EQT Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EQT Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,387	3,091	4,709	4,416	3,059	6,804	12,114	6,909	5,273	8,644
Cost of revenue	880	1,165	1,697	1,753	1,711	1,942	2,117	2,157	1,916	1,532
Gross profit	507	1,926	3,012	2,664	1,348	4,862	9,997	4,752	3,358	7,112
Selling, general and administrative	219	209	233	171	175	196	253	236	337	380
Operating income	-755	382	-2,783	-1,152	-878	-1,361	2,718	2,314	685	3,250
Interest expense	131	168	229	200	259	290	250	220	455	439
Other non-operating income		-2.99	7.02	91.5	35.5	19.1	11.3	1.23	26	4.83
Pre-tax income	-894	199	-3,077	-1,597	-1,254	-1,570	2,335	2,103	264	2,978
Income tax	-363	-1,188	-697	-376	-295	-428	554	369	22.1	652
Income from continuing operations	-531	1,387	-2,381	-1,222	-967
Net income to minority interests	322	350	0	0	-0.01	1.25	9.98	-0.69	11.5	286
Net income	-453	1,509	-2,245	-1,222	-959	-1,143	1,771	1,735	231	2,039
EBITDA	101	1,353	-1,214	387	516	316	4,384	4,047	2,848	5,850
EPS, basic	-2.71	8.05	-8.60	-4.79	-3.68	-3.54	4.79	4.56	0.45	3.33
EPS, diluted	-2.71	8.04	-8.60	-4.79	-3.68	-3.54	4.38	4.22	0.45	3.31
Shares, basic (weighted)	167	187	261	255	261	323	370	381	510	612
Shares, diluted (weighted)	167	188	261	255	261	323	406	413	515	616
Dividend per share	0.12	0.12	0.12	0.12	0.03		0.55	0.61	0.63	0.64

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,104	26.3	3.49	4.6	18.2	114	1,459	81	202	111
Receivables	342	665	1,242	610	567	1,438	1,608	824	1,133	1,458
Other current assets	63.6	59.5	111	16	21.1	43.7	34.7	25.2	52	59.4
Total current assets	1,828	1,163	1,970	1,755	1,215	2,287	4,014	2,013	1,715	1,895
Property, plant and equipment	13,162	19,730	17,393	16,155	16,054	18,419	18,167	22,950	31,748	33,558
Lease right-of-use assets				52.2	21.6	26.1	29.2	42.3	60.5	74.1
Goodwill	0	471	0					0	2,079	2,062
Intangible assets	0	119	77.3	26	0			22.6	215	200
Other non-current assets	223	251	269	223	434	492	488	207	456	446
Total assets	15,473	29,523	20,721	18,809	18,113	21,607	22,670	25,285	39,830	41,793
Accounts payable	310	726	1,060	796	705	1,339	1,575	1,273	1,178	1,367
Deferred revenue								2.89	24.2	6.24
Short-term debt	0	12.4	704	16.2	154	1,061	423	292	321	507
Total current liabilities	805	1,232	2,355	1,346	1,762	5,186	3,732	2,037	2,462	2,485
Long-term debt	3,289	4,690	3,993	5,277	4,771	4,530	5,256	5,503	9,003	7,293
Lease liabilities								8.44	29.4	27.4
Other non-current liabilities	500	753	792	897	945	1,013	1,026	1,060	1,236
Total liabilities	6,354	11,108	9,763	9,006	8,851	11,636	11,457	10,504	15,552	14,433
Total debt	3,289	4,702	4,697	5,293	4,925	5,591	5,679	5,795	9,324	7,800
Retained earnings	2,509	3,997	3,184	2,023	1,048	-94.4	1,284	2,682	2,585	4,237
Treasury stock	-91	-63.6	-49.2	-32.5	-29.3	-18	0
Other comprehensive income	2.04	-2.46	-5.41	-5.2	-5.36	-4.61	-2.99	-2.68	-2.32	-2.17
Shareholders' equity	5,860	13,320	10,958	9,804	9,255	9,955	11,172	14,773	20,598	23,753
Minority interests	3,259	5,095	0	0	7.49	16.2	40.9	7.62	3,681	3,607
Total equity	9,119	18,415	10,958	9,804	9,175	9,971	11,213	14,781	24,278	27,360
Total liabilities and equity	15,473	29,523	20,721	18,809	18,113	21,607	22,670	25,285	39,830	41,793

