Antero Midstream Corporation reported third‑quarter 2025 results with revenue of $294.82 million, a 9.2% year‑over‑year increase, and net income of $116 million ($0.24 per diluted share). Adjusted net income reached $130 million ($0.27 per diluted share) and adjusted EBITDA was $281 million, up 10% from the same period a year earlier.
Revenue from gathering and processing rose to $240.56 million, while water‑handling revenue increased to $62.13 million. The company’s gathering and compression volumes grew 5% year‑over‑year, and fresh‑water delivery volumes jumped 30%, adding 16 wells to its gathering system and servicing 17 wells with its water delivery network. Joint‑venture processing volumes increased 6% and the joint‑venture fractionation capacity was fully utilized.
Interest expense fell 9% to $47 million. Capital expenditures for the quarter were $51 million, including $24 million for gathering and compression, $26 million for water infrastructure, and $1 million for the Stonewall joint‑venture. Free cash flow after dividends was $78 million, a 94% increase from the prior year quarter, and the company repurchased 2.3 million shares for $41 million, leaving $385 million of remaining capacity under its $500 million authorized share‑repurchase program.
Management reiterated the 2025 capital‑budget plan, allocating $85 million to gathering and compression and $85 million to water‑handling expansion. The company also confirmed the completion of a $260 million acquisition program by Antero Resources, adding 75 to 100 MMcf/d of production already gathered by Antero Midstream. Antero Midstream increased its organic land‑leasing budget by $50 million, adding 79 new dedicated acreage locations year‑to‑date.
Antero Midstream’s balance sheet remains strong, with leverage reduced to 2.7× and a successful refinancing of senior notes due 2027 to 2033 at a 5.75% coupon. The company’s credit rating was upgraded by Moody’s, reflecting its improved financial health. The firm’s focus on expanding water infrastructure and leveraging its joint‑venture capacity positions it to support Antero Resources’ development plans while maintaining robust free‑cash‑flow generation and shareholder returns.
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