Rich Duprey
5 min read
Quick Read
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AM tripled its Q3 buyback to 1.3 million shares for $27M, with $283M of authorization remaining after leverage fell below its 3x target.
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Analysts project Q3 EPS of $0.36, a 35% jump from year-ago, though the quarterly consensus reflects only one analyst’s estimate.
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Antero Midstream (NYSE:AM) reports third-quarter results after the close on Wednesday, Oct. 28, and holds its call Thursday, October 29, 2026. EPS has missed estimates two quarters in a row, so I want to see record volumes and a faster buyback start showing up in per-share earnings.
Record Volumes, Lagging Per-Share Earnings
Second-quarter revenue of $327.24M beat estimates, and gathering volumes reached a record 4.1+ Bcf/d, +19% YoY. EPS of $0.27 still missed the $0.33 consensus by 18.11%. Interest expense jumped 16% to $55.68M because of HG Energy acquisition financing.
The balance sheet has improved since then. Antero Midstream collected over $370 million from Veolia in July and moved to redeem $650M of 2028 senior notes, which brought pro forma leverage down to 2.8x, under its 3x target. Management also guided to high single-digit sequential EBITDA growth in Q3. The stock closed at $20.85, up 21.09% year to date but off 2.48% over the past month.
Consensus Calls for a Sharp EPS Rebound
The year-ago comparison is EPS of $0.27 on revenue of $294.82M. The quarterly EPS consensus comes from just one analyst.
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Buyback Pace and Interest Savings Will Set the Tone
