Antero Midstream Q4 Earnings Miss on Higher Operating Expenses

Core Insights - Antero Midstream reported Q4 2025 earnings per share of 11 cents, missing the Zacks Consensus Estimate of 24 cents, and down from 23 cents in the same quarter last year [1][11] - Total quarterly revenues reached $297 million, exceeding the Zacks Consensus Estimate of $294 million, and improved from $287 million year-over-year [1] Operational Performance - Average daily compression volumes were 3,424 million cubic feet (MMcf/d), up from 3,266 MMcf/d in the year-ago quarter, and above the estimate of 3,274 MMcf/d [3] - High-pressure gathering volumes totaled 3,193 MMcf/d, a 5% increase from 3,045 MMcf/d year-over-year, surpassing the estimate of 3,068 MMcf/d [4] - Low-pressure gathering volumes averaged 3,435 MMcf/d, compared to 3,276 MMcf/d a year ago, exceeding the estimate of 3,296 MMcf/d [5] - Freshwater delivery volumes were 93 MBbls/d, down 18% from 114 MBbls/d in the prior-year quarter, with an average distribution fee of $4.37, slightly above the estimate of $4.31 [6] Operating Expenses - Direct operating expenses were $54.1 million, down from $55.9 million a year ago [7] - Total operating expenses increased to $196.5 million from $109.7 million in the corresponding period of 2024 [7][11] Balance Sheet - As of December 31, 2025, the company had cash and cash equivalents of $180 million and long-term debt of $3.2 billion [8]