EQT Corporation

Energy Oil & Gas Exploration & Production Pittsburgh, Pennsylvania Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$8.6B
                    3y CAGR +4.9%
                    
                    P74
                    
                    +63.9%
                    
                    Net income
                    FY2025
                
$2.0B
                    Net margin +23.6%
                    
                    P95
                    
                    +784.4%
                    
                    Total assets
                    FY2025
                
$41.8B
                    ROA +4.9%
                    
                    P36
                    
                    +4.9%
                    
                    Operating cash flow
                    FY2025
                
$5.1B
                    FCF margin +32.8%
                    
                    P92
                    
                    +81.3%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

27 accounts · 10 years

Total assets $41.8B

Total liabilities $14.4B

Shareholders equity $23.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$110.8M -45.2%	$202.1M 149.6%	$81.0M -94.4%	$1.5B 1179.9%	$114.0M 525.8%	$18.2M 296.2%	$4.6M 31.8%	$3.5M -97.6%	$147.3M -86.7%	$1.1B
Short Term Investments	$0	$0	$0	$0	$0	$0	$0 -100.0%	$1.0B	$0	$0
Accounts Receivable	$1.5B 28.7%	$1.1B 37.5%	$823.7M -48.8%	$1.6B 11.8%	$1.4B 153.8%	$566.6M -7.1%	$610.1M -50.9%	$1.2B 71.2%	$725.2M 112.3%	$341.6M
Other Current Assets	$0 -100.0%	$52.0M -43.1%	$91.4M	$0 -100.0%	$43.7M 107.3%	$21.1M -26.5%	$28.7M -74.2%	$111.1M 128.8%	$48.6M -23.7%	$63.6M
Total Current Assets	$1.9B 10.5%	$1.7B -14.8%	$2.0B -49.9%	$4.0B 75.6%	$2.3B 88.1%	$1.2B -30.7%	$1.8B -10.9%	$2.0B 69.4%	$1.2B -36.4%	$1.8B
Property,Plant and Equipment	$33.6B 5.7%	$31.7B 38.3%	$23.0B 26.3%	$18.2B -1.4%	$18.4B 14.7%	$16.1B -0.6%	$16.2B -7.1%	$17.4B -30.1%	$24.9B 89.1%	$13.2B
Goodwill	$2.1B -0.8%	$2.1B	—	—	—	—	—	—	$2.0B	—
Intangible Assets	$200.5M -6.9%	$215.3M	$0	$0	$0	$0 -100.0%	$26.0M -66.4%	$77.3M -89.5%	$736.4M	$0
Long Term Investments	$3.6B 0.4%	$3.6B 6232.4%	$56.6M	—	—	—	—	—	$460.5M 149.5%	$184.6M
Other Noncurrent Assets	$446.4M -2.0%	$455.6M 41.5%	$322.0M -34.0%	$488.2M -0.7%	$491.7M 13.4%	$433.8M 120.3%	$196.9M -26.8%	$268.8M -3.6%	$278.9M 25.1%	$222.9M
