$AR Antero Resources Corporation

How Do They Make Money?

revenue

Segment	Share	Revenue
Natural gas sales	54% FY2022: 77%
Natural gas liquids sales	38% FY2022: 35%
Oil sales	2.9% FY2022: 3.9%
Commodity derivative fair value gains	2.1% FY2022: −23%
Marketing	2.4% FY2022: 5.8%
Amortization of deferred revenue, VPP	0.5% FY2022: 0.5%
Other revenue and income	0.1% FY2022: 0.1%

Do Revenues Turn Into Profits?

Yes. It kept 13 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

17% of revenue

▲ +191997% vs FY2024 ($460K, 0%)

Net income, FY2025

13% of revenue

▲ +620% vs FY2024 ($93.7M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +20%; vs $1.3B in Q2 FY2025
Net income: ▲ +72%; vs $166.6M in Q2 FY2025

Natural gas sales share of revenue vs 53.1% in Q2 FY2025

Growing. Revenue grew 14% in 4 years, from $4.6B in FY2021 to $5.3B in FY2025, about 3% a year.

Revenue over time

Natural gas sales Natural gas liquids sales Oil sales Commodity derivative fair value gains Marketing Amortization of deferred revenue, VPP Other revenue and income

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025