This page shows Eqt Corp (EQT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Eqt Corp has an operating margin of 37.6%, meaning the company retains $38 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 13.0% the prior year.
Eqt Corp's revenue surged 63.9% year-over-year to $8.6B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Eqt Corp carries a low D/E ratio of 0.31, meaning only $0.31 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
Eqt Corp's current ratio of 0.76 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 10/100, which could limit financial flexibility.
Eqt Corp converts 32.8% of revenue into free cash flow ($2.8B). This strong cash generation earns a score of 100/100.
Eqt Corp's ROE of 8.6% shows moderate profitability relative to equity, earning a score of 30/100. This is up from 1.1% the prior year.
Eqt Corp scores 2.14, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($37.3B) relative to total liabilities ($14.4B). This signals moderate financial risk that warrants monitoring.
Eqt Corp passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Eqt Corp generates $2.51 in operating cash flow ($5.1B OCF vs $2.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Eqt Corp earns $7.4 in operating income for every $1 of interest expense ($3.2B vs $438.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Eqt Corp generated $8.6B in revenue in fiscal year 2025. This represents an increase of 63.9% from the prior year.
Eqt Corp's EBITDA was $5.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 105.4% from the prior year.
Eqt Corp reported $2.0B in net income in fiscal year 2025. This represents an increase of 784.4% from the prior year.
Eqt Corp earned $3.31 per diluted share (EPS) in fiscal year 2025. This represents an increase of 635.6% from the prior year.
Cash & Balance Sheet
Eqt Corp generated $2.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 395.0% from the prior year.
Eqt Corp held $110.8M in cash against $7.3B in long-term debt as of fiscal year 2025.
Eqt Corp paid $0.64 per share in dividends in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Eqt Corp had 624M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.
Margins & Returns
Eqt Corp's operating margin was 37.6% in fiscal year 2025, reflecting core business profitability. This is up 24.6 percentage points from the prior year.
Eqt Corp's net profit margin was 23.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.2 percentage points from the prior year.
Eqt Corp's ROE was 8.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 7.5 percentage points from the prior year.
Capital Allocation
Eqt Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Eqt Corp invested $2.3B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 1.5% from the prior year.
EQT Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B+21.9% | $2.0B-23.4% | $2.6B+47.0% | $1.7B+7.1% | $1.6B+26.6% | $1.3B+34.8% | $952.5M-32.6% | $1.4B |
| Cost of Revenue | $387.6M+2.8% | $377.1M-3.1% | $389.1M+2.9% | $378.2M-2.2% | $386.5M-12.3% | $440.8M-18.8% | $543.1M-0.4% | $545.2M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $108.3M+9.7% | $98.7M+21.0% | $81.6M-10.8% | $91.5M-15.3% | $108.0M+22.1% | $88.5M+31.6% | $67.2M-8.0% | $73.1M |
