EQT Corp

EQT 10-K · Q4 2025
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EQT Q4 2025 request

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Income Statement

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Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 2,388,071 1,624,727 +47.0%
Show Business Segments breakouts
Gathering · Operating Segments 324,700 339,882 -4.5%
Transmission · Operating Segments 154,685 130,909 +18.2%
Show — breakouts
Revenue 2,218,466 1,473,569 +50.6%
Show Consolidation Items breakouts
Material Reconciling Items -309,780 -319,633 +3.1%
Operating Segments 2,697,851 1,944,360 +38.8%
Revenue (Q) — — —
Show Product Lines breakouts
Revenues From Contract With Customers 2,273,474 1,803,440 +26.1%
Sales of natural gas, natural gas liquids and oil 2,103,869 1,641,192 +28.2%
Sales of natural gas, natural gas liquids and oil · Operating Segments 2,103,869 1,641,192 +28.2%
Show Business Segments breakouts
Gathering · Operating Segments 152,369 177,235 -14.0%
Gathering · Operating Segments 172,331 173,737 -0.8%
Gathering · Operating Segments 324,700 350,972 -7.5%
Transmission · Operating Segments 118,893 110,054 +8.0%
Transmission · Operating Segments 35,792 20,855 +71.6%
Transmission · Operating Segments 154,685 130,909 +18.2%
Show — breakouts
Revenue 162,138 180,352 -10.1%
Revenue 6,560,520 3,789,301 +73.1%
Revenue -370,684 -342,030 -8.4%
Revenue 2,623,385 2,143,176 +22.4%
Show Consolidation Items breakouts
Intersegment Elimination -309,780 -319,633 +3.1%
Cost of Revenue 387,632 386,523 +0.3%
Show — breakouts
Cost of Revenue 697,199 705,700 -1.2%
Show Consolidation Items breakouts
Material Reconciling Items -309,567 -319,177 +3.0%
Operating Segments 697,199 705,700 -1.2%
Total Costs & Expenses 1,371,950 843,282 +62.7%
Show Business Segments breakouts
Gathering · Operating Segments 127,281 105,581 +20.6%
Transmission · Operating Segments 58,046 44,678 +29.9%
Show — breakouts
Total Costs & Expenses 1,469,568 970,038 +51.5%
Show Consolidation Items breakouts
Material Reconciling Items -282,945 -277,015 -2.1%
Operating Segments 1,654,895 1,120,297 +47.7%
Selling, General & Administrative 108,296 107,994 +0.3%
Show Business Segments breakouts
Gathering · Operating Segments 22,574 27,471 -17.8%
Transmission · Operating Segments 11,085 11,691 -5.2%
Show — breakouts
Selling, General & Administrative 63,846 41,238 +54.8%
Show Consolidation Items breakouts
Material Reconciling Items 10,791 27,594 -60.9%
Operating Segments 97,505 80,400 +21.3%
Operating Income 1,016,121 781,445 +30.0%
Show Business Segments breakouts
Gathering · Operating Segments 197,419 234,301 -15.7%
Transmission · Operating Segments 96,639 86,231 +12.1%
Show — breakouts
Operating Income -1,566,930 100,360 -1661.3%
Operating Income 748,898 503,531 +48.7%
Show Consolidation Items breakouts
Material Reconciling Items -26,835 -42,618 +37.0%
Operating Segments 1,042,956 824,063 +26.6%
Interest Expense 105,529 186,435 -43.4%
Show Consolidation Items breakouts
Material Reconciling Items 105,529 186,435 -43.4%
Other Non-Operating Income (Expense) -1,115 -2,387 +53.3%
Show Consolidation Items breakouts
Material Reconciling Items -1,115 -2,387 +53.3%
Income Before Taxes 954,703 574,114 +66.3%
Income Tax Expense (Benefit) 208,335 146,869 +41.9%
Net Income 746,368 427,245 +74.7%
Show Equity Components breakouts
Noncontrolling Interest 69,269 8,850 +682.7%
Retained Earnings 677,099 418,395 +61.8%
Net Income 677,099 418,395 +61.8%
Comprehensive Income 677,096 418,644 +61.7%
EPS (Basic) 1.09 0.84 +29.8%
EPS (Diluted) 1.08 0.84 +28.6%
Wtd Avg Shares (Basic) 4,326 29,243 -85.2%
Wtd Avg Shares (Diluted) 4,290 34,239 -87.5%
Income Loss From Equity Method Investments (Q) — — —
Show Business Segments breakouts
Transmission · MVP Joint Venture 45.4 43.2 +5.1%
Net Income Loss Attributable To Noncontrolling Interest 69,269 8,850 +682.7%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 2024 YoY
Current Assets
Cash & Cash Equivalents 110,795 202,093 -45.2%
Show Consolidation Items breakouts
