EQT (EQT) Q4 FY2025 earnings: revenue $2.4 billion, up 47.0% on the year

EQT Corp. (EQT) reported revenue of $2.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 47.0% on the same quarter a year earlier. Net income was $677 million, up 61.8% on the year, and diluted earnings per share $1.08. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue

$2.4 billion

+47.0% on the year · +21.9% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

42.5%

48.1% a year earlier

Q1 FY2024Q4 FY2025

Net income

$677 million

+61.8% on the year · +101.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.08

+56.5% on the year · +103.8% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 22 new.

Fourth quarter sales volume above guidance: Sales volume was 609 Bcfe, above the high end of guidance, citing well performance, system pressure optimization and fewer-than-expected price-related curtailments.
Full year earnings and cash flow rose: Full-year diluted EPS was $3.31 versus $0.45 and adjusted EPS was $3.05 versus $1.60. Free cash flow attributable to EQT was $2,503 million versus $684 million.
Operating costs per unit lower in 2025: Full-year 2025 operating costs were $1.05 per Mcfe versus $1.23 in 2024. Fourth-quarter operating costs were $1.10 versus $1.07. Management said costs were toward the low end of guidance in the quarter.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	2,388	1,959	1,625	+21.9%	+47.0%
Cost of revenue	388	377	387	+2.8%	+0.3%
Gross profit	2,000	1,581	1,238	+26.5%	+61.6%
Gross margin	83.8%	80.7%	76.2%
Selling, general and administrative	108	98.7	108	+9.7%	+0.3%
Operating income	1,016	603	781	+68.5%	+30.0%
Operating margin	42.5%	30.8%	48.1%
Interest expense	106	110	186	-4.0%	-43.4%
Pre-tax income	955	536	574	+78.0%	+66.3%
Income tax	208	129	147	+61.2%	+41.9%
Effective tax rate	21.8%	24.1%	25.6%
Net income	677	336	418	+101.6%	+61.8%
Net margin	28.4%	17.1%	25.8%
Diluted EPS	$1.08	$0.53	$0.69	+103.8%	+56.5%

$ 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

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,125	1,018	756	+10.6%	+48.8%
Capital expenditure	613	626	592	-2.2%	+3.6%
Free cash flow	513	391	165	+31.0%	+211.3%
Free cash flow margin	21.5%	20.0%	10.1%
Cash from investing	-621	-1,026	582
Cash from financing	-629	-312	-1,226
Depreciation and amortisation	668	688	620	-3.0%	+7.6%
Share-based compensation	17.0	15.3	16.8	+10.9%	+1.1%
Buybacks	n/a	n/a	0.0
Dividends paid	103	98.3	94.0	+4.8%	+9.6%
Dividend per share	n/a	$0.16	n/a
Diluted shares, weighted	629m	628m	603m	+0.1%	+4.4%
Shares outstanding at period end	624m	624m	597m	+0.0%	+4.5%

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

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	23,753	23,152	20,598	+2.6%	+15.3%
Non-controlling interest	3,607	3,639	3,681	-0.9%	-2.0%
Debt	7,800	8,218	9,324	-5.1%	-16.3%
Operating lease liabilities	27.4	n/a	29.4		-6.9%
Finance lease liabilities	30.0	n/a	29.3		+2.4%
Other liabilities	6,575	6,187	6,169	+6.3%	+6.6%
Total liabilities and equity	41,793	41,195	39,830	+1.5%	+4.9%
Fixed assets	33,558	33,610	31,748	-0.2%	+5.7%
Goodwill	2,062	2,062	2,079	0.0%	-0.8%
Intangible assets	200	204	215	-1.8%	-6.9%
Cash and equivalents	111	236	202	-53.0%	-45.2%
Receivables	1,458	804	1,133	+81.4%	+28.7%
Other assets	4,403	4,279	4,453	+2.9%	-1.1%
Total assets	41,793	41,195	39,830	+1.5%	+4.9%

Questions

What was EQT's revenue in Q4 FY2025?

