EQT (EQT) FY2022 results: revenue $7.5 billion, up 144.6% on the year

EQT Corp. (EQT) reported revenue of $7.5 billion for fiscal 2022, the year ended 31 December 2022, up 144.6% on the year before. Net income was $1.8 billion, and diluted earnings per share $4.38. The figures are the company's own, from the 10-K it filed with the SEC on 16 February 2023.

Revenue

$7.5 billion

+144.6% on the year

FY2012FY2022

Operating margin

36.3%

-44.4% a year earlier

FY2012FY2022

Net income

$1.8 billion

FY2012FY2022

Diluted EPS

$4.38

FY2012FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	7,498	3,065	3,059	+144.6%
Cost of revenue	2,117	1,942	1,711	+9.0%
Gross profit	5,381	1,122	1,348	+379.4%
Gross margin	71.8%	36.6%	44.1%
Selling, general and administrative	253	196	175	+28.7%
Operating income	2,718	-1,361	-878
Operating margin	36.3%	-44.4%	-28.7%
Interest expense	250	290	259	-13.8%
Pre-tax income	2,335	-1,570	-1,254
Income tax	554	-428	-295
Effective tax rate	23.7%	n/a	n/a
Net income	1,771	-1,143	-959
Net margin	23.6%	-37.3%	-31.3%
Diluted EPS	$4.38	-$3.54	-$3.68

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	3,466	1,662	1,538	+108.5%
Capital expenditure	1,400	1,055	1,042	+32.7%
Free cash flow	2,065	607	495	+240.0%
Free cash flow margin	27.5%	19.8%	16.2%
Cash from investing	-1,422	-2,073	-1,556
Cash from financing	-699	506	31.7
Depreciation and amortisation	1,666	1,677	1,393	-0.6%
Share-based compensation	45.2	28.2	19.6	+60.5%
Buybacks	409	12.9	0.0	+3,068.9%
Dividends paid	204	0.0	7.7
Dividend per share	$0.55	n/a	$0.03
Diluted shares, weighted	406m	323m	261m	+25.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	11,172	9,955	9,167	+12.2%
Non-controlling interest	40.9	16.2	7.5	+151.6%
Debt	5,679	5,591	5,051	+1.6%
Other liabilities	5,778	6,045	3,888	-4.4%
Total liabilities and equity	22,670	21,607	18,113	+4.9%
Fixed assets	18,167	18,419	16,054	-1.4%
Intangible assets	n/a	n/a	0.0
Cash and equivalents	1,459	114	18.2	+1,179.9%
Receivables	1,608	1,438	567	+11.8%
Other assets	1,436	1,636	1,474	-12.3%
Total assets	22,670	21,607	18,113	+4.9%

10-K for the year ended 31 December 2022, filed 16 February 2023: the filing.