EQT Corporation (EQT) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.4	$0.39	-2.5%	—	—	—
Q4 26	$2.09	$2.33	+11.5%	—	—	—
Q3 26	$0.76	$0.9	+18.4%	—	—	—
Q2 26	$0.45	$0.51	+13.3%	—	—	—
Q1 26	$0.41	$0.45	+9.8%	—	—	—
Q4 25	$1.01	$1.18	+16.8%	—	—	—
Q3 25	$0.53	$0.69	+30.2%	—	—	—
Q2 25	$0.07	$0.12	+71.4%	—	—	—
Q1 25	-$0.18	-$0.08	+55.6%	—	—	—
Q4 24	$0.66	$0.82	+24.2%	—	—	—
Q3 24	$0.47	$0.48	+2.1%	—	—	—
Q2 24	-$0.08	$0.3	+475.0%	—	—	—
Q1 24	-$0.26	-$0.17	+34.6%	—	—	—
Q4 23	$1.27	$1.7	+33.9%	—	—	—
Q3 23	$0.52	$0.42	-19.2%	—	—	—
Q2 23	$1.04	$1.04	0.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.33	—	—	$8.4B	—
FY24	—	$0.45	—	—	$5.2B	—
FY23	—	$4.56	—	—	$5.1B	—
FY22	—	$4.79	—	—	$12.1B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.6B	$2.7B	$4.7B	$3.8B	$2.7B	$6.8B	$12.1B	$5.1B	$5.2B	$8.4B
YoY change	-16.3%	+65.1%	+75.4%	-19.8%	-30%	+157.3%	+77.5%	-58.2%	+3%	+60%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.6B	2.7B	4.7B	3.8B	2.7B	6.8B	12.1B	5.1B	5.2B	8.4B
Cost of revenue	1B	1.2B	1.8B	1.7B	1.6B	1.9B	2B	2B	4.5B	4.5B
Gross profit	605.4M	1.5B	2.9B	2.1B	1.1B	4.9B	10.2B	3.1B	767.2M	3.8B
Gross margin	37%	57.1%	61.9%	54.5%	40.8%	72.2%	83.8%	60.8%	14.7%	45.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	218.9M	209M	232.5M	170.6M	174.8M	196.3M	252.6M	236.2M	336.7M	380.1M
Operating expenses	1.1B	1.4B	2B	2B	1.9B	2.2B	2.4B	2.4B	379.9M	592.5M
Operating income	-498.4M	151.9M	942.3M	39.1M	-818.6M	2.8B	7.8B	658.6M	276.9M	3B
Operating margin	-30.5%	5.62%	19.9%	1.03%	-30.8%	40.4%	63.9%	13%	5.3%	36.1%
Non-operating income, net	-264.7M	214.7M	-3.8B	-1.4B	-176.3M	-4B	-5.2B	1.7B	442.1M	401.8M
Pretax income	-894.3M	198.6M	-3.1B	-1.6B	-1.3B	-1.6B	2.3B	2.1B	264.2M	3B
Income tax	-362.8M	-1.2B	-696.5M	-375.8M	-295.3M	-428M	553.7M	369M	22.1M	651.9M
Net income	-131.1M	1.9B	-2B	-1.2B	-958.8M	-1.1B	1.8B	1.7B	242.1M	2.3B
Net margin	-8.01%	68.8%	-42.4%	-32.2%	-36.1%	-16.7%	14.7%	34.2%	4.64%	27.8%
EBITDA	421.5M	1.2B	2.7B	1.6B	626.4M	4.5B	9.5B	2.4B	2.5B	5.6B
EPS	-2.71	8.05	-8.6	-4.79	-3.71	-3.58	4.79	4.56	0.45	3.33
Diluted EPS	-2.71	8.04	-8.6	-4.79	-3.71	-3.58	4.38	4.22	0.45	3.31

