EQT (EQT) Financials

$52.05 -0.31 (-0.59%)

As of 12:02 PM Eastern

Annual Income Statements for EQT

This table shows EQT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	387	85	-1,359	4,526	-2,245	-1,222	-959	-1,143	1,771	1,735	231
Consolidated Net Income / (Loss)	387	322	-131	1,858	-2,007	-1,222	-959	-1,142	1,781	1,735	242
Net Income / (Loss) Continuing Operations	510	322	-531	1,387	-2,381	-1,222	-959	-1,142	1,781	1,735	242
Total Pre-Tax Income	724	427	-894	199	-3,077	-1,597	-1,254	-1,570	2,335	2,103	264
Total Operating Income	853	563	-755	382	-2,783	-1,152	-878	-1,361	2,718	2,314	685
Total Gross Profit	2,080	1,886	333	1,745	2,679	2,510	1,193	897	5,082	4,513	2,981
Total Revenue	2,470	2,340	1,387	3,091	4,572	4,416	3,059	3,065	7,498	6,909	5,273
Operating Revenue	2,470	2,340	1,387	3,091	4,750	3,800	3,059	3,065	7,498	6,909	5,273
Total Cost of Revenue	389	453	1,054	1,346	1,893	1,907	1,866	2,167	2,415	2,396	2,293
Operating Cost of Revenue	389	453	1,054	1,346	1,893	1,907	1,866	2,167	2,415	2,396	2,293
Total Operating Expenses	1,227	1,323	1,088	1,363	5,448	3,662	2,070	2,258	2,364	2,198	2,295
Selling, General & Admin Expense	293	320	219	209	233	171	175	196	255	252	447
Exploration Expense	22	62	4.66	18	6.77	7.22	5.48	24	3.44	3.33	2.74
Depreciation Expense	679	819	856	971	1,569	1,539	1,393	1,677	1,666	1,732	2,162
Other Operating Expenses / (Income)	-	-	-	152	78	199	29	70	57	84	350
Impairment Charge	267	122	16	7.55	3,520	1,710	341	312	391	109	97
Other Special Charges / (Income)	-34	0.00	-8.03	-	-	-	101	-21	-8.45	17	-764
Total Other Income / (Expense), net	-130	-137	-139	-184	-294	-445	-376	-209	-383	-211	-421
Interest Expense	137	147	131	181	229	200	285	300	390	220	523
Interest & Investment Income	-	-	-	-	-72	-337	-314	72	-4.93	7.60	76
Other Income / (Expense), net	6.85	9.95	-8.08	-2.99	7.02	91	223	19	11	1.23	26
Income Tax Expense	214	105	-363	-1,188	-697	-376	-295	-428	554	369	22
Net Income / (Loss) Attributable to Noncontrolling Interest	-	237	322	350	237	0.00	-0.01	1.25	9.98	-0.69	12
Basic Earnings per Share	$2.55	$0.56	($2.71)	$8.05	($8.60)	($4.79)	($3.68)	($3.54)	$4.79	$4.56	$0.45
Weighted Average Basic Shares Outstanding	151.55M	152.40M	166.98M	187.38M	260.93M	255.14M	260.61M	323.20M	370.05M	380.90M	509.60M
Diluted Earnings per Share	$2.54	$0.56	($2.71)	$8.04	($8.60)	($4.79)	($3.68)	($3.54)	$4.38	$4.22	$0.45
Weighted Average Diluted Shares Outstanding	152.51M	152.94M	166.98M	187.73M	260.93M	255.14M	260.61M	323.20M	406.50M	413.22M	514.59M
Weighted Average Basic & Diluted Shares Outstanding	152.51M	152.94M	166.98M	187.73M	260.93M	255.14M	260.61M	376.02M	360.36M	440.43M	597.44M
Cash Dividends to Common per Share	-	$0.12	$0.12	$0.12	$0.12	$0.12	$0.03	-	$0.55	$0.61	$0.63

This table shows EQT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	1,712	1,219	-67	81	502	103	9.52	-301	418	242	784
Consolidated Net Income / (Loss)	1,714	1,219	-67	81	501	103	9.24	-297	427	315	857
