Antero Midstream (AM) Operating Margin (2017 - 2026)

Antero Midstream's Operating Margin history runs 10 years deep, the most recent figure standing at 60.03% for Q1 2026.

• In Q1 2026, Operating Margin fell 85.0% year-over-year to 60.03%; the TTM figure through Mar 2026 stood at 54.15% (up 4287.0% YoY), while the FY2025 annual figure was 54.25%, up 4383.0% from the prior year.
• Operating Margin was 60.03% for Q1 2026 at Antero Midstream, up from 33.84% in the prior quarter.
• In the past five years, Operating Margin ranged from a high of 61.52% in Q3 2023 to a low of 134.98% in Q4 2023.
• Historically, Operating Margin has averaged 24.46% across 5 years, with a median of 59.11% in 2022.
• The sharpest annual moves came in 2023 and 2025: Operating Margin sank 990 bps in 2023, then surged 16123 bps in 2025.
• A 5-year view of Operating Margin shows it stood at 125.08% in 2022, then decreased by 8 bps to 134.98% in 2023, then grew by 6 bps to 127.39% in 2024, then jumped by 127 bps to 33.84% in 2025, then jumped by 77 bps to 60.03% in 2026.
• The last three Operating Margin figures came in at 60.03% (Q1 2026), 33.84% (Q4 2025), and 61.22% (Q3 2025), per Business Quant data.