undamentalytics Newsletter
Sign in

Antero Resources Corp (AR) stock

Add to watchlist

Add holding +

NYSE: AR NYSE Oil & Gas Exploration & Production Next results ~February 10, 2027

B Fundamentals grade

Antero Resources Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

Under review: valuation models disagree too widely to rate.

Price vs value

Under review: valuation models disagree too widely to rate. We'll show the comparison once resolved.

Antero Resources Corp valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 4 selling2 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds373 adding, 244 cuttingOf 72 active managers that changed their stake, 39 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Antero Resources files

10-Q filed October 28: Antero Resources

Revenue for the twelve months to September 2026 was $6.48bn, up 28.7% on a year earlier, faster than the 25.8% growth a quarter earlier. That growth ranks 8 of 36 among the oil & gas exploration & production companies we cover. Free-cash-flow margin rose to 29.5% from 25.3% a year earlier. Operating margin widened to 27.6% from 13.0%.

Our model value for Antero Resources is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 29: Antero Resources

Antero Resources posted revenue of $6.48bn for the twelve months to June 2026, a 28.7% rise on the prior year and an acceleration from the 25.8% growth seen a quarter earlier. Margins also improved markedly. Free-cash-flow margin climbed to 29.5%, up from 25.3% a year earlier, while the operating margin widened sharply to 27.6% from 13.0%. The pace of revenue growth and the scale of margin expansion both point to a business converting top-line gains into cash and profit more efficiently than it did twelve months ago.

10-Q on SEC EDGAR

Where Antero Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $6.13bn, up 25.8% on a year earlier, slower than 28.8% a quarter earlier. Free-cash-flow margin rose to 28.9% from 26.5% a year earlier. Operating margin widened to 24.7% from 10.4%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 6 financial-health checks.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 10, 2027 (estimated)

Antero Resources Corp's trailing-twelve-month revenue grew 28.7% year on year, with a free-cash-flow margin of 29.5%. Where it stands out: revenue growth of 28.7% ranks 10 of 57 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$120 per share in the base case (~$89–$160 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 49.8% while net income grew 132.8%: a 83pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 28.7% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • High operating margin. 27.6% of revenue is left as operating profit, against a median of 19.9% for oil & gas exploration & production companies we cover.
  • Margins widening. Operating margin is up 14.6 points on a year ago.
  • Strong cash generation. 29.5% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.
  • Shrinking share count. Diluted shares fell 1.4% in a year, so each share owns more of the business.

Things to watch

  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.76 against an average estimate of $0.85: missed by 10.5%
Revenue
$1.56bn, up 28.7% on a year earlier
Share reaction
-2.1% in the first session after the results on October 28, 2026, against 0.0% for the S&P 500
Guidance given
net Daily Natural Gas Equivalent Production (Bcfe/d) 4.3 (fourth quarter 2026); natural Gas Realized Price – Expected Discount to NYMEX ($/Mcf) -0.25 to -0.15 (the fourth quarter)
Next report
October 28, 2026; average EPS estimate $0.98

Antero Resources' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.4%
  • 1 week-2.2%
  • 1 month+19.2%
  • This year+17.9%
  • 1 year+31.5%
  • 5 years+92.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$6.5B
Operating margin
27.6%
Net margin
21.2%
EPS (TTM, diluted)
$4.43

Growth

Revenue growth
+28.7%
Change in growth rate
+3.0 pts
Share count change
−1.4%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
29.5%
Stock pay % of revenue
0.8%

Earnings

Last results
October 28, 2026
Next results (est.)
February 10, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Antero Resources Corp valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