Net Income / (Loss) Continuing Operations	1,714	1,219	-67	81	501	103	9.24	-297	427	315	857
Total Pre-Tax Income	2,273	1,576	-79	-46	652	127	-35	-402	574	394	1,092
Total Operating Income	2,320	1,611	-35	16	723	183	2.97	-282	781	496	1,134
Total Gross Profit	2,897	2,098	441	568	1,406	776	321	749	1,160	1,273	2,077
Total Revenue	3,480	2,661	1,019	1,186	2,043	1,412	953	1,284	1,625	1,740	2,558
Operating Revenue	3,480	2,661	1,019	1,186	2,043	1,412	953	1,284	1,625	1,740	2,558
Total Cost of Revenue	583	563	578	618	637	636	632	535	465	467	481
Operating Cost of Revenue	583	563	578	618	637	636	632	535	465	467	481
Total Operating Expenses	577	487	476	553	683	594	318	1,031	378	777	943
Selling, General & Admin Expense	60	52	60	61	79	85	81	129	178	139	136
Exploration Expense	0.57	0.95	1.20	0.45	0.73	0.92	1.38	0.28	0.16	1.05	1.27
Depreciation Expense	396	388	396	447	502	487	466	589	620	621	623
Other Operating Expenses / (Income)	18	20	13	36	15	12	52	290	-4.47	13	176
Impairment Charge	108	11	5.33	6.42	87	9.21	38	12	38	2.66	3.25
Other Special Charges / (Income)	-5.99	17	-0.23	1.51	-0.37	0.15	-320	10	-454	0.23	2.99
Total Other Income / (Expense), net	-47	-35	-44	-62	-70	-55	-38	-120	-207	-102	-42
Interest Expense	57	40	45	62	73	58	58	159	249	129	112
Interest & Investment Income	9.40	4.76	1.09	-0.55	2.29	2.26	0.17	34	39	26	67
Other Income / (Expense), net	0.21	0.18	0.56	0.13	0.36	0.21	19	3.96	2.39	0.62	2.62
Income Tax Expense	559	357	-12	-127	151	24	-44	-105	147	79	236
Net Income / (Loss) Attributable to Noncontrolling Interest	1.86	0.69	-0.24	-0.53	-0.61	-0.43	-0.28	3.39	8.85	73	73
Basic Earnings per Share	$4.58	$3.37	($0.18)	$0.21	$1.16	$0.24	$0.02	($0.54)	$0.73	$0.40	$1.31
Weighted Average Basic Shares Outstanding	370.05M	361.46M	361.98M	383.36M	380.90M	439.46M	441.97M	559.60M	509.60M	597.98M	599.22M
Diluted Earnings per Share	$4.55	$3.10	($0.18)	$0.20	$1.10	$0.23	$0.02	($0.54)	$0.74	$0.40	$1.30
Weighted Average Diluted Shares Outstanding	406.50M	393.88M	361.98M	416.19M	413.22M	444.97M	444.92M	559.60M	514.59M	602.84M	602.92M
Weighted Average Basic & Diluted Shares Outstanding	360.36M	361.64M	361.66M	411.33M	440.43M	441.59M	441.60M	596.68M	597.44M	598.63M	624.06M
Cash Dividends to Common per Share	-	$0.15	$0.15	$0.15	-	$0.16	$0.16	$0.16	-	$0.16	$0.16

This table details how cash moves in and out of EQT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	232	524	-423	-1,031	-144	1.11	14	96	1,345	-1,378	121
Net Cash From Operating Activities	1,415	1,217	1,064	1,638	2,976	1,852	1,538	1,662	3,466	3,179	2,827
Net Cash From Continuing Operating Activities	1,415	1,217	1,064	1,638	2,976	1,852	1,538	1,662	3,466	3,161	2,827
Net Income / (Loss) Continuing Operations	511	322	-131	1,858	-2,007	-1,222	-959	-1,142	1,781	1,735	242
Consolidated Net Income / (Loss)	511	322	-131	1,858	-2,007	-1,222	-959	-1,142	1,781	1,735	242
Depreciation Expense	679	819	928	1,078	1,730	1,539	1,393	1,677	1,666	1,732	2,162