Total Assets	$41.8B 4.9%	$39.8B 57.5%	$25.3B 11.5%	$22.7B 4.9%	$21.6B 19.3%	$18.1B -3.7%	$18.8B -9.2%	$20.7B -29.8%	$29.5B 90.8%	$15.5B
Liabilities
Accounts Payable	$1.4B 16.1%	$1.2B -7.5%	$1.3B -19.2%	$1.6B 17.6%	$1.3B 89.8%	$705.5M -11.4%	$796.4M -24.9%	$1.1B 61.9%	$654.6M 111.2%	$310.0M
Accrued Liabilities	$137.5M 130.3%	$59.7M 109.8%	$28.5M -32.8%	$42.3M -25.2%	$56.6M 90.0%	$29.8M -53.3%	$63.7M 141.6%	$26.4M -56.2%	$60.2M 52.5%	$39.5M
Current Portion of Long Term Debt	$507.1M 58.1%	$320.8M 9.7%	$292.4M -30.8%	$422.6M -55.7%	$954.9M 519.4%	$154.2M 851.4%	$16.2M -97.7%	$704.4M 8706.0%	$8.0M	$0
Other Current Liabilities	$335.5M -4.0%	$349.4M 22.4%	$285.5M -16.4%	$341.5M -8.3%	$372.4M 23.4%	$301.9M 36.9%	$220.6M -13.4%	$254.7M -40.8%	$430.5M 81.9%	$236.7M
Total Current Liabilities	$2.5B 0.9%	$2.5B 20.9%	$2.0B -45.4%	$3.7B -26.5%	$5.1B 188.3%	$1.8B 30.9%	$1.3B -42.8%	$2.4B 91.1%	$1.2B 53.1%	$804.6M
Long Term Debt	$7.3B -19.0%	$9.0B 63.6%	$5.5B 4.7%	$5.3B 16.0%	$4.5B -5.1%	$4.8B -4.2%	$5.0B 24.8%	$4.0B -28.2%	$5.6B 69.1%	$3.3B
Deferred Tax Liabilities	$3.5B 21.8%	$2.9B 49.7%	$1.9B 32.1%	$1.4B 53.7%	$938.6M -31.6%	$1.4B -35.6%	$2.1B -21.9%	$2.7B -0.6%	$2.7B 4.0%	$2.6B
Other Noncurrent Liabilities	$0 -100.0%	$1.2B 16.6%	$1.1B 3.3%	$1.0B 1.3%	$1.0B 7.2%	$945.1M 5.3%	$897.1M 13.3%	$791.7M 1.1%	$783.3M 56.8%	$499.6M
Total Liabilities	$14.4B -7.2%	$15.6B 48.1%	$10.5B -8.3%	$11.5B -0.9%	$11.6B 30.6%	$8.9B -1.7%	$9.0B -7.8%	$9.8B -12.1%	$11.1B 74.8%	$6.4B
Equity
Common Stock	$19.5B 8.3%	$18.0B 49.0%	$12.1B 22.3%	$9.9B -2.7%	$10.2B 23.4%	$8.2B 5.4%	$7.8B -0.1%	$7.8B -16.6%	$9.4B 172.9%	$3.4B
Retained Earnings	$4.2B 63.9%	$2.6B -3.6%	$2.7B 108.9%	$1.3B 1208.6%	$-115.8M -111.0%	$1.0B -48.2%	$2.0B -36.5%	$3.2B -20.3%	$4.0B 59.3%	$2.5B
Treasury Stock	$0	$0	$0	$0 -100.0%	$18.0M -38.5%	$29.3M -9.7%	$32.5M -33.9%	$49.2M -22.7%	$63.6M -30.1%	$91.0M
Accumulated Other Comprehensive Income	$-2.2M 6.4%	$-2.3M 13.5%	$-2.7M 10.4%	$-3.0M 35.1%	$-4.6M 13.9%	$-5.4M -3.0%	$-5.2M 3.8%	$-5.4M -119.9%	$-2.5M -220.4%	$2.0M
Noncontrolling Interest	$3.6B -2.0%	$3.7B 48219.7%	$7.6M -81.4%	$40.9M 151.6%	$16.2M 116.8%	$7.5M	—	—	$5.1B 56.3%	$3.3B
Total Stockholders Equity	$23.8B 15.3%	$20.6B 39.4%	$14.8B 32.2%	$11.2B 11.4%	$10.0B 8.4%	$9.3B -5.6%	$9.8B -10.5%	$11.0B -17.7%	$13.3B 127.3%	$5.9B
Total Liabilitiesand Equity	$41.8B 4.9%	$39.8B 57.5%	$25.3B 11.5%	$22.7B 4.9%	$21.6B 19.3%	$18.1B -3.7%	$18.8B -9.2%	$20.7B -29.8%	$29.5B 90.8%	$15.5B

