EQT
EQT · NYSECrude Petroleum & Natural Gas · Fiscal year ends Dec 31
EQT reported revenue of $8.6B in the fiscal year ended Dec 2025, up 63.9% from the year before. Operating income was $3.2B, an operating margin of 37.6%, and net income was $2B. Operating cash flow of $5.1B less capital expenditure of $2.3B left free cash flow of $2.8B. Net debt was $7.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $6.8B | $12.1B | $5B | $5.3B | $8.6B |
| Cost of revenue | $1.9B | $2.1B | $2.2B | $1.9B | $1.5B |
| Gross profit | $4.9B | $10B | $2.9B | $3.4B | $7.1B |
| Selling, general & admin | $196M | $253M | $236M | $337M | $380M |
| Operating income | −$1.4B | $2.7B | $2.3B | $685M | $3.2B |
| Interest expense | $290M | $250M | $220M | $455M | $439M |
| Pre-tax income | −$1.6B | $2.3B | $2.1B | $264M | $3B |
| Income tax | −$428M | $554M | $369M | $22M | $652M |
| Net income | −$1.1B | $1.8B | $1.7B | $231M | $2B |
| Diluted EPS | −3.54 | 4.38 | 4.22 | 0.45 | 3.31 |
| Diluted shares | 323M | 406M | 413M | 515M | 616M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $114M | $1.5B | $81M | $202M | $111M |
| Receivables | $1.4B | $1.6B | $824M | $1.1B | $1.5B |
| Current assets | $2.3B | $4B | $2B | $1.7B | $1.9B |
| Net PP&E | $18.4B | $18.2B | $23B | $31.7B | $33.6B |
| Goodwill | – | – | $0 | $2.1B | $2.1B |
| Total assets | $21.6B | $22.7B | $25.3B | $39.8B | $41.8B |
| Payables | $1.3B | $1.6B | $1.3B | $1.2B | $1.4B |
| Deferred revenue | – | – | $3M | $24M | $6M |
| Current liabilities | $5.2B | $3.7B | $2B | $2.5B | $2.5B |
| Short-term debt | $1.1B | $423M | $292M | $321M | $507M |
| Long-term debt | $4.5B | $5.3B | $5.5B | $9B | $7.3B |
| Total liabilities | $11.6B | $11.5B | $10.5B | $15.6B | $14.4B |
| Shareholders' equity | $10B | $11.2B | $14.8B | $20.6B | $23.8B |
| Backlog (remaining obligations) | – | – | – | $12.3B | $11.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.7B | $3.5B | $3.2B | $2.8B | $5.1B |
| Capital expenditure | $1.1B | $1.4B | $2B | $2.3B | $2.3B |
| Free cash flow | $607M | $2.1B | $1.2B | $573M | $2.8B |
| Depreciation & amortisation | $1.7B | $1.7B | $1.7B | $2.2B | $2.6B |
| Stock-based compensation | $28M | $45M | $50M | $158M | $61M |
| Acquisitions | $1B | $205M | $2.3B | $874M | $484M |
| Share buybacks | $13M | $409M | $201M | $0 | $0 |
| Dividends paid | $0 | $204M | $228M | $327M | $390M |
| Dividend per share | – | 0.55 | 0.61 | 0.63 | 0.64 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 78.0% | −58.4% | 4.5% | 63.9% |
| Operating income growth (YoY) | – | – | −14.8% | −70.4% | 374.2% |
| EPS growth (YoY) | – | – | −3.7% | −89.3% | 635.6% |
| Gross margin | 71.5% | 82.5% | 57.2% | 63.7% | 82.3% |
| Operating margin | −20.0% | 22.4% | 45.9% | 13.0% | 37.6% |
| Net margin | −16.8% | 14.6% | 34.4% | 4.4% | 23.6% |
| Return on equityBlank when equity is negative | −11.5% | 15.9% | 11.7% | 1.1% | 8.6% |
| ROCEEBIT ÷ (assets − current liabilities) | −8.3% | 14.4% | 10.0% | 1.8% | 8.3% |
| Free cash flow margin | 8.9% | 17.0% | 23.0% | 10.9% | 32.8% |
| Cash conversion (CFO ÷ net income) | −1.45x | 1.96x | 1.83x | 12.3x | 2.51x |
| Receivable days | 77 | 48 | 60 | 78 | 62 |
| Payable days | 252 | 271 | 215 | 224 | 326 |
| Interest cover | −4.70x | 10.9x | 10.5x | 1.51x | 7.41x |
| Debt ÷ equity | 0.56x | 0.51x | 0.39x | 0.45x | 0.33x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $5.5B | $4.2B | $5.7B | $9.1B | $7.7B |
| Current ratio | 0.44x | 1.08x | 0.99x | 0.70x | 0.76x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.