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Operating Income by Segment
Shows the profit generated by each operating segment, revealing where Antero Midstream has the strongest margins and how efficiently its infrastructure businesses convert revenue into earnings.
Gathering & Processing has become the clear earnings engine, recovering from a temporary late-2025 disruption and reaching new highs as HG integration lifts volumes. However, Water Handling has steadily deteriorated into a loss, offsetting part of that momentum, while unallocated costs are also becoming a larger drag. Management’s closed-loop water strategy and cost-plus economics could reverse the water weakness from 2027, but near-term earnings remain increasingly dependent on gathering growth and successful execution of Eastside Express and other projects.
AM Operating Income by Segment
| Date | Unallocated | Gathering & Processing | Water Handling |
|---|---|---|---|
| Sep 30, 2026 | -$1.35M | $180.69M | $377.89M |
| Jun 30, 2026 | -$2.85M | $187.62M | -$2.86M |
| Mar 31, 2026 | -$1.57M | $190.44M | -$257.00K |
| Dec 31, 2025 | -$1.51M | $100.02M | $2.00M |
| Sep 30, 2025 | -$2.00M | $178.73M | $3.77M |
| Jun 30, 2025 | -$1.88M | $182.27M | $6.05M |
| Mar 31, 2025 | -$1.46M | $170.40M | $8.28M |
| Dec 31, 2024 | -$1.05M | $164.25M | $14.54M |
| Sep 30, 2024 | -$1.48M | $165.01M | -$1.10M |
| Jun 30, 2024 | -$1.87M | $153.56M | $1.06M |
| Mar 31, 2024 | -$1.26M | $154.03M | $13.49M |
| Dec 31, 2023 | -$1.12M | $151.14M | $5.66M |
| Sep 30, 2023 | -$1.35M | $151.76M | $11.91M |
| Jun 30, 2023 | -$1.93M | $137.26M | $10.19M |
| Mar 31, 2023 | -$959.00K | $134.19M | $15.12M |
| Dec 31, 2022 | -$1.16M | $131.85M | $13.46M |
| Sep 30, 2022 | -$1.27M | $127.55M | $11.50M |
| Jun 30, 2022 | -$1.74M | $121.01M | $9.12M |
| Mar 31, 2022 | -$1.49M | $130.51M | $130.00K |
| Dec 31, 2021 | -$1.22M | $129.61M | $125.00K |
| Sep 30, 2021 | -$1.18M | $139.06M | $3.94M |
| Jun 30, 2021 | -$644.00K | $143.38M | $8.66M |
| Mar 31, 2021 | -$1.60M | $130.31M | $4.88M |