| Operating Income | $1.0B+68.5% | $603.2M-46.8% | $1.1B+128.5% | $496.3M-36.5% | $781.4M+377.3% | -$281.8M-9586.4% | $3.0M-98.4% | $182.7M |
| Interest Expense | $105.5M-4.0% | $109.9M+4.0% | $105.7M-10.1% | $117.6M-36.9% | $186.4M+17.8% | $158.3M+184.1% | $55.7M+2.5% | $54.4M |
| Income Tax | $208.3M+61.2% | $129.3M-45.1% | $235.6M+199.5% | $78.7M-46.4% | $146.9M+240.0% | -$104.9M-137.1% | -$44.2M-282.0% | $24.3M |
| Net Income | $677.1M+101.6% | $335.9M-57.2% | $784.1M+223.8% | $242.1M-42.1% | $418.4M+239.1% | -$300.8M-3260.9% | $9.5M-90.8% | $103.5M |
| EPS (Diluted) | N/A | $0.53-59.2% | $1.30+225.0% | $0.40 | N/A | $-0.54-2800.0% | $0.02-91.3% | $0.23 |
EQT Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $41.8B+1.5% | $41.2B+3.9% | $39.7B-0.1% | $39.7B-0.3% | $39.8B-0.3% | $39.9B+61.7% | $24.7B-2.9% | $25.4B |
| Current Assets | $1.9B+49.6% | $1.3B-22.3% | $1.6B-6.2% | $1.7B+1.4% | $1.7B+58.4% | $1.1B-12.0% | $1.2B-41.3% | $2.1B |
| Cash & Equivalents | $110.8M-53.0% | $235.7M-57.6% | $555.5M+97.1% | $281.8M+39.4% | $202.1M+127.1% | $89.0M+196.9% | $30.0M-95.4% | $648.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.5B+81.4% | $803.9M-1.7% | $817.4M-32.2% | $1.2B+6.5% | $1.1B+96.1% | $577.6M-1.6% | $587.0M+31.9% | $445.2M |
| Goodwill | $2.1B0.0% | $2.1B0.0% | $2.1B-0.2% | $2.1B-0.6% | $2.1B-4.5% | $2.2B | N/A | N/A |
| Total Liabilities | $14.4B+0.2% | $14.4B-1.1% | $14.6B-4.8% | $15.3B-1.6% | $15.6B-20.1% | $19.5B+103.1% | $9.6B-6.7% | $10.3B |
| Current Liabilities | $2.5B+13.4% | $2.2B-5.0% | $2.3B-24.7% | $3.1B+24.4% | $2.5B+16.4% | $2.1B+25.4% | $1.7B-29.0% | $2.4B |
| Long-Term Debt | $7.3B-5.4% | $7.7B-2.7% | $7.9B-2.3% | $8.1B-9.9% | $9.0B-32.8% | $13.4B+170.8% | $4.9B+1.0% | $4.9B |
| Total Equity | $23.8B+2.6% | $23.2B+8.1% | $21.4B+3.4% | $20.7B+0.6% | $20.6B+1.3% | $20.3B+34.5% | $15.1B-0.3% | $15.2B |
| Retained Earnings | $4.2B+15.7% | $3.7B+6.9% | $3.4B+25.2% | $2.7B+5.8% | $2.6B+14.3% | $2.3B-14.9% | $2.7B-2.2% | $2.7B |
EQT Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1B+10.6% | $1.0B-18.0% | $1.2B-28.7% | $1.7B+130.2% | $756.3M+27.5% | $593.0M+84.1% | $322.0M-72.1% | $1.2B |
| Capital Expenditures | $612.7M-2.2% | $626.4M+14.0% | $549.6M+10.0% | $499.6M-15.5% | $591.6M+3.9% | $569.5M+2.0% | $558.2M+4.4% | $534.5M |
| Free Cash Flow | $512.7M+31.0% | $391.3M-43.5% | $692.1M-44.3% | $1.2B+653.9% | $164.7M+600.5% | $23.5M+110.0% | -$236.1M-138.0% | $621.2M |
| Investing Cash Flow | -$621.0M+39.5% | -$1.0B-54.5% | -$664.0M-24.3% | -$534.0M-191.7% | $582.4M+145.4% | -$1.3B-311.2% | -$312.1M+45.0% | -$567.2M |
| Financing Cash Flow | -$629.3M-102.0% | -$311.6M-2.5% | -$304.0M+73.0% | -$1.1B+8.0% | -$1.2B-263.6% | $749.1M+219.3% | -$628.1M-2829.4% | -$21.4M |
| Dividends Paid | $103.0M+4.8% | $98.3M+4.3% | $94.3M+0.2% | $94.1M+0.1% | $94.0M+0.4% | $93.6M+34.6% | $69.6M+0.2% | $69.4M |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
EQT Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 42.5%+11.8pp | 30.8%-13.5pp | 44.3%+15.8pp | 28.5%-19.6pp | 48.1%+70.0pp | -21.9%-22.3pp | 0.3%-12.6pp | 12.9% |
| Net Margin | 28.3%+11.2pp | 17.2%-13.5pp | 30.7%+16.7pp | 13.9%-11.8pp | 25.8%+49.2pp | -23.4%-24.4pp | 1.0%-6.3pp | 7.3% |