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-131	1,858	-2,007	-1,222	-959	-1,142	1,781	1,735	242	2,326
Depreciation and amortization	856	971	1,569	1,539	1,393	1,677	1,666	1,732	2,162	2,600
Stock-based compensation	44.6	94.6	25.2	31.2	19.6	28.2	45.2	49.8	158	60.8
Deferred income tax	-158	-1,094	-137	-275	-152	-427	535	385	14.7	658
Change in receivables	-166	-8.98	-439	432	-36.3	-700	-169	868	-220	-353
Change in payables	40.5	-16.7	457	-239	-29.2	457	181	-406	16.5	207
Cash from operations	1,064	1,638	2,976	1,852	1,538	1,662	3,466	3,179	2,827	5,126
Capital expenditures	-943	-1,559	-2,999	-1,602	-1,042	-1,055	-1,400	-2,019	-2,254	-2,288
Acquisitions	0	-2,379	0	0	-692	-1,030	-205	-2,272	-874	-484
Purchases of investments	-85.9	-160	-821
Sales and maturities of investments	12.5	0	0	0
Cash from investing	-2,886	-4,202	-3,979	-1,601	-1,556	-2,073	-1,422	-4,314	-1,580	-2,845
Debt issued	500	0	0	1,000	2,600	1,000	1,000
Debt repaid	-5.12	-2,000	-8.38	-705	-2,822	-154	-917	-1,016	-4,314	-1,402
Stock issued	1,226	0	0	0	341	0	0
Share buybacks	-0.03	-0.03	-0.03	0	0	-12.9	-409	-201	0	0
Dividends paid	-20.2	-20.8	-31.4	-30.7	-7.66	0	-204	-228	-327	-390
Cash from financing	1,399	1,533	859	-249	31.7	506	-699	-243	-1,126	-2,372
Net change in cash	-498	-956	-144	1.11	13.6	95.8	1,345	-1,378	121	-91.3
Free cash flow	122	78.6	-22.8	249	495	607	2,065	1,160	573	2,838
Interest paid	145	189	261	199	196	281	237	213	402	455
Income taxes paid	-41.1	3.64	-3.68	-1.71	-449	19.2	20.8	13.4	7.96	-79

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $50.81 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	83.7%	Gross profit / revenue.
Operating margin	42.5%	Operating income / revenue.
EBITDA margin	70.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	40.3%	Pre-tax income / revenue.
Net margin	28.4%	Net income / revenue.
FCF margin	39.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	65.5%	Cash from operations / revenue.
Effective tax rate	22.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.6%	Net income / average total assets.
Return on invested capital (ROIC)	10.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	4.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	26.1%	Capital expenditures / revenue.
D&A / revenue	28.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	63.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	23.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	111.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-10.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	39.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	374.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	6.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	105.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	62.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	784.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	635.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-8.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	81.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	13.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	27.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	395.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	41.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	1.2%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	84.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	15.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	28.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	20.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	18.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	19.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	14.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	18.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.67x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.06x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.22x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.7%	Total debt / total assets.
Liabilities / assets	30.1%	Total liabilities / total assets.
Net debt	$5.54B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.82x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	10.4x	Operating income / interest expense.
Working capital	-$572.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	5.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$23.00B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.23x	Revenue / average total assets.
Fixed asset turnover	0.28x	Revenue / average property, plant and equipment.
Receivables turnover	11.4x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	275 days	365 x average accounts payable / cost of revenue.
FCF conversion	138.6%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	39.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$4.31	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$15.16	Revenue / diluted weighted shares.
FCF per share	$5.97	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.93	Cash from operations / diluted weighted shares.
Book value per share	$40.15	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.57	Tangible book value / shares outstanding.
Cash per share	$0.18	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	10.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$31.78B	Share price x shares outstanding.
Enterprise value	$37.33B	Market cap + total debt - cash - short-term investments.
P/E	11.7x	Market cap / net income. Only when net income is positive.
P/S	3.33x	Market cap / revenue.
P/B	1.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.38x	Market cap / tangible book value, when positive.
P/FCF	8.46x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.09x	Market cap / cash from operations, when positive.
EV/Sales	3.91x	Enterprise value / revenue.
EV/EBIT	9.22x	Enterprise value / operating income, when both are positive.
EV/EBITDA	5.53x	Enterprise value / EBITDA, when both are positive.
EV/FCF	9.93x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.8%	Free cash flow / market cap.
Earnings yield	8.5%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	1.3%	(Dividends paid + share buybacks) / market cap.

What was EQT Corp's revenue in fiscal 2025?

EQT Corp reported revenue of $8.64B for fiscal 2025, 63.9% higher than the year before.

Was EQT Corp profitable in fiscal 2025?

Yes. Net income was $2.04B, a net margin of 23.6%.

How much free cash flow did EQT Corp generate in fiscal 2025?

Cash from operations of $5.13B minus capital expenditures of $2.29B left free cash flow of $2.84B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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