Antero Resources Corporation (AR) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Antero Resources 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 Resources' total revenue includes commodity derivative fair value gains, which were $188.6 million in Q3 2026 against $39.2 million a year earlier. Antero does not use hedge accounting, so mark-to-market moves on its hedges run through revenue.
• Antero closed the $2.8 billion HG Energy acquisition in West Virginia on February 3, 2026 and the sale of its Utica Shale properties on February 23, 2026, so Q3 2026 and Q3 2025 cover different asset bases.
• Antero reports Adjusted Net Income ($256 million) but no adjusted EPS figure.

Source: Antero Resources 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 Resources 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 Resources's Natural gas sales revenue was $703 million in Q3 2026, up 11% from $631 million in Q3 2025, 45% of total revenue.
• Antero Resources's Natural gas liquids sales revenue was $580 million in Q3 2026, up 23% from $470 million in Q3 2025, 37% of total revenue.
• Antero Resources's Oil sales revenue was $44.7 million in Q3 2026, up 43% from $31.4 million in Q3 2025, 3% of total revenue.
• Antero Resources's Commodity derivative fair value gains revenue was $189 million in Q3 2026, up 381% from $39.2 million in Q3 2025, 12% of total revenue.
• Antero Resources's Marketing revenue was $40.1 million in Q3 2026, up 15% from $34.9 million in Q3 2025, 3% of total revenue.
• Antero Resources's Amortization of deferred revenue, VPP revenue was $5.9 million in Q3 2026, down 7% from $6.4 million in Q3 2025, under 1% of total revenue.
• Antero Resources's Other revenue and income revenue was $1.0 million in Q3 2026, up 16% from $0.9 million in Q3 2025, under 1% 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 Resources said:

“Antero expects fourth quarter 2026 production to be approximately 4.3 Bcfe/d, reflecting an estimated 15 to 20 Bcfe of curtailments, driven by low regional pricing.”

“Cash production expense during the fourth quarter is expected to be in the range of $2.10 to $2.20 per Mcfe.”

“The drilling and completion capital budget is expected to be in the range of $325 to $350 million during the fourth quarter of 2026, as the company is targeting a $1.2 billion drilling and completion capital budget for 2026.”

“This development plan is expected to result in high single digit production growth in 2027.”

Source: Antero Resources 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 AR forecast page.

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

GAAP total revenue (including commodity derivative fair value gains or losses) and diluted EPS, each as first reported in that quarter's release.

We do not hold a confirmed date for Antero Resources'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 Resources reported total revenue of $1,562.8 million in Q3 2026, against $1,214 million. Physical sales were natural gas ($702.7 million), natural gas liquids ($579.8 million) and oil ($44.7 million). Another $188.6 million was commodity derivative fair value gains, because Antero does not designate its hedges as accounting hedges and books their gains and losses in revenue. (Antero Resources Q3 2026 release, Oct 28, 2026; Antero Resources Form 10-Q, Q3 2026, Oct 28, 2026)

Volume drove the gain. Net production averaged 4,234 MMcfe/d, a company record and up 23%, including 222 MBbl/d of liquids. The 10-Q attributes $150 million of natural gas sales to the properties bought in the HG Acquisition, which closed on February 3, 2026, partly offset by the Utica Shale Divestiture and lower gas prices. (Antero Resources Q3 2026 release, Oct 28, 2026; Antero Resources Form 10-Q, Q3 2026, Oct 28, 2026)

Antero's realized natural gas price before hedges fell 16% to $2.63 per Mcf, a $0.32 discount to the index; settled hedges added $0.52, for $3.15 after derivatives. C3+ NGLs realized $42.18 per barrel before hedges, up 15%, and NGL sales rose 23% to $580 million. Antero curtailed approximately 10 Bcfe of production in the quarter. (Antero Resources Q3 2026 release, Oct 28, 2026; Antero Resources Form 10-Q, Q3 2026, Oct 28, 2026)

Antero's costs per unit fell. Cash production expense was $2.05 per Mcfe against $2.44, which Antero attributes to integrating HG Energy and optimizing firm transportation agreements; transportation cost alone fell from $0.60 to $0.37 per Mcfe. During the quarter Antero optimized firm transportation on approximately 400 MMcf/d of gas and signed 265 MMcf/d of supply contracts for in-basin demand at Clarington, Ohio. (Antero Resources Q3 2026 release, Oct 28, 2026; Antero Resources Form 10-Q, Q3 2026, Oct 28, 2026)

Antero Resources' GAAP diluted EPS was $1.19 in Q3 2026, against $0.24. Net income of $367.1 million compares with Adjusted Net Income of $255.9 million; the main exclusions are $53.0 million of unrealized commodity derivative gains and $110.7 million of equity in earnings of Antero Midstream, net of a $31.4 million tax effect. (Antero Resources Q3 2026 release, Oct 28, 2026)

The equity earnings were inflated by a one-off at Antero Midstream, in which Antero holds an equity stake: Antero Midstream recorded a gain on litigation of $377 million from damages, interest and attorneys' fees received from Veolia Water Technologies over the Antero Clearwater Facility. Interest expense rose to $38 million from $18 million on borrowings to fund the HG Acquisition. (Antero Resources Form 10-Q, Q3 2026, Oct 28, 2026)

Diluted shares fell to 308,626 thousand from 311,034 thousand. Antero purchased 1.6 million shares for approximately $56 million in the quarter, at a weighted average of $34.15, and had approximately $821 million of capacity left. The effective tax rate was 21%, against 34% a year earlier. (Antero Resources Q3 2026 release, Oct 28, 2026; Antero Resources Form 10-Q, Q3 2026, 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 Resources guides operating figures for the next quarter, not revenue or EPS. For Q4 2026 it expects production of approximately 4.3 Bcfe/d after an estimated 15 to 20 Bcfe of curtailments driven by low regional pricing, a realized gas price $0.15 to $0.25 per Mcf below NYMEX, cash production expense of $2.10 to $2.20 per Mcfe, and drilling and completion capital of $325 to $350 million. (Antero Resources Q3 2026 release, Oct 28, 2026)

Antero is targeting a $1.2 billion drilling and completion budget for 2026, which it expects to produce high single digit production growth in 2027. Under its margin enhancement plan it expects to reach $140 million of a $300 million annual target by mid-2027, including the expiry of the Volumetric Production Payment on August 1, 2027. (Antero Resources Q3 2026 release, Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Antero Resources, 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 Resources'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 AR is on is AR a buy or a sell?, what analysts expect next is on the AR forecast, and what the company does is on the Antero Resources Corporation (AR) stock page.

Every number on this page can be traced to a document Antero Resources 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.