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $8.6B

Operating income $3.2B

Net income $2.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$8.6B 63.9%	$5.3B -23.7%	$6.9B -7.9%	$7.5B 144.6%	$3.1B 0.2%	$3.1B -30.7%	$4.4B -3.1%	$4.6B 47.5%	$3.1B 122.8%	$1.4B
Expenses Cost of Revenue	$1.5B -20.0%	$1.9B -11.2%	$2.2B 1.9%	$2.1B 9.0%	$1.9B 13.5%	$1.7B -2.4%	$1.8B 3.3%	$1.7B 45.7%	$1.2B 32.3%	$880.2M
Expenses Selling,General and Administrative	$380.1M 12.9%	$336.7M 42.6%	$236.2M -6.5%	$252.6M 28.7%	$196.3M 12.3%	$174.8M 2.4%	$170.6M -26.6%	$232.5M 11.3%	$209.0M -4.5%	$218.9M
Expenses Depreciation and Amortization	$2.6B 20.3%	$2.2B 24.8%	$1.7B 4.0%	$1.7B -0.6%	$1.7B 20.3%	$1.4B -9.4%	$1.5B -1.9%	$1.6B 61.6%	$971.0M 13.4%	$856.5M
Expenses Share Based Compensation	$60.8M -61.6%	$158.3M 217.7%	$49.8M 10.2%	$45.2M 60.5%	$28.2M 44.1%	$19.6M -37.4%	$31.2M 24.0%	$25.2M -73.4%	$94.6M 112.1%	$44.6M
Expenses Operating Expenses	$5.4B 17.6%	$4.6B -0.1%	$4.6B -3.9%	$4.8B 8.0%	$4.4B 12.4%	$3.9B -29.3%	$5.6B -24.1%	$7.3B 171.0%	$2.7B 26.0%	$2.2B
Other Income Expense Operating Income	$3.2B 374.2%	$685.3M -70.4%	$2.3B -14.8%	$2.7B 299.7%	$-1.4B -55.1%	$-877.7M 23.8%	$-1.2B 58.6%	$-2.8B -828.2%	$382.2M 150.6%	$-755.0M
Other Income Expense Other Income/expense	$4.8M -81.4%	$26.0M 2010.7%	$1.2M -89.1%	$11.3M -41.0%	$19.1M -46.2%	$35.5M -61.2%	$91.5M 1203.7%	$7.0M 334.9%	$-3.0M -137.0%	$8.1M
Other Income Expense Income Before Tax	$3.0B 1027.0%	$264.2M -87.4%	$2.1B -9.9%	$2.3B 248.7%	$-1.6B -25.2%	$-1.3B 21.5%	$-1.6B 48.1%	$-3.1B -1649.5%	$198.6M 122.2%	$-894.3M
Income Tax Income Tax Expense	$651.9M 2852.5%	$22.1M -94.0%	$369.0M -33.4%	$553.7M 229.4%	$-428.0M -45.0%	$-295.3M 21.4%	$-375.8M 46.0%	$-696.5M 41.4%	$-1.2B -227.6%	$-362.8M
net Income net Income	$2.0B 784.4%	$230.6M -86.7%	$1.7B -2.0%	$1.8B 255.0%	$-1.1B -19.2%	$-958.8M 21.5%	$-1.2B 45.6%	$-2.2B -248.8%	$1.5B 433.0%	$-453.0M
net Income Comprehensive Income	$2.0B 783.1%	$230.9M -86.7%	$1.7B -2.1%	$1.8B 255.2%	$-1.1B -19.1%	$-959.0M 21.5%	$-1.2B 45.7%	$-2.2B -249.5%	$1.5B 402.4%	$-497.3M
Earnings Per Share Basic Eps	$3 640.0%	$0 -90.1%	$5 -4.8%	$5 235.3%	$-4 3.8%	$-4 23.2%	$-5 44.3%	$-9 -206.8%	$8 397.0%	$-3
Earnings Per Share Diluted Eps	$3 635.6%	$0 -89.3%	$4 -3.7%	$4 223.7%	$-4 3.8%	$-4 23.2%	$-5 44.3%	$-9 -207.0%	$8 396.7%	$-3
Earnings Per Share Weighted Average Shares Basic	$611.6M 20.0%	$509.6M 33.8%	$380.9M 2.9%	$370.0M 14.5%	$323.2M 24.0%	$260.6M 2.1%	$255.1M -2.2%	$260.9M 39.3%	$187.4M 12.2%	$167.0M
Earnings Per Share Weighted Average Shares Diluted	$615.7M 19.7%	$514.6M 24.5%	$413.2M 1.7%	$406.5M 25.8%	$323.2M 24.0%	$260.6M 2.1%	$255.1M -2.2%	$260.9M 39.0%	$187.7M 12.4%	$167.0M

