EQT Corporation (EQT) financials

NYSE · Energy · Oil & Gas Exploration & Production · 1,523 employees · CEO Toby Z. Rice

Price: $55.38 +1.54%
Market cap: $34.6B
Enterprise value: $40.1B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-16 EPS est. $0.69

Revenue (TTM)$9.23B+7.3% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)41.9%+6.8 pp vs a year agoOperating income $3.86B

Net income (TTM)$2.79B+56.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$3.81B+53.1% vs a year agoCapex $2.5B

Diluted EPS (TTM)$4.45+52.4% vs a year agoSum of the last 4 quarters

Net cash-$5.47B+28.9% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $34.6B
Revenue: $9.23B
Revenue growth: -1%
Profit margin: 30.2%
P/E: 12.4×
P/S: 3.8×
EV / EBITDA: 6.0×
Free cash flow: $3.81B
Net income: $2.79B
Revenue estimate: $9B
Earnings: 2027-02-16
Dividend: $0.66

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue in line, EPS beat by 14.4%Revenue $1.77B vs $1.76B expected (+0.3%); EPS $0.42 vs $0.37 (+14.4%).
Revenue growth slowing: -2.9% year on yearQ3 '26 revenue $1.77B, against an average of 21.5% over the four quarters before.
Operating margin 41.9% (TTM), +6.8 pp on a year agoOperating income grew 28.2% while revenue grew 7.3%.
Capex 27.1% of revenue (a year ago 26.3%)$2.5B invested in the last 4 quarters (+10.3% on a year earlier). Free cash flow $3.81B = 136.6% of net income.
Returned $412M to shareholders = 10.8% of free cash flowBuybacks $0 (a year earlier $0), dividends $412M, stock-based pay $67.7M (TTM).
Diluted share count up 0.1% in a year629M diluted shares in Q3 '26, 628M a year earlier.
Net debt $5.47BCash + short-term investments $78.7M, debt incl. leases $5.55B; a year ago net debt $7.7B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.77B	$1.82B	-2.9%
Gross margin	73.4%	36.2%	+37.2 pp
Operating income	$459M	$603M	-23.8%
Operating margin	26.0%	33.1%	-7.1 pp
Net income	$279M	$336M	-17.0%
Diluted EPS	$0.44	$0.53	-17.0%
Operating cash flow	$1.08B	$1.02B	+6.4%
Capex	$647M	$626M	+3.4%
Free cash flow	$436M	$391M	+11.4%
R&D	$0	$0	–
Stock-based compensation	$25.3M	$15.3M	+65.3%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$1.77B	$1.76B	+0.3%
EPS (as estimated)	$0.42	$0.37	+14.4%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q4 '24	y/y	Share	TTM	TTM y/y
Oil Sales	$4.92B	+17,356.7%	100.0%	–	–
Natural Gas Sales	–	–	–	–	–
NGLs Sales	–	–	–	–	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
EQT Production Segment	–	–	–	–	–	–	–
EQM Gathering Segment	–	–	–	–	–	–	–
EQM Transmission Segment	–	–	–	–	–	–	–
Production Segment	–	–	–	–	–	–	–
Gathering Segment	–	–	$208M	+2.9%	–	–	$841M
Transmission Segment	–	–	$77.8M	-8.9%	–	–	$383M
Material Reconciling Items	–	–	–	–	–	–	–
Upstream Segment	–	–	$220M	-40.7%	–	–	$2.8B
Corporate And Reconciling Items	–	–	-$46.5M	+15.7%	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $6.31B
Capex: -$2.5B
Buybacks: $0
Dividends: -$412M
Acquisitions: -$68M
Net debt issued: -$2.68B
Stock-based compensation: $67.7M
Free cash flow: $3.81B
Returned to shareholders / FCF: 10.8%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	12.4×	33.5× 4 of 5 years	7.1× – 102.5×
EV / EBITDA	6.0×	11.3×	3.9× – 29.3×
EV / Sales	4.3×	3.6×	1.4× – 6.3×
Price / FCF	9.1×	16.6×	6.1× – 41.0×
Price / Book	1.4×	1.1×	0.7× – 1.4×
FCF yield	11.0%	8.8%	2.4% – 16.5%
Return on invested capital	7.6%	4.3%	-5.3% – 10.7%
Return on equity	11.2%	5.2%	-11.5% – 15.9%