Non-Cash Adjustments To Reconcile Net Income	176	-7.60	622	-248	3,806	1,754	1,090	1,921	-615	-1,074	690
Changes in Operating Assets and Liabilities, net	49	83	-355	-1,061	-630	-256	-13	-794	634	768	-267
Net Cash From Investing Activities	-2,444	-2,526	-2,886	-4,202	-3,979	-1,601	-1,556	-2,073	-1,422	-4,314	-1,580
Net Cash From Continuing Investing Activities	-2,444	-2,526	-2,886	-4,202	-3,979	-1,601	-1,556	-2,073	-1,422	-4,314	-1,580
Purchase of Property, Plant & Equipment	-2,277	-2,434	-1,528	-1,559	-2,999	-1,602	-1,042	-1,055	-1,400	-2,019	-2,254
Acquisitions	-174	0.00	-1,062	-2,919	-1,554	0.00	-692	-1,030	-207	-2,284	-1,022
Sale of Property, Plant & Equipment	7.44	0.00	75	3.57	583	0.00	126	2.45	8.57	4.20	1,696
Sale and/or Maturity of Investments	0.00	9.72	-	284	-	-	-	24	189	0.00	0.00
Other Investing Activities, net	-0.17	-17	-1.37	-11	-9.78	1.31	-0.03	-14	-12	-15	-0.08
Net Cash From Financing Activities	1,261	1,832	1,399	1,533	859	-249	32	506	-699	-243	-1,126
Net Cash From Continuing Financing Activities	1,261	1,832	1,399	1,533	859	-249	32	506	-699	-243	-1,126
Repayment of Debt	-474	-487	-1,053	-3,208	-9,003	-4,190	-6,027	-8,575	-11,307	-2,021	-11,835
Repurchase of Common Equity	-32	-3.38	-0.03	-0.03	-0.03	0.00	0.00	-13	-409	-201	0.00
Payment of Dividends	-86	-140	-210	-257	-587	-31	-7.66	7.50	-200	-236	-328
Issuance of Debt	950	617	1,240	5,063	11,138	3,979	5,718	9,086	11,242	2,257	7,637
Other Financing Activities, net	1.11	664	-21	-72	-689	-7.22	-	-	-25	-42	3,401

This table details how cash moves in and out of EQT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	1,371	669	-912	-1,151	16	567	-618	59	113	80	274
Net Cash From Operating Activities	1,064	1,663	437	455	624	1,156	322	593	756	1,741	1,242
Net Cash From Continuing Operating Activities	1,064	1,663	437	455	607	1,156	322	593	756	1,741	1,242
Net Income / (Loss) Continuing Operations	1,714	1,219	-67	81	501	103	9.24	-297	427	315	857
Consolidated Net Income / (Loss)	1,714	1,219	-67	81	501	103	9.24	-297	427	315	857
Depreciation Expense	396	388	396	447	502	487	466	589	620	621	623
Non-Cash Adjustments To Reconcile Net Income	-2,037	-726	15	41	-403	337	-24	332	45	658	-795
Changes in Operating Assets and Liabilities, net	991	782	94	-114	6.76	229	-129	-30	-336	147	556
Net Cash From Investing Activities	-405	-498	-486	-2,790	-540	-567	-312	-1,283	582	-534	-664
Net Cash From Continuing Investing Activities	-405	-498	-486	-2,790	-540	-567	-312	-1,283	582	-534	-664
Purchase of Property, Plant & Equipment	-353	-495	-487	-504	-533	-534	-558	-569	-592	-506	-543
Acquisitions	-57	0.00	-	-2,293	9.23	-33	-208	-714	-70	-28	-114
Other Investing Activities, net	1.92	-3.54	1.51	2.20	-15	-0.02	-0.06	2.61	-	0.00	-6.53
Net Cash From Financing Activities	712	-496	-863	1,185	-69	-21	-628	749	-1,226	-1,127	-304
Net Cash From Continuing Financing Activities	712	-496	-863	1,185	-69	-21	-628	749	-1,226	-1,127	-304
Repayment of Debt	-69	-241	-807	-277	-696	-868	-766	-2,327	-7,841	-2,360	-908