Our value per share comes from a discounted-cash-flow model of Antero Resources Corp's free cash flow after stock-based pay ( $1.6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Antero Resources Corp as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. ~$17 Left out: far from the other models (more than 3x away from their median)
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$120 ~$89–$160 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$34 ~$27–$55 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$77 ~$50–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$71 ~$59–$90 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Antero Resources Corp with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$21.80$23.65$19.00$9.39$2.85$5.45$17.50$30.99$22.68$35.05$34.46$40.64
Market value$6.0bn$7.0bn$6.0bn$3.0bn$873m$1.5bn$5.4bn$10.2bn$7.1bn$11.0bn$10.8bn$12.6bn
+ Net debt (− = net cash)$4.6bn$4.7bn$4.8bn$5.5bn$3.8bn$3.1bn$2.1bn$1.2bn$1.5bn$1.5bn$1.2bn$2.8bn
Enterprise value$10.6bn$11.6bn$10.8bn$8.4bn$4.7bn$4.6bn$7.5bn$11.4bn$8.6bn$12.5bn$12.0bn$15.4bn
Multiples
Price / sales 1.5x4.0x1.6x0.7x0.2x0.4x1.2x1.4x1.5x2.5x2.0x1.9x
Price / earnings 6.3x—9.8x————5.5x35.6x192.0x17.0x9.2x
Price / free cash flow 7.3x11.1x————5.7x4.8x8.4x14.5x7.8x6.6x
EV / EBITDA 4.2x—6.9x8.1x——9.8x3.5x7.5x16.4x7.3x5.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Antero Resources's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.7% of total assets over 10 years.

  • Durability 1 / 20

    Operating margin has been a median 8.5%; its worst year was -32.0%.

  • Cash conversion 16 / 20

    Free cash flow was positive in 8 of 10 years, at a median 16.4% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 4.6% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.47 +160% $6.9bn +30%
Next $4.68 +5% $6.9bn +1%

Next year's EPS estimate has moved +11.0% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +7.0% on 90 days ago. In the last 30 days, 7 analysts raised Antero Resources Corp's forecast and 2 cut it.

Consensus EPS forecast Antero Resources Corp, last 90 days
$4.00 $4.20 $4.40 $4.60 $4.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.17 Current fiscal year, 60 days ago: $4.29 Current fiscal year, 30 days ago: $4.31 Current fiscal year, 7 days ago: $4.45 Current fiscal year, Now: $4.47 $4.47 Next fiscal year, 90 days ago: $4.21 Next fiscal year, 60 days ago: $4.32 Next fiscal year, 30 days ago: $4.34 Next fiscal year, 7 days ago: $4.67 Next fiscal year, Now: $4.68 $4.68

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.17$4.21
60 days ago $4.29$4.32
30 days ago $4.31$4.34
7 days ago $4.45$4.67
Now $4.47$4.68

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.85 $0.76 −10.5%
Mar 2026 $1.14 $1.15 +0.9%
Dec 2025 $0.52 $0.43 −17.9%
Sept 2025 $0.25 $0.16 −37.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 28, 2026
  • Drilling and completion capital budget 2026 about $1.2bn
    “The drilling and completion capital budget is expected to be in the range of $325 to $350 million during the fourth quarter of 2026, as the company is targeting a $1.2 billion drilling and completion capital budget for 2026.” source
  • Firm transportation optimization target (Bcf/d) 2027 about 1
    “Optimized 400 MMcf/d of firm transportation in the third quarter of 2026; targeting 1 Bcf/d of optimization in 2027” source
  • Net Daily Natural Gas Equivalent Production (Bcfe/d) fourth quarter 2026 about 4.3 Lowered vs 4.4 to 4.5
    “Antero expects fourth quarter 2026 production to be approximately 4.3 Bcfe/d, reflecting an estimated 15 to 20 Bcfe of curtailments, driven by low regional pricing.” source
  • Natural Gas Realized Price – Expected Discount to NYMEX ($/Mcf) the fourth quarter -0.25 to -0.15 Lowered vs 4.4 to 4.5
    “Natural gas realized price guidance for the fourth quarter is expected to be a $(0.15) - $(0.25) per Mcf differential to NYMEX, reflecting seasonally lower in-basin pricing.” source
  • Cash Production Expense ($/Mcfe) the fourth quarter 2.1 to 2.2 Lowered vs 4.4 to 4.5
    “Cash production expense during the fourth quarter is expected to be in the range of $2.10 to $2.20 per Mcfe.” source
  • D&C Capital Expenditures the fourth quarter of 2026 $325m to $350m
    “The drilling and completion capital budget is expected to be in the range of $325 to $350 million during the fourth quarter of 2026, as the company is targeting a $1.2 billion drilling and completion capital budget for 2026.” source
Show 1 more item
  • Margin enhancement initiative progress target mid-2027 about $140m
    “Antero expects to achieve $140 million of its $300 million target by mid-2027.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Antero Resources Corp's revenue by +8.1% next year and +7.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+6.6%, weight 69%) and the company's own record (+11.5%, weight 31%) . How the weights are set.

