EQT Corp EQT
We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, we had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure. In addition, we own an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), a 303-mile-long pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia.
Our core business strategy is to be the leading low-cost producer of natural gas with a business model designed to generate durable free cash flow across commodity price cycles. This strategy relies on our substantial inventory of core drilling locations, our vast midstream infrastructure spanning across the Appalachian Basin, our investment grade credit metrics, the low emissions profile of our operations and our best-in-class team and culture. As the only large-scale, integrated natural gas producer in the United States, we believe we are well positioned to excel during times of market volatility and to serve growing sources of demand, including power generation, industrial consumption, domestic data center development and LNG exports.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.64B | $5.27B | $6.91B | $7.50B | $6.80B | $2.65B | $3.79B | $4.71B | $3.09B | $1.39B |
| Cost of revenue | $1.53B | $1.92B | $2.16B | $2.12B | $1.94B | $1.71B | $1.75B | $1.70B | $1.16B | $880.2M |
| Gross profit | $7.11B | $3.36B | $4.75B | $5.38B | $4.86B | $939.6M | $2.04B | $3.01B | $1.93B | $506.9M |
| SG&A | $380.1M | $336.7M | $236.2M | $252.6M | $196.3M | $174.8M | $170.6M | $232.5M | $209.0M | $218.9M |
| Total operating expenses | $5.39B | $4.59B | $4.59B | $4.78B | $4.43B | $3.94B | $5.57B | $7.34B | $2.71B | $2.15B |
| Operating income | $3.25B | $685.3M | $2.31B | $2.72B | -$1.36B | -$877.7M | -$1.15B | -$2.78B | $382.2M | -$755.0M |
| Interest expense | $438.7M | $454.8M | $219.7M | $249.7M | $289.8M | $259.3M | $199.9M | $229.0M | $168.0M | $131.2M |
| Pre-tax income | $2.98B | $264.2M | $2.10B | $2.33B | -$1.57B | -$1.25B | -$1.60B | -$3.08B | $198.6M | -$894.3M |
| Income tax | $651.9M | $22.1M | $369.0M | $553.7M | $428.0M | $295.3M | $375.8M | $696.5M | $1.19B | $362.8M |
| Net income | $2.04B | $230.6M | $1.74B | $1.77B | -$1.14B | -$958.8M | -$1.22B | -$2.24B | $1.51B | -$453.0M |
| EPS, basic | 3.33 | 0.45 | 4.56 | 4.79 | -3.54 | -3.68 | -4.79 | -8.60 | 8.05 | -2.71 |
| EPS, diluted | 3.31 | 0.45 | 4.22 | 4.38 | -3.54 | -3.68 | -4.79 | -8.60 | 8.04 | -2.71 |
| Shares, diluted (wtd. avg.) | $615.7M | $514.6M | $413.2M | $406.5M | $323.2M | $260.6M | $255.1M | $260.9M | $187.7M | $167.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $110.8M | $202.1M | $81.0M | $1.46B | $114.0M | $18.2M | $4.6M | $3.5M | $147.3M | $1.18B |
| Receivables | $1.46B | $1.13B | $823.7M | $1.61B | $1.44B | $566.6M | $610.1M | $1.24B | $664.7M | $341.6M |
| Total current assets | $1.90B | $1.71B | $2.01B | $4.01B | $2.29B | $1.22B | $1.75B | $1.97B | $1.16B | $1.83B |
| Property, plant and equipment | $33.56B | $31.75B | $22.95B | $18.17B | $18.42B | $16.05B | $16.16B | $17.39B | $19.73B | $13.16B |
| Goodwill | $2.06B | $2.08B | $0 | — | — | — | — | $530.8M | $470.8M | $0 |
| Other intangibles | $200.5M | $215.3M | $22.6M | — | — | $0 | $26.0M | $77.3M | $118.7M | $0 |
| Total assets | $41.79B | $39.83B | $25.29B | $22.67B | $21.61B | $18.11B | $18.81B | $20.72B | $29.52B | $15.47B |
| Accounts payable | $1.37B | $1.18B | $1.27B | $1.57B | $1.34B | $705.5M | $796.4M | $1.06B | $726.4M | $310.0M |
| Short-term debt | $507.1M | $320.8M | $292.4M | $422.6M | $1.06B | $154.2M | $16.2M | $704.4M | $12.4M | $0 |
| Total current liabilities | $2.48B | $2.46B | $2.04B | $3.73B | $5.19B | $1.76B | $1.35B | $2.36B | $1.23B | $804.6M |
| Long-term debt | $7.29B | $9.00B | $5.50B | $5.26B | $4.53B | $4.77B | $5.28B | $3.99B | $4.69B | $3.29B |
| Total liabilities | $14.43B | $15.55B | $10.50B | $11.46B | $11.64B | $8.85B | $9.01B | $9.76B | $11.11B | $6.35B |
| Retained earnings | $4.24B | $2.59B | $2.68B | $1.28B | -$94.4M | $1.05B | $2.02B | $3.18B | $4.00B | $2.51B |
| Total equity | $23.75B | $20.60B | $14.78B | $11.21B | $9.97B | $9.17B | $9.80B | $10.96B | $18.41B | $9.12B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.13B | $2.83B | $3.18B | $3.47B | $1.66B | $1.54B | $1.85B | $2.98B | $1.64B | $1.06B |
| Depreciation and amortisation | $2.60B | $2.16B | $1.73B | $1.67B | $1.68B | $1.39B | $1.54B | $1.57B | $971.0M | $856.5M |
| Stock-based compensation | $60.8M | $158.3M | $49.8M | $45.2M | $28.2M | $19.6M | $31.2M | $25.2M | $94.6M | $44.6M |
| Capital expenditure | $2.29B | $2.25B | $2.02B | $1.40B | $1.06B | $1.04B | $1.60B | $3.00B | $1.56B | $942.8M |
| Investing cash flow | -$2.84B | -$1.58B | -$4.31B | -$1.42B | -$2.07B | -$1.56B | -$1.60B | -$3.98B | -$4.20B | -$2.89B |
| Financing cash flow | -$2.37B | -$1.13B | -$242.9M | -$699.1M | $506.0M | $31.7M | -$249.5M | $859.0M | $1.53B | $1.40B |
| Dividends paid | $389.6M | $326.6M | $228.3M | $203.6M | $0 | $7.7M | $30.7M | $31.4M | $20.8M | $20.2M |
| Buybacks | $0 | $0 | $201.0M | $409.5M | $12.9M | $0 | $0 | $27.0K | $30.0K | $30.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000033213-26-000018.
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