Payment of Dividends	-56	-54	-56	-60	-66	-69	-70	-95	-94	-139	-202
Issuance of Debt	1,000	0.00	-	1,563	694	857	207	3,264	3,309	1,421	809
Other Financing Activities, net	-	0.00	-	-41	-0.54	59	-	-92	3,400	-50	-3.01

This table presents EQT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	12,035	13,976	15,473	29,523	20,721	18,809	18,113	21,607	22,670	25,285	39,830
Total Current Assets	1,904	2,251	1,828	1,163	1,970	1,755	1,215	2,287	4,014	2,013	1,715
Cash & Equivalents	1,077	1,601	1,104	26	3.49	4.60	18	114	1,459	81	202
Accounts Receivable	306	177	342	665	1,242	610	567	1,438	1,608	824	1,133
Prepaid Expenses	62	55	64	59	111	29	104	191	135	38	139
Current Deferred & Refundable Income Taxes	-	-	-	14	132	299	-	-	0.00	91	97
Other Current Assets	458	417	33	242	482	813	527	543	812	979	144
Plant, Property, & Equipment, net	10,077	11,472	13,162	19,730	17,393	16,155	16,054	18,419	18,167	22,950	31,748
Plant, Property & Equipment, gross	13,427	15,636	18,217	25,396	22,148	21,655	21,995	26,016	27,394	33,817	44,506
Accumulated Depreciation	3,351	4,164	5,055	5,666	4,756	5,500	5,941	7,597	9,227	10,867	12,758
Total Noncurrent Assets	54	253	482	8,630	1,359	899	844	902	488	322	6,368
Long-Term Investments	-	77	260	-	1,013	-	-	-	-	93	3,617
Goodwill	-	-	0.00	471	-	-	-	-	-	0.00	2,079
Intangible Assets	-	-	0.00	119	77	-	-	-	-	23	215
Other Noncurrent Operating Assets	54	176	223	251	269	899	844	902	488	207	456
Total Liabilities & Shareholders' Equity	12,035	13,976	15,473	29,523	20,721	18,809	18,113	21,607	22,670	25,285	39,830
Total Liabilities	5,662	5,948	6,354	11,108	9,763	9,006	8,851	11,636	11,457	10,504	15,552
Total Current Liabilities	833	796	805	1,232	2,355	1,346	1,762	5,186	3,732	2,037	2,462
Short-Term Debt	166	299	0.00	12	704	16	154	1,061	423	292	321
Accounts Payable	444	292	310	726	1,060	796	705	1,339	1,575	1,273	1,178
Other Current Liabilities	223	205	495	413	591	533	903	2,786	1,735	391	796
Other Current Nonoperating Liabilities	-	-	-	80	-	-	-	-	-	81	167
Total Noncurrent Liabilities	4,829	5,152	5,549	9,876	7,408	7,660	7,088	6,450	7,724	8,467	13,091
Long-Term Debt	2,793	2,793	3,289	5,985	4,793	5,172	4,671	4,436	5,168	5,420	9,003
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	-	-	-	1,236
Noncurrent Deferred & Payable Income Tax Liabilities	1,751	1,972	1,760	1,890	1,823	1,486	1,372	907	1,442	1,905	2,851
Total Equity & Noncontrolling Interests	6,373	8,028	9,119	18,415	10,958	9,804	9,263	9,971	11,213	14,781	24,278
Total Preferred & Common Equity	4,583	5,078	5,860	13,320	10,958	9,804	9,255	9,955	11,172	14,773	20,598
Total Common Equity	4,583	5,078	5,860	13,320	10,958	9,804	9,255	9,955	11,172	14,773	20,598
Common Stock	1,896	2,153	3,440	9,389	7,829	7,818	8,242	10,072	9,892	12,094	18,015
Retained Earnings	2,917	2,982	2,509	3,997	3,184	2,023	1,048	-94	1,284	2,682	2,585
Accumulated Other Comprehensive Income / (Loss)	199	46	2.04	-2.46	-5.41	-5.20	-5.36	-4.61	-2.99	-2.68	-2.32
