted Q4 EBITDA of $285 million, up 4% year-over-year, and free cash flow after dividends reached a record $325 million, up 30%. It closed a $1.1 billion acquisition adding over 400 Marcellus locations and forecasts 2026 EBITDA of $1.2 billion, $360 million FCF and a $0.90 dividend.
1. Q4 Financial Performance
Antero Midstream reported adjusted EBITDA of $285 million for Q4, marking a 4% year-over-year increase, while free cash flow after dividends surged to $325 million, a record 30% gain. Higher gathering and compression volumes supported the results despite elevated operating expenses.
2. HG Mid Acquisition
The company completed a $1.1 billion acquisition of HG Mid, adding more than 400 undeveloped locations in the Marcellus Shale. The transaction, partially funded by Utica Shale asset sales, expands fee-based, take-or-pay contracts with an investment-grade customer, enhancing cash flow predictability.
3. 2026 Outlook
Management forecasts 2026 adjusted EBITDA of $1.2 billion, up 8%, and free cash flow after dividends of $360 million, up 11%, supported by a capital budget of $190–$220 million. The board maintained the quarterly dividend at $0.90 per share, highlighting confidence in cash flow generation.