The EPS miss may pressure the stock near-term, but the debt paydown and strong volume growth provide a fundamental floor. Monitor the 10:00am MT conference call for full-year 2026 guidance details and Q3 volume trajectory.
Price Chart
Executive Summary
Antero Midstream reported Q2 2026 GAAP EPS of $0.24, a 27.2% miss vs $0.33 consensus, driven by higher interest expense from the HG Energy acquisition financing. Revenue of $327M was in line with $326.5M estimates. Strong volume growth (gathering +19%, compression +17%) and a post-quarter $371M Veolia litigation award used to call $650M of 2028 notes provide a credit-positive offset, reducing leverage below 3x and improving the balance sheet.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $0.24 vs $0.33 consensus (27.2% miss); Adjusted Net Income EPS $0.27
- Revenue $327M vs $326.5M estimate (in line); Adjusted EBITDA $289M (+2% YoY)
- Gathering volumes +19% YoY; compression +17% YoY; fresh water deliveries -16% YoY
- Posted 12th consecutive quarter of positive Free Cash Flow after dividends ($80M)
- Received $371M Veolia litigation proceeds post-quarter; called $650M of 5.75% senior notes due 2028 at par
- Leverage now below 3.0x target; liquidity >$600M with no near-term maturities
- Repurchased 0.4M shares for $8M in Q2; $310M remaining under buyback program
Financial Impact
EPS miss of $0.09 vs consensus (-27%); revenue slight beat of $0.5M. Balance sheet strengthened by $371M Veolia proceeds used to retire $650M of debt, reducing annual interest expense by ~$37M.
Risk Factors
- Higher interest expense from HG Energy acquisition could persist if leverage reduction is slower than expected
- Dependence on Antero Resources' drilling activity for volume growth; any slowdown would impact cash flows
- Integration and execution risk on East Side Express pipeline project
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-prn-302838245 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Insider Cluster | $21.27 $22.60 | ▲ +6.25% | ▲ +6.65% | $20.36 (−4.28%) |
Aug 2, 2026 8w ago | Institutional Cluster | $21.98 $22.42 | ▲ +2.00% | ▲ +0.76% | $20.36 (−7.37%) |
Jul 29, 2026 9w ago | 8-K | $21.55 $22.53 | ▲ +4.55% | ▲ +0.58% | $20.36 (−5.52%) |
Jul 29, 2026 9w ago | Press Release | $21.55 $22.53 | ▲ +4.55% | ▲ +0.58% | $20.36 (−5.52%) |
Jul 27, 2026 9w ago | 8-K | $21.97 $22.14 | ▲ +0.77% | ▼ −2.52% | $20.36 (−7.33%) |
May 12, 2026 20w ago | 8-K | $21.36 $21.49 | ▲ +0.61% | ▲ +2.34% | $20.36 (−4.68%) |
May 4, 2026 21w ago | 144 | $21.78 $21.21 | ▼ −2.62% | ▼ −7.57% | $20.36 (−6.52%) |
May 4, 2026 21w ago | Insider Cluster | $21.99 $20.83 | ▼ −5.28% | ▼ −10.92% | $20.36 (−7.41%) |
US Market Status
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