Analyst recommendations

22 analysts, Oct 2026
Buy1568%
Hold732%
Sell00%

Monthly trend

  1. Oct 2026312722
  2. Sep 2026212721
  3. Aug 2026212620
  4. Jul 2026212620

Counts of recommendations published by analysts covering Antero Resources Corp, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.3%
of tradable shares
Days to cover
3.06
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
4.4%
of shares
Employees
632
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +31.5%

$30.91 on October 31, 2025 to $40.64

ThenNowEffect
Revenue (last 12 months) $4.9bn $6.1bn +25.8%
Net margin 9.8% 17.7% +80.0%
P/E multiple 20.3x 11.7x −42.6%
Share count 315m 311m +1.2%

Biggest factor: net margin.

Last 3 years +33.3%

$30.49 on November 3, 2023 to $40.64

ThenNowEffect
Revenue (last 12 months) $6.5bn $6.1bn −5.9%
Net margin 21.4% 17.7% −17.4%
P/E multiple 7.0x 11.7x +66.4%
Share count 320m 311m +3.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AR+221%+77%−27%+55%−2%+18%
Industry peers (median)+86%+54%−8%+1%−15%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AR67%67%33%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AR−26%−40%−35%−30%−32%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 98% from June 7, 2016 to April 1, 2020. Getting back needed a 4393% gain, reached on March 25, 2022, 723 days after the low.

Price behaviour

52-week range
$31.38 – $45.15
From 52-week high
−10.0%
vs 50-day average
+8.1%
vs 200-day average
+10.3%
Volatility (1 year)
38%
Beta vs S&P 500
-0.41