Material Reconciling Items 110,795 202,093 -45.2%
Accounts Receivable 1,457,959 1,132,608 +28.7%
Derivative Fair Value Of Derivative Asset 202,390 143,581 +41.0%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 43,200 50,300 -14.1%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 159,190 93,281 +70.7%
Show Derivative Risk breakouts
Commodity Contract 202,390 143,581 +41.0%
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 202,390 143,581 +41.0%
Income Taxes Receivable 27,756 97,378 -71.5%
Show Consolidation Items breakouts
Material Reconciling Items 27,756 97,378 -71.5%
Prepaid Expenses Other Assets And Margin Requirements With Counterparties Current 96,251 139,019 -30.8%
Total Current Assets 1,895,151 1,714,679 +10.5%
Show Equity Method Investment Nonconsolidated Investee breakouts
MVP A 129,883 204,028 -36.3%
Prepaid Expenses & Other Current Assets 59,441 52,044 +14.2%
Non-Current Assets
Property, Plant & Equipment 33,557,808 31,747,818 +5.7%
Show Business Segments breakouts
Gathering · Operating Segments 8,339,122 7,936,010 +5.1%
Transmission · Operating Segments 2,641,276 2,637,325 +0.1%
Upstream · Operating Segments 22,468,009 21,081,030 +6.6%
Show Legal Entity breakouts
Equitrans LP 2,641,276 2,637,325 +0.1%
Intangible Assets 200,486 215,257 -6.9%
Show Finite Lived Intangible Assets By Major Class breakouts
Other Intangible Assets 19,720 21,158 -6.8%
Service Agreements 180,766 194,099 -6.9%
Goodwill 2,062,462 2,079,481 -0.8%
Show Business Segments breakouts
Transmission · Operating Segments 1,231,783 1,217,742 +1.2%
Show Consolidation Items breakouts
Material Reconciling Items 830,679 861,739 -3.6%
Operating Segments 1,231,783 1,217,742 +1.2%
Other Non-Current Assets 446,390 455,623 -2.0%
Show Consolidation Items breakouts
Material Reconciling Items 170,534 237,943 -28.3%
Total Assets 41,792,874 39,830,255 +4.9%
Show Business Segments breakouts
Gathering · Operating Segments 8,676,118 8,295,625 +4.6%
Transmission · Operating Segments 7,637,682 7,672,004 -0.4%
Upstream · Operating Segments 24,295,091 22,546,098 +7.8%
Show Consolidation Items breakouts
Intersegment Elimination -204,403 -318,835 +35.9%
Operating Segments 40,608,891 38,513,727 +5.4%
Show Equity Method Investment Nonconsolidated Investee breakouts
MVP A 9,548,972 9,740,003 -2.0%
Operating Lease Right-of-Use Assets 74,111 60,496 +22.5%
Other Assets
Property Plant And Equipment Gross 48,472,497 44,505,504 +8.9%
Show Business Segments breakouts
Gathering · Operating Segments 8,677,011 8,067,556 +7.6%
Transmission · Operating Segments 2,751,815 2,667,352 +3.2%
Show Legal Entity breakouts
Equitrans LP 2,751,815 2,667,352 +3.2%
Show Property Plant And Equipment By Type breakouts
Unproved Property 1,656 1,563 +6.0%
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment 14,914,689 12,757,686 +16.9%
Show Business Segments breakouts
Gathering · Operating Segments 337,889 131,546 +156.9%
Transmission · Operating Segments 110,539 30,027 +268.1%
Show Legal Entity breakouts
Equitrans LP 110,539 30,027 +268.1%
Investments In Affiliates Subsidiaries Associates And Joint Ventures 3,630,577 3,617,397 +0.4%
Show Business Segments breakouts
Transmission · Operating Segments 3,514,803 3,534,730 -0.6%
Show Consolidation Items breakouts
Operating Segments 3,514,803 3,534,730 -0.6%
Current Liabilities
Current Portion of Long-Term Debt 507,119 320,800 +58.1%
Accounts Payable 1,367,431 1,177,656 +16.1%
Derivative Fair Value Of Derivative Liability 137,299 446,519 -69.3%
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Fair Value Measurements Recurring 39,164 81,074 -51.7%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 98,135 365,445 -73.1%
Show Derivative Risk breakouts
Commodity Contract 137,299 446,519 -69.3%
Show Fair Value By Measurement Basis breakouts
Estimate Of Fair Value Fair Value Disclosure · Fair Value Measurements Recurring 137,299 446,519 -69.3%
Interest Payable Current 137,505 167,157 -17.7%
Other Liabilities Current 335,487 349,417 -4.0%
