FirmAtlas
Company handbook · EQT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
EQT · CIK 33213 · LATEST FILING: 10-Q JUN '26 · FILED JUL 22, 2026
EQT CORPORATION
$54.30
+1.85 (+3.53%)
Close, Oct 16, 2026 · 52-week $48–68
Last fiscal year
EQT CORPORATION reported revenue of $8.6B for the year ended Dec 31, 2025 (FY25), up 63.9% from FY24. Net income was $2.0B, operating cash flow $5.1B and free cash flow $2.8B. Source: 10-K filed Feb 18, 2026.
Market cap
$33.4B
P/E
12.3
EV/EBITDA
7.1x
P/B
1.3
Div yield
1.22%
ROIC
8.2%
Revenue 1Y
63.9%/yr
EPS 1Y
635.6%/yr
Shares 1Y
+20%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOToby Z. Rice
HQCanonsburg, PA
AuditorErnst & Young LLP
Employees1,523
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−2.1%
22.3%
7.7%
2.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$6.6B deployed
Capex
$4.5B
68.7%
Acquisitions
$1.4B
20.5%
Dividends
$716M
10.8%
Operating cash flow over the period: $8.0B. Total debt changed by −$1.3B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,273
8,644+63.9%
9,535
YoY
+63.9%
Gross profit
3,358
7,112+111.8%
7,985
Gross margin
63.7%
82.3%+18.6 pp
—
Operating income
685
3,250+374.2%
4,049
Operating margin
13.0%
37.6%+24.6 pp
—
EBITDA
2,848
5,850+105.4%
—
EBITDA margin
54.0%
67.7%+13.7 pp
—
Interest expense
455
439−3.5%
—
Interest coverage
6.26x
13.34x+7.07x
—
Net income
231
2,039+784.4%
2,712
YoY
+784.4%
Net margin
4.4%
23.6%+19.2 pp
—
EPS (diluted, $)
0.45
3.31+635.6%
4.33
YoY
+635.6%
Balance sheet
Total assets
39,830
41,793+4.9%
41,321
Cash & short-term investments
202
111−45.2%
—
Accounts receivable
1,133
1,458+28.7%
—
Net PP&E
31,748
33,558+5.7%
—
Other assets
6,748
6,666−1.2%
—
Total liabilities
19,233
18,040−6.2%
16,062
Accounts payable
1,178
1,367+16.1%
—
Total debt
9,645
8,307−13.9%
5,771
Other liabilities
8,410
8,365−0.5%
—
Shareholders’ equity
20,598
23,753+15.3%
25,259
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,827
5,126+81.3%
6,246
Net income
242
2,326+860.6%
—
Depreciation & amortization
2,162
2,600+20.3%
—
Stock-based compensation
158
61−61.6%
—
Working capital & other
264
139−47.3%
—
Cash from investing
(1,580)
(2,845)n/m
—
Capex
(2,254)
(2,288)n/m
—
Acquisitions
(874)
(484)n/m
—
Other investing
1,548
(73)−104.7%
—
Cash from financing
(1,126)
(2,372)n/m
—
Debt repaid
(4,314)
(1,402)n/m
—
Dividends
(327)
(390)n/m
—
Buybacks
0
0n/m
—
Other financing
3,515
(581)−116.5%
—
Net change in cash
121
(91)−175.4%
—
Free cash flow (OCF − capex)
573
2,838+395.0%
3,758
Where the cash went
Operating cash flow
2,827
5,126+81.3%
6,246
Reinvested in the business
3,128
2,772−11.4%
—
% of operating cash flow
110.6%
54.1%
Capex
2,254
2,288+1.5%
2,488
Acquisitions
874
484−44.7%
—
Free cash flow
573
2,838+395.0%
3,758
YoY
+395.0%
Returned to shareholders
327
390+19.3%
—
% of free cash flow
57.0%
13.7%
Dividends
327
390+19.3%
—
Buybacks
0
0n/m
—
Change in total debt
—
(1,338)
—
Cash left over
—
627
—
FCF conversion (FCF ÷ net income)
248.6%
139.1%−109.5 pp
—
Owner earnings
—
2,216
—
Owner earnings margin
—
25.6%
—
Returns & ratios
ROIC (all capital)
2.1%
8.2%+6.1 pp
—
ROIC (operating)
2.0%
7.8%+5.8 pp
—
Net debt / EBITDA
3.32x
1.40x−1.91x
—
Debt / equity
0.47x
0.35x−0.12x
—
ROE
1.1%
8.6%+7.5 pp
—
ROA
0.6%
4.9%+4.3 pp
—
ROCE
1.8%
8.3%+6.4 pp
—
NOPAT
628
2,538+304.2%
—
Invested capital (operating)
31,703
33,648+6.1%
—
Invested capital (all)
30,041
31,949+6.4%
—
Reinvestment rate
—
76.7%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
1,959
2,388
3,379
1,810
vs year-ago quarter
Gross profit
1,581
2,000
2,978
1,425
Gross margin
80.7%
83.8%
88.2%
78.7%
Operating income
603
1,016
2,036
394
Net income
336
677
1,487
211
vs year-ago quarter
Net margin
17.1%
28.4%
44.0%
11.7%
EPS (diluted, $)
0.53
1.10
2.36
0.34
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
41,195
41,793
41,692
41,321
Cash & equivalents
236
111
327
113
Total debt
8,725
8,307
6,500
5,771
Shareholders’ equity
23,152
23,753
25,119
25,259
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,018
1,125
3,055
1,048
Capex
626
613
599
650
Free cash flow
391
513
2,457
398
vs year-ago quarter