AR NYSE Russell 1000 Earnings call
ANTERO RESOURCES Corp (AR) · Q2 2026 results and valuation
Share price: $38.21 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 30 Apr 2026
Net income down 47.8% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
−47.8%
Net income vs Q1 2026
Net income 286.4M vs 548.2M
Revenue −19.8%
Against the same quarter last year (Q2 2025) it is +71.9%, so the move on last quarter looks seasonal or timing-related rather than a trend.
2 · How management spoke
Typical
Less upbeat than 61% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
The fleet size is projected to increase by 31% or 138 ships from now through 2029.
Valuation
Is ANTERO RESOURCES Corp undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At −9.6% growth a year (3-year revenue growth), the model's fair value is $22.65 a share — the stock trades 69% above it. Today's price assumes −3.6% growth a year.
Current price
$38.21
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.
-3.6% for 10 yrs
Fair value / share
$22.65
Buy below
$16.99
Price vs fair value
Overvalued 69%
Price vs buy-below price
Overvalued 125%
Read between the lines
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Key theme
Competing with broader energy markets on returns for volume provides a margin uplift because the company possesses a firm transportation portfolio and liquids production unlike many peers.
Source quote
“This means that local power projects must compete with the broader energy markets on returns to attract our volumes. Which provides margin uplift. This compares with many of our peers who lack the firm transportation portfolio or liquids production and are looking for projects for nearly 100% of their production.”
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Fading
AR generated $220 million in free cash flow, which the company used to repurchase 1.1 million shares for 38 million.
Source quote
“We used a portion of this free cash flow to accelerate our share repurchase program repurchasing 1.1 million shares for 38 million... On the right hand side of the slide, Our adjusted EBITDA increased 57% year over year resulting in $220 million of free cash flow. This first...”
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.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Based on data center and power projects that have been announced to date, natural gas demand is forecasted to increase 19 Bcf LNG and Mexico export growth adds another 23...”
“I would like to begin by highlighting the strong realized C3+ pricing achieved during the second quarter of this year.”
“Overriding royalty interest transaction return threshold to the counterparty was met in the second quarter leading to the Martica entity being dissolved on June 30, and resulting in an increase...”
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 | 1.56B | 1.95B | −19.8% | 1.30B | +20.2% |
| Operating income | 375.5M | 729.5M | −48.5% | 204.9M | +83.3% |
| Net income | 286.4M | 548.2M | −47.8% | 166.6M | +71.9% |
| EPS | 0.90 | 1.72 | −47.7% | 0.50 | +80.0% |
| P/E today 9.9 | 10.1 | 13.7 | −3.6 | 26.3 | −16.2 |
Topics
Most discussed now
- In June, Antero Resources announced a cost reduction initiative that will significantly improve its margins.
- This structural improvement has strengthened Antero Resources' financial performance and importantly reduced earnings volatility.
- While Henry Hub natural gas prices were down 16% from a year ago, the impact of increased scale product diversity...
- This higher regional demand is expected to occur at the same time that many of Antero Resources' firm transportation commitments come...
- Propane exports hit a new weekly high of 2.63 million barrels per day this May, with another weekly export...
Faded since Q1 2026
- Fading These high premiums, combined with Antero Resources' operational performance, generated free cash flow of $657 million, the second-highest…
- Fading The MAX export case is what the world would love to see to try and backfill just a portion of...
- Fading Has added up to 610 thousand barrels a day of LPG export capacity over the past year, bringing the total...
- Fading Antero Resources Corporation’s forecasted realized pricing for C3+ has increased approximately $12 per barrel during this time, reflecting…
Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Material agreement; New financial obligation · 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