EQT (EQT) reported revenue of $2.4 billion for Q4 FY2025, the quarter ended 31 December 2025, up 47.0% on the same quarter a year earlier.

How much did EQT earn in Q4 FY2025?

Net income for Q4 FY2025 was $677 million, up 61.8% on the year, and diluted earnings per share $1.08.

When did EQT report Q4 FY2025 results?

EQT filed its 10-K for the year that ended with the quarter on 18 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 * †	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,840	-579	2,528	2,069	3,480	2,661	1,019	1,186	2,043	1,412	953	1,284	1,625	1,740	2,558	1,959	2,388	3,379	1,810	1,770
Cost of revenue	537	516	540	541	520	515	523	555	564	545	543	441	387	378	389	377	388	400	385	371
Gross profit	3,302	-1,095	1,988	1,528	2,960	2,146	496	631	1,479	867	409	843	1,238	1,362	2,169	1,581	2,000	2,978	1,425	1,400
Gross margin	86%	n/a	79%	74%	85%	81%	49%	53%	72%	61%	43%	66%	76%	78%	85%	81%	84%	88%	79%	79%
SG&A	52.3	69.1	59.3	67.2	57.0	51.9	60.2	56.9	67.2	73.1	67.2	88.5	108	91.5	81.6	98.7	108	95.8	106	116
Operating income	2,457	-1,888	1,362	925	2,320	1,611	-35.0	15.8	723	183	3.0	-282	781	496	1,134	603	1,016	2,036	394	459
Operating margin	64%	n/a	54%	45%	67%	61%	-3%	1%	35%	13%	0%	-22%	48%	29%	44%	31%	43%	60%	22%	26%
Interest expense	71.5	67.9	66.0	60.1	55.6	46.5	39.9	60.4	72.8	54.4	55.7	158	186	118	106	110	106	96.8	75.5	72.2
Pre-tax income	2,403	-1,980	1,202	840	2,273	1,576	-78.7	-46.1	652	127	-35.0	-402	574	394	1,092	536	955	1,987	366	432
Tax rate	25%	n/a	26%	18%	25%	23%	n/a	n/a	23%	19%	n/a	n/a	26%	20%	22%	24%	22%	22%	23%	20%
Net income	1,808	-1,516	891	684	1,712	1,219	-66.6	81.3	502	103	9.5	-301	418	242	784	336	677	1,487	211	279
Net margin	47%	n/a	35%	33%	49%	46%	-7%	7%	25%	7%	1%	-23%	26%	14%	31%	17%	28%	44%	12%	16%
Diluted EPS	$5.47	-$4.05	$2.19	$1.69	$4.28	$3.10	-$0.18	$0.20	$1.13	$0.23	$0.02	-$0.54	$0.69	$0.40	$1.30	$0.53	$1.08	$2.36	$0.34	$0.44
Operating cash flow	1,171	1,021	230	1,150	1,064	1,663	437	455	624	1,156	322	593	756	1,741	1,242	1,018	1,125	3,055	1,048	1,083
Capital expenditure	348	292	393	363	353	495	487	504	533	534	558	569	592	500	550	626	613	599	650	647
Free cash flow	823	729	-162	788	711	1,168	-49.9	-49.5	91.2	621	-236	23.5	165	1,242	692	391	513	2,457	398	436
Buybacks	12.9	216	0.0	53.9	139	201	0.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	0.0	47.1	46.2	55.5	54.9	54.1	54.2	54.2	65.8	69.4	69.6	93.6	94.0	94.1	94.3	98.3	103	103	103	103
Shares outstanding	376m	370m	370m	367m	360m	362m	362m	411m	440m	442m	442m	597m	597m	599m	624m	624m	624m	625m	626m	626m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Revenue below zero (Q1 FY2022) is as the company filed it: its revenue line takes off losses (on securities sold, hedges or investments), revenue reversed from earlier periods or incentives paid out, and in that period they were larger than the rest. 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.

10-K for the period ended 31 December 2025, filed 18 February 2026: the filing.