Noncontrolling Interest	1,790	2,950	3,259	5,095	-	0.00	7.49	16	41	7.62	3,681

This table presents EQT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	22,670	22,690	21,273	24,555	25,285	25,438	24,706	39,946	39,830	39,703	39,667
Total Current Assets	4,014	3,950	2,426	1,247	2,013	2,096	1,230	1,082	1,715	1,739	1,631
Cash & Equivalents	1,459	2,127	1,215	65	81	648	30	89	202	282	555
Accounts Receivable	1,608	628	475	559	824	445	587	578	1,133	1,206	817
Prepaid Expenses	135	216	51	45	38	94	99	71	139	92	140
Current Deferred & Refundable Income Taxes	0.00	-	-	-	91	91	90	93	97	92	0.00
Other Current Assets	812	978	684	578	979	818	424	252	144	66	119
Plant, Property, & Equipment, net	18,167	18,234	18,323	22,922	22,950	23,023	23,176	32,547	31,748	31,661	31,624
Plant, Property & Equipment, gross	27,394	27,832	28,300	33,314	33,817	34,361	34,954	44,885	44,506	44,874	45,261
Accumulated Depreciation	9,227	9,598	9,976	10,392	10,867	11,338	11,777	12,338	12,758	13,213	13,636
Total Noncurrent Assets	488	507	524	386	322	320	300	6,317	6,368	6,304	6,411
Long-Term Investments	-	-	-	-	93	-	-	3,358	3,617	3,580	3,623
Goodwill	-	-	-	-	0.00	-	-	2,178	2,079	2,067	2,062
Intangible Assets	-	-	-	-	23	-	-	268	215	212	208
Other Noncurrent Operating Assets	488	507	524	386	207	320	300	512	456	445	518
Total Liabilities & Shareholders' Equity	22,670	22,690	21,273	24,555	25,285	25,438	24,706	39,946	39,830	39,703	39,667
Total Liabilities	11,457	10,537	9,228	10,345	10,504	10,267	9,582	19,457	15,552	15,300	14,569
Total Current Liabilities	3,732	2,664	2,183	2,119	2,037	2,374	1,686	2,114	2,462	3,062	2,306
Short-Term Debt	423	413	414	415	292	607	6.39	400	321	285	392
Accounts Payable	1,575	1,153	1,050	1,160	1,273	1,125	1,198	1,042	1,178	1,337	1,152
Other Current Liabilities	1,735	1,098	719	545	391	642	481	481	796	1,301	620
Other Current Nonoperating Liabilities	-	-	-	-	81	-	-	190	167	140	143
Total Noncurrent Liabilities	7,724	7,872	7,046	8,226	8,467	7,893	7,896	17,343	13,091	12,238	12,262
Long-Term Debt	5,168	4,972	4,172	5,417	5,420	4,817	4,866	13,393	9,003	8,108	7,923
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	-	-	-	-	-	-	1,216
Noncurrent Deferred & Payable Income Tax Liabilities	1,442	1,880	1,878	1,751	1,905	1,928	1,882	2,746	2,851	2,886	3,123
Total Equity & Noncontrolling Interests	11,213	12,154	12,045	14,210	14,781	15,171	15,125	20,488	24,278	24,403	25,098
Total Preferred & Common Equity	11,172	12,112	12,006	14,201	14,773	15,164	15,118	20,335	20,598	20,718	21,423
Total Common Equity	11,172	12,112	12,006	14,201	14,773	15,164	15,118	20,335	20,598	20,718	21,423
Common Stock	9,892	9,776	9,791	11,958	12,094	12,451	12,464	18,076	18,015	17,984	18,000
Retained Earnings	1,284	2,339	2,218	2,246	2,682	2,716	2,656	2,261	2,585	2,736	3,426
Accumulated Other Comprehensive Income / (Loss)	-2.99	-2.83	-2.78	-2.72	-2.68	-2.64	-2.60	-2.57	-2.32	-2.28	-2.23
Noncontrolling Interest	41	41	39	8.23	7.62	7.19	6.91	154	3,681	3,685	3,675