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±4.1%
After a week
7 up, 4 down
typical move ±5.6%
After a month
7 up, 4 down
typical move ±11.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 28, 2026 −2.1% 0.0% — —
July 29, 2026 +4.2% +0.1% +1.3% +13.7%
April 29, 2026 +1.8% +1.0% −4.4% −7.3%
February 11, 2026 0.0% −1.6% +3.6% +21.3%
October 29, 2025 −5.8% −1.1% +3.0% +14.3%
July 30, 2025 +3.6% −0.5% −2.1% −4.7%
April 30, 2025 −4.2% +0.7% +1.5% +3.5%
February 12, 2025 +0.3% +0.7% −1.3% −6.1%
October 30, 2024 −6.2% −2.3% +3.8% +18.5%
July 31, 2024 −0.9% +0.2% −12.8% −7.3%
April 24, 2024 +7.6% −0.4% +5.3% +8.0%
February 14, 2024 +12.0% +1.6% +22.3% +22.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Antero Resources Corp in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Antero Resources Corp
$4B $5B $6B $7B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.7B Revenue (TTM), FY24 Q1: $4.4B Revenue (TTM), FY24 Q2: $4.4B Revenue (TTM), FY24 Q3: $4.4B Revenue (TTM), FY24 Q4: $4.3B Revenue (TTM), FY25 Q1: $4.6B Revenue (TTM), FY25 Q2: $4.9B Revenue (TTM), FY25 Q3: $5B Revenue (TTM), FY25 Q4: $5.3B Revenue (TTM), FY26 Q1: $5.9B Revenue (TTM), FY26 Q2: $6.1B Revenue (TTM), FY26 Q3: $6.5B $6.5B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.7B
FY24 Q1 $4.4B
FY24 Q2 $4.4B
FY24 Q3 $4.4B
FY24 Q4 $4.3B
FY25 Q1 $4.6B
FY25 Q2 $4.9B
FY25 Q3 $5B
FY25 Q4 $5.3B
FY26 Q1 $5.9B
FY26 Q2 $6.1B
FY26 Q3 $6.5B
Revenue growth, TTM YoY Antero Resources Corp
-60% -40% -20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -42.5% Revenue growth, TTM YoY, FY24 Q1: -43.4% Revenue growth, TTM YoY, FY24 Q2: -32.1% Revenue growth, TTM YoY, FY24 Q3: -21.9% Revenue growth, TTM YoY, FY24 Q4: -7.6% Revenue growth, TTM YoY, FY25 Q1: 3.6% Revenue growth, TTM YoY, FY25 Q2: 10.3% Revenue growth, TTM YoY, FY25 Q3: 15.7% Revenue growth, TTM YoY, FY25 Q4: 22.0% Revenue growth, TTM YoY, FY26 Q1: 28.8% Revenue growth, TTM YoY, FY26 Q2: 25.8% Revenue growth, TTM YoY, FY26 Q3: 28.7% 28.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -42.5%
FY24 Q1 -43.4%
FY24 Q2 -32.1%
FY24 Q3 -21.9%
FY24 Q4 -7.6%
FY25 Q1 3.6%
FY25 Q2 10.3%
FY25 Q3 15.7%
FY25 Q4 22.0%
FY26 Q1 28.8%
FY26 Q2 25.8%
FY26 Q3 28.7%
Operating margin (TTM) Antero Resources Corp
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 8.5% Operating margin (TTM), FY24 Q1: 2.6% Operating margin (TTM), FY24 Q2: 2.7% Operating margin (TTM), FY24 Q3: 0.9% Operating margin (TTM), FY24 Q4: 0.0% Operating margin (TTM), FY25 Q1: 4.9% Operating margin (TTM), FY25 Q2: 10.4% Operating margin (TTM), FY25 Q3: 13.0% Operating margin (TTM), FY25 Q4: 16.7% Operating margin (TTM), FY26 Q1: 22.9% Operating margin (TTM), FY26 Q2: 24.7% Operating margin (TTM), FY26 Q3: 27.6% 27.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 8.5%
FY24 Q1 2.6%
FY24 Q2 2.7%
FY24 Q3 0.9%
FY24 Q4 0.0%
FY25 Q1 4.9%
FY25 Q2 10.4%
FY25 Q3 13.0%
FY25 Q4 16.7%
FY26 Q1 22.9%
FY26 Q2 24.7%
FY26 Q3 27.6%
FCF margin (TTM) Antero Resources Corp
15% 20% 25% 30% 35% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 18.0% FCF margin (TTM), FY24 Q1: 24.7% FCF margin (TTM), FY24 Q2: 18.5% FCF margin (TTM), FY24 Q3: 18.4% FCF margin (TTM), FY24 Q4: 17.5% FCF margin (TTM), FY25 Q1: 20.9% FCF margin (TTM), FY25 Q2: 26.5% FCF margin (TTM), FY25 Q3: 25.3% FCF margin (TTM), FY25 Q4: 26.1% FCF margin (TTM), FY26 Q1: 30.7% FCF margin (TTM), FY26 Q2: 28.9% FCF margin (TTM), FY26 Q3: 29.5% 29.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 18.0%
FY24 Q1 24.7%
FY24 Q2 18.5%
FY24 Q3 18.4%
FY24 Q4 17.5%
FY25 Q1 20.9%
FY25 Q2 26.5%
FY25 Q3 25.3%
FY25 Q4 26.1%
FY26 Q1 30.7%
FY26 Q2 28.9%
FY26 Q3 29.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Antero Resources took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $5.3B
  2. Selling, general and admin $233M · 4.4%
  3. Other operating costs $4.2B · 78.8%
  4. Operating income $884M · 16.7%
  5. Income tax $216M · 4.1%
  6. Interest and other $33.4M · 0.6%
  7. Net income $634M · 12.0%

