Antero Midstream (AM) Operating Expenses (2016 - 2026)
Antero Midstream's Operating Expenses was $145.34 million in Q2 2026, up 22.1% from $119.03 million a year earlier and up 15.7% from the prior quarter.
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Analysis
Antero Midstream (AM) Operating Expenses (2016 - 2026) Analysis & Trends
On a trailing twelve-month basis, Antero Midstream's Operating Expenses was $581.76 million through Jun 30, 2026, up 29.2% year-over-year; for FY2025, it was $543.76 million, up 21.6% from FY2024.
- Operating Expenses has now increased for four consecutive years, though with a five-year compound annual growth rate of -11.8% (FY2020 to FY2025).
- In earlier years, Operating Expenses was $447.03 million in FY2024 (+4.0%), $429.91 million in FY2023 (+13.0%), $380.52 million in FY2022 (+11.0%) and $342.88 million in FY2021 (-66.3%).
- Quarterly Operating Expenses has moved between $82.98 million (Q3 2021) and $196.5 million (Q4 2025) over five years.
- Compared with a year earlier, Operating Expenses has increased for 17 straight quarters, with growth averaging 16.4% over the last eight quarters.
- The best year-over-year quarter for Operating Expenses over five years was Q4 2025 (growth of 79.1%); the worst was Q1 2022 (a decline of 1.3%).
- Per Business Quant data, AM's Operating Expenses in the three quarters before Q2 2026 was $125.6 million (Q1 2026), $196.5 million (Q4 2025) and $114.33 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 102.52 Bn | 100.06 Bn | 4.84 Bn | 19.09 Bn |
| 2 | Enterprise Products Partners | 79.27 Bn | 77.71 Bn | - | 16.13 Bn |
| 3 | Energy Transfer | 69.21 Bn | 62.65 Bn | 7.40 Bn | 30.76 Bn |
| 4 | Kinder Morgan | 68.17 Bn | 69.12 Bn | 3.07 Bn | 3.13 Bn |
| 5 | Tc Energy | 61.09 Bn | 64.16 Bn | 2.81 Bn | -1.06 Bn |
| 6 | Targa Resources | 59.48 Bn | 59.10 Bn | 2.14 Bn | 354.10 Mn |
| 7 | Mplx | 58.45 Bn | 52.01 Bn | 2.91 Bn | 1.93 Bn |
| 8 | Oneok | 55.88 Bn | 54.37 Bn | 2.81 Bn | 4.00 Mn |
| 9 | Cheniere Energy | 55.70 Bn | 55.83 Bn | 5.29 Bn | 1.44 Bn |
| 10 | Antero Midstream | 9.83 Bn | 9.83 Bn | 242.72 Mn | 145.34 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 145.34 Mn |
| Mar 31, 2026 | 125.60 Mn |
| Dec 31, 2025 | 196.50 Mn |
| Sep 30, 2025 | 114.33 Mn |
| Jun 30, 2025 | 119.03 Mn |
| Mar 31, 2025 | 113.91 Mn |
| Dec 31, 2024 | 109.74 Mn |
| Sep 30, 2024 | 107.44 Mn |
| Jun 30, 2024 | 117.04 Mn |
| Mar 31, 2024 | 112.80 Mn |
| Dec 31, 2023 | 104.49 Mn |
| Sep 30, 2023 | 101.53 Mn |
| Jun 30, 2023 | 112.76 Mn |
| Mar 31, 2023 | 111.13 Mn |
| Dec 31, 2022 | 97.41 Mn |
| Sep 30, 2022 | 93.26 Mn |
| Jun 30, 2022 | 100.51 Mn |
| Mar 31, 2022 | 89.34 Mn |
| Dec 31, 2021 | 87.97 Mn |
| Sep 30, 2021 | 82.98 Mn |
API Access
Antero Midstream Operating Expenses API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-expenses&ticker=AM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "ticker": "AM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-expenses&ticker=AM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();