$AR · ANTERO RESOURCES Corp
Antero Resources reported Q3 FY2026 net income of $367.1M ($1.19/share diluted) on revenue of $1.563B, up 28.7% YoY. Operating income tripled to $391.8M, boosted by $188.6M in commodity derivative fair value gains and $110.7M in equity earnings from an unconsolidated affiliate. The quarter reflects the first full period incorporating the HG Acquisition, which closed during the nine months ended September 30, 2026.
- Q3 FY2026 GAAP EPS of $1.19 vs $0.25 in Q3 FY2025, a 376% increase year-over-year.
- Total revenue rose 28.7% YoY to $1.563B, driven by higher NGL and natural gas sales.
- Commodity derivative fair value gains jumped to $188.6M from $39.2M in the prior-year quarter.
- Operating income more than tripled to $391.8M from $118.1M, with operating margin at 25.1%.
- Equity in earnings of unconsolidated affiliate surged to $110.7M from $29.1M YoY.
Extended-hours trading shows AR at $41.81, down 0.83% from the regular close of $42.16, suggesting mild profit-taking despite the strong earnings beat.
Antero's Q3 results show a dramatic earnings inflection — net income attributable to AR jumped from $76M to $367M YoY — driven by the HG Acquisition, surging derivative gains, and strong affiliate performance.
Antero's NGL-heavy revenue mix ($579.8M in Q3) and derivative gains reflect the broader Appalachian E&P playbook of hedging to lock in margins amid volatile natural gas prices. The HG Acquisition closed during the period, consolidating Antero's position in the basin.
Commodity price volatility remains the dominant risk, with $188.6M in derivative gains underscoring dependence on hedging. The HG Acquisition integration and $451M in commercial paper outstanding add leverage risk. Interest expense doubled YoY to $38.4M.