This table displays calculated financial ratios and metrics derived from EQT's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	32.64%	-5.26%	-40.72%	122.85%	47.90%	-3.40%	-30.74%	0.19%	144.65%	-7.85%	-23.67%
EBITDA Growth	14.86%	-9.56%	-88.16%	790.52%	-166.02%	153.05%	48.73%	-56.20%	1,212.67%	-7.91%	-29.01%
EBIT Growth	29.59%	-33.38%	-233.16%	149.70%	-832.05%	61.79%	38.25%	-104.89%	303.39%	-15.16%	-69.28%
NOPAT Growth	38.29%	-29.29%	-224.37%	605.03%	-172.99%	58.60%	23.82%	-55.07%	317.63%	-7.95%	-67.09%
Net Income Growth	-11.61%	-16.82%	-140.72%	1,517.75%	-208.02%	39.13%	21.52%	-19.05%	256.02%	-2.61%	-86.04%
EPS Growth	-1.17%	-77.95%	-140.72%	1,517.75%	-206.97%	44.30%	23.17%	3.80%	223.73%	-3.65%	-89.34%
Operating Cash Flow Growth	21.66%	-13.98%	-12.54%	53.87%	81.73%	-37.78%	-16.96%	8.11%	108.46%	-8.27%	-11.07%
Free Cash Flow Firm Growth	-223.24%	39.65%	-142.14%	-135.14%	108.78%	-193.02%	185.36%	-839.52%	193.10%	-251.15%	-183.49%
Invested Capital Growth	29.17%	14.38%	13.95%	65.14%	-13.11%	-2.93%	-6.12%	9.12%	-0.06%	32.94%	46.81%
Revenue Q/Q Growth	9.28%	-4.17%	-24.23%	28.79%	9.80%	3.82%	-17.91%	13,370.39%	-4.58%	-17.22%	-7.35%
EBITDA Q/Q Growth	-7.87%	2.42%	-81.39%	46.51%	-10.18%	-65.37%	194.65%	116.06%	-4.88%	-26.92%	6.65%
EBIT Q/Q Growth	-14.22%	1.40%	-4,474.96%	910.14%	-8.09%	-469.85%	70.81%	63.30%	-5.05%	-40.82%	9.34%
NOPAT Q/Q Growth	-6.38%	-23.40%	-1,633.98%	7,103.19%	-9.17%	-341.87%	64.69%	62.94%	-4.62%	-38.34%	8.53%
Net Income Q/Q Growth	-36.90%	10.76%	-53.22%	402.17%	-1,596.20%	-51.44%	43.84%	66.19%	-4.92%	-41.14%	-23.46%
EPS Q/Q Growth	-25.29%	-58.52%	-53.22%	402.17%	-183.01%	-79.40%	44.91%	62.58%	-17.36%	-44.98%	-44.44%
Operating Cash Flow Q/Q Growth	5.84%	3.74%	-1.85%	8.60%	3.64%	-14.46%	13.95%	85.21%	-3.00%	-12.14%	4.89%
Free Cash Flow Firm Q/Q Growth	-281.07%	36.67%	-115.36%	-152.56%	102.88%	-104.93%	-64.32%	34.98%	-7.64%	-19.61%	14.78%
Invested Capital Q/Q Growth	7.78%	0.26%	5.03%	48.07%	-34.08%	-6.62%	4.52%	7.14%	7.68%	2.12%	-3.46%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	84.23%	80.63%	23.99%	56.45%	58.60%	56.83%	38.99%	29.28%	67.79%	65.32%	56.52%
EBITDA Margin	62.34%	59.51%	11.88%	47.48%	-21.20%	11.64%	24.99%	10.93%	58.62%	58.59%	54.49%
Operating Margin	34.55%	24.07%	-54.43%	12.37%	-60.88%	-26.09%	-28.69%	-44.41%	36.25%	33.50%	13.00%
EBIT Margin	34.83%	24.49%	-55.02%	12.27%	-60.72%	-24.02%	-21.41%	-43.79%	36.40%	33.52%	13.49%
Profit (Net Income) Margin	15.67%	13.76%	-9.45%	60.11%	-43.90%	-27.66%	-31.35%	-37.25%	23.75%	25.11%	4.59%
Tax Burden Percent	53.47%	75.46%	14.66%	935.56%	65.22%	76.48%	76.45%	72.73%	76.28%	82.46%	91.64%
Interest Burden Percent	84.13%	74.43%	117.19%	52.37%	110.85%	150.62%	191.49%	116.97%	85.54%	90.84%	37.14%
Effective Tax Rate	29.58%	24.54%	0.00%	-598.36%	0.00%	0.00%	0.00%	0.00%	23.72%	17.54%	8.36%
Return on Invested Capital (ROIC)	8.21%	4.80%	-5.23%	18.71%	-11.73%	-5.30%	-4.23%	-6.48%	13.51%	10.68%	2.49%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.35%	-1.45%	20.80%	-144.56%	-14.81%	-13.89%	-11.12%	-10.18%	7.36%	7.11%	-4.34%
