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EQTEQT

Legal name
EQT Corporation
Sector
Energy
Industry
Crude Petroleum & Natural Gas
Exchange
NYSE

Stock Price $EQT

Latest filings

You are here#23 of 33 in Energy by market cap

Filing record · 2016–202610-K1210-Q348-K232

EQT filed 12 annual reports (10-K), 34 quarterly reports (10-Q) and 232 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Nov ’17Nov ’17
  2. Restructuring8-K · Sep ’19Sep ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $8.64B
YoY changeLargest recent move+156.7%in FY21Latest +63.9%

1 older move runs past ±150% (largest +156.7%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All EQT Financial Metrics57 metrics

Income Statement14

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

EQT Financial Overview 2021–2025

Updated Nov 2, 2026

In FY2025, EQT Corporation's net income rocketed to $2.04 billiona—a dramatic expansion from $231 million in FY2024—highlighting the cash-generating power of its vertically integrated natural gas model. By aggressively acquiring midstream infrastructure and prioritizing debt reduction, the largest natural gas producer in the United States has successfully built a financial buffer against inherent commodity price volatility.

This structural transformation is highly visible over a multi-year horizon, as earnings per share recovered from a $-3.54 deficit in FY2021 to a profitable $3.31b by FY2025. Over this period, EQT fundamentally de-risked its balance sheet, notably retiring $4.3 billion in senior notes and term loans in FY2024 and eliminating another $1.4 billion in debt during FY2025. The company's top-line performance also hit new highs, with total operating revenues surging to $8.64 billion in FY2025, driven by higher realized pricing and the completion of the Olympus Energy acquisition. This specific asset expansion pushed total proved reserves up by 7% year-over-year to a massive 28.0 Tcfe.

The market rewarded this combination of balance sheet discipline and operational scale. At the close of FY2025, the stock traded at $53.60c with a price-to-earnings multiple of 16.2x. That valuation reflects normalized profitability for a producer that has successfully utilized targeted M&A and strategic pipeline ownership to secure durable cash flows in an unpredictable energy sector.

Recent Developments (Q2 and Q3 2026)

EQT announced an all-stock merger with Range Resources in Q3 2026, creating a combined entity with a pro forma enterprise value exceeding $50 billiond and over 9 Bcfe/d of net production. During the third quarter, net income fell to $278.7 million from $335.9 million in Q3 2025 due to lower sales volumes. Conversely, year-to-date operating cash flow surged to $5.19 billion, up from $4.00 billion.

The company also closed its $77 millione Blackline Midstream acquisition and launched a $3.5 billion commercial paper program. Bulls emphasize the projected $325 million in annual merger synergies alongside a 3% dividend increase to $0.68 per share. Bears caution that near-term profitability remains vulnerable to commodity swings, highlighted by a 29% revenue drop to $1.81 billion in Q2 2026. At 17.0x earnings as of October 28, 2026, the stock reflects a balanced premium for its impending scale.

What to watch: closure of the Range Resources transaction in Q1 2027; realization of projected midstream free cash flow yields.

