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Eqt Corp Financials

EQT
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

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

Profitability Growth Leverage Liquidity Cash Flow Returns 73 / 100
Financial Profile 73/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
100

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.

Growth
100

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.

Leverage
96

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.

Liquidity
10

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.

Cash Flow
100

Eqt Corp converts 32.8% of revenue into free cash flow ($2.8B). This strong cash generation earns a score of 100/100.

Returns
30

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.

Altman Z-Score Grey Zone
2.14

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.

Piotroski F-Score Strong
7/9

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.

Earnings Quality Cash-Backed
2.51x

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.

Interest Coverage Safe
7.4x

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

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Earnings & Revenue

Revenue
$8.6B
YoY+63.9%
5Y CAGR+23.1%

Eqt Corp generated $8.6B in revenue in fiscal year 2025. This represents an increase of 63.9% from the prior year.

EBITDA
$5.9B
YoY+105.4%
5Y CAGR+62.5%
10Y CAGR+15.5%

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.

Net Income
$2.0B
YoY+784.4%
10Y CAGR+37.4%

Eqt Corp reported $2.0B in net income in fiscal year 2025. This represents an increase of 784.4% from the prior year.

EPS (Diluted)
$3.31
YoY+635.6%
10Y CAGR+19.4%

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

Free Cash Flow
$2.8B
YoY+395.0%
5Y CAGR+41.8%

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.

Cash & Debt
$110.8M
YoY-45.2%
5Y CAGR+43.5%
10Y CAGR-23.4%

Eqt Corp held $110.8M in cash against $7.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.64
YoY+1.2%
5Y CAGR+84.3%
10Y CAGR+18.2%

Eqt Corp paid $0.64 per share in dividends in fiscal year 2025. This represents an increase of 1.2% from the prior year.

Shares Outstanding
624M
YoY+4.5%
5Y CAGR+17.5%
10Y CAGR+15.1%

Eqt Corp had 624M shares outstanding in fiscal year 2025. This represents an increase of 4.5% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
37.6%
YoY+24.6pp
5Y CAGR+66.3pp

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.

Net Margin
23.6%
YoY+19.2pp
5Y CAGR+54.9pp

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.

Return on Equity
8.6%
YoY+7.5pp
5Y CAGR+19.1pp
10Y CAGR+6.9pp

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

R&D Spending
N/A
Share Buybacks
$0

Eqt Corp spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$2.3B
YoY+1.5%
5Y CAGR+17.0%
10Y CAGR-0.6%

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

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.

Eqt Corp (EQT) revenue grew by 63.9% year-over-year, from $5.3B to $8.6B in fiscal year 2025.

Yes, Eqt Corp (EQT) reported a net income of $2.0B in fiscal year 2025, with a net profit margin of 23.6%.

Eqt Corp (EQT) reported diluted earnings per share of $3.31 for fiscal year 2025. This represents a 635.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Eqt Corp (EQT) had EBITDA of $5.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Eqt Corp (EQT) had $110.8M in cash and equivalents against $7.3B in long-term debt.

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.

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.

Yes, Eqt Corp (EQT) paid $0.64 per share in dividends during fiscal year 2025.

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.

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.

Eqt Corp (EQT) generated $5.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Eqt Corp (EQT) had $41.8B in total assets as of fiscal year 2025, including both current and long-term assets.

Eqt Corp (EQT) invested $2.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Eqt Corp (EQT) had 624M shares outstanding as of fiscal year 2025.

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.

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.

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.

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.

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.

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.

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.

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.

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