Analysts

Consensus target $66.75 (+20.5%)
range $54.00 – $75.00 · rating Buy

Strong buy0

Buy31

Hold15

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$9B	-0.8%	$3.77	+14.0%	14.7×	13
FY2027	$10.8B	+20.4%	$3.57	-5.5%	15.5×	7
FY2028	$12.9B	+19.2%	$5.05	+41.5%	11.0×	7
FY2029	$14.3B	+10.8%	$5.71	+13.1%	9.7×	2
FY2030	$15.5B	+8.5%	$5.82	+2.0%	9.5×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 295 figures EQT Corporation tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$1.14B	$1.12B	+1.7%	$1.37B	$1.18B	+16.1%
Accounts Receivable, after Allowance for Credit Loss, Current	$726M	$804M	-9.7%	$1.46B	$1.13B	+28.7%
Accounts Receivable, Allowance for Credit Loss, Current	$5.83M	$1.13M	+417.3%	$3.09M	$12.5M	-75.4%
Accrual for Taxes Other than Income Taxes, Current	$109M2025-12-31	$115M	-5.3%	$109M	$115M	-5.3%
Accrued Payroll Taxes, Current	$9.31M2025-12-31	$12.1M	-23.1%	$9.31M	$12.1M	-23.1%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$16.4B	$14.3B	+15.1%	$14.9B	$12.8B	+16.9%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$1.79M	-$2.17M	+17.6%	-$2.17M	-$2.32M	+6.4%
Amortization of Intangible Assets	–	–	–	$13.3M	$5.9M	+125.4%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3.65M	702K	+420.5%	430K2017-12-31	–	–
Asset Impairment Charges	$41.8M2025-12-31	$38.4M	+8.7%	$51.2M	$97.4M	-47.5%
Asset Retirement Obligation	$1.02B2025-12-31	$1B	+1.6%	$1.02B	$1B	+1.6%
Asset Retirement Obligation, Accretion Expense	–	–	–	$76.7M	$68.5M	+12.0%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$31.4M	$21.6M	+45.4%
Asset Retirement Obligation, Liabilities Settled	–	–	–	$52.2M	$66.7M	-21.8%
Asset Retirement Obligation, Period Increase (Decrease)	$1.53M	$7.08M	-78.4%	$75.4M	$73.6M	+2.5%
Asset Retirement Obligation, Revision of Estimate	–	–	–	$43.9M	$52M	-15.5%
Assets	$41.4B	$41.2B	+0.6%	$41.8B	$39.8B	+4.9%
Assets, Current	$1.11B	$1.27B	-12.4%	$1.9B	$1.71B	+10.5%
Business Combination, Acquisition Related Costs	–	–	–	$35.8M	$309M	-88.4%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	–	–	–	$3.08M2025-07-01	–	–
Capitalized Costs, Accumulated Depreciation, Depletion, Amortization and Valuation Allowance Relating to Oil and Gas Producing Activities	$14.3B2025-12-31	$12.5B	+14.9%	$14.3B	$12.5B	+14.9%
Capitalized Costs, Oil and Gas Producing Activities, Gross	$36.8B2025-12-31	$33.5B	+9.6%	$36.8B	$33.5B	+9.6%
Capitalized Costs, Oil and Gas Producing Activities, Net	$22.4B2025-12-31	$21.1B	+6.6%	$22.4B	$21.1B	+6.6%
Capitalized Costs, Proved Properties	$35.1B2025-12-31	$32B	+9.8%	$35.1B	$32B	+9.8%
Capitalized Costs, Unproved Properties	$1.66B2025-12-31	$1.56B	+5.9%	$1.66B	$1.56B	+5.9%
Capitalized Exploratory Well Costs	$02025-12-31	$0	–	$0	$0	–
