Antero Midstream Corporation (AM) Earnings Call Transcripts

Antero Midstream Corporation's Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Antero Midstream Corporation reported adjusted EBITDA of $288 million, reflecting a 5% year-over-year increase, and generated $192 million of free cash flow before dividends. The company successfully closed its largest acquisition to date, enhancing its asset base and positioning for future growth. Management maintained its 2026 guidance, signaling confidence in achieving high single-digit EBITDA growth driven by increasing volumes and strategic capital investments.

Reported metrics

Guidance from management

Management maintained its 2026 guidance, projecting high single-digit EBITDA growth driven by increasing gathering and fresh water delivery volumes. They expect to see gradual EBITDA growth throughout the year.

What management said

Well, we're mainly talking about everything in states, so it wouldn't be that long of a time line, it would just be our typical kind of high-pressure build in kind of year 1, 2, 3, not 5 years out.

Yes, that's off the base business. You get to the high single digit just from integrating the water system in '27. So just servicing ARs from a water perspective gets you at high single digit. If AR actually does pursue the 3 rigs, 2 completions and doesn't build DUCs and actually complete those, you'd be in excess of that high single-digit EBITDA growth in '27 and '28.

What analysts pressed on

Analysts expressed concerns regarding the timeline for supporting larger projects and the capital required for full integration of acquired assets. There was also interest in understanding the implications of Antero Resources' growth on Antero Midstream's performance.

Main topics on the call

• Successful Acquisition — Antero Midstream completed its largest acquisition to date in February, which exceeded initial expectations. CEO Michael Kennedy stated, "These achievements highlight 2 of Antero Midstream's greatest strengths, a world-c...
• EBITDA Growth — The company reported a 5% year-over-year increase in adjusted EBITDA, reaching $288 million, driven by higher gathering, compression, and processing volumes. This growth is expected to continue, with management projectin...
• Free Cash Flow Generation — Antero Midstream generated $192 million of free cash flow before dividends, an 8% increase year-over-year. This cash flow was utilized for acquisition financing and share repurchases, demonstrating strong capital managem...
• Capital Expenditures Outlook — Management expects an increase in capital expenditures in line with improved construction conditions. This is part of their strategy to enhance connectivity and support demand growth, particularly in the dry gas area.

Read the full Antero Midstream Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 39 Antero Midstream Corporation earnings call transcripts on record, spanning February 13, 2020 to July 30, 2026. Based on this history, Antero Midstream Corporation reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

AM

Exchange

NYSE

Country

US

Sector

Energy

Industry

Oil, Gas and Consumable Fuels

Calls on record

39

First call

February 13, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly