EQT Corp. Q4 FY2023 results: revenue $2.0 billion, down 41.3% on the year

EQT Corp. (EQT) reported revenue of $2.0 billion for Q4 FY2023, the quarter ended 31 December 2023, down 41.3% on the same quarter a year earlier. Net income was $502 million, down 70.7% on the year, and diluted earnings per share $1.10. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2024.

Revenue$2.0 billiondown 41.3%

Net income$502 milliondown 70.7%

Diluted EPS$1.10

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	2,043	1,186	n/a	n/a
Cost of revenue	564	555	n/a	n/a
Gross profit	1,479	631	n/a	n/a
Gross margin	72.4%	53.2%	n/a
Selling, general and administrative	67.2	56.9	n/a	n/a
Operating income	723	15.8	n/a	n/a
Operating margin	35.4%	1.3%	n/a
Interest expense	72.8	60.4	n/a	n/a
Pre-tax income	652	-46.1	n/a	n/a
Income tax	151	-127	n/a	n/a
Effective tax rate	23.1%	n/a	n/a
Net income	502	81.3	n/a	n/a
Net margin	24.6%	6.9%	n/a
Diluted EPS	$1.10	$0.20	n/a	n/a

$ million except per share. Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	624	455	n/a	n/a
Capital expenditure	533	504	n/a	n/a
Free cash flow	91.2	-49.5	n/a	n/a
Free cash flow margin	4.5%	-4.2%	n/a
Depreciation and amortisation	502	447	n/a	n/a
Share-based compensation	11.7	14.8	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Dividends paid	65.8	54.2	n/a	n/a
Dividend per share	n/a	$0.15	n/a	n/a
Diluted shares, weighted	413m	416m	n/a	n/a
Shares outstanding at period end	440m	411m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	25,285	24,555	n/a	n/a
Cash and equivalents	81.0	64.8	n/a	n/a
Receivables	824	559	n/a	n/a
Goodwill	0.0	n/a	n/a	n/a
Long-term debt	5,795	5,916	n/a	n/a
Operating lease liabilities	8.4	n/a	n/a	n/a
Finance lease liabilities	3.8	n/a	n/a	n/a
Shareholders' equity	14,773	14,201	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,186	2,043	1,412	953	1,284	1,625	1,740	2,558	1,959	2,388	3,379	1,810
Cost of revenue	555	564	545	543	441	387	378	389	377	388	400	385
Gross profit	631	1,479	867	409	843	1,238	1,362	2,169	1,581	2,000	2,978	1,425
Gross margin	53%	72%	61%	43%	66%	76%	78%	85%	81%	84%	88%	79%
SG&A	56.9	67.2	73.1	67.2	88.5	108	91.5	81.6	98.7	108	95.8	106
Operating income	15.8	723	183	3.0	-282	781	496	1,134	603	1,016	2,036	394
Operating margin	1%	35%	13%	0%	-22%	48%	29%	44%	31%	43%	60%	22%
Interest expense	60.4	72.8	54.4	55.7	158	186	118	106	110	106	96.8	75.5
Pre-tax income	-46.1	652	127	-35.0	-402	574	394	1,092	536	955	1,987	366
Tax rate	n/a	23%	19%	n/a	n/a	26%	20%	22%	24%	22%	22%	23%
Net income	81.3	502	103	9.5	-301	418	242	784	336	677	1,487	211
Net margin	7%	25%	7%	1%	-23%	26%	14%	31%	17%	28%	44%	12%
Diluted EPS	$0.20	$1.10	$0.23	$0.02	-$0.54	$0.74	$0.40	$1.30	$0.53	$1.08	$2.36	$0.34
Operating cash flow	455	624	1,156	322	593	756	1,741	1,242	1,018	1,125	3,055	1,048
Capital expenditure	504	533	534	558	569	592	500	550	626	613	599	650
Free cash flow	-49.5	91.2	621	-236	23.5	165	1,242	692	391	513	2,457	398
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	54.2	65.8	69.4	69.6	93.6	94.0	94.1	94.3	98.3	103	103	103
Shares outstanding	411m	440m	442m	442m	597m	597m	599m	624m	624m	624m	625m	626m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 14 February 2024, accession 0000033213-24-000008: the filing on EDGAR. All of EQT Corp.'s filings: EDGAR company page.

The same record on your computer

GreekSoup is also a free program for your own computer. It reads these same filings for the names you follow, refreshed as they land, with no account. One pasted line installs it.

Install