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EQT

EQT NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

EQT's revenue rose 63.9% to $8.6 billion in fiscal 2025. Its operating margin was 37.6%, up from 13.0% a year earlier. Free cash flow was $2.8 billion, up 395.0%. It paid out $390 million in dividends and buybacks, 14% of free cash flow. The diluted share count rose 19.6%.

Last close · Oct 23, 2026

$55.63

1.8%
Value it Compare
Revenue Total sales reported in the income statement.
$8.6B
63.9% vs prior year
Operating margin Operating income as a share of revenue.
37.6%
24.6 pts
Net income Profit after all expenses, interest and tax.
$2.0B
784.3%
Free cash flow Cash from operations minus capital spending.
$2.8B
395.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.4%
5.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$35.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
12.9x
On $4.31 EPS (TTM)

What EQT does

No business description yet.

Legal name
EQT CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000033213-26-000018
0000033213

Revenue and margins

EQT had $8.6B of revenue in fiscal 2025, up 63.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $2.8B in fiscal 2025, 32.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

EQT returned $390M to shareholders in fiscal 2025, 14% of free cash flow. The diluted share count rose 19.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value EQT yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$7.7B and divides by 615.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 12.9x · peers 11.5x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably EQT can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $114M$1.5B$81.0M$202M$111M
Debt incl. finance leases $5.6B$5.7B$5.8B$9.4B$7.8B
Net debt / EBITDA 17.4x1.0x1.4x3.2x1.3x
Debt / equity 0.6x0.5x0.4x0.5x0.3x
Interest coverage −4.7x10.9x10.5x1.5x7.4x
Current ratio 0.4x1.1x1.0x0.7x0.8x
Quick ratio 0.4x1.1x1.0x0.7x0.8x
Total assets $21.6B$22.7B$25.3B$39.8B$41.8B
Total liabilities $11.6B$11.5B$10.5B$15.6B$14.4B
Shareholders' equity $10.0B$11.2B$14.8B$20.6B$23.8B
Net debt (− = net cash) $5.5B$4.2B$5.7B$9.2B$7.7B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$24.3M

8 insiders

Of sales under plans

62%

$15.0M

DateInsiderTradeSharesPriceValueFiling
Aug 14, 2026 Toby Z. RicePresident & CEO, Director Sold plan 175,328 $55.03 $9.6M Form 4
Jun 8, 2026 Toby Z. RicePresident & CEO, Director Sold plan 1,731 $53.46 $0.1M Form 4
Jun 5, 2026 Toby Z. RicePresident & CEO, Director Sold plan 96,983 $54.28 $5.3M Form 4
Apr 27, 2026 Vicky A BaileyDirector Sold 4,116 $59.80 $0.2M Form 4
Mar 16, 2026 Sarah FentonEVP Upstream Sold 4,876 $64.49 $0.3M Form 4
Mar 12, 2026 J.E.B. BolenEVP Operations Sold 7,634 $64.35 $0.5M Form 4
Mar 3, 2026 Lesley EvanchoChief Human Resources Officer Sold 20,000 $60.69 $1.2M Form 4
Feb 27, 2026 Jeremy KnopChief Financial Officer Sold 20,000 $61.65 $1.2M Form 4
Feb 23, 2026 Todd JamesChief Accounting Officer Sold 32,514 $61.12 $2.0M Form 4
Feb 20, 2026 Sarah FentonEVP Upstream Sold 3,768 $60.37 $0.2M Form 4
Nov 11, 2025 William E. JordanChief Legal & Policy Officer Sold 57,500 $60.63 $3.5M Form 4
Oct 28, 2025 J.E.B. BolenEVP Operations Sold 1,422 $52.79 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 93 / 98 / 9
Accruals ratio −6.0%−8.0%−7.6%
Altman Z'' 2.431.842.75

