EQT Corp EQT

Energy SIC 1311 - Crude Petroleum & Natural Gas NAICS Mining, Quarrying, and Oil and Gas Extraction › Oil and Gas Extraction derived NYSE

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.

Last close 55.63 2026-10-23
Market cap $34.80B 2026-06-30 share count
52-week range 47.94 - 68.24

Valuation FY2025 figures against the last close

P/S4.0x
P/E16.8x
P/FCF12.3x
EV/EBITDA7.3x
Dividend yield1.1%
Diluted EPS3.31

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 3.330.454.564.79-3.54-3.68-4.79-8.608.05-2.71
EPS, diluted 3.310.454.224.38-3.54-3.68-4.79-8.608.04-2.71
Shares, diluted (wtd. avg.) 615.7M514.6M413.2M406.5M323.2M260.6M255.1M260.9M187.7M167.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B Revenue, FY2016: 1.4B Gross profit, FY2016: 506.9M Net income, FY2016: -453M Revenue, FY2017: 3.1B Gross profit, FY2017: 1.9B Net income, FY2017: 1.5B Revenue, FY2018: 4.7B Gross profit, FY2018: 3B Net income, FY2018: -2.2B Revenue, FY2019: 3.8B Gross profit, FY2019: 2B Net income, FY2019: -1.2B Revenue, FY2020: 2.7B Gross profit, FY2020: 939.6M Net income, FY2020: -958.8M Revenue, FY2021: 6.8B Gross profit, FY2021: 4.9B Net income, FY2021: -1.1B Revenue, FY2022: 7.5B Gross profit, FY2022: 5.4B Net income, FY2022: 1.8B Revenue, FY2023: 6.9B Gross profit, FY2023: 4.8B Net income, FY2023: 1.7B Revenue, FY2024: 5.3B Gross profit, FY2024: 3.4B Net income, FY2024: 230.6M Revenue, FY2025: 8.6B Gross profit, FY2025: 7.1B Net income, FY2025: 2B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.39B $3.09B $4.71B $3.79B $2.65B $6.80B $7.50B $6.91B $5.27B $8.64B
Gross profit $506.9M $1.93B $3.01B $2.04B $939.6M $4.86B $5.38B $4.75B $3.36B $7.11B
Net income -$453.0M $1.51B -$2.24B -$1.22B -$958.8M -$1.14B $1.77B $1.74B $230.6M $2.04B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 1311

TickerCompanyMarket capP/ERevenue growth
EOG EOG RESOURCES INC $85.51B 17.9x -4.5%
OXY OCCIDENTAL PETROLEUM CORP /DE/ $64.15B 39.9x -5.0%
FANG Diamondback Energy, Inc. $57.62B 35.9x 35.8%
DVN DEVON ENERGY CORP/DE $56.53B 12.3x 5.4%
EXE EXPAND ENERGY Corp $22.30B 12.3x 186.3%
PR Permian Resources Corp $21.35B 19.9x 1.3%
OVV Ovintiv Inc. $19.91B 15.1x -3.1%
APA APA Corp $18.18B 13.0x —