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	1.4B	1.3B	891.2M	1.2B	1.8B	2.4B	1.8B	1.8B	2.3B	3.6B	1.8B
Cost of revenue	509.7M	586.5M	589.1M	568.2M	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B
Gross profit	498.5M	784.7M	716.7M	323M	93M	697.5M	1.3B	733.6M	659M	1.1B	2.4B	590.4M
Gross margin	49.4%	57.2%	54.9%	36.2%	7.64%	38.6%	55%	39.9%	36.2%	48.7%	67.6%	33.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	56.9M	67.2M	73.1M	67.2M	88.5M	108M	91.5M	81.6M	98.7M	108.3M	95.8M	106.4M
Operating expenses	648.4M	590.7M	631.1M	663.8M	378.9M	-205.7M	106M	259.3M	133.4M	93.8M	113.8M	170.9M
Operating income	-154.2M	193.9M	85.6M	-340.8M	-326.4M	858.6M	1.2B	420.3M	465.3M	950.7M	2.3B	359.2M
Operating margin	-15.3%	14.1%	6.55%	-38.2%	-26.8%	47.5%	48.7%	22.9%	25.5%	41.8%	63%	20.3%
Non-operating income, net	168.5M	531.3M	96.2M	361.6M	82.4M	-98.1M	-666.4M	777.6M	181.1M	109.5M	-194M	82.6M
Pretax income	-46.1M	652.4M	127.4M	-35M	-402.3M	574.1M	394.1M	1.1B	536.5M	954.7M	2B	366.4M
Income tax	-126.9M	151M	24.3M	-44.2M	-104.9M	146.9M	78.7M	235.6M	129.3M	208.3M	433.4M	84.9M
Net income	80.7M	501.4M	103.1M	9.2M	-297.4M	427.2M	315.4M	856.7M	407.2M	746.4M	1.6B	281.4M
Net margin	8.01%	36.6%	7.89%	1.04%	-24.4%	23.6%	13%	46.6%	22.3%	32.8%	43%	15.9%
EBITDA	284.8M	700.8M	575.1M	152.9M	262.9M	1.5B	1.8B	1B	1.2B	1.6B	2.9B	1.1B
EPS	0.21	1.2	0.24	0.02	-0.54	0.7	0.4	1.31	0.54	1.08	2.38	0.34
Diluted EPS	0.2	1.13	0.23	0.02	-0.54	0.69	0.4	1.3	0.53	1.08	2.36	0.34

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.9B	—	—	2.8B	3.3B	—	—	14.7B	—	—	31.2B
Enterprise value	7.8B	—	—	8.1B	8.2B	—	—	20.5B	—	—	40.9B
Shares outstanding	167M	187.4M	260.9M	255.1M	260.6M	323.2M	370M	380.9M	509.6M	611.6M	611.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	8.49	—	—	11.6
P/S	3.63	—	—	0.73	1.25	—	—	2.9	—	—	3.36
P/B	0.65	—	—	0.28	0.36	—	—	1	—	—	1.24
EV/EBITDA	18.6	—	—	4.95	13.2	—	—	8.51	—	—	5.85
EV/Sales	4.79	—	—	2.13	3.1	—	—	4.04	—	—	4.4
Earnings yield	—	—	—	—	—	—	—	11.8%	—	—	8.64%
FCF yield	-25.7%	—	—	8.96%	15%	—	—	7.88%	—	—	7.89%
PEG	—	—	—	—	—	—	—	—	—	—	-0.16

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	37%	57.1%	61.9%	54.5%	40.8%	72.2%	83.8%	60.8%	14.7%	45.9%	33.4%
Operating margin	-30.5%	5.62%	19.9%	1.03%	-30.8%	40.4%	63.9%	13%	5.3%	36.1%	23.4%
Net margin	-8.01%	68.8%	-42.4%	-32.2%	-36.1%	-16.7%	14.7%	34.2%	4.64%	27.8%	29.2%
ROE	-1.44%	10.1%	-18.3%	-12.5%	-10.4%	-11.4%	15.9%	11.7%	1%	8.5%	11.1%
ROA	-0.85%	6.29%	-9.69%	-6.5%	-5.29%	-5.28%	7.86%	6.86%	0.61%	5.56%	6.63%
ROIC	-4.52%	0.62%	5.73%	0.26%	-5.77%	17.8%	38.3%	2.64%	0.76%	6.71%	9.16%
Return on tangible assets	-0.85%	6.56%	-9.76%	-6.51%	-5.29%	-5.28%	7.86%	6.86%	0.69%	6.24%	8.12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.27	0.94	0.84	1.3	0.69	0.44	1.08	0.99	0.7	0.76	0.67
Quick ratio	2.27	0.94	0.84	1.3	0.69	0.44	1.08	0.99	0.7	0.76	0.67
Debt / equity	0.36	0.33	0.5	0.54	0.53	0.56	0.51	0.4	0.39	0.29	0.2
Debt / assets	0.21	0.2	0.27	0.28	0.27	0.26	0.25	0.23	0.24	0.19	0.14
Net debt / EBITDA	4.51	4.92	2.02	3.25	7.87	1.23	0.45	2.39	3.72	1.38	0.82
Interest coverage	-5.82	2.18	-12.4	-6.99	-3.84	-4.42	10.4	10.6	1.58	7.79	10.9
Effective tax rate	0%	0%	0%	0%	0%	0%	23.7%	17.5%	8.36%	21.9%	22.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.8	14.4	18.2	14.9	10.2	21.2	32.8	13.3	10.2	13.7	14.9
EPS (basic)	-2.71	8.05	-8.6	-4.79	-3.71	-3.58	4.79	4.56	0.45	3.33	3.33
EPS (diluted)	-2.71	8.04	-8.6	-4.79	-3.71	-3.58	4.38	4.22	0.45	3.31	4.31
Book value per share	54.6	98.3	42	38.4	35.5	30.9	30.3	38.8	47.6	44.7	40.4
FCF per share	-9.13	-1.61	-2.9	0.98	1.9	1.88	5.58	3.04	1.12	4.64	5.97
Cash per share	8.32	0.14	0.01	0.02	0.07	0.35	3.94	0.21	0.4	0.18	0.18
Capex per share	—	—	—	—	—	—	—	—	—	3.74	3.95

