EQT Corporation crushed Q4 2025 expectations, posting adjusted EPS of $0.90 (vs. $0.73 est., a +22.7% beat) on revenue of $2.39 billion (vs. $2.1B est., a +13.8% beat). Full-year net income soared to $2.04 billion from just $231 million in 2024, while free cash flow attributable to EQT hit $2.5 billion. Shares gained +2.66% the day after the announcement, significantly outperforming EQT’s average post-earnings move of -0.75%.
About EQT Corporation
EQT Corporation (NYSE: EQT) is America’s largest natural gas producer by volume and the only large-scale, vertically integrated natural gas company in the United States. Founded in 1888 and headquartered in Pittsburgh, Pennsylvania, the company operates production and midstream assets across Pennsylvania, West Virginia, and Ohio in the core of the Appalachian Basin.
EQT’s integrated model spans upstream exploration and production, gathering, transmission (including majority ownership of the Mountain Valley Pipeline), and processing operations. As of February 2026, EQT carries a market capitalization of approximately $36 billion, a P/E ratio of ~19.7, a dividend yield of ~1.1% ($0.66 annualized), and approximately 1,461 employees. CEO Toby Z. Rice leads the company alongside CFO Jeremy Knop. The analyst consensus is “Moderate Buy” with an average price target of $64.27 across 25 ratings (19 Buys, 5 Holds, 1 Sell).
Top Financial Highlights
Fourth Quarter 2025
- Total Revenue: $2.39 billion, up ~47% year-over-year from $1.62 billion in Q4 2024.
- Net Income (attributable to EQT): $677 million, up 62% from $418 million in Q4 2024.
- GAAP Diluted EPS: $1.08 vs. $0.69 year-ago quarter.
- Adjusted EPS: $0.90, beating the consensus estimate of $0.73 by +22.7%.
- Adjusted EBITDA: $1,637 million (consolidated) / $1,509 million (attributable to EQT) vs. $1,412M / $1,400M prior year.
- Net Cash from Operating Activities: $1,125 million, up 49% from $756 million.
- Free Cash Flow (attributable to EQT): $744 million vs. $580 million in Q4 2024.
- Capital Expenditures: $655 million, 4% below the midpoint of guidance.
- Sales Volume: 609 Bcfe, above the high-end of guidance.
- Average Realized Price: $3.44/Mcfe vs. $3.01/Mcfe in Q4 2024.
- Total Debt / Net Debt: $7.8 billion / $7.7 billion as of December 31, 2025, down from $9.3B / $9.1B previously.
- Cash on Hand: Included within working capital; net debt at end of Q1 2026 projected to be sub-$6 billion
Full Year 2025
- Total Sales Volume: 2,382 Bcfe vs. 2,228 Bcfe in 2024 (+7%).
- Net Income (att. EQT): $2.04 billion vs. $231 million in 2024 (+783%).
- Adjusted EPS: $3.05 vs. $1.60 in 2024 (+91%).
- Adjusted EBITDA (att. EQT): $5.39 billion vs. $3.71 billion in 2024 (+45%).
- Free Cash Flow (att. EQT): $2.50 billion vs. $684 million in 2024 (+266%).
- Per-Unit Operating Costs: $1.05/Mcfe (down from $1.23/Mcfe in 2024, a ~15% reduction) — record-low.
- Proved Reserves: 28.0 Tcfe, up 7% year-over-year; PV-10 of $26 billion at SEC pricing.
Beat or Miss?
EQT delivered decisive beats on both earnings and revenue, marking its 8th consecutive quarter of EPS outperformance.
| Metric | Reported | Consensus Estimate | Surprise |
| Adjusted EPS | $0.90 | $0.73 (Zacks) / $0.72 (Investing.com) | +22.7% |
| Revenue | $2.39B | $2.1B (Investing.com) / $2.06B (Zacks) | +13.8% / +1.5% |
| Adjusted EBITDA | $1,637M | ~$1,120M (S&P est.) | +18.6% |
| Sales Volume | 609 Bcfe | High-end of guidance range | Above high-end |
| CapEx | $655M | Midpoint of guidance | 4% below |
| Per-Unit Costs | $1.10/Mcfe (Q4) | Low end of guidance | At low end |
Note: Revenue estimates vary by source due to differences in how total revenue is calculated (some exclude derivatives/midstream); Zacks uses $2.09B adjusted operating revenue basis.
What Leadership Is Saying?