Return on Net Nonoperating Assets (RNNOA)	-1.32%	-0.33%	3.70%	-5.22%	-1.93%	-6.47%	-5.83%	-5.39%	3.31%	2.67%	-1.25%
Return on Equity (ROE)	6.89%	4.47%	-1.53%	13.50%	-13.67%	-11.77%	-10.06%	-11.87%	16.81%	13.35%	1.24%
Cash Return on Invested Capital (CROIC)	-17.25%	-8.61%	-18.27%	-30.43%	2.29%	-2.33%	2.08%	-15.20%	13.56%	-17.61%	-35.44%
Operating Return on Assets (OROA)	7.88%	4.41%	-5.18%	1.69%	-11.05%	-5.37%	-3.55%	-6.76%	12.33%	9.66%	2.18%
Return on Assets (ROA)	3.55%	2.47%	-0.89%	8.26%	-7.99%	-6.18%	-5.19%	-5.75%	8.04%	7.23%	0.74%
Return on Common Equity (ROCE)	5.28%	3.00%	-0.98%	9.40%	-11.30%	-11.77%	-10.05%	-11.86%	16.77%	13.32%	1.12%
Return on Equity Simple (ROE_SIMPLE)	8.44%	6.34%	-2.24%	13.95%	-18.32%	-12.46%	-10.36%	-11.47%	15.94%	11.74%	1.18%
Net Operating Profit after Tax (NOPAT)	601	425	-529	2,669	-1,948	-806	-614	-953	2,073	1,908	628
NOPAT Margin	24.33%	18.16%	-38.10%	86.35%	-42.61%	-18.26%	-20.08%	-31.09%	27.65%	27.62%	11.91%
Net Nonoperating Expense Percent (NNEP)	12.55%	6.25%	-26.03%	163.27%	3.08%	8.59%	6.90%	3.71%	6.15%	3.57%	6.84%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	12.34%	9.31%	1.87%
Cost of Revenue to Revenue	15.77%	19.37%	76.01%	43.55%	41.40%	43.17%	61.01%	70.72%	32.21%	34.68%	43.48%
SG&A Expenses to Revenue	11.85%	13.66%	15.79%	6.76%	5.09%	3.86%	5.71%	6.41%	3.40%	3.65%	8.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	49.68%	56.56%	78.42%	44.09%	119.17%	82.92%	67.68%	73.68%	31.53%	31.82%	43.53%
Earnings before Interest and Taxes (EBIT)	860	573	-763	379	-2,776	-1,061	-655	-1,342	2,729	2,316	711
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,540	1,392	165	1,468	-969	514	765	335	4,395	4,048	2,874
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.34	1.46	1.81	0.69	0.76	0.27	0.34	0.79	1.07	1.05	1.33
Price to Tangible Book Value (P/TBV)	2.34	1.46	1.81	0.73	0.77	0.27	0.34	0.79	1.07	1.06	1.50
Price to Revenue (P/Rev)	4.33	3.18	7.63	2.99	1.83	0.60	1.01	2.57	1.60	2.25	5.20
Price to Earnings (P/E)	27.66	87.26	0.00	2.05	0.00	0.00	0.00	0.00	6.75	8.98	118.97
Dividend Yield	0.86%	0.25%	0.20%	0.22%	0.44%	1.45%	0.99%	0.00%	1.69%	1.60%	1.37%
Earnings Yield	3.62%	1.15%	0.00%	48.89%	0.00%	0.00%	0.00%	0.00%	14.81%	11.14%	0.84%
Enterprise Value to Invested Capital (EV/IC)	1.74	1.25	1.44	1.14	0.83	0.52	0.56	0.86	1.05	1.04	1.22
Enterprise Value to Revenue (EV/Rev)	5.82	5.04	11.16	6.57	2.81	1.77	2.59	4.33	2.15	3.06	6.94
Enterprise Value to EBITDA (EV/EBITDA)	9.34	8.47	93.91	13.85	0.00	15.23	10.35	39.63	3.67	5.22	12.74
Enterprise Value to EBIT (EV/EBIT)	16.71	20.58	0.00	53.59	0.00	0.00	0.00	0.00	5.91	9.12	51.48
Enterprise Value to NOPAT (EV/NOPAT)	23.92	27.76	0.00	7.61	0.00	0.00	0.00	0.00	7.78	11.07	58.31