03—Filings

Recent SEC Filings

  1. 8-KEQT 8-K Report, Financial Results (Oct 27, 2026)EQT Corporation reported its third quarter 2026 financial and operational results, highlighting strong operational execution and strategic advancements. Despite a downward pressure on natural gas prices during the quarter, the company achieved solid results characterized by lower-than-expected capital expenditures, realized pricing that was favorable to guidance, and operating costs at the low end of guidance. This performance translated into substantial net cash provided by operating activities and generated free cash flow attributable to EQT. The company also made significant strategic moves during the quarter, most notably announcing the acquisition of Range Resources Corporation, which is poised to create the largest and only vertically integrated natural gas producer in the United States. Additionally, EQT launched an open season for its POWER Pipeline project and secured a long-term LNG sales agreement, underscoring its commitment to expanding its market reach and infrastructure capabilities. These developments, coupled with a modest increase in the quarterly dividend, signal EQT's strategic focus on growth, efficiency, and shareholder returns.
  2. 8-KEQT 8-K Report, Material Agreement (Oct 26, 2026)EQT Corporation (EQT) has announced a significant strategic move through an Agreement and Plan of Merger with Range Resources Corporation (Range). This all-stock transaction, valued at over $50 billion on a pro forma enterprise value basis, aims to create the largest and a leading vertically integrated natural gas producer in North America. The combined entity will boast extensive natural gas assets, significant midstream infrastructure, and a deep inventory of over 30 years, positioning it as a dominant player in the energy sector. The merger is expected to yield substantial synergies, estimated at $325 million annually within two years and potentially exceeding $600 million long-term, driven by operational efficiencies, infrastructure optimization, and enhanced marketing capabilities. The transaction is structured such that EQT shareholders will own approximately 73% of the combined company, while Range shareholders will hold roughly 27%. The integration is planned to be led by EQT's executive management team, with its headquarters remaining in Canonsburg, Pennsylvania, and will include the addition of two Range representatives, including Range's CEO, to EQT's Board of Directors.
  3. 8-KEQT 8-K Report, Financial Results (Oct 13, 2026)EQT Corporation has filed a Current Report on Form 8-K to provide preliminary financial information for the three months ended September 30, 2026. The company anticipates reporting a total gain on derivatives of approximately $100 million. This gain is primarily driven by net cash settlements received on various hedging positions, with $68 million expected from NYMEX natural gas hedges and an additional $2 million from basis and liquids hedges, totaling $70 million in net cash settlements. It is important for investors to note that these figures are preliminary and subject to change. The final audited amounts will be disclosed in EQT's upcoming Quarterly Report on Form 10-Q for the period ending September 30, 2026, or in their corresponding earnings release. The company also indicated that no premiums were paid or received for derivatives that settled during the reported period. This disclosure is informational and not considered "filed" for the purposes of Section 18 of the Exchange Act.
  4. 8-KEQT 8-K Report, Material Agreement (Oct 7, 2026)EQT Corporation has established a commercial paper program allowing for the issuance of up to $3.5 billion in short-term, unsecured commercial paper notes. These notes will be used for general corporate purposes, including working capital, capital expenditures, acquisitions, and debt repayment, providing EQT with flexible access to funding. The program is supported by EQT's existing senior unsecured revolving credit facility, which will act as a liquidity backstop, ensuring sufficient capacity to cover outstanding commercial paper. This initiative suggests EQT is proactively managing its liquidity and potentially positioning itself for future growth opportunities or to optimize its capital structure. While no notes have been issued yet, the establishment of this program indicates a strategic move to enhance financial flexibility. Investors should monitor EQT's use of this program and its impact on the company's leverage and cash flow.
  5. 8-KEQT 8-K Report, Financial Results (Jul 21, 2026)EQT Corporation reported second quarter 2026 results that were strong on operations and balance sheet repair. Sales volume of 634 Bcfe came in above the high end of guidance, driven by well performance, system pressure optimization and fewer price-related curtailments. Capital expenditures of $666 million were 9% below the low end of guidance, and per-unit operating costs of $1.03/Mcfe landed at the low end of guidance. Free cash flow attributable to EQT was $330 million, and net debt fell to $5.5 billion from $7.7 billion at year-end 2025, helped by the repayment of debt and $101 million of working capital usage during the quarter. Reported GAAP earnings were weaker year over year, with diluted EPS of $0.34 versus $1.30, though the decline reflects derivative mark-to-market swings; adjusted EPS was $0.39 versus $0.45 and was below the prior-year quarter. Management raised 2026 sales volume guidance to 2,375-2,450 Bcfe, an increase of roughly 90 Bcfe, and trimmed full-year capital expenditure guidance by $25 million. Commercial developments included a 10-year agreement to supply 325,000 Dth/d to the CPV Shay Energy Center priced off PJM power prices, a 5-year LNG offtake SPA for 0.5 mtpa beginning in 2028 (expected to add about $45 million to 2028 free cash flow), accelerated capital contributions to MVP Southgate to complete construction by year-end 2026, and the closing of the $77 million Blackline Midstream propane terminal acquisition. The filing is a furnished Item 2.02 notice with the earnings release as Exhibit 99.1, so the information is not deemed filed under Section 18 of the Exchange Act. The release provides non-GAAP reconciliations, forward guidance for Q3 and full-year 2026, and hedge positions as of July 14, 2026. Investors should note that the company's forward-looking statements carry the usual risks, including commodity price volatility, and that the company does not guide to GAAP operating cash flow.
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04—See also

Related Companies

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