At a glance
Antero Resources Corp is worth $12.93B, about 21 times its fiscal 2025 earnings. Revenue grew 22.0% to $5.28B in fiscal 2025, with 12.0% kept as profit; over 5 years it has grown 8.6% a year. It pays no dividend; it spent $1.09B buying back its shares over FY2021–FY2025. The stock returned +32.1% over the past year with dividends reinvested and +15.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.2% in the 2020 crash (S&P 500: 33.7%) and 40.3% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Antero Resources is a Denver-based natural gas producer whose wells are in the Appalachian Basin, mainly West Virginia and Ohio. It uses horizontal drilling and hydraulic fracturing (fracking) to extract natural gas, natural gas liquids (NGLs, such as ethane, propane and butane) and a little oil from shale rock. As of December 31, 2025, it held about 537,000 net acres, a figure adjusted for its ownership stake. Long-term pipeline contracts let it reach markets in the US and abroad.
Antero makes money by producing and marketing these products, so its revenue rises and falls with energy prices. In the year ended December 31, 2025, revenue totaled $5.28 billion. Natural gas supplied 54.5%, NGLs 37.7%, and oil and condensate 2.8%. Antero reports three segments. The first is exploration and production. The second is marketing of spare reserved pipeline capacity, which added 2.4% of revenue. The third is its stake in Antero Midstream, which was 29% on the same date. Antero Midstream runs the gathering pipelines, compression and water systems that serve Antero's wells under long-term contracts.
On February 3, 2026, Antero closed a $2.8 billion cash acquisition of HG Energy's production business. The deal added about 385,000 net acres in the core of West Virginia's Marcellus Shale. In December 2025, Antero also agreed to divest nearly all of its Ohio Utica Shale assets for $800 million, with closing expected in February 2026.
Price history
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AR +32.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Natural Gas Production | $2.87B | 54.5% |
| Natural Gas Liquids Sales | $1.99B | 37.7% |
| Oil And Condensate | $150.2M | 2.8% |
| Marketings | $125.9M | 2.4% |
| Commodity Derivative Fair Value Gains Losses | $111.0M | 2.1% |
| Amortization Of Deferred Revenue Vpp | $25.3M | 0.5% |
| Other Revenue And Income | $3.4M | 0.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.56B, up 28.7% from a year earlier, and net income was $367.1M (+381.9%).
- For fiscal 2025, revenue was $5.28B (+22.0% year over year; +8.6% a year from FY2020 to FY2025) with a 12% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.6% good |
|---|---|
| Operating margin | 16.7% good |
| Free cash flow margin | 30.8% good |
| Return on equity (FY2025) | 8.4% watch |
| Return on assets (FY2025) | 4.8% watch |
| Net cash (cash minus debt) | $-2.78B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.49B | $-1.27B | $-138.7M |
| FY2021 | $4.62B | $-186.9M | $944.2M |
| FY2022 | $7.14B | $1.87B | $2.11B |
| FY2023 | $4.68B | $198.4M | $978.3M |
| FY2024 | $4.33B | $57.2M | $838.4M |
| FY2025 | $5.28B | $634.4M | $1.63B |
Valuation snapshot
| Market value | $12.93B |
|---|---|
| P/E ratio | 20.7 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Antero Resources’s market value went from $7.42B at the end of 2016 to $12.93B on Oct 28, 2026, up 74%; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $12.93B | +21.7% |
| 2025 | $10.63B | -2.5% |
| 2024 | $10.91B | +60.0% |
| 2023 | $6.82B | -26.7% |
| 2022 | $9.30B | +69.3% |
| 2021 | $5.49B | +275.2% |
| 2020 | $1.46B | +68.9% |
| 2019 | $867.2M | -70.9% |
| 2018 | $2.98B | -50.3% |
| 2017 | $6.00B | -19.2% |
| 2016 | $7.42B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AR price data to Oct 28, 2026 | +22.2% | +32.1% | +13.4% | +15.6% | +4.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.2% |
| 2025 | -1.7% |
| 2024 | +54.5% |
| 2023 | -26.8% |
| 2022 | +77.1% |
| 2021 | +221.1% |
| 2020 | +91.2% |
| 2019 | -69.7% |
| 2018 | -50.6% |
| 2017 | -18.5% |
| 2016 | +9.5% |
| 2015 | -45.5% |
| 2014 | -36.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.2% over that stretch · deepest drop along the way 56.2%, back to its old high 1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 93.6% over that stretch · deepest drop along the way 40.3%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 5 sales ($9.4M), 3 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 4, 2026 | Michael N. Kennedy See Remarks, Director | sell (plan) | $6.7M |
| May 4, 2026 | Yvette K Schultz See Remarks | sell | $1.5M |
| May 4, 2026 | Michael N. Kennedy See Remarks, Director | sell (plan) | $598K |
| Mar 19, 2026 | Benjamin A. Hardesty Director | sell (plan) | $528K |
| May 4, 2026 | Yvette K Schultz See Remarks | sell | $22K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.03% | Jun 30, 2026 |
| Wellington Management Group LLP | 3.7% | Dec 31, 2025 |
ETFs with the most weight in AR
| DARP Grizzle Growth ETF | 4.77% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 4.31% |
| FCG First Trust Natural Gas ETF | 3.76% |
| XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.97% |
| MGNR American Beacon GLG Natural Resources ETF | 2.92% |
| PXI Invesco Dorsey Wright Energy Momentum ETF | 2.76% |
| BOUT Innovator IBD Breakout Opportunities ETF | 2.48% |
| FCUS Pinnacle Focused Opportunities ETF | 2.29% |
What could go wrong
- Production concentrated in one basin. Antero's producing properties sit in the Appalachian Basin, chiefly West Virginia. Pipeline outages, severe weather, state rules or weak local prices in that one region could hit most of its output at once.
