AM NYSE Russell 1000 Earnings call
Antero Midstream Corp (AM) · Q2 2026 results and valuation
Share price: $20.02 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income down 4.0% on the previous quarter. Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−4.0%
Net income vs Q1 2026
Outlook given
Net income 113.5M vs 118.3M
Revenue +4.1%
2 · How management spoke
Upbeat
More upbeat than 79% of company calls
Answers to analysts: restrained, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Figure
AM exited the quarter with leverage in the low three-times despite a $1.1 billion acquisition and share repurchases.
Valuation
Is Antero Midstream Corp undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 8.9% growth a year (3-year revenue growth), the model's fair value is $11.85 a share — the stock trades 69% above it. Today's price assumes 13.8% growth a year.
Current price
$20.02
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+13.8% for 10 yrs
Fair value / share
$11.85
Buy below
$8.89
Price vs fair value
Overvalued 69%
Price vs buy-below price
Overvalued 125%
Read between the lines
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Key theme
Several billion in infrastructure opportunities are under review, with selectivity emphasizing cash flow and returns.
Source quote
“In aggregate, we are evaluating several billion dollars of infrastructure opportunities within the region and we'll be selective with projects... ...In addition to this project, the opportunity set ahead of Antero Midstream is larger than ever. Before turning the call over to Justin, I wanted to briefly touch on the early results we are seeing on our first return to the dry gas Marcellus in over a decade.”
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Guidance
High single-digit sequential EBITDA growth is expected in Q3 from increased volumes, keeping full-year targets on track.
Source quote
“Looking ahead to the third quarter, we expect high single-digit sequential EBITDA growth in Q3, driven by increased volumes, which keeps us on track to achieve our full...”
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Fading
The company reports it is off to a great start in 2026 executing its capital-efficient growth plan to extend and enhance its growth outlook.
Source quote
“Beyond our base business, we continue to be active in opportunities to further extend and enhance that growth outlook to support... In summary, we are off to a great start in 2026 executing our capital-efficient growth plan. With that, I will turn the call over to Justin.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 88% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“Looking ahead to the third quarter, we expect high single-digit sequential EBITDA growth in Q3, driven by increased volumes, which keeps us on track to achieve our full year EBITDA...”
“Adjusted EBITDA for the second quarter was a company record $289 million, which was a 2% increase year-over-year, driven by an increase in gathering volumes.”
“This increased scale, premier footprint and strong balance sheet positions Antero Midstream to capture the abundant opportunities that are beginning to materialize in the region.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 327.2M | 314.2M | +4.1% | 305.5M | +7.1% |
| Operating income | 181.9M | 188.6M | −3.6% | 186.4M | −2.4% |
| Net income | 113.5M | 118.3M | −4.0% | 124.5M | −8.8% |
| EPS | 0.24 | 0.25 | −4.0% | 0.26 | −7.7% |
| P/E today 24.8 | 27.4 | 26.5 | +0.9 | 19.9 | +7.5 |
Topics
Most discussed now
- Fading Capital invested during the quarter was $47 million, which helped to generate $80 million of free cash flow after dividends....
- New This flexibility and project opportunity set, in addition to Antero Midstream's organic growth strategy, position us well to continue…
Faded since Q1 2026
- Fading During the quarter, Antero Midstream generated $192 million of free cash flow before dividends...
- Fading Given this outlook, Antero Midstream is focused on enhancing connectivity within its operating areas, particularly in the dry gas area…
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K