Antero Midstream (NYSE: AM) stock climbed 2.18% on Tuesday, March 24, reaching a fresh 52-week high of $23.46.

The midstream energy firm’s stock is now up 30% over the past year, and with a market value of nearly $11 billion, the company is now trading close to its peak levels.

What set the stock surging in earnest was the fourth-quarter 2025 earnings report published on February 11, 2026, which showed Antero had beat earnings expectations but missed on revenue. 

Specifically, the company posted a net income of $52 million, or $0.11 per diluted share, a 52% per share decrease compared to the prior year quarter. At the same time, adjusted net income sat at $133 million, or $0.28 per diluted share, an 8% per share increase in the same period.

On February 26, Antero Midstream also completed the $400 million sale of its Utica Shale midstream assets in an effort to streamline operations and improve its balance sheet. The move elicited a generally positive reaction, considering AM shares have gone up 6% following the announcement. 

Antero Midstream outlook

Looking ahead, the Antero management guides for a net income of $485 million to $535 million in 2026. Compared to 2025 at the midpoint of guidance, the figure would represent a 23% increase.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected somewhere between $1.19 billion and $1.24 billion. This translates into an 8% increase compared to 2025.

Similarly, capital expenditure is guided in the $190–$220 million range, while adjusted free cash flow, after dividends, is forecasted between $330 million and $390 million. The projection, however, also assumes an annualized dividend of $0.90 per share, an 11% increase compared to 2025.

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