Company file · EQT

EQT

Transmission was EQT's fastest-growing segment in FY2025, up 162.1%

Revenue rose 63.9% to $8.6B in FY2025, from $5.3B in FY2024. Net income rose 784.4% to $2.0B. Upstream was the largest segment, at 81% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 18, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026) · Data pulled Nov 11, 2026

Key facts

EQT (NYSE: EQT) reported revenue of $8.6B for fiscal 2025, the year ended Dec 31, 2025, up 63.9% from fiscal 2024. Net income was $2.0B, up 784.4%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $1.8B, down 9.6% from the same quarter a year earlier, and net income was $279M. The largest piece by segment was Upstream, at 81% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).

Revenue$8.6BFY2025 · +63.9% vs FY2024

Net income$2.0BFY2025 · +784.4% vs FY2024

Operating cash flow$5.1BFY2025 · +81.3% vs FY2024

Cash & equivalents$79Mat Sep 30, 2026 · −29.0% vs FY2025 end

Total debt$5.6Bat Sep 30, 2026 · −28.8% vs FY2025 end

Diluted shares616MFY2025 avg · +19.7% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 18, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 22, 2026 · 10-Q filed Oct 28, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Upstream$8.0B81%+60.2%
Gathering$1.3B13%+73.6%
Transmission$572M6%+162.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Upstream (81%), Gathering (13%) and Transmission (6%), as shares of the segment total. Total revenue was $8.6B.

By segment: three-year mixShare of the total each fiscal year

FY2023

98%

FY2024

84%13%

FY2025

81%13%

UpstreamGatheringTransmission

Source: 10-K FY2025

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$1.8B Q3 2026

$2.0B Q3 2025

9.6% decrease

Net income

$279M Q3 2026

$336M Q3 2025

17.0% decrease

Source: EQT 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

By segment

Upstream

$1.6B Q3 2026

$1.8B Q3 2025

10.2% decrease

Gathering

$332M Q3 2026

$321M Q3 2025

3.3% increase

Transmission

$130M Q3 2026

$137M Q3 2025

4.9% decrease

Source: EQT 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026

Cash & equivalents $79M at Sep 30, 2026, vs $111M at FY2025 end.
Total debt $5.6B at Sep 30, 2026, vs $7.8B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $5.2B vs $4.0B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 63.9% in FY2025 to $8.6B, from $5.3B a year earlier. 10-K, FY2025
Net income rose 784.4% in FY2025 to $2.0B, from $231M. 10-K, FY2025
Operating cash flow rose 81.3% in FY2025 to $5.1B. 10-K, FY2025
Total debt fell 16.3% in FY2025 to $7.8B. 10-K, FY2025

The bear case

Diluted shares rose 19.7% in FY2025, which spreads profit across more shares. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $1.8B, down 9.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $279M, down 17.0% on a year earlier. 10-Q, quarter ended Sep 30, 2026

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

EQT is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Crude Petroleum & Natural Gas.

EQT reports 3 segments: Upstream, Gathering and Transmission.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of EQT’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$6.9B	$5.3B	$8.6B
Net income	$1.7B	$231M	$2.0B
Operating cash flow	$3.2B	$2.8B	$5.1B
Cash & equivalents (year end)	$81M	$202M	$111M
Total debt (year end)	$5.8B	$9.3B	$7.8B
Diluted shares	413M	515M	616M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Oct 28, 2026	Sep 30, 2026
10-Q	Jul 22, 2026	Jun 30, 2026
10-Q	Apr 22, 2026	Mar 31, 2026
DEF 14A	Feb 26, 2026	Apr 14, 2026
10-K	Feb 18, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about EQT

How does EQT make money?

EQT's revenue was $8.6B in fiscal 2025. By segment in FY2025: Upstream (81%), Gathering (13%) and Transmission (6%), as shares of the segment total. Total revenue was $8.6B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What was EQT's revenue in fiscal 2025?

$8.6B of revenue for the fiscal year ended Dec 31, 2025, up 63.9% from $5.3B in fiscal 2024. Fiscal 2023 was $6.9B. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

Is EQT profitable?

EQT reported net income of $2.0B for fiscal 2025, up 784.4% from $231M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $279M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What did EQT report in its latest quarterly filing?

Revenue was $1.8B in the quarter ended Sep 30, 2026, down 9.6% from $2.0B a year earlier. Net income was $279M, down 17.0% from $336M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.

How much cash and debt does EQT have?

EQT had $79M in cash and cash equivalents and $5.6B of total debt on Sep 30, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 28, 2026.

What are the main risks EQT faces?

EQT's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these EQT numbers come from?

From EQT's own SEC filings: the 10-K for fiscal 2025 (filed Feb 18, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning EQT

Baillie Gifford: 5,931,335 shares, reported value $288.0M at Sep 30, 2026 (+8.4% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
Millennium Management: 1,142,521 shares, reported value $60.7M at Jun 30, 2026 (+109.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 1,066,187 shares, reported value $56.7M at Jun 30, 2026 (+1,558.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 1,052,456 shares, reported value $56.0M at Jun 30, 2026 (−12.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Bridgewater Associates: 328,455 shares, reported value $17.5M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 158,830 shares, reported value $8.4M at Jun 30, 2026 (+867.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in EQT: The editor holds no position in EQT (EQT). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell EQT from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold EQT, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
EQT	FY2025	$8.6B	+63.9%	$2.0B
ConocoPhillipsCOP	FY2025	$58.9B	+7.7%	$8.0B
EOG ResourcesEOG	FY2025	$22.6B	−4.5%	$5.0B
Occidental PetroleumOXY	FY2025	$21.6B	−1.9%	$2.4B
Diamondback EnergyFANG	FY2025	$15.0B	+35.8%	$1.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.