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Side-by-side financial comparison of ProFrac Holding Corp. (ACDC) and Antero Midstream Corp (AM). Click either name above to swap in a different company.
ProFrac Holding Corp. is the larger business by last-quarter revenue ($436.5M vs $291.1M, roughly 1.5× Antero Midstream Corp). Antero Midstream Corp runs the higher net margin — 41.5% vs -33.2%, a 74.6% gap on every dollar of revenue. On growth, ProFrac Holding Corp. posted the faster year-over-year revenue change (-4.0% vs -7.3%). Antero Midstream Corp produced more free cash flow last quarter ($186.9M vs $12.9M). Over the past eight quarters, Antero Midstream Corp's revenue compounded faster (3.9% CAGR vs -13.4%).
ProFrac Holding Corp. is a leading North American energy services firm that provides hydraulic fracturing, well completion, and associated support services to upstream oil and gas exploration and production operators. It primarily serves clients active across major onshore shale and conventional hydrocarbon production basins in the U.S. and Canada.
Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.
ACDC vs AM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $436.5M | $291.1M |
| Net Profit | $-144.7M | $120.7M |
| Gross Margin | — | — |
| Operating Margin | -24.9% | 60.9% |
| Net Margin | -33.2% | 41.5% |
| Revenue YoY | -4.0% | -7.3% |
| Net Profit YoY | -37.8% | 2.1% |
| EPS (diluted) | $-0.83 | $0.25 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $291.1M | ||
| Q4 25 | $436.5M | $297.0M | ||
| Q3 25 | $403.1M | $294.8M | ||
| Q2 25 | $501.9M | $305.5M | ||
| Q1 25 | $600.3M | $291.1M | ||
| Q4 24 | $454.7M | $287.5M | ||
| Q3 24 | $575.3M | $269.9M | ||
| Q2 24 | $579.4M | $269.8M |
| Q1 26 | — | $120.7M | ||
| Q4 25 | $-144.7M | $51.9M | ||
| Q3 25 | $-100.9M | $116.0M | ||
| Q2 25 | $-105.9M | $124.5M | ||
| Q1 25 | $-17.5M | $120.7M | ||
| Q4 24 | $-105.0M | $111.2M | ||
| Q3 24 | $-45.2M | $99.7M | ||
| Q2 24 | $-66.7M | $86.0M |
| Q1 26 | — | 60.9% | ||
| Q4 25 | -24.9% | 33.8% | ||
| Q3 25 | -19.5% | 61.2% | ||
| Q2 25 | -10.8% | 61.0% | ||
| Q1 25 | 2.7% | 60.9% | ||
| Q4 24 | -10.3% | 61.8% | ||
| Q3 24 | -0.7% | 60.2% | ||
| Q2 24 | -8.5% | 56.6% |
| Q1 26 | — | 41.5% | ||
| Q4 25 | -33.2% | 17.5% | ||
| Q3 25 | -25.0% | 39.3% | ||
| Q2 25 | -21.1% | 40.8% | ||
| Q1 25 | -2.9% | 41.5% | ||
| Q4 24 | -23.1% | 38.7% | ||
| Q3 24 | -7.9% | 37.0% | ||
| Q2 24 | -11.5% | 31.9% |
| Q1 26 | — | $0.25 | ||
| Q4 25 | $-0.83 | $0.11 | ||
| Q3 25 | $-0.60 | $0.24 | ||
| Q2 25 | $-0.67 | $0.26 | ||
| Q1 25 | $-0.12 | $0.25 | ||
| Q4 24 | $-0.67 | $0.23 | ||
| Q3 24 | $-0.29 | $0.21 | ||
| Q2 24 | $-0.42 | $0.18 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $22.9M | $180.4M |
| Total DebtLower is stronger | $832.7M | $3.2B |
| Stockholders' EquityBook value | $717.5M | $2.0B |