Shares of revenue. Source: Antero Resources's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 691 736 1,313 2,721 3,955 1,745 3,656 4,140 4,409 3,492 4,619 7,138 4,682 4,326 5,276 6,479
EBITDA 587 546 575 1,778 2,500 −166 1,565 1,044 −72 −92 766 3,255 1,143 763 1,633 2,647
Operating income 531 444 341 1,300 1,790 −976 740 72 −987 −953 24 2,539 396 0 884 1,786
Net income 393 −285 −19 676 941 −849 615 −398 −340 −1,268 −187 1,872 198 57 634 1,375
Diluted EPS $1.50 −$1.09 −$0.07 $2.57 $3.43 −$2.88 $1.94 −$1.26 −$1.11 −$4.65 −$0.61 $5.69 $0.64 $0.18 $2.03 $4.43
Growth (year on year)
Revenue — +6.4% +78.5% +107.2% +45.4% −55.9% +109.5% +13.2% +6.5% −20.8% +32.3% +54.5% −34.4% −7.6% +22.0% +28.7%
EBITDA — −6.9% +5.3% +209.1% +40.6% −106.6% — −33.3% −106.9% — — +324.9% −64.9% −33.3% +114.2% +87.9%
Operating income — −16.4% −23.2% +280.9% +37.7% −154.5% — −90.3% — — — — −84.4% −99.9% — +173.8%
Net income — −172.6% — — +39.3% −190.2% — −164.6% — — — — −89.4% −71.2% — +132.8%
Diluted EPS — −172.7% — — +33.5% −184.0% — −164.9% — — — — −88.8% −71.9% — +136.1%
Margins
EBITDA margin 84.9% 74.2% 43.8% 65.3% 63.2% −9.5% 42.8% 25.2% −1.6% −2.6% 16.6% 45.6% 24.4% 17.6% 31.0% 40.9%
Operating margin 76.8% 60.4% 26.0% 47.8% 45.3% −55.9% 20.2% 1.7% −22.4% −27.3% 0.5% 35.6% 8.5% 0.0% 16.7% 27.6%
Net margin 56.8% −38.7% −1.4% 24.8% 23.8% −48.7% 16.8% −9.6% −7.7% −36.3% −4.0% 26.2% 4.2% 1.3% 12.0% 21.2%
Free-cash-flow margin 10.3% −48.3% −162.7% −113.5% 20.7% 36.1% −5.8% −3.1% −7.2% −4.0% 20.4% 29.5% 18.0% 17.5% 26.1% 29.5%
Cash flow
Cash from operations 266 332 535 998 1,016 1,241 2,006 2,082 1,103 736 1,660 3,051 995 849 1,631 2,244
Capital spending 195 687 2,672 4,087 199 612 2,217 2,211 1,422 874 716 944 151 91 253 334
Free cash flow 71 −355 −2,137 −3,088 817 630 −210 −129 −319 −139 944 2,107 844 758 1,378 1,910
Stock-based pay — — 365 112 98 102 103 70 24 23 20 35 60 66 61 52
Free cash flow after stock pay — — −2,502 −3,201 719 527 −314 −199 −342 −162 924 2,072 784 692 1,317 1,858
Balance sheet
Cash 3 19 17 246 23 32 28 0 0 0 0 0 0 0 210 0
Total debt 0 1,469 2,079 4,363 4,669 4,704 4,800 5,462 3,778 3,129 2,125 1,183 1,538 1,489 1,398 2,782
Net debt (negative = net cash) −3 1,450 2,062 4,117 4,645 4,672 4,772 5,462 3,778 3,129 2,125 1,183 1,538 1,489 1,188 2,782
Diluted shares — 262m 262m 262m 274m 295m 316m 316m 306m 272m 308m 329m 312m 313m 312m 310m
Returned to shareholders
Buybacks — — — — — — — 129 39 43 — 874 75 — 136 —
Total returned — — — — — — — 129 39 43 — 874 75 — 136 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · September 30, 2026
What it owns · $15.6bn
Short-term assets $765mLonger-term assets $14.8bn
What it owes, and who funded it · $15.6bn
Short-term liabilities $1.9bnLonger-term liabilities $5.0bnShareholders' equity $8.6bn
  • Short-term assets cover short-term liabilities $765m of assets due within a year against $1.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $765m short-term assets against $5.0bn of longer-dated liabilities.
  • More cash than debt $0 of cash against $2.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 27% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 36% to 27% over five years.
  • A year's operating cash flow covers at least 20% of debt $2.2bn of operating cash flow against $2.3bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Antero Resources Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$136M
Returned to shareholders
10%
of free cash flow
Buybacks, last 3 fiscal years
$1.1B
Diluted share count
−1.4%
year over year
Total shareholder yield
1.1%
dividends 0.0% + buybacks 1.1% of market value

