EQT Corporation

EQT · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$33,450	$27,513	$15,902	$12,417	$8,243	$3,503	$2,786	$4,815	$21,513	$11,299	$7,952	$6,247	$7,360	$4,804	$4,456	$3,526	$3,128	$2,325	$3,523	$2,736	$2,417	$2,035	$1,449	$1,267	$1,213	$1,184	$615	$586	$731	$633	$594	$495	$646	$572	$465	$432	$468	$383	$352	$402	$271
Enterprise value	$44,747	$40,358	$21,670	$16,714	$13,789	$8,443	$8,104	$10,309	$33,913	$16,457	$12,393	$9,949	$9,845	$7,433	$6,372	$5,304	$4,918	$3,898	$4,675	$3,636	$3,473	$2,959	$2,265	$1,843	$1,747	$1,858	$1,228	$1,079	$1,366	$1,245	$1,114	$1,164	$1,266	$1,038	$940	$752	$796	$692	$607	$665	$520
P/E (TTM) at period end	16.40×	119.32×	9.16×	7.01×	–	–	–	–	14.26×	–	93.36×	16.14×	18.84×	26.20×	9.29×	15.49×	19.93×	9.09×	13.68×	12.42×	9.29×	7.27×	8.53×	8.22×	7.99×	11.15×	8.91×	–	9.36×	10.66×	395.97×	8.15×	8.79×	9.54×	7.24×	7.34×	9.19×	8.13×	10.16×	7.44×	4.93×
P/S (TTM) at period end	3.87×	5.22×	2.30×	1.66×	2.69×	1.15×	0.63×	1.06×	6.96×	8.15×	3.40×	2.53×	3.96×	3.49×	3.37×	2.57×	2.46×	1.47×	2.59×	2.16×	1.93×	1.71×	1.38×	1.19×	0.69×	0.72×	0.58×	0.66×	0.34×	0.34×	0.42×	0.35×	0.59×	0.70×	0.68×	0.66×	0.91×	0.94×	0.86×	0.88×	0.57×
P/B at period end	1.41×	1.34×	1.08×	1.11×	0.83×	0.38×	0.28×	0.44×	1.62×	1.93×	1.57×	1.36×	1.82×	1.33×	1.24×	1.15×	1.45×	1.13×	3.21×	2.89×	6.82×	2.33×	1.50×	1.63×	1.43×	1.71×	0.96×	0.83×	0.89×	0.85×	0.83×	0.66×	0.89×	0.97×	0.83×	0.82×	0.93×	0.80×	0.77×	0.97×	0.70×
EV / EBITDA (TTM)	7.65×	14.17×	5.36×	3.81×	43.67×	16.37×	20.96×	–	25.06×	162.26×	8.97×	6.49×	7.53×	8.60×	5.93×	7.16×	8.90×	6.48×	8.54×	7.69×	7.94×	8.37×	6.37×	5.26×	5.33×	5.93×	5.04×	14.71×	7.34×	7.00×	8.80×	5.71×	6.10×	5.76×	5.49×	4.94×	5.82×	–	–	–	–
EV / Sales (TTM)	5.18×	7.65×	3.14×	2.23×	4.50×	2.76×	1.83×	2.26×	10.97×	11.86×	5.30×	4.03×	5.30×	5.40×	4.81×	3.86×	3.87×	2.47×	3.43×	2.87×	2.77×	2.48×	2.16×	1.72×	0.99×	1.12×	1.16×	1.22×	0.63×	0.67×	0.78×	0.83×	1.16×	1.28×	1.38×	1.14×	1.56×	1.70×	1.49×	1.46×	1.10×
Returns
Return on equity	8.6%	1.1%	11.7%	15.9%	(11.5%)	(10.5%)	(12.5%)	(20.5%)	11.3%	(7.7%)	1.7%	8.4%	9.7%	5.1%	13.3%	7.4%	7.3%	12.5%	23.5%	23.3%	73.4%	32.0%	17.6%	19.8%	17.9%	15.3%	10.7%	(6.2%)	9.5%	8.0%	0.2%	8.1%	10.1%	10.2%	11.5%	11.1%	10.1%	9.9%	7.6%	13.1%	14.2%
Return on invested capital	7.2%	1.9%	9.3%	13.4%	(6.4%)	(4.8%)	(5.8%)	(13.1%)	1.5%	(4.0%)	4.5%	7.3%	6.7%	4.2%	8.8%	5.9%	5.4%	8.0%	12.5%	13.4%	15.3%	9.9%	10.2%	13.5%	11.7%	10.2%	7.2%	(0.5%)	4.4%	5.4%	–	6.8%	7.6%	8.3%	8.5%	9.4%	8.4%	8.2%	8.4%	9.4%	9.9%
Dividend yield	1.2%	1.2%	1.4%	1.6%	–	0.2%	1.1%	0.7%	0.1%	0.2%	0.2%	0.3%	0.2%	2.7%	3.0%	3.6%	3.7%	4.8%	3.0%	3.8%	4.1%	4.4%	4.2%	3.3%	3.3%	3.3%	6.6%	7.5%	5.8%	6.6%	6.9%	8.0%	5.5%	5.7%	6.7%	6.6%	5.8%	–	–	–	–
Financial health
Current ratio	0.76×	0.70×	0.99×	1.08×	0.44×	0.69×	1.30×	0.84×	0.94×	2.27×	2.83×	2.29×	2.40×	1.50×	2.10×	1.39×	1.13×	0.89×	0.49×	0.65×	0.52×	0.64×	0.78×	0.78×	1.00×	0.70×	0.76×	1.02×	0.92×	0.93×	0.97×	0.62×	0.62×	0.74×	0.73×	0.87×	1.02×	1.13×	1.22×	0.82×	0.85×
Debt / equity	0.33×	0.45×	0.39×	0.51×	0.56×	0.55×	0.54×	0.43×	0.35×	0.56×	0.55×	0.65×	0.62×	0.70×	0.76×	0.63×	0.91×	0.61×	1.12×	0.95×	3.19×	1.06×	0.88×	0.74×	0.65×	0.87×	0.79×	0.67×	0.85×	0.84×	0.77×	0.92×	0.87×	0.81×	0.86×	0.64×	0.67×	0.66×	0.57×	0.64×	0.66×
Effective tax rate	21.9%	8.4%	17.5%	23.7%	27.3%	23.5%	23.5%	22.6%	(598.4%)	40.6%	24.5%	29.6%	33.6%	32.4%	36.2%	35.9%	38.1%	37.7%	35.9%	33.7%	37.2%	34.1%	34.2%	34.0%	36.6%	35.0%	36.3%	45.3%	36.8%	33.5%	105.4%	12.7%	21.4%	23.9%	24.1%	24.5%	25.6%	25.9%	24.5%	39.6%	40.5%
Share count
Diluted shares outstanding	616	515	413	406	323	261	255	261	188	167	153	153	152	151	150	145	131	128	123	122	124	126	127	135	134	133	137	148	152	156	140	138	131	125	125	125	126	126	126	126	126