| Total Assets | $2.6B | $5.9B |
| Debt / EquityLower = less leverage | 1.16× | 1.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $180.4M | ||
| Q4 25 | $22.9M | $180.4M | ||
| Q3 25 | $58.0M | — | ||
| Q2 25 | $26.0M | — | ||
| Q1 25 | $16.0M | — | ||
| Q4 24 | $14.8M | — | ||
| Q3 24 | $25.5M | — | ||
| Q2 24 | $24.0M | — |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $832.7M | $3.2B | ||
| Q3 25 | $907.0M | $3.0B | ||
| Q2 25 | $941.9M | $3.0B | ||
| Q1 25 | $967.9M | $3.1B | ||
| Q4 24 | $936.1M | $3.1B | ||
| Q3 24 | $986.7M | $3.2B | ||
| Q2 24 | $1.0B | $3.2B |
| Q1 26 | — | $2.0B | ||
| Q4 25 | $717.5M | $2.0B | ||
| Q3 25 | $862.0M | $2.1B | ||
| Q2 25 | $875.5M | $2.1B | ||
| Q1 25 | $988.1M | $2.1B | ||
| Q4 24 | $1.0B | $2.1B | ||
| Q3 24 | $1.1B | $2.1B | ||
| Q2 24 | $1.1B | $2.1B |
| Q1 26 | — | $5.9B | ||
| Q4 25 | $2.6B | $5.9B | ||
| Q3 25 | $2.7B | $5.7B | ||
| Q2 25 | $2.8B | $5.7B | ||
| Q1 25 | $3.0B | $5.8B | ||
| Q4 24 | $3.0B | $5.8B | ||
| Q3 24 | $3.1B | $5.8B | ||
| Q2 24 | $3.2B | $5.8B |
| Q1 26 | — | 1.63× | ||
| Q4 25 | 1.16× | 1.63× | ||
| Q3 25 | 1.05× | 1.46× | ||
| Q2 25 | 1.08× | 1.45× | ||
| Q1 25 | 0.98× | 1.49× | ||
| Q4 24 | 0.93× | 1.47× | ||
| Q3 24 | 0.90× | 1.49× | ||
| Q2 24 | 0.88× | 1.50× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $49.5M | $198.9M |
| Free Cash FlowOCF − Capex | $12.9M | $186.9M |
| FCF MarginFCF / Revenue | 3.0% | 64.2% |
| Capex IntensityCapex / Revenue | 8.4% | 11.1% |
| Cash ConversionOCF / Net Profit | — | 1.65× |
| TTM Free Cash FlowTrailing 4 quarters | $19.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $198.9M | ||
| Q4 25 | $49.5M | $255.5M | ||
| Q3 25 | $900.0K | $212.8M | ||
| Q2 25 | $100.4M | $265.2M | ||
| Q1 25 | $38.7M | $198.9M | ||
| Q4 24 | $76.5M | $232.7M | ||
| Q3 24 | $98.2M | $184.9M | ||
| Q2 24 | $113.5M | $215.8M |
| Q1 26 | — | $186.9M | ||
| Q4 25 | $12.9M | — | ||
| Q3 25 | $-33.4M | — | ||
| Q2 25 | $53.9M | — | ||
| Q1 25 | $-13.8M | — | ||
| Q4 24 | $13.3M | — | ||
| Q3 24 | $28.2M | $184.3M | ||
| Q2 24 | $51.6M | $147.2M |
| Q1 26 | — | 64.2% | ||
| Q4 25 | 3.0% | — | ||
| Q3 25 | -8.3% | — | ||
| Q2 25 | 10.7% | — | ||
| Q1 25 | -2.3% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 4.9% | 68.3% | ||
| Q2 24 | 8.9% | 54.6% |
| Q1 26 | — | 11.1% | ||
| Q4 25 | 8.4% | — | ||
| Q3 25 | 8.5% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 8.7% | — | ||
| Q4 24 | 13.9% | 0.0% | ||
| Q3 24 | 12.2% | 0.2% | ||
| Q2 24 | 10.7% | 25.4% |
| Q1 26 | — | 1.65× | ||
| Q4 25 | — | 4.92× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.13× | ||
| Q1 25 | — | 1.65× | ||
| Q4 24 | — | 2.09× | ||
| Q3 24 | — | 1.85× | ||
| Q2 24 | — | 2.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ACDC
| Services | $385.6M | 88% |
| Products | $50.9M | 12% |
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
