Antero Midstream Corporation gathers (AM) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Antero Midstream published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Antero Midstream reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted Net Income per diluted share, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 GAAP net income includes a $377 million gain on litigation from the Clearwater case against Veolia. Antero Midstream's Adjusted Net Income excludes it.
• Revenue is shown net of amortization of customer relationships ($22.9 million in Q3 2026, $17.7 million a year earlier). Antero Midstream closed the $1.1 billion HG Midstream acquisition on February 3, 2026.

Source: Antero Midstream Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Antero Midstream splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Antero Midstream's Gathering and Processing revenue was $257 million in Q3 2026, up 7% from $241 million in Q3 2025, 78% of total revenue.
• Antero Midstream's Water Handling revenue was $70.3 million in Q3 2026, up 30% from $54.3 million in Q3 2025, 22% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Antero Midstream said:

“Based on the $377 million of litigation proceeds, net of the impact of interest expense and current income tax expense, the Company is increasing 2026 Adjusted Free Cash Flow before and after dividends guidance by $370 million.”

“All other guidance ranges not referenced below remain unchanged.”

“During the quarter there was approximately 10 Bcf of reduced throughput due to curtailments and Antero Midstream expects approximately 15 to 20 Bcf of curtailments in the fourth quarter of 2026.”

“Antero Midstream also expects to place in service 80 MMcf/d of additional compression capacity in the liquids-rich corridor in the fourth quarter of 2026.”

Source: Antero Midstream Q3 2026 release, Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the AM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release. Antero Midstream's release tables print the year-ago column first.

We do not hold a confirmed date for Antero Midstream's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Antero Midstream's revenue was $327 million in Q3 2026: $257 million from the Gathering and Processing segment and $70 million from the Water Handling segment, net of $23 million of amortization of customer relationships. Water Handling revenues included $43 million from other water handling and high rate water transfer services. (Antero Midstream Q3 2026 release, Oct 28, 2026)

Antero Midstream depends on Antero Resources as its primary customer and expects to derive substantially all of its revenues from it for the foreseeable future. Revenue from Antero Resources was $349.9 million before amortization in the quarter, and third-party revenue was negligible. Substantially all revenues come from fixed-fee contracts, so commodity prices affect Antero Midstream mainly through Antero Resources' drilling and development plan. (Antero Midstream Form 10-Q, Q3 2026, Oct 28, 2026)

Antero Midstream's gathering volumes rose 19% to 4,067 MMcf/d and compression volumes 17% to 3,992 MMcf/d, while fresh water delivery fell 3% to 89 MBbl/d. Other water handling, charged at cost plus 3% and including service on the acreage Antero Resources acquired from HG Production, rose 128% to 123 MBbl/d. (Antero Midstream Q3 2026 release, Oct 28, 2026)

The average realized gathering fee was $0.37 per Mcf, against $0.36, and the fresh water delivery fee $4.43 per barrel, against $4.37; the release says those fees include annual CPI-based adjustments of approximately 1.5%. About 10 Bcf of throughput was lost to curtailments in the quarter. (Antero Midstream Q3 2026 release, Oct 28, 2026)

Antero Midstream's GAAP net income of $393 million, or $0.82 per diluted share, includes a $377 million gain on litigation from the Clearwater case against Veolia. Adjusted Net Income, which removes that gain along with amortization of customer relationships, impairment, the loss on early extinguishment of debt and the tax effects, was $134 million, or $0.28 per diluted share, up 4% per share. (Antero Midstream Q3 2026 release, Oct 28, 2026)

Income tax expense was $140.1 million, against $45.7 million, and current income tax expense was $11 million because of the litigation gain; the release applies a statutory tax rate of approximately 26% to its reconciling items. Interest expense was $51 million, up 8%. (Antero Midstream Q3 2026 release, Oct 28, 2026)

Antero Midstream repurchased 1.3 million shares for about $27 million in the quarter and had about $283 million left under its program. Diluted weighted average shares were 477,087 thousand, against 481,814 thousand a year earlier, and CFO Justin Agnew said absolute debt fell by over $400 million in the quarter. (Antero Midstream Q3 2026 release, Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Antero Midstream gives full-year guidance in its releases. After the Clearwater proceeds it raised 2026 Adjusted Free Cash Flow guidance by $370 million, to $1,125 million to $1,185 million before dividends and $700 million to $760 million after dividends, and set net income guidance at $765 million to $815 million. Other ranges were left unchanged. (Antero Midstream Q3 2026 release, Oct 28, 2026)

The company expects 15 to 20 Bcf of curtailments in Q4 2026, plans to place 80 MMcf/d of compression capacity in service in the liquids-rich corridor that quarter, and expects to finish integrating the acquired HG water system by year-end. (Antero Midstream Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Antero Midstream, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Antero Midstream's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning AM is on is AM a buy or a sell?, what analysts expect next is on the AM forecast, and what the company does is on the Antero Midstream Corporation gathers (AM) stock page.

Every number on this page can be traced to a document Antero Midstream published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.