“EQT delivered outstanding performance across the board in 2025, exceeding production forecasts, achieving record-low operating costs and coming in below budget on capital spending. This resulted in 2025 free cash flow generation significantly above consensus and internal estimates, underscoring how our outperformance is driving tangible shareholder value. Last year put the power of EQT’s low-cost, integrated natural gas business on display and our strong performance has continued into 2026.” – CEO Toby Z. Rice — Strategy & Vision
“EQT intends to keep its total debt at a maximum of $5 billion, concentrating on converting liabilities into equity value. This approach enables EQT to act effectively during stock price declines, with a core principle of maintaining low leverage to foster long-term shareholder value.” – CFO Jeremy Knop — Financial Discipline & Balance Sheet
Historical Performance
EQT YoY Comparison – Q4 2025 vs. Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Total Revenue | $2,388M | $1,625M | 47.00% |
| Net Income (att. EQT) | $677M | $418M | 61.90% |
| Adjusted EPS | $0.90 | $0.67 | 34.30% |
| Adjusted EBITDA | $1,637M | $1,412M | 15.90% |
| Net Cash from Ops | $1,125M | $756M | 48.80% |
| Free Cash Flow (att. EQT) | $744M | $580M | 28.30% |
| Capital Expenditures | $655M | $583M | 12.40% |
| Sales Volume (Bcfe) | 609 | 605 | 0.70% |
| Avg Realized Price ($/Mcfe) | $3.44 | $3.01 | 14.30% |
Full Year 2025 vs. Full Year 2024
| Category | FY 2025 | FY 2024 | Change (%) |
| Net Income (att. EQT) | $2,039M | $231M | 782.70% |
| Adjusted EPS | $3.05 | $1.60 | 90.60% |
| Adjusted EBITDA (att. EQT) | $5,386M | $3,709M | 45.20% |
| Net Cash from Ops | $5,126M | $2,827M | 81.30% |
| FCF (att. EQT) | $2,503M | $684M | 266.00% |
| Per-Unit Costs ($/Mcfe) | $1.05 | $1.23 | -14.60% |
| Sales Volume (Bcfe) | 2,382 | 2,228 | 6.90% |
Competitor Comparison
Q4 2025 Performance
The table below compares EQT’s Q4 2025 performance against its closest Appalachian and natural gas-weighted peers. Range Resources (RRC) had not yet reported Q4 2025 results at time of publication (scheduled for February 24, 2026).
| Metric | EQT (EQT) | Expand Energy (EXE) | Antero Resources (AR) |
| Q4 Revenue | $2.39B | $3.27B | N/A (production-based) |
| Q4 Net Income | $677M | $553M | $194M |
| Q4 EPS (Diluted/Adjusted) | $1.08 / $0.90 | $2.30 / $2.00 | ~$0.42 (adj.) |
| Q4 Adj. EBITDA(X) | $1,637M | $1,425M | $422M |
| Q4 Production | 609 Bcfe (total) | ~7.40 Bcfe/d | ~3.5 Bcfe/d |
| Q4 Cash from Ops | $1,125M | $956M | $371M |
| FY 2025 Net Income | $2,039M | $1,819M | $297M (9 months) |
| FY 2025 Adj. EBITDA(X) | $5,904M | $5,078M | N/A |
YoY Changes — Competitor Snapshot
| Category | EQT Q4’25 vs Q4’24 | Expand Energy Q4’25 vs Q4’24 | Antero Q4’25 vs Q4’24 |
| Revenue Change | +47.0% | +63.5% | Production +2% YoY |
| Net Income Change | +61.9% | >150% (prior loss) | +3.1% (~$194M vs ~$188M) |
| Production Change | +0.7% | +15% | +2% |
Note: Expand Energy (EXE) was formed from the Chesapeake Energy / Southwestern Energy merger and reports on a different scale. Range Resources (RRC) Q4 results will be released February 24, 2026; Q3 2025 revenue was $749M with net income of $144.3M.
How the Market Reacted?
EQT shares rallied +2.66% the trading day following the February 17 earnings announcement, a notably positive reaction compared to the company’s average post-earnings next-day move of -0.75% over the prior five quarterly reports. This marked EQT’s strongest earnings-driven gain since Q3 2024 (+3.4%). However, on Tuesday, February 18, 2026 (the day of the earnings conference call), shares pulled back modestly, trading down $1.09 to $57.61 on volume of approximately 10 million shares — slightly below the 20-day average of ~11 million.
Peer stocks showed mixed, mostly muted reactions (HES +1.26%, FANG -1.12%), reinforcing that EQT’s move was stock-specific rather than a broad sector shift. The broader sentiment is decidedly bullish, underpinned by record-low operating costs, massive free cash flow improvement (+266% YoY for full year), aggressive 2026 FCF guidance of ~$3.5 billion, and a clear path to reducing net debt from $7.7 billion to ~$4.7 billion by year-end 2026. Analysts maintain a consensus “Moderate Buy” with a $64.27 average price target, implying approximately 11% upside from current levels.
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