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$9,535	$8,644	$5,273	$6,909	$7,498	$3,065	$3,059	$4,416	$4,558	$3,091	$1,387	$2,340	$2,470	$1,859	$1,377	$1,324	$1,374	$1,270	$1,576	$1,361	$1,268	$1,254	$1,192	$1,047	$1,069	$1,764	$1,652	$1,063	$883	$2,151	$1,862	$1,426	$1,397	$1,095	$812	$680	$659	$512	$406	$407	$455	$473
Cost of revenue	($1,550)	($1,532)	($1,916)	($2,157)	($2,117)	($1,942)	($1,711)	($1,753)	($1,697)	($1,165)	($880)	($178)	($187)	($108)	($96)	($293)	($473)	–	($862)	($745)	($672)	($668)	–	–	($607)	–	–	–	–	–	–	($1,136)	($1,151)	($848)	($595)	($474)	($476)	($344)	($254)	($268)	($295)	($316)
Gross profit	$7,985	$7,112	$3,358	$4,752	$5,381	$1,122	$1,348	$2,664	$2,861	$1,926	$507	$2,162	$2,282	$1,751	$1,281	$1,031	$902	–	$715	$617	$596	$586	–	–	$462	–	–	–	–	–	–	$290	$246	$247	$217	$205	$183	$168	$152	$139	$160	$157
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	($9)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($409)	($380)	($337)	($236)	($253)	($196)	($175)	($171)	($233)	($209)	($219)	($250)	($238)	($201)	($172)	($154)	($156)	($177)	($111)	($195)	($126)	($141)	($130)	($104)	($110)	($125)	($116)	($102)	($115)	($100)	($102)	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($3,936)	($3,863)	($2,672)	($2,437)	($2,663)	($2,483)	($2,226)	($3,816)	($5,644)	($1,544)	($1,262)	($1,599)	($1,429)	($1,096)	($891)	($269)	($431)	–	($250)	($179)	($223)	($242)	–	–	($185)	–	–	–	–	–	–	($268)	($136)	($117)	($103)	($89)	($78)	($74)	($65)	($60)	($54)	($52)
Total costs and expenses	($5,486)	($5,395)	($4,588)	($4,595)	($4,780)	($4,426)	($3,937)	($5,569)	($7,341)	($2,709)	($2,142)	($1,777)	($1,616)	($1,205)	($988)	($563)	($904)	($913)	($1,112)	($924)	($895)	($910)	($920)	($771)	($791)	($1,510)	($1,438)	($920)	($894)	($2,049)	($1,752)	($1,404)	($1,287)	($964)	($698)	($563)	($554)	($417)	($319)	($329)	($349)	($368)
Operating income	$4,049	$3,250	$685	$2,314	$2,718	($1,361)	($878)	($1,152)	($2,783)	$382	($755)	$563	$853	$655	$390	$761	$470	$357	$465	$438	$373	$344	$271	$276	$278	$255	$214	$143	($12)	$102	$110	$22	$110	$130	$114	$116	$105	$94	$87	$79	$106	$106
Earnings
EBITDA	$6,750	$5,850	$2,848	$4,047	$4,384	$316	$516	$387	($1,214)	$1,353	$101	$1,382	$1,533	$1,308	$864	$1,075	$741	$553	$602	$548	$473	$437	$354	$356	$351	$328	$313	$243	$73	$186	$178	$127	$204	$207	$180	$171	$152	$137	–	–	–	–
