How much free cash flow did EQT generate in 2025 and what does it expect in 2026?

EQT generated $2.5 billion of free cash flow attributable to EQT in 2025, versus $684 million in 2024. For 2026, it projects roughly $3.5 billion at recent strip pricing, which already includes about $600 million of elected growth capital spending. These are non-GAAP measures that exclude changes in other assets and liabilities and are calculated using EQT's share of Midstream JV cash flows.

How is EQT's balance sheet changing?

Total debt was $7.8 billion and net debt was $7.7 billion at year-end 2025, down from $9.3 billion and $9.1 billion a year earlier. The company expects net debt below $6 billion at the end of Q1 2026 and about $4.7 billion by year-end 2026 at strip prices. Q4 2025 included $425 million of working capital usage.

Why is EQT buying more of MVP and what does it cost?

EQT exercised an option to acquire a portion of ConEdison's interests in MVP Mainline (MVP A) and MVP Boost (MVP C), increasing its ownership by 3.94 percentage points. EQT pays about $115 million, with the remaining $98 million paid by Blackstone's BXCI for its share, and the MVP A interest will sit in a midstream JV where EQT holds 51%. Management says the price implies 9x adjusted EBITDA and a 12% IRR, and closing is expected in the first half of 2026.

How is EQT managing commodity price risk for 2026?

EQT increased its 2026 hedged share of production from 7% to 25% by adding collars with a weighted average floor of $3.94 per MMBtu and ceiling of $5.70 per MMBtu. The existing NYMEX hedge table as of February 11, 2026 shows hedged volumes declining through 2026 and into Q1 2027. This gives partial downside protection while leaving meaningful exposure to natural gas prices.

Are EQT's GAAP earnings and non-GAAP metrics telling the same story?

GAAP net income attributable to EQT was $677 million in Q4 2025 and $2.04 billion for the full year, with diluted EPS of $1.08 and $3.31 respectively. Adjusted EPS was $0.90 for Q4 and $3.05 for the full year, excluding items such as derivative fair value changes, gains on asset sales and impairments. Investors should review the reconciliations, since the non-GAAP measures remove items that can be significant, including a $133.7 million securities class action settlement expense in 2025.

EQT 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed February 17, 2026. Cited figures are marked; the original filing is the authoritative source.

EQT Corporation reported strong fourth-quarter and full-year 2025 results, with sales volume of 609 Bcfe in Q4 (above guidance) and record-low per-unit operating costs for the year.

Q4 free cash flow attributable to EQT was $744 million^a, and full-year 2025 free cash flow attributable to EQT reached $2.5 billion, up from $684 million in 2024. Management also highlighted capital efficiency gains, with 2025 average well cost per foot 13% lower year-over-year, and proved reserves rose 7% to 28.0 Tcfe. Year-end total debt was $7.8 billion and net debt was $7.7 billion, down from $9.1 billion a year earlier.

Looking forward, EQT guided to 2026 production of 2,275–2,375 Bcfe and maintenance capex of $2.07^b–$2.21 billion. The company elected to deploy $580–$640 million of post-dividend free cash flow into growth projects, and it projects roughly $3.5 billion of free cash flow attributable to EQT at recent strip prices after including about $600 million of that growth spending. It expects to exit 2026 with approximately $4.7 billion of net debt and projects net debt below $6 billion by the end of Q1 2026.

The company also raised its 2026 hedge coverage from 7% to 25%, adding collars with a $3.94^c floor and $5.70 ceiling per MMBtu. Additional items include the exercise of an option to acquire a portion of ConEdison's interest in MVP Mainline and MVP Boost, which lifts EQT's ownership from roughly 49% to 53% for about $115 million payable by EQT. Management stated the purchase implies 9x adjusted EBITDA and a 12% internal rate of return.

The transaction is expected to close in the first half of 2026, subject to HSR clearance. Investors should weigh the non-GAAP framing of the results, including adjusted EBITDA, adjusted EPS and free cash flow, against GAAP net income of $677 million^d attributable to EQT in Q4 and $2.04 billion for the full year.

02—Key points

Key Highlights

Q4 2025 sales volume of 609 Bcfe came in above the high end of guidance, while capex of $655 million was 4% below the guidance midpoint.
Full-year 2025 free cash flow attributable to EQT was $2.5 billion, up from $684 million in 2024, and Q4 free cash flow attributable to EQT was $744 million.
Net debt fell to $7.7 billion at year-end 2025 from $9.1 billion, with management projecting sub-$6 billion net debt by end of Q1 2026 and about $4.7 billion at year-end 2026 at strip pricing.
Proved reserves increased 7% year-over-year to 28.0 Tcfe; SEC-price PV-10 was $26 billion, rising to about $31 billion at recent strip pricing.
2026 guidance calls for 2,275–2,375 Bcfe of production, $2.07–$2.21 billion of maintenance capex, and roughly $3.5 billion of projected free cash flow attributable to EQT at strip prices.
EQT elected to invest $580–$640 million of 2026 post-dividend free cash flow into growth projects, and increased its 2026 hedge coverage from 7% to 25% with collars at $3.94–$5.70 per MMBtu.
Exercise of the option to buy a portion of ConEdison's MVP interest for about $115 million lifts EQT's ownership from ~49% to ~53%, at an implied 9x adjusted EBITDA and 12% IRR, with closing expected in 1H 2026.

03—Questions

Frequently Asked Questions

How much free cash flow did EQT generate in 2025 and what does it expect in 2026?
EQT generated $2.5 billion of free cash flow attributable to EQT in 2025, versus $684 million in 2024. For 2026, it projects roughly $3.5 billion at recent strip pricing, which already includes about $600 million of elected growth capital spending. These are non-GAAP measures that exclude changes in other assets and liabilities and are calculated using EQT's share of Midstream JV cash flows.
How is EQT's balance sheet changing?
Total debt was $7.8 billion and net debt was $7.7 billion at year-end 2025, down from $9.3 billion and $9.1 billion a year earlier. The company expects net debt below $6 billion at the end of Q1 2026 and about $4.7 billion by year-end 2026 at strip prices. Q4 2025 included $425 million of working capital usage.
Why is EQT buying more of MVP and what does it cost?
EQT exercised an option to acquire a portion of ConEdison's interests in MVP Mainline (MVP A) and MVP Boost (MVP C), increasing its ownership by 3.94 percentage points. EQT pays about $115 million, with the remaining $98 million paid by Blackstone's BXCI for its share, and the MVP A interest will sit in a midstream JV where EQT holds 51%. Management says the price implies 9x adjusted EBITDA and a 12% IRR, and closing is expected in the first half of 2026.
How is EQT managing commodity price risk for 2026?
EQT increased its 2026 hedged share of production from 7% to 25% by adding collars with a weighted average floor of $3.94 per MMBtu and ceiling of $5.70 per MMBtu. The existing NYMEX hedge table as of February 11, 2026 shows hedged volumes declining through 2026 and into Q1 2027. This gives partial downside protection while leaving meaningful exposure to natural gas prices.
Are EQT's GAAP earnings and non-GAAP metrics telling the same story?
GAAP net income attributable to EQT was $677 million in Q4 2025 and $2.04 billion for the full year, with diluted EPS of $1.08 and $3.31 respectively. Adjusted EPS was $0.90 for Q4 and $3.05 for the full year, excluding items such as derivative fair value changes, gains on asset sales and impairments. Investors should review the reconciliations, since the non-GAAP measures remove items that can be significant, including a $133.7 million securities class action settlement expense in 2025.

04—Continue

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