It has been about a month since the last earnings report for Antero Midstream Corporation (AM Quick QuoteAM - Free Report) . Shares have added about 1.7% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Antero Midstream due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Antero Midstream Corporation before we dive into how investors and analysts have reacted as of late.

Antero Midstream's Q3 Earnings Miss Estimates, Revenues Beat

Antero Midstream reported third-quarter 2025 earnings per share of 24 cents, which missed the Zacks Consensus Estimate of 25 cents. The bottom line, however, increased from the year-ago quarter’s level of 21 cents.

Total quarterly revenues of $295 million beat the Zacks Consensus Estimate of $294 million. The top line also improved from $270 million in the year-ago quarter.

The weaker-than-expected quarterly earnings can be attributed to increased operating expenses. However, increased gathering and compression volumes largely offset the negatives.

Operational Performance

Average daily compression volumes were 3,421 million cubic feet (MMcf/d) compared with 3,269 MMcf/d in the year-ago quarter. The reported figure was below our estimate of 3,469 MMcf/d. On a per-Mcf basis, the compression fee was 22 cents, which increased almost 5% from 21 cents a year ago.

High-pressure gathering volumes totaled 3,170 MMcf/d, up 4% from the year-ago level of 3,046 MMcf/d. Our estimate for the same was pinned at 3,238 MMcf/d. On a per-Mcf basis, the average gathering high-pressure fee was 23 cents, which remained flat year over year.

Low-pressure gathering volumes averaged 3,432 MMcf/d compared with 3,277 MMcf/d a year ago.  The figure was above our estimate of 3,415 MMcf/d. On a per-Mcf basis, the average gathering low-pressure fee was 36 cents, which remained flat year over year. The reported figure was slightly below our estimate of 37 cents.

Freshwater delivery volumes were registered at 92 MBbls/d, up 30% from the prior-year quarter’s figure of 71 MBbls/d. On a per-barrel basis, the average freshwater distribution fee was $4.37 compared with $4.31 a year ago. The figure was below our estimate of $4.40.

Operating Expenses

Direct operating expenses amounted to $57.9 million, up from $51.7 million recorded a year ago.

Antero Midstream’s total operating expenses amounted to $114.3 million, up from $107.4 million recorded in the corresponding period of 2024.

Balance Sheet

As of Sept. 30, 2025, the company had no cash and cash equivalents. The company also had a long-term debt of $3,009 million.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates review.

VGM Scores

Currently, Antero Midstream has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Antero Midstream has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.