Interest income	–	$184	$76	$8	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($388)	($439)	($455)	($220)	($250)	($290)	($259)	($200)	($229)	($168)	($131)	($147)	($137)	($143)	($185)	($136)	($128)	($112)	($58)	($48)	($47)	($44)	–	($46)	–	–	($76)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$3,845	$2,978	$264	$2,103	$2,335	($1,570)	($1,254)	($1,597)	($3,077)	$199	($894)	$427	$724	$521	$220	$658	$355	$254	$411	$402	$326	$412	$454	$252	$228	$240	$163	$108	($49)	$117	$80	($28)	$70	$94	$79	$85	$78	$68	$64	$46	$90	$92
Income tax expense	($856)	($652)	($22)	($369)	($554)	$428	$295	$376	$697	$1,188	$363	($105)	($214)	($175)	($71)	($239)	($128)	($97)	($155)	($144)	($110)	($153)	($155)	($86)	($78)	($88)	($57)	($39)	$22	($43)	($27)	$29	($9)	($20)	($19)	($20)	($19)	($18)	($16)	($11)	($35)	($38)
Net income	$2,712	$2,039	$231	$1,735	$1,771	($1,143)	($959)	($1,222)	($2,245)	$1,509	($453)	$85	$387	$391	$183	$480	$228	$157	$256	$257	$220	$260	$280	$170	$154	$152	$106	$69	($44)	$78	$59	$2	$61	$74	$60	$64	$59	$51	$47	$35	$54	$55
Per share
Diluted EPS (GAAP)	$4.31	$3.31	$0.45	$4.22	$4.38	($3.54)	($3.71)	($4.79)	($8.60)	$8.04	($2.71)	$0.56	$2.54	$2.57	$1.22	$3.19	$1.57	$1.19	$2.00	$2.10	$1.80	$2.10	$2.22	$1.34	$1.14	$1.13	$0.80	$0.51	($0.30)	$0.51	$0.38	$0.13	$0.45	$0.56	$0.48	$0.51	$0.47	$0.41	$0.37	$0.28	$0.43	$0.44
Basic EPS (GAAP)	$4.34	$3.33	$0.45	$4.56	$4.79	($3.54)	($3.71)	($4.79)	($8.60)	$8.05	($2.71)	$0.56	$2.55	$2.59	$1.23	$3.21	$1.58	$1.20	$2.01	$2.12	$1.83	$2.15	$2.27	$1.37	$1.16	$1.16	$0.82	$0.51	($0.30)	$0.52	$0.38	$0.13	$0.45	$0.57	$0.48	$0.51	$0.47	$0.41	$0.38	$0.28	$0.45	$0.48
Basic shares outstanding	625	612	510	381	370	323	261	255	261	187	167	152	152	151	150	149	144	131	127	121	120	121	123	124	133	131	130	136	148	152	156	140	134	130	125	125	125	126	125	122	122	116
Margins
Gross margin	83.7%	82.3%	63.7%	68.8%	71.8%	36.6%	44.1%	60.3%	62.8%	62.3%	36.5%	92.4%	92.4%	94.2%	93.0%	77.9%	65.6%	–	45.3%	45.3%	47.0%	46.7%	–	–	43.2%	–	–	–	–	–	–	20.3%	17.6%	22.6%	26.7%	30.2%	27.7%	32.8%	37.5%	34.1%	35.1%	33.2%
Operating margin	42.5%	37.6%	13.0%	33.5%	36.3%	(44.4%)	(28.7%)	(26.1%)	(61.1%)	12.4%	(54.4%)	24.1%	34.6%	35.2%	28.3%	57.5%	34.2%	28.1%	29.5%	32.2%	29.4%	27.4%	22.8%	26.4%	26.0%	14.4%	13.0%	13.4%	(1.3%)	4.7%	5.9%	1.5%	7.9%	11.9%	14.1%	17.1%	15.9%	18.4%	21.4%	19.3%	23.2%	22.3%
Net margin	28.4%	23.6%	4.4%	25.1%	23.6%	(37.3%)	(31.3%)	(27.7%)	(49.2%)	48.8%	(32.7%)	3.6%	15.7%	21.0%	13.3%	36.2%	16.6%	12.4%	16.2%	18.9%	17.4%	20.7%	23.5%	16.2%	14.4%	8.6%	6.4%	6.5%	(5.0%)	3.6%	3.2%	0.1%	4.3%	6.7%	7.4%	9.4%	8.9%	10.0%	11.6%	8.5%	11.9%	11.6%

