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.

• On a quarterly basis, Operating Margin fell 85.0% year-over-year to 60.03% in Q1 2026; TTM through Mar 2026 was 54.15%, a 577.0% decrease from a year earlier, with the FY2025 full-year figure at 54.25%, down 534.0% from the prior year.
• Operating Margin improved to 60.03% in Q1 2026 per AM's latest filing, from 33.84% in the prior quarter.
• Across five years, Operating Margin topped out at 61.83% in Q4 2024 and bottomed at 33.84% in Q4 2025.
• The 5-year median for Operating Margin is 59.67% (2022), against an average of 57.92%.
• Biggest YoY gain for Operating Margin was 442 bps in 2025; the steepest drop was 2798 bps in 2025.
• Year by year, Operating Margin stood at 59.67% in 2022, then climbed by 0 bps to 59.84% in 2023, then climbed by 3 bps to 61.83% in 2024, then tumbled by 45 bps to 33.84% in 2025, then jumped by 77 bps to 60.03% in 2026.
• Per Business Quant, the three latest AM Operating Margin figures stand at 60.03% (Q1 2026), 33.84% (Q4 2025), and 61.22% (Q3 2025).