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated AR CHRD PR SM CRGY EQT Median
Revenue, last 12 months $6.5bn $6.3bn $5.7bn $5.5bn $4.8bn $9.3bn $1.4bn
Revenue growth, last 12 months 28.7% 19.2% 12.8% 75.4% 33.5% 18.6% 10.6%
Revenue growth, 3-year average 5.2% 16.3% 31.0% 27.8% 25.8% 49.1% 1.4%
Revenue growth, latest quarter 28.7% 84.0% 55.1% 215.3% 55.9% −9.6% 31.5%
Gross margin — 71.3% — 66.6% — 83.5% 75.2%
Operating margin 27.6% 19.0% 35.8% 29.6% 27.8% 41.8% 21.1%
Operating margin, 3-year average 13.8% 18.8% 34.7% 35.7% 14.3% 30.3% 16.5%
Net margin 21.2% 13.4% 21.5% 18.2% 1.3% 28.4% 10.1%
Cash from operations / revenue 34.6% 40.9% 69.6% 49.1% 43.7% 67.5% 42.4%
Free-cash-flow margin 29.5% 16.6% 52.9% 49.1% 38.8% 40.7% 19.3%
Free-cash-flow margin, 3-year average 24.4% 19.2% 52.2% 37.7% 25.0% 27.0% 19.1%
Stock pay / revenue 0.8% 0.5% 1.2% 0.9% 3.5% 0.9% 1.5%
Change in share count −1.4% −3.6% 4.4% 44.9% — 3.0% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 28.7% 10.6% 10 of 57
Change in growth rate Growth +3.0pp +4.9pp 36 of 57
Operating margin Profitability 27.6% 19.9% 16 of 42
Net margin Profitability 21.2% 10.1% 19 of 57
Free-cash-flow margin Cash generation 29.5% 23.2% 18 of 51
Stock pay as % of revenue Cash generation 0.8% 1.2% 12 of 47
Long-term debt as % of assets Balance sheet 15.0% 17.6% 15 of 43
Change in share count Balance sheet -1.4% 0.4% 16 of 48

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Natural Gas Production $2.9B 54.5% ▲ 58.0%
Natural Gas Liquids Sales $2B 37.7% ▼ 3.9%
Oil and Condensate $150M 2.8% ▼ 34.7%
Marketings $126M 2.4% ▼ 29.7%
Commodity Derivative Fair Value Gains Losses $111M 2.1% ▲ 15091.4%
Amortization of Deferred Revenue Vpp $25.3M 0.5% ▼ 6.8%
Other Revenue and Income $3.4M 0.1% ▼ 0.7%

From Antero Resources Corp's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.7B
Institutions reporting
619
Shares held vs prior quarter
▲ 2.0%
Positions opened / closed
86 / 90