Analyst consensus

Buy45 analysts

Bearish · 0 · Hold · 15 · Bullish · 30

Earnings history

	EPS	Estimate
Q3 2024	$0.12	$0.08	Beat
Q4 2024	$0.69	$0.53	Beat
Q1 2025	$1.18	$1.03	Beat
Q2 2025	$0.45	$0.42	Beat
Q3 2025	$0.52	$0.36	Beat
Q4 2025	$0.90	$0.76	Beat
Q1 2026	$2.33	$2.08	Beat
Q2 2026	$0.39	$0.41	Miss

Peers

Company overview

IPO dateMar 17, 1980

CEOToby Z. Rice

Employees1,523

SectorEnergy

IndustryOil & Gas Exploration & Production

CountryUS

ExchangeNew York Stock Exchange

Websitewww.eqt.com

EQT Corporation primarily functions as an extractor of natural gas within the United States. In addition to natural gas, the firm also obtains various natural gas liquids (NGLs), specifically ethane, propane, isobutane, butane, and natural gasoline. By the end of 2021, EQT possessed certified reserves amounting to 25.0 trillion cubic feet of natural gas, NGLs, and crude oil. These reserves are situated across roughly 2.0 million gross acres, with a significant 1.7 million gross acres located within the Marcellus shale formation. The company, which dates back to its founding in 1878, has its principal offices in Pittsburgh, Pennsylvania.

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