| Return on Equity | 2.9%+1.4pp | 1.5%-2.2pp | 3.7%+2.5pp | 1.2%-0.9pp | 2.0%+3.5pp | -1.5%-1.5pp | 0.1%-0.6pp | 0.7% |
| Return on Assets | 1.6%+0.8pp | 0.8%-1.2pp | 2.0%+1.4pp | 0.6%-0.4pp | 1.1%+1.8pp | -0.8%-0.8pp | 0.0%-0.4pp | 0.4% |
| Current Ratio | 0.76+0.2 | 0.58-0.1 | 0.71+0.1 | 0.57-0.1 | 0.70+0.2 | 0.51-0.2 | 0.73-0.2 | 0.88 |
| Debt-to-Equity | 0.31-0.0 | 0.33-0.0 | 0.37-0.0 | 0.39-0.0 | 0.44-0.2 | 0.66+0.3 | 0.330.0 | 0.32 |
| FCF Margin | 21.5%+1.5pp | 20.0%-7.1pp | 27.1%-44.3pp | 71.4%+61.2pp | 10.1%+8.3pp | 1.8%+26.6pp | -24.8%-68.8pp | 44.0% |
Note: The current ratio is below 1.0 (0.76), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Eqt Corp's annual revenue?
Eqt Corp (EQT) reported $8.6B in total revenue for fiscal year 2025. This represents a 63.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Eqt Corp's revenue growing?
Eqt Corp (EQT) revenue grew by 63.9% year-over-year, from $5.3B to $8.6B in fiscal year 2025.
Is Eqt Corp profitable?
Yes, Eqt Corp (EQT) reported a net income of $2.0B in fiscal year 2025, with a net profit margin of 23.6%.
What is Eqt Corp's EBITDA?
Eqt Corp (EQT) had EBITDA of $5.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Eqt Corp have?
As of fiscal year 2025, Eqt Corp (EQT) had $110.8M in cash and equivalents against $7.3B in long-term debt.
What is Eqt Corp's operating margin?
Eqt Corp (EQT) had an operating margin of 37.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Eqt Corp's net profit margin?
Eqt Corp (EQT) had a net profit margin of 23.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Eqt Corp pay dividends?
Yes, Eqt Corp (EQT) paid $0.64 per share in dividends during fiscal year 2025.
What is Eqt Corp's return on equity (ROE)?
Eqt Corp (EQT) has a return on equity of 8.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Eqt Corp's free cash flow?
Eqt Corp (EQT) generated $2.8B in free cash flow during fiscal year 2025. This represents a 395.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Eqt Corp's operating cash flow?
Eqt Corp (EQT) generated $5.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Eqt Corp's total assets?
Eqt Corp (EQT) had $41.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Eqt Corp's capital expenditures?
Eqt Corp (EQT) invested $2.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Eqt Corp's current ratio?
Eqt Corp (EQT) had a current ratio of 0.76 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Eqt Corp's debt-to-equity ratio?
Eqt Corp (EQT) had a debt-to-equity ratio of 0.31 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Eqt Corp's return on assets (ROA)?
Eqt Corp (EQT) had a return on assets of 4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Eqt Corp's Altman Z-Score?
Eqt Corp (EQT) has an Altman Z-Score of 2.14, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Eqt Corp's Piotroski F-Score?
Eqt Corp (EQT) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Eqt Corp's earnings high quality?
Eqt Corp (EQT) has an earnings quality ratio of 2.51x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Eqt Corp cover its interest payments?
Eqt Corp (EQT) has an interest coverage ratio of 7.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Eqt Corp?
Eqt Corp (EQT) scores 73 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.