Antero Midstream Q4 EBITDA up 4% to $285M; 2026 EBITDA guide of $1.19–1.24B
Antero Midstream’s Q4 net income fell 52% to $52 million ($0.11/share) while Adjusted EBITDA rose 4% to $285 million, delivering $86 million in free cash flow after dividends and 2.7x leverage. It repurchased 2.7 million shares for $48 million and forecasts 8% EBITDA growth to $1.19–$1.24 billion in 2026.
1. Fourth Quarter 2025 Results
Antero Midstream reported net income of $52 million, or $0.11 per diluted share, in Q4 2025—a 52% decrease year-over-year—while Adjusted EBITDA rose 4% to $285 million. Capital expenditures totaled $45 million, and the company generated $86 million in Adjusted Free Cash Flow after dividends, ending the period with leverage of 2.7x.
2. Share Repurchases and Financial Position
During the quarter, the company repurchased 2.7 million shares for $48 million, reducing share count and enhancing return on equity. Remaining capacity under the repurchase program stood at approximately $336 million as of December 31, 2025, supporting ongoing capital return initiatives.
3. 2026 Guidance and Strategic Priorities
For full year 2026, management forecasts Adjusted EBITDA of $1.19–$1.24 billion, an 8% increase at the midpoint, with net income of $485–$535 million. The capital budget of $190–$220 million will focus on gathering, compression and water infrastructure, and integration of the HG Midstream acquisition completed in early February.