AI-extracted from the 10-Q filed 2026-07-29 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue rose 7% YoY to $327.2M on HG Acquisition-driven gathering and compression growth, but Water Handling swung to a $2.9M operating loss and direct operating expenses jumped 34%.
Biggest Revenue Drivers
Gathering and Processing$257.7M+8% YoY
Increased throughput from the HG Acquisition and new wells connected, plus CPI-based rate adjustments, partially offset by the Utica Shale Divestiture.
Water Handling$69.5M+6% YoY
Higher other fluid handling volumes and blending fees, partially offset by lower fresh water delivery volumes.
Biggest Revenue Drivers
Total revenue: $327.2M+7% YoY
Gathering and Processing$257.7M+8% YoY
Increased throughput from the HG Acquisition and new wells connected, plus CPI-based rate adjustments, partially offset by the Utica Shale Divestiture.
Within Gathering and Processing
Gathering$137.7M+21% YoY
Increased throughput volumes of 60 Bcf from the HG Acquisition and 80 new wells, plus CPI-based rate adjustments.
Compression$72.5M+7% YoY
Increased compression volumes from the HG Acquisition and new wells connected, plus CPI-based rate adjustments.
Water Handling$69.5M+6% YoY
Higher other fluid handling volumes and blending fees, partially offset by lower fresh water delivery volumes.
Within Water Handling
Other fluid handling$45.4M+29% YoY
Higher volumes including fresh water delivery on HG Production acreage charged at cost plus 3%, higher blending fees and trucking/disposal volumes.
Largest Expense Items
Direct operating$84.5M+34% YoY
Increased gathering and well pad compression costs and water handling volumes from the HG Acquisition, partially offset by the Utica Shale Divestiture.
Interest expense, net$55.7M+16% YoY
Issuance of the 2033 and 2034 Notes in the second half of 2025, partially offset by the 2027 Notes redemption and lower Credit Facility borrowings.
Depreciation$37.4M+12% YoY
Incremental depreciation from gathering and water pipelines acquired in the HG Acquisition and assets placed in service.
General and administrative$22.6M+2% YoY
Remained relatively consistent period over period.
Margins: Operating income was roughly flat at $181.9M versus $186.4M as direct operating expenses grew far faster (+34%) than revenue (+7%) on HG Acquisition integration costs; Water Handling swung to a $2.9M operating loss from $6.0M operating income.
Watch Items from the Filing
The company earned substantially all revenue from Antero Resources under gathering, compression and water handling agreements, creating near-total customer concentration.
In July 2026 the company received approximately $371 million in damages and interest from the Veolia litigation, to be recorded as a gain during Q3 2026.
Water Handling segment operating income swung to a $2.9M loss in Q2 2026 from $6.0M income a year earlier.
On July 24, 2026 the company called all $650 million of 2028 Notes for redemption on August 8, 2026, to be funded by cash and Credit Facility borrowings.
The HG Acquisition purchase price allocation remains preliminary, with $9 million of transaction expense recognized during the six months ended June 30, 2026.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
About Antero Midstream Corp (AM): stock profile, AI score and financials
Antero Midstream Corp (AM) stock profile, AI quality score, and SEC EDGAR financial data, a Energy sector company. 13F Pro's AI-powered ranking engine scores AM at 64.2/100 on a composite quality score built from its SEC filings, placing it at rank #561 of 2,925 stocks — the top 25% of the AI-ranked universe. AM scores in the top quartile across free cash flow (98.1), profitability (76.2). Shareholder dilution risk is elevated at 27.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), Antero Midstream Corp reports quarterly revenue of $327.2M, net income of $113.5M, an operating margin of 55.6%. Top institutional holders of AM by reported 13-F value include BlackRock, Invesco Ltd., VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. AM trades on the NYSE exchange and files with the SEC under CIK 1623925. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate AM daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for Antero Midstream Corp directly from SEC EDGAR.