Cash and Cash Equivalents, at Carrying Value	$78.7M	$236M	-66.6%	$111M	$202M	-45.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$78.7M	$236M	-66.6%	$111M	$202M	-45.2%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$34.1M	-$320M	+89.3%	-$91.3M	$121M	-175.4%
Changes in Estimated Future Development Costs	–	–	–	$1.28B	$1.43B	-10.5%
Changes in Future Income Tax Expense Estimates on Future Cash Flows Related to Proved Oil and Gas Reserves	–	–	–	-$2.44B	$412M	-691.9%
Collateral Already Posted, Aggregate Fair Value	$0	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Declared	$0.17	$0.16	+4.8%	$0.64	$0.63	+1.2%
Common Stock, No Par Value	$0.00	$0.00	–	$0.00	$0.00	–
Common Stock, Shares Authorized	1.28B	1.28B	0.0%	1.28B	1.28B	0.0%
Common Stock, Shares, Issued	626M	624M	+0.2%	624M	597M	+4.6%
Common Stock, Value, Outstanding	$19.6B	$19.5B	+0.4%	$19.5B	$18B	+8.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$66.4M	$71.4M	-7.0%	$286M	$11.5M	+2,382.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$279M	$336M	-17.0%	$2.04B	$231M	+783.1%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$345M	$407M	-15.3%	$2.33B	$242M	+859.2%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$531M	$645M	-17.7%	$1.16B	$940M	+23.3%
Contract with Customer, Liability, Current	$6.24M2025-12-31	$24.2M	-74.2%	$6.24M	$24.2M	-74.2%
Cost of Goods and Services Sold	$371M	$377M	-1.7%	$1.53B	$1.92B	-20.0%
Costs and Expenses	$1.31B	$1.36B	-3.3%	$5.39B	$4.59B	+17.6%
Costs Incurred, Acquisition of Oil and Gas Properties with Proved Reserves	–	–	–	$1.52B	$411M	+270.7%
Costs Incurred, Acquisition of Unproved Oil and Gas Properties	–	–	–	$390M	$98M	+298.0%
Costs Incurred, Development Costs	–	–	–	$1.73B	$1.85B	-6.6%
Costs Incurred, Exploration Costs	–	–	–	$3.6M	$2.74M	+31.7%
Current Federal Tax Expense (Benefit)	–	–	–	-$7.3M	$1.22M	-697.1%
Current Income Tax Expense (Benefit)	–	–	–	-$5.95M	$7.35M	-181.0%
Current State and Local Tax Expense (Benefit)	–	–	–	$1.34M	$6.13M	-78.1%
Debt Instrument, Face Amount	$5.59B	$8.27B	-32.4%	$7.86B	$9.37B	-16.2%
Decrease Due to Sales of Minerals in Place	–	–	–	$3.05M	$692M	-99.6%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$551M	-$21.5M	+2,667.2%
Deferred Income Tax Expense (Benefit)	–	–	–	$658M	$14.7M	+4,365.4%
Deferred Income Tax Liabilities, Net	$4.05B	$3.27B	+24.0%	$3.47B	$2.85B	+21.8%
Deferred Income Taxes and Tax Credits	$84.7M	$142M	-40.3%	$658M	$14.7M	+4,365.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$107M	$36.2M	+195.2%
Deferred Tax Asset, Interest Carryforward	$45.2M2025-12-31	$107M	-57.6%	$45.2M	$107M	-57.6%
Deferred Tax Assets, Capital Loss Carryforwards	$22.1M2025-12-31	$44.5M	-50.4%	$22.1M	$44.5M	-50.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-02