Total Current Liabilities 2,484,841 2,461,549 +0.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
MVP A 24,218 69,303 -65.1%
Deferred Revenue (Current) 6,240 24,187 -74.2%
Non-Current Liabilities
Deferred Tax Liabilities 3,472,010 2,851,103 +21.8%
Asset Retirement Obligations And Other Liabilities Noncurrent 1,182,666 1,236,090 -4.3%
Total Liabilities 14,432,726 15,552,119 -7.2%
Show Equity Method Investment Nonconsolidated Investee breakouts
MVP A 28,847 70,817 -59.3%
Long-Term Debt 7,800,328 9,324,177 -16.3%
Show Debt Instrument breakouts
EQT's 3.125% notes due May 15, 2026 · Senior Notes 392,409 391,193 +0.3%
EQT's 3.625% notes due May 15, 2031 · Senior Notes 431,496 430,818 +0.2%
EQT's 3.900% notes due October 1, 2027 · Senior Notes 934,640 1,166,523 -19.9%
EQT's 4.50% notes due January 15, 2029 · Senior Notes 710,802 — —
EQT's 4.75% notes due January 15, 2031 · Senior Notes 1,044,098 — —
EQT's 5.00% notes due January 15, 2029 · Senior Notes 316,448 315,785 +0.2%
EQT's 5.500% notes due July 15, 2028 · Senior Notes 45,060 — —
EQT's 5.700% notes due April 1, 2028 · Senior Notes 494,905 492,640 +0.5%
EQT's 5.750% notes due February 1, 2034 · Senior Notes 743,589 742,796 +0.1%
EQT's 6.375% notes due April 1, 2029 · Senior Notes 602,840 — —
EQT's 6.500% notes due July 1, 2027 · Senior Notes 346,255 — —
EQT's 6.500% notes due July 15, 2048 · Senior Notes 68,064 — —
EQT's 7.000% notes due February 1, 2030 (c) · Senior Notes 672,263 671,641 +0.1%
EQT's 7.500% notes due June 1, 2030 · Senior Notes 522,749 — —
EQT's 7.75% debentures due July 15, 2026 · Senior Notes 114,710 114,213 +0.4%
EQT's revolving credit facility maturing July 23, 2030 · Line Of Credit 75,000 150,000 -50.0%
Eureka's revolving credit facility maturing November 13, 2027 · Line Of Credit 285,000 320,800 -11.2%
Long-Term Debt 7,293,209 9,003,377 -19.0%
Operating Lease Liabilities 27,369 29,391 -6.9%
Other Liabilities
Long Term Line Of Credit 360,000 150,000 +140.0%
Senior Notes 6,933,209 8,853,377 -21.7%
Stockholders' Equity
Common Stock Value Outstanding 19,517,761 18,014,711 +8.3%
Retained Earnings 4,237,089 2,585,238 +63.9%
Accumulated Other Comprehensive Income -2,173 -2,321 +6.4%
Total Stockholders' Equity 23,752,677 20,597,628 +15.3%
Minority Interest 3,607,471 3,680,508 -2.0%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 27,360,148 24,278,136 +12.7%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -2,173 -2,321 +6.4%
Common Stock 19,517,761 18,014,711 +8.3%
Noncontrolling Interest 3,607,471 3,680,508 -2.0%
Retained Earnings 4,237,089 2,585,238 +63.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
MVP A 9,520,125 9,669,186 -1.5%
Total Liabilities & Equity 41,792,874 39,830,255 +4.9%
Show Equity Method Investment Nonconsolidated Investee breakouts
MVP A 9,548,972 9,740,003 -2.0%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Depreciation & Amortization 667,762 620,319 +7.6%
Show Business Segments breakouts
Gathering · Operating Segments 55,255 44,231 +24.9%
Transmission · Operating Segments 28,968 22,297 +29.9%
Show — breakouts
Depreciation & Amortization 577,140 545,704 +5.8%
Show Consolidation Items breakouts
Material Reconciling Items 6,399 8,087 -20.9%
Operating Segments 661,363 612,232 +8.0%
Stock-Based Compensation 16,957 16,766 +1.1%
Other Non-Cash Items 7,279 1,909 +281.3%
Change in Accounts Receivable -649,817 -551,898 -17.7%
Change in Accounts Payable 211,561 138,764 +52.5%
Net Cash from Operations 1,125,387 756,276 +48.8%
Investing Activities
Capital Expenditures -612,734 -591,597 -3.6%
Other Investing Activities 10,143 0 —
Net Cash from Investing -621,012 582,350 -206.6%
Financing Activities
Tax Withholding for Share Compensation -345 -10,380 +96.7%
Debt Issuance Costs 0 0 —
Net Cash from Financing -629,316 -1,225,513 +48.6%
Supplemental
Income Taxes Paid -21 3,110 -100.7%
Interest Paid 99,425 205,136 -51.5%
Other Cash Flow
Net Change in Cash -124,941 113,113 -210.5%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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