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	27.4%	26.2%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	44.6%	39.8%
Payout ratio	-15.4%	1.12%	-1.56%	-2.51%	-0.8%	0%	11.4%	13.2%	134.9%	16.8%	15.1%
Dividend yield	0.34%	—	—	1.1%	0.23%	—	—	1.55%	—	—	1.32%

Yield

1.32%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.165

ex-dividend Aug 5, 2026

Payout ratio

15%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 5, 2026	$0.165
May 6, 2026	$0.165
Feb 17, 2026	$0.165

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$1.4B	$1.3B	$891.2M	$1.2B	$1.8B	$2.4B	$1.8B	$1.8B	$2.3B	$3.6B	$1.8B
YoY change	-72.7%	-46.7%	-28.9%	+4.31%	+20.7%	+31.9%	+85.2%	+106.2%	+49.8%	+25.8%	+49.5%	-3.94%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1.4B	26.3M	3.5M	4.6M	18.2M	114M	1.5B	81M	202.1M	110.8M
Receivables	341.6M	664.7M	1.2B	610.1M	566.6M	1.4B	1.6B	823.7M	1.1B	1.5B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	1.8B	1.2B	2B	1.8B	1.2B	2.3B	4B	2B	1.7B	1.9B
Property, plant & equipment	-716.4M	-4.2B	-4.4B	-5.2B	-5.7B	-7.1B	-8.7B	-9.6B	-1.8B	-3.2B
Goodwill & intangibles	0	1.2B	154.7M	52M	0	—	—	—	4.6B	4.5B
Total assets	15.5B	29.5B	20.7B	18.8B	18.1B	21.6B	22.7B	25.3B	39.8B	41.8B
Accounts payable	310M	726.4M	1.1B	796.4M	705.5M	1.3B	1.6B	1.3B	1.2B	1.4B
Short-term debt	—	12.4M	704.4M	45.2M	179.2M	1.1B	458.1M	338.8M	362.7M	565.2M
Total current liabilities	804.6M	1.2B	2.4B	1.3B	1.8B	5.2B	3.7B	2B	2.5B	2.5B
Long-term debt	3.3B	6B	4.8B	5.3B	4.8B	4.5B	5.3B	5.5B	9B	7.3B
Total liabilities	6.4B	11.1B	9.8B	9B	8.9B	11.6B	11.5B	10.5B	15.6B	14.4B
Shareholders' equity	9.1B	18.4B	11B	9.8B	9.3B	10B	11.2B	14.8B	24.3B	27.4B
Total debt	3.3B	6B	5.5B	5.3B	5B	5.6B	5.7B	5.8B	9.4B	7.9B
Net debt	2.2B	6B	5.5B	5.3B	4.9B	5.5B	4.3B	5.8B	9.2B	7.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	64.8M	81M	648M	30M	89M	202.1M	281.8M	555.5M	235.7M	110.8M	326.6M	112.9M
Receivables	559.3M	823.7M	445.2M	587M	577.6M	1.1B	1.2B	817.4M	803.9M	1.5B	953.3M	835.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	1.2B	2B	2.1B	1.2B	1.1B	1.7B	1.7B	1.6B	1.3B	1.9B	1.6B	1.2B
Property, plant & equipment	-10.4B	-9.6B	-11.3B	-11.8B	-12.3B	-1.8B	-13.2B	-13.6B	-14.3B	-3.2B	-15.5B	-16.2B
Goodwill & intangibles	—	—	—	—	4.9B	4.6B	4.6B	4.5B	4.5B	4.5B	4.5B	4.5B
Total assets	24.6B	25.3B	25.4B	24.7B	39.9B	39.8B	39.7B	39.7B	41.2B	41.8B	41.7B	41.3B
Accounts payable	1.2B	1.3B	1.1B	1.2B	1B	1.2B	1.3B	1.2B	1.1B	1.4B	1.4B	1.2B
Short-term debt	414.6M	338.8M	607M	6.4M	400.1M	362.7M	285M	391.8M	506.7M	565.2M	507.5M	115M
Total current liabilities	2.1B	2B	2.4B	1.7B	2.1B	2.5B	3.1B	2.3B	2.2B	2.5B	2.4B	1.8B
