Gathering & Processing was Antero Midstream’s largest segment in fiscal 2025, bringing in $269.56M of $538.96M (50%).
| Segment | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Water Handling | $244.77M | $268.67M | $248.86M | $269.40M | |||
| Gathering & Processing | $211.94M | $246.95M | $252.98M | $269.56M | |||
| Total | $456.71M | $515.62M | $501.84M | $538.96M |
Antero Midstream brought in $538.96M from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $1.02B it reports by contract with customer basis of pricing, so these segments do not cover all of its revenue. Gathering & Processing was the largest at $269.56M (50.0%), ahead of Water Handling at $269.40M (50.0%).
Compared with fiscal 2024, Water Handling grew 8.3% to $269.40M and Gathering & Processing grew 6.6% to $269.56M.
Per Unit Fixed Fee was Antero Midstream’s largest revenue line in fiscal 2025, bringing in $987.28M of $1.02B (96%).
| Contract With Customer Basis Of Pricing | FY 2020 | FY 2021 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Per Unit Fixed Fee | $893.86M | $926.06M | $987.28M | ||
| Fixed Fee | — | — | — | ||
| Cost Of Service Fee | — | $30.69M | $37.70M | ||
| Total | $893.86M | $956.75M | $1.02B |
Antero Midstream brought in $1.02B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 7.1% from $956.75M in fiscal 2024. Per Unit Fixed Fee was the largest at $987.28M (96.3%), ahead of Cost Of Service Fee at $37.70M (3.7%).
Compared with fiscal 2024, Cost Of Service Fee grew 22.8% to $37.70M and Per Unit Fixed Fee grew 6.6% to $987.28M.
Gathering-Low Pressure was Antero Midstream’s largest product and service line in fiscal 2023, bringing in $420.00M of $1.05B (40%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
|---|---|---|---|---|---|
| Gathering-Low Pressure | $353.49M | $354.94M | — | $420.00M | |
| Natural Gas Water Handling & Treatment - Affiliate | $259.93M | $218.62M | $244.77M | $268.67M | |
| Compression | $195.15M | $198.99M | $210.33M | $246.95M | |
| Gathering-High Pressure | — | — | $211.94M | — | |
| Fresh Water Delivery | — | $137.28M | $153.55M | $164.64M | |
| Other Fluid Handling | $101.23M | — | $93.85M | — | |
| Wastewater Treatment | — | — | — | — | |
| Natural Gas Water Handling & Treatment | — | $516.00K | $2.62M | $1.41M | |
| Gathering-Low Pressure Fee Rebate | — | -$12.00M | — | -$51.50M | |
| Total | $909.80M | $898.35M | $917.05M | $1.05B |
Antero Midstream brought in $1.05B from its six product and service lines in fiscal 2023, the year ended December 31, 2023. Antero Midstream regrouped these lines after fiscal 2022, so the total does not compare directly with that year's $917.05M. Gathering-Low Pressure was the largest at $420.00M (40.0%), ahead of Natural Gas Water Handling & Treatment - Affiliate at $268.67M (25.6%) and Compression at $246.95M (23.5%). The other two lines brought in $166.06M combined.
Compared with fiscal 2022, Compression grew fastest, up 17.4% to $246.95M. Every line above 2% of revenue grew.
Antero Midstream began breaking out Gathering-Low Pressure Fee Rebate in fiscal 2021, when it brought in -$12.00M. Antero Midstream stopped reporting Gathering-High Pressure ($211.94M in fiscal 2022) and Other Fluid Handling ($93.85M in fiscal 2022) as separate lines. The total is net of Gathering-Low Pressure Fee Rebate, which took $51.50M off revenue in fiscal 2023.
Antero Midstream (AM) reports its revenue by segment, by contract with customer basis of pricing and by product and service. In fiscal 2025, Gathering & Processing was its largest segment, bringing in $269.56M (50.0% of the total), followed by Water Handling at $269.40M (50.0%).
Gathering & Processing was Antero Midstream's largest segment in fiscal 2025, bringing in $269.56M, or 50.0% of the $538.96M total across its two segments.
Per Unit Fixed Fee was Antero Midstream's largest revenue line in fiscal 2025, bringing in $987.28M, or 96.3% of the $1.02B total across its two revenue lines.
Gathering-Low Pressure was Antero Midstream's largest product and service line in fiscal 2023, bringing in $420.00M, or 40.0% of the $1.05B total across its six product and service lines.
Water Handling grew faster than Gathering & Processing in fiscal 2025, up 8.3% from $248.86M to $269.40M. Gathering & Processing grew 6.6% to $269.56M.
Every figure comes from Antero Midstream's annual financial filings, as reported. Each line keeps the name Antero Midstream gives it, and years follow its fiscal calendar.
Antero Midstream's revenue by segment goes back to fiscal 2019, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.