Top buyers and sellers, Q2 2026: 373 institutions bought and 244 sold ; the biggest buyer was Dimensional Fund Advisors LP (+2.5M shares) and the biggest seller FMR LLC (−6.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $967M 27.5M 10.0% ▲ 0.3%
FMR LLC $588M 16.7M 6.1% ▼ 26.6%
Vanguard Portfolio Management LLC $492M 14.0M 5.1% ▼ 0.2%
Vanguard Capital Management LLC $469M 13.3M 4.8% ▲ 1.0%
Dimensional Fund Advisors LP $446M 12.7M 4.6% ▲ 24.0%
State Street Corp $401M 11.4M 4.1% ▲ 5.5%
Sourcerock Group LLC $305M 8.7M 3.1% ▲ 4.4%
Invesco Ltd. $283M 8.1M 2.9% ▼ 10.2%
AQR Capital Management LLC $268M 7.6M 2.8% ▲ 39.0%
Geode Capital Management, LLC $202M 5.7M 2.1% ▲ 2.1%
Massachusetts Financial Services Co $199M 5.7M 2.0% ▲ 33.9%
Orbis Allan Gray Ltd $160M 4.5M 1.6% ▼ 6.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Antero Resources Corp's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $333,500 2 trades by 1 insider, last 12 months Insider sales History → $11.2M 8 trades by 4 insiders · 74% under pre-set plans
Net ▼ $10.8M net selling
Insider Date Trade Shares Price Value
Kennedy Michael N. See Remarks May 4, 2026 Sell pre-set plan 15,086 $39.61 $597,556
Kennedy Michael N. See Remarks May 4, 2026 Sell pre-set plan 170,740 $39.31 $6.7M
Schultz Yvette K See Remarks May 4, 2026 Sell 549 $39.76 $21,828
Schultz Yvette K See Remarks May 4, 2026 Sell 38,941 $39.26 $1.5M
Hardesty Benjamin A. Director March 19, 2026 Sell pre-set plan 12,000 $44.00 $528,000
Pearce Sheri See Remarks March 10, 2026 Sell 19,667 $38.13 $749,903
Schultz Yvette K See Remarks March 9, 2026 Sell 15,000 $39.33 $589,950
Hardesty Benjamin A. Director February 27, 2026 Sell pre-set plan 12,000 $36.00 $432,000
Krueger Brendan E. See Remarks November 7, 2025 Buy 5,000 $33.35 $166,750
Krueger Brendan E. See Remarks November 7, 2025 Buy 5,000 $33.35 $166,750

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Antero Resources Corp disclosed in the last 12 months; 6 earlier trades on record.

  • Lisa C. McClain(R-MI 9):Sale (full), $1,001 - $15,000, traded July 22, 2025, filed August 13, 2025
  • Lisa C. McClain(R-MI 9):Purchase, $1,001 - $15,000, traded July 10, 2025, filed August 13, 2025
  • Maria Elvira Salazar(R-FL 27):Purchase, $1,001 - $15,000, traded October 31, 2024, filed November 11, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 10, 2027 estimated from the company's past filing pattern, not announced

  • October 28, 2026
  • July 29, 2026
  • April 29, 2026
  • February 11, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Antero Resources Corp was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Antero Resources Corp in brief

What does Antero Resources Corp do?
Antero Resources Corp is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is Antero Resources Corp's stock ticker?
Antero Resources Corp trades under the ticker AR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Antero Resources Corp's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Antero Resources Corp reported revenue of $6.5B, 28.7% higher than a year earlier, according to its SEC filings.
What is Antero Resources Corp's free cash flow?
Antero Resources Corp's free-cash-flow margin is 29.5% of revenue over the trailing twelve months, ranking 18 of the 51 oil & gas exploration & production companies we cover.
Who are Antero Resources Corp's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., FMR LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Antero Resources Corp buying back stock, and does it pay a dividend?
Antero Resources Corp spent $136M on share repurchases over the trailing twelve months, and its diluted share count fell 1.4% over the year.
What is Antero Resources Corp's market cap?
On November 2, 2026, Antero Resources Corp's market capitalisation was about $12.6B, with a price-to-earnings ratio of 9.2 and net debt of $2.8B. Market figures come from third-party market data and may be delayed.
How much debt does Antero Resources Corp have?
Antero Resources Corp's debt-to-equity ratio is 27.0%, from its latest balance sheet (35.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Antero Resources Corp's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to Antero Resources Corp are Chord Energy Corp, Permian Resources Corp, SM Energy Co, Crescent Energy Co and EQT Corporation. The side-by-side comparison below sets their revenue, margins and growth against Antero Resources Corp's.
Are insiders buying or selling Antero Resources Corp stock?
Over the last 12 months, Antero Resources Corp's directors and officers reported 2 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Antero Resources Corp's next earnings date?
Around February 10, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Antero Resources Corp announces its own schedule.