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 10 years

Operating cash flow $5.1B

Investing cash flow $-2.8B

Financing cash flow $-2.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$2.0B 784.4%	$230.6M -86.7%	$1.7B -2.0%	$1.8B 255.0%	$-1.1B -19.2%	$-958.8M 21.5%	$-1.2B 45.6%	$-2.2B -248.8%	$1.5B 433.0%	$-453.0M
Operating Activities Depreciation and Amortization	$2.6B 20.3%	$2.2B 24.8%	$1.7B 4.0%	$1.7B -0.6%	$1.7B 20.3%	$1.4B -9.4%	$1.5B -1.9%	$1.6B 61.6%	$971.0M 13.4%	$856.5M
Operating Activities Stock Based Compensation	$59.6M 19.2%	$50.0M -2.4%	$51.2M -24.0%	$67.4M 41.9%	$47.5M 72.4%	$27.5M -27.8%	$38.1M 53.2%	$24.9M -77.9%	$112.8M 138.2%	$47.3M
Operating Activities Deferred Income Taxes	$657.8M 4365.4%	$14.7M -96.2%	$384.7M -28.0%	$534.6M 225.1%	$-427.5M -180.7%	$-152.3M 44.6%	$-275.1M -100.8%	$-137.0M 87.5%	$-1.1B -591.0%	$-158.3M
Operating Activities Changes In Operating Assets and Liabilities	$560.5M 136.6%	$237.0M 118.6%	$-1.3B -463.5%	$350.4M -69.7%	$1.2B 16188.6%	$7.1M 101.1%	$-671.0M -174.9%	$896.2M 11737.1%	$-7.7M -119.0%	$40.5M
Operating Activities Other Non Cash Items	$-201.9M -2833.9%	$7.4M 104.3%	$-171.7M -549.9%	$38.2M 178.5%	$-48.6M 1.7%	$-49.5M 19.7%	$-61.6M -880.0%	$7.9M -71.0%	$27.3M 132.4%	$-84.2M
Operating Activities net Cash From Operating Activities	$5.1B 81.3%	$2.8B -11.1%	$3.2B -8.3%	$3.5B 108.5%	$1.7B 8.1%	$1.5B -17.0%	$1.9B -37.8%	$3.0B 81.7%	$1.6B 53.9%	$1.1B
Investing Activities Capital Expenditures	$2.3B 1.5%	$2.3B 11.6%	$2.0B 44.2%	$1.4B 32.7%	$1.1B 1.2%	$1.0B -35.0%	$1.6B -46.6%	$3.0B 92.4%	$1.6B 65.4%	$942.8M
Investing Activities Business Acquisitions	$483.5M -44.7%	$874.3M -61.5%	$2.3B 1006.4%	$205.3M -80.1%	$1.0B 48.9%	$691.9M	$0	$0 -100.0%	$2.4B	$0
Investing Activities Other Investing Activities	$245.0K 206.3%	$80.0K -99.5%	$14.8M 19.8%	$12.4M -12.7%	$14.2M 47220.0%	$30.0K 102.3%	$-1.3M -113.4%	$9.8M	$0	$0
Investing Activities net Cash From Investing Activities	$-2.8B -80.1%	$-1.6B 63.4%	$-4.3B -203.4%	$-1.4B 31.4%	$-2.1B -33.2%	$-1.6B 2.8%	$-1.6B 59.8%	$-4.0B 5.3%	$-4.2B -45.6%	$-2.9B
Financing Activities Proceeds From Debt	$3.5B -48.8%	$6.9B 583.9%	$1.0B -90.2%	$10.2B 26.7%	$8.1B 159.3%	$3.1B 211.8%	$1.0B	$0	$0 -100.0%	$500.0M
Financing Activities Repayment of Debt	$1.4B -67.5%	$4.3B 324.7%	$1.0B 10.8%	$917.0M 494.2%	$154.3M -94.5%	$2.8B 300.5%	$704.7M 8312.9%	$8.4M -99.6%	$2.0B 38970.1%	$5.1M
Financing Activities Repurchase of Common Stock	$0	$0 -100.0%	$201.0M -50.9%	$409.5M 3068.9%	$12.9M	$0	$0 -100.0%	$27.0K -10.0%	$30.0K 0.0%	$30.0K
Financing Activities Dividends Paid	$389.6M 19.3%	$326.6M 43.0%	$228.3M 12.1%	$203.6M	$0 -100.0%	$7.7M -75.0%	$30.7M -2.3%	$31.4M 50.6%	$20.8M 3.3%	$20.2M
Financing Activities Proceeds From Stock Issuance	$0 -100.0%	$5.1M	$0 -100.0%	$15.9M	$0	$0	$0	$0	$0 -100.0%	$1.2B