Long-term debt	5.5B	5.5B	4.9B	4.9B	13.4B	9B	8.1B	7.9B	7.7B	7.3B	5.5B	5.5B
Total liabilities	10.3B	10.5B	10.3B	9.6B	19.5B	15.6B	15.3B	14.6B	14.4B	14.4B	12.9B	12.5B
Shareholders' equity	14.2B	14.8B	15.2B	15.1B	20.5B	24.3B	24.4B	25.1B	26.8B	27.4B	28.8B	28.9B
Total debt	5.9B	5.8B	5.5B	5B	13.8B	9.4B	8.4B	8.3B	8.2B	7.9B	6B	5.7B
Net debt	5.9B	5.8B	4.9B	4.9B	13.7B	9.2B	8.1B	7.8B	8B	7.7B	5.7B	5.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-131.1M	1.9B	-2B	-1.2B	-958.8M	-1.1B	1.8B	1.7B	242.1M	2.3B
Depreciation & amortization	927.9M	1.1B	1.8B	1.6B	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	158.3M	60.8M
Change in working capital	-174.3M	-10.7M	-119.5M	19.5M	139.2M	-366.7M	99.2M	383.6M	-281.8M	-230.1M
Operating cash flow	744.1M	2B	-1.1B	421.2M	1.3B	-2.4B	-1.8B	4.9B	3.5B	5.1B
Capital expenditure	—	—	—	—	—	—	—	—	—	-2.3B
Investing cash flow	-293.2M	-2.3B	-247.3M	1.3M	-513.6M	-1B	-21.3M	-2.3B	673.7M	-2.8B
Dividends paid	-20.2M	-20.8M	-31.4M	-30.7M	-7.7M	0	-203.6M	-228.3M	-326.6M	-389.6M
Share repurchases	-30K	-30K	-538.9M	0	0	-12.9M	-409.5M	-201M	0	0
Financing cash flow	354.3M	456.4M	-8.1B	-3.7B	-3.1B	-7.9B	-10.9B	-1.2B	-1.1B	-2.4B
Net change in cash	805.1M	188.3M	-9.4B	-3.3B	-2.3B	-11.3B	-12.7B	1.3B	3B	-91.3M
Free cash flow	-1.5B	-301.5M	-755.5M	249.3M	495.5M	607.3M	2.1B	1.2B	573.3M	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	80.7M	501.4M	103.1M	9.2M	-297.4M	427.2M	315.4M	856.7M	407.2M	746.4M	1.6B	281.4M
Depreciation & amortization	438.9M	506.8M	489.5M	474.3M	589.3M	620.3M	620.8M	623.5M	688.4M	667.8M	654.8M	689.6M
Stock-based compensation	14.8M	11.7M	10.6M	12.1M	118.9M	16.8M	14.8M	13.8M	15.3M	17M	18.6M	23.8M
Change in working capital	11.8M	-150.2M	205.1M	-83M	70.7M	-474.6M	74.4M	323.8M	-203.4M	-424.9M	474.3M	-100.6M
Operating cash flow	621.5M	1.2B	1.2B	658.1M	669.3M	910.2M	1B	2B	1B	1.1B	3.1B	1B
Capital expenditure	—	—	—	—	—	—	—	—	-626.4M	-612.7M	-598.5M	-650.2M
Investing cash flow	-2.3B	-6.4M	-32.7M	246.1M	-713.6M	1.2B	-34.4M	-114.3M	-1B	-621M	-842.4M	-681.1M
Dividends paid	-54.2M	-65.8M	-69.4M	-69.6M	-93.6M	-94M	-94.1M	-94.3M	-98.3M	-103M	-103.1M	-103.2M
Share repurchases	0	0	0	0	0	0	—	—	—	—	—	—
Financing cash flow	1.2B	-762.6M	-21.4M	-628.1M	749.1M	-1.2B	-1.1B	-304M	-311.6M	-629.3M	-2B	-580.6M
Net change in cash	-479.8M	441.9M	1.2B	276.1M	704.8M	858.6M	-154.3M	1.5B	-319.8M	-124.9M	215.8M	-213.7M
Free cash flow	-49.5M	91.2M	621.2M	-236.1M	23.5M	164.7M	1.2B	692.1M	391.3M	512.7M	2.5B	397.8M

Date	Ratio
Nov 13, 2018	1837:1000
Sep 2, 2005	2:1
Jun 12, 2001	2:1
Jan 26, 1993	3:2
Apr 1, 1987	3:2
Feb 1, 1984	3:2
Apr 7, 1981	3:2

EQT Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history