Antero Midstream Corporation filed its third-quarter 2026 earnings disclosure on October 28, 2026, reporting a 242% per-share increase in Net Income driven in large part by a $377 million gain on litigation.

Key Highlights

  • Net Income: $393 million, or $0.82 per diluted share, a 242% per-share increase compared to the prior year quarter, according to the filing.
  • Adjusted Net Income (non-GAAP): $134 million, or $0.28 per diluted share, a 4% per-share increase versus the prior year quarter.
  • Adjusted EBITDA (non-GAAP): $291 million, a 3% increase compared to the prior year quarter.
  • Litigation gain: A $377 million gain on litigation was included in results, generating $11 million of current income tax expense and boosting Adjusted Free Cash Flow before dividends to $555 million.
  • Share repurchases: 1.3 million shares repurchased for approximately $27 million during the quarter, with approximately $283 million of remaining capacity under the repurchase program as of September 30, 2026.
  • Leverage: Declined to 2.8x as of September 30, 2026 (non-GAAP measure), with the company reporting it reduced absolute debt by over $400 million during the quarter.
  • 2026 guidance update: Adjusted Free Cash Flow before and after dividends guidance each raised by $370 million, reflecting the litigation proceeds net of interest and current income tax expense.

Antero Midstream's Q3 2026 Results: Volumes, Cash Flow, and Guidance Revision

Antero Midstream Corporation (NYSE:AM) reported third-quarter 2026 financial and operating results on October 28, 2026, with the full details to be contained in its Quarterly Report on Form 10-Q for the three months ended September 30, 2026. According to the filing, gathering and compression volumes increased by 19% and 17%, respectively, compared to the prior year quarter, while fresh water delivery volumes averaged 89 MBbl/d, a 3% decrease year over year. Processing volumes from the joint venture averaged 1.6 Bcf/d and joint venture fractionation volumes averaged 40 MBbl/d, with both processing and fractionation capacity described as 100% utilized during the quarter.

Revenues for the three months ended September 30, 2026 were $327 million, comprising $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, the filing stated. Direct operating expenses were $38 million for Gathering and Processing and $45 million for Water Handling, for a total of $83 million. Total operating expenses also included $11 million of equity-based compensation, $38 million of depreciation, $3 million of impairment, and a $377 million gain on litigation. Capital expenditures totaled $51 million, with $37 million invested in gathering and compression and approximately $14 million in water infrastructure. The company disclosed approximately 10 Bcf of reduced throughput due to curtailments during the quarter and expects approximately 15 to 20 Bcf of curtailments in the fourth quarter of 2026.

On guidance, the company disclosed it is updating its 2026 full-year outlook to reflect receipt of Clearwater litigation proceeds. The updated guidance sets full-year Net Income in a range of $765 million to $815 million and Adjusted Free Cash Flow after dividends in a range of $700 million to $760 million. Operationally, the filing noted the company expects to place 80 MMcf/d of additional compression capacity in service in the fourth quarter of 2026 and to complete its water system integration by year-end, with initial construction continuing on the East Side Express regional connectivity project.

What Was Disclosed

Antero Midstream disclosed third-quarter 2026 results showing a large Net Income increase tied to a $377 million litigation gain, alongside volume growth, $51 million in capital expenditures, share repurchases of approximately $27 million, and a 2026 guidance revision raising free cash flow targets by $370 million.