Antero Midstream Q3 Earnings Miss Estimates, Revenues Rise Y/Y

Core Insights - Antero Midstream Corporation (AM) reported Q3 2025 earnings per share of 24 cents, missing the Zacks Consensus Estimate of 25 cents, but an increase from 21 cents in the same quarter last year [1][10] - Total revenues for the quarter were $295 million, surpassing the Zacks Consensus Estimate of $294 million and up from $270 million year-over-year [1][10] - Increased gathering and compression volumes helped mitigate the impact of rising operating expenses [2][10] Operational Performance - Average daily compression volumes reached 3,421 million cubic feet (MMcf/d), up from 3,269 MMcf/d a year ago, but below the estimate of 3,469 MMcf/d; compression fee per Mcf increased to 22 cents, a nearly 5% rise from 21 cents [3] - High-pressure gathering volumes totaled 3,170 MMcf/d, a 4% increase from 3,046 MMcf/d year-over-year, though below the estimate of 3,238 MMcf/d; average high-pressure gathering fee remained flat at 23 cents [4] - Low-pressure gathering volumes averaged 3,432 MMcf/d, up from 3,277 MMcf/d a year ago and above the estimate of 3,415 MMcf/d; average low-pressure gathering fee remained flat at 36 cents [5] - Freshwater delivery volumes were 92 MBbls/d, a 30% increase from 71 MBbls/d in the prior year, with an average distribution fee of $4.37, slightly below the estimate of $4.40 [6] Operating Expenses - Direct operating expenses rose to $57.9 million from $51.7 million a year ago; total operating expenses increased to $114.3 million from $107.4 million in the same period of 2024 [7] Balance Sheet - As of September 30, 2025, the company reported no cash and cash equivalents, with long-term debt standing at $3,009 million [8] Zacks Rank and Key Picks - Antero Midstream currently holds a Zacks Rank 3 (Hold); notable energy sector stocks include Oceaneering International (Zacks Rank 1), Canadian Natural Resources, and FuelCell Energy (both Zacks Rank 2) [9]