Financing Activities Tax Withholding On Stock Based Compensation	$54.2M -47.3%	$102.9M 146.2%	$41.8M 68.7%	$24.8M 551.9%	$3.8M 533.3%	$600.0K -91.7%	$7.2M -68.1%	$22.6M -68.6%	$72.1M 167.8%	$26.9M
Financing Activities Other Financing Activities	$-6.3M -813.9%	$889.0K -44.5%	$1.6M -88.7%	$14.2M 390.9%	$-4.9M -719.3%	$-596.0K	$0	—	—	—
Financing Activities net Cash From Financing Activities	$-2.4B -110.7%	$-1.1B -363.6%	$-242.9M 65.3%	$-699.1M -238.2%	$506.0M 1495.7%	$31.7M 112.7%	$-249.5M -129.0%	$859.0M -44.0%	$1.5B 9.6%	$1.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$110.8M -45.2%	$202.1M 149.6%	$81.0M -94.4%	$1.5B 1179.9%	$114.0M 525.8%	$18.2M 296.2%	$4.6M 31.8%	$3.5M -97.6%	$147.3M -87.5%	$1.2B
Cash Reconciliation net Change In Cash	$-91.3M -175.4%	$121.1M 108.8%	$-1.4B -202.5%	$1.3B 1304.3%	$95.8M	—	—	—	$-956.2M -92.1%	$-497.7M
Cash Reconciliation Cash At Beginning of Period	$110.8M -45.2%	$202.1M 149.6%	$81.0M -94.4%	$1.5B 1179.9%	$114.0M 525.8%	$18.2M 296.2%	$4.6M 31.8%	$3.5M -97.6%	$147.3M -87.5%	$1.2B
Cash Reconciliation Cash At End of Period	$110.8M -45.2%	$202.1M 149.6%	$81.0M -94.4%	$1.5B 1179.9%	$114.0M 525.8%	$18.2M 296.2%	$4.6M 31.8%	$3.5M -97.6%	$147.3M -87.5%	$1.2B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+82.3%	+63.7%	+68.8%	+71.8%	+36.6%	+44.1%	+60.3%	+62.8%	+62.3%	+36.5%
Operating margin	+37.6%	+13.0%	+33.5%	+36.3%	-44.4%	-28.7%	-26.1%	-61.1%	+12.4%	-54.4%
Net margin	+23.6%	+4.4%	+25.1%	+23.6%	-37.3%	-31.3%	-27.7%	-49.2%	+48.8%	-32.7%
FCF margin	+32.8%	+10.9%	+16.8%	+27.5%	+19.8%	+16.2%	+5.6%	-0.5%	+2.5%	+8.8%
Growth
Revenue CAGR (3y)	+4.9%	+19.8%	+31.2%	+19.3%	-12.4%	-0.3%	+47.1%	+24.9%	+7.8%	-9.3%
Returns
ROE	+8.6%	+1.1%	+11.7%	+15.9%	-11.4%	-10.4%	-12.5%	-20.5%	+11.3%	-7.7%
ROA	+4.9%	+0.6%	+6.9%	+7.8%	-5.3%	-5.3%	-6.5%	-10.8%	+5.1%	-2.9%
ROIC	+8.1%	+2.1%	+9.3%	+13.5%	-8.8%	-6.2%	-7.8%	-17.8%	+2.0%	-9.4%
Liquidity
Current ratio	0.76x	0.70x	0.99x	1.08x	0.45x	0.69x	1.30x	0.84x	0.94x	2.27x
Quick ratio	0.63x	0.54x	0.44x	0.82x	0.31x	0.33x	0.46x	0.53x	0.71x	1.80x
Leverage
D/E	0.61x	0.76x	0.71x	1.03x	1.15x	0.96x	0.92x	0.89x	0.83x	1.08x
Interest coverage	—	—	10.54x	10.89x	-4.70x	-3.39x	-5.76x	-12.16x	2.28x	-5.76x
Efficiency
Asset turnover	0.21x	0.13x	0.27x	0.33x	0.14x	0.17x	0.23x	0.22x	0.10x	0.09x
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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EQT Corporation

Assets, liabilities, and equity

Revenue, expense, and profitability

Operating, investing, and financing flows

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Price against fundamentals

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Assets, liabilities, and equity

Revenue, expense, and profitability

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Recent price history