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
EQT EQT $35.0B 63.9% 37.6% 32.8% 7.4% 12.9x 8
Ovintiv OVV $20.4B −2.7% 12.7% 16.9% 7.1% 20.7x 8 Compare →
Expand Energy EXE $22.2B 186.3% 20.4% 15.2% 8.6% 8.1x 7 Compare →
Woodside Energy WDS $45.3B −1.5% 30.0% — 7.1% — 4 Compare →
Antero Resources AR $12.5B 22.0% 16.8% 30.8% 7.6% 11.5x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.4B $3.1B $4.6B $4.4B $3.1B $3.1B $7.5B $6.9B $5.3B $8.6B
Gross profit $507M $1.9B $2.9B $2.7B $1.3B $1.1B $5.4B $4.8B $3.4B $7.1B
Operating income −$755M $382M −$2.8B −$1.2B −$878M −$1.4B $2.7B $2.3B $685M $3.2B
Interest expense $131M $168M $229M $200M $259M $290M $250M $220M $455M $439M
Pretax income −$894M $199M −$3.1B −$1.6B −$1.3B −$1.6B $2.3B $2.1B $264M $3.0B
Income tax −$363M −$1.2B −$697M −$376M −$295M −$428M $554M $369M $22.1M $652M
Net income −$453M $1.5B −$2.2B −$1.2B −$959M −$1.1B $1.8B $1.7B $231M $2.0B
Diluted EPS −$2.71 $8.04 −$8.60 −$4.79 −$3.68 −$3.54 $4.38 $4.22 $0.45 $3.31
Diluted shares 0.17B 0.19B 0.26B 0.26B 0.26B 0.32B 0.41B 0.41B 0.51B 0.62B
Cash flow
Cash from operations $1.1B $1.6B $3.0B $1.9B $1.5B $1.7B $3.5B $3.2B $2.8B $5.1B
Capital expenditure $943M $1.6B $3.0B $1.6B $1.0B $1.1B $1.4B $2.0B $2.3B $2.3B
Free cash flow $122M $78.7M −$22.8M $249M $495M $607M $2.1B $1.2B $573M $2.8B
Depreciation and amortization $857M $971M $1.6B $1.5B $1.4B $1.7B $1.7B $1.7B $2.2B $2.6B
Stock-based compensation $44.6M $94.6M $25.2M $31.2M $19.6M $28.2M $45.2M $49.8M $158M $60.8M
Acquisitions $0.0M $2.4B $0.0M $0.0M $692M $1.0B $205M $2.3B $874M $484M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $12.9M $410M $201M $0.0M $0.0M
Dividends paid $20.2M $20.8M $31.4M $30.7M $7.7M $0.0M $204M $228M $327M $390M
Dividends and buybacks $20.2M $20.9M $31.4M $30.7M $7.7M $12.9M $613M $429M $327M $390M
Balance sheet
Cash and short-term investments $1.1B $26.3M $3.5M $4.6M $18.2M $114M $1.5B $81.0M $202M $111M
Total debt $3.3B $4.7B $4.7B $5.3B $4.9B $5.6B $5.7B $5.8B $9.3B $7.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $6.2M $34.9M $37.1M
Current assets $1.8B $1.2B $2.0B $1.8B $1.2B $2.3B $4.0B $2.0B $1.7B $1.9B
Current liabilities $805M $1.2B $2.4B $1.3B $1.8B $5.2B $3.7B $2.0B $2.5B $2.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $13.2B $19.7B $17.4B $16.2B $16.1B $18.4B $18.2B $23.0B $31.7B $33.6B
Total assets $15.5B $29.5B $20.7B $18.8B $18.1B $21.6B $22.7B $25.3B $39.8B $41.8B
Total liabilities $6.4B $11.1B $9.8B $9.0B $8.9B $11.6B $11.5B $10.5B $15.6B $14.4B
Shareholders' equity $5.9B $13.3B $11.0B $9.8B $9.3B $10.0B $11.2B $14.8B $20.6B $23.8B
Margins
Gross margin 36.5% 62.3% 62.8% 60.3% 44.1% 36.6% 71.8% 68.8% 63.7% 82.3%
Operating margin −54.4% 12.4% −61.1% −26.1% −28.7% −44.4% 36.3% 33.5% 13.0% 37.6%
EBITDA margin 7.3% 43.8% −26.6% 8.8% 16.9% 10.3% 58.5% 58.6% 54.0% 67.7%
Net margin −32.7% 48.8% −49.3% −27.7% −31.4% −37.3% 23.6% 25.1% 4.4% 23.6%
FCF margin 8.8% 2.5% −0.5% 5.6% 16.2% 19.8% 27.5% 16.8% 10.9% 32.8%
Returns
Return on capital −5.8% 2.2% −11.4% −5.9% −4.8% −7.3% 13.4% 10.6% 2.3% 7.4%
Return on capital employed −5.4% 1.8% −11.9% −6.4% −5.2% −8.3% 15.4% 11.0% 2.3% 8.5%
Return on equity −8.3% 15.7% −18.5% −11.8% −10.1% −11.9% 16.8% 13.4% 1.3% 9.2%
Return on assets −3.1% 6.7% −8.9% −6.2% −5.2% −5.8% 8.0% 7.2% 0.7% 5.0%
Growth
Revenue growth — 122.9% 47.5% −3.1% −30.7% 0.2% 144.7% −7.9% −23.7% 63.9%
Net income growth −631.9% — −248.8% — — — — −2.0% −86.7% 784.4%
EPS growth −583.9% — −207.0% — — — — −3.7% −89.3% 635.6%
FCF growth — −35.3% −129.0% — 98.8% 22.6% 240.0% −43.8% −50.6% 395.0%
Share count change 9.2% 12.4% 39.0% −2.2% 2.1% 24.0% 25.8% 1.7% 24.5% 19.7%
Financial health
Net debt / EBITDA 21.6x 3.5x — 13.7x 9.5x 17.4x 1.0x 1.4x 3.2x 1.3x
Debt / equity 0.6x 0.4x 0.4x 0.5x 0.5x 0.6x 0.5x 0.4x 0.5x 0.3x
Interest coverage −5.8x 2.3x −12.2x −5.8x −3.4x −4.7x 10.9x 10.5x 1.5x 7.4x
Current ratio 2.3x 0.9x 0.8x 1.3x 0.7x 0.4x 1.1x 1.0x 0.7x 0.8x
Quick ratio 2.3x 0.9x 0.8x 1.3x 0.7x 0.4x 1.1x 1.0x 0.7x 0.8x
Capital allocation
Capex / revenue 68.0% 50.4% 65.8% 36.3% 34.1% 34.4% 18.7% 29.2% 42.7% 26.5%
Stock comp / revenue 3.2% 3.1% 0.6% 0.7% 0.6% 0.9% 0.6% 0.7% 3.0% 0.7%
Payouts / FCF 16.6% 26.5% — 12.3% 1.6% 2.1% 29.7% 37.0% 57.0% 13.7%
Quality scores
Piotroski F-score — 7.0 4.0 6.0 4.0 3.0 8.0 4.0 3.0 8.0
Altman Z'' 2.1 2.3 0.7 1.2 0.8 −0.4 2.1 2.4 1.8 2.8
Accruals ratio −10.3% −0.6% −20.8% −15.6% −13.5% −14.1% −7.7% −6.0% −8.0% −7.6%

Source: SEC EDGAR XBRL filings (CIK 0000033213). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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