- Close ties to Antero Midstream. Antero Midstream provides gathering, compression and water services under long-term contracts. Those deals limit Antero's choice of providers. The two companies share officers, and Antero Midstream may favor its own interests.
- Integrating the $2.8 billion HG deal. The HG Energy acquisition closed February 3, 2026. It may carry hidden liabilities that pre-deal checks missed or that insurance doesn't cover, and folding it in could disrupt the business.
- Fees owed even when gas doesn't flow. Long-term contracts with service providers charge fees based on minimum volumes, however much gas actually flows. If drilling slows or output falls, Antero still owes those charges, which squeezes cash flow when prices are weak.
- Gas prices swing, and Appalachia trails. Gas and NGL prices drive revenue. The US Henry Hub gas benchmark ranged from $2.84 to $4.42 per million British thermal units in 2025. Appalachian gas typically fetches less because of heavy regional supply.
- Hedges can cap the upside. Hedges are contracts that lock in prices on part of Antero's output. If 2026 production matches 2025, about 42% is hedged. That limits gains if prices rise and relies on trading partners paying up.
Recent events
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
For income and retirement investors
Antero Resources pays no dividend. It paid none from FY2021 through FY2025, and its dividend yield was 0% as of October 28, 2026. An income investor would get no cash payouts from AR, so any return depends on the share price. Instead, Antero has returned cash by repurchasing its own shares. It spent about $1.09 billion over FY2021–FY2025, including $874 million in 2022. The share count fell 2.4% between February 11, 2022 and October 23, 2026. Free cash flow, the cash left after capital spending, was $1.63 billion in 2025.
In the 2020 COVID crash, AR fell 56.2% from February 20 to March 23, 2020, then got back to that level by April 21. In the 2022 bear market, the stock rose 93.6% between the market's January 3 peak and October 12 trough. Even so, it dropped 40.3% from June 7 to July 6. Its worst peak-to-trough fall through October 28, 2026 was about 99%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Antero Resources make money?
Antero makes money by producing natural gas and natural gas liquids (NGLs, such as ethane and propane) from shale wells in the Appalachian Basin, mainly West Virginia. In the year ended December 31, 2025, natural gas brought in 54.5% of its $5.28 billion revenue, NGLs 37.7%, and oil and condensate 2.8%. It also earns money from marketing spare pipeline capacity. Another source is its 29% stake in Antero Midstream (as of December 31, 2025), which provides gathering, compression and water services to Antero's wells.
Does Antero Resources pay a dividend?
No. Antero Resources paid no dividends from FY2021 through FY2025, and its dividend yield was 0% as of October 28, 2026. Instead, it has returned cash through share buybacks (repurchasing its own stock), about $1.09 billion over FY2021–FY2025. Its share count fell 2.4% between February 11, 2022 and October 23, 2026. Investors who need regular income would get none from AR. Any return depends on the share price.
Is Antero Resources profitable?
Yes, in fiscal 2025. Antero earned net income of $634 million, or $2.03 per diluted share, on $5.28 billion of revenue in the year ended December 31, 2025. That was up from $57 million in 2024. Profits swing with gas prices: it lost money in 2020 and 2021. Free cash flow, the cash left after capital spending, was $1.63 billion in 2025. In the quarter ended September 30, 2026, net income was $367 million, up 381.9% from a year earlier.
What is Antero Resources' HG Energy acquisition?
It is Antero's $2.8 billion cash purchase of HG Energy II Production Holdings, which closed on February 3, 2026. It added about 385,000 net acres in the core of West Virginia's Marcellus Shale. Antero Midstream separately acquired HG's gathering pipelines and water assets for $1.1 billion. In December 2025, Antero also agreed to divest nearly all of its Ohio Utica Shale assets for $800 million, with closing expected in February 2026. Together, the moves shift Antero further toward West Virginia.
How volatile is Antero Resources stock?
Very volatile. As of October 28, 2026, its one-year volatility, a measure of how widely the price swings, was 37.7%. Its worst peak-to-trough decline over its trading history was about 99%. Calendar-year returns ranged from a 69.7% loss in 2019 to a 221.1% gain in 2021. The shares fell 56.2% in the 2020 COVID crash, then recovered within about a month. The annualized 10-year price return was 4.8% as of the same date.