Enterprise Value to Operating Cash Flow (EV/OCF)	10.16	9.69	14.54	12.41	4.31	4.23	5.15	7.98	4.66	6.64	12.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	33.70	0.00	26.18	0.00	7.75	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.46	0.39	0.36	0.33	0.50	0.53	0.52	0.55	0.50	0.39	0.38
Long-Term Debt to Equity	0.44	0.35	0.36	0.33	0.44	0.53	0.50	0.44	0.46	0.37	0.37
Financial Leverage	0.30	0.23	0.18	0.04	0.13	0.47	0.52	0.53	0.45	0.38	0.29
Leverage Ratio	1.94	1.81	1.72	1.63	1.71	1.90	1.94	2.07	2.09	1.84	1.67
Compound Leverage Factor	1.63	1.34	2.01	0.86	1.90	2.87	3.71	2.42	1.79	1.68	0.62
Debt to Total Capital	31.71%	27.81%	26.51%	24.57%	33.41%	34.61%	34.25%	35.54%	33.27%	27.88%	27.75%
Short-Term Debt to Total Capital	1.78%	2.69%	0.00%	0.05%	4.28%	0.11%	1.09%	6.86%	2.52%	1.43%	0.95%
Long-Term Debt to Total Capital	29.93%	25.12%	26.51%	24.52%	29.13%	34.50%	33.16%	28.68%	30.75%	26.45%	26.79%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	19.18%	26.53%	26.26%	20.87%	0.00%	0.00%	0.05%	0.11%	0.24%	0.04%	10.95%
Common Equity to Total Capital	49.11%	45.66%	47.23%	54.56%	66.59%	65.39%	65.69%	64.36%	66.49%	72.09%	61.30%
Debt to EBITDA	1.92	2.22	19.96	4.09	-5.67	10.09	6.31	16.42	1.27	1.41	3.24
Net Debt to EBITDA	1.22	1.02	9.95	4.07	-4.62	10.08	6.29	16.08	0.94	1.37	1.92
Long-Term Debt to EBITDA	1.81	2.01	19.96	4.08	-4.95	10.06	6.11	13.25	1.18	1.34	3.13
Debt to NOPAT	4.92	7.28	-6.22	2.25	-2.82	-6.43	-7.85	-5.77	2.70	2.99	14.85
Net Debt to NOPAT	3.13	3.33	-3.10	2.24	-2.30	-6.43	-7.83	-5.65	1.99	2.90	8.77
Long-Term Debt to NOPAT	4.65	6.57	-6.22	2.24	-2.46	-6.41	-7.60	-4.66	2.49	2.84	14.34
Altman Z-Score	2.02	1.48	1.23	0.83	0.48	0.40	0.30	0.18	1.45	1.61	1.32
Noncontrolling Interest Sharing Ratio	23.31%	32.92%	36.21%	30.34%	17.35%	0.00%	0.04%	0.12%	0.27%	0.19%	9.44%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.29	2.83	2.27	0.94	0.84	1.30	0.69	0.44	1.08	0.99	0.70
Quick Ratio	1.66	2.23	2.15	0.56	0.53	0.46	0.33	0.30	0.82	0.44	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,263	-762	-1,846	-4,340	381	-354	302	-2,236	2,082	-3,147	-8,921
Operating Cash Flow to CapEx	62.33%	50.00%	73.27%	105.29%	123.21%	115.55%	167.84%	157.93%	248.99%	157.77%	507.00%
Free Cash Flow to Firm to Interest Expense	-9.25	-5.20	-14.07	-24.03	1.66	-1.77	1.06	-7.47	5.34	-14.32	-17.05
Operating Cash Flow to Interest Expense	10.36	8.31	8.11	9.07	13.00	9.27	5.40	5.55	8.89	14.47	5.40
Operating Cash Flow Less CapEx to Interest Expense	-6.26	-8.31	-2.96	0.46	2.45	1.25	2.18	2.04	5.32	5.30	4.34
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.18	0.09	0.14	0.18	0.22	0.17	0.15	0.34	0.29	0.16
Accounts Receivable Turnover	9.12	9.69	5.35	6.14	4.80	4.77	5.20	3.06	4.92	5.68	5.39
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.27	0.22	0.11	0.19	0.25	0.26	0.19	0.18	0.41	0.34	0.19
Accounts Payable Turnover	1.01	1.23	3.51	2.60	2.12	2.05	2.49	2.12	1.66	1.68	1.87
Days Sales Outstanding (DSO)	40.04	37.68	68.23	59.41	76.11	76.53	70.20	119.37	74.15	64.24	67.70
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	362.90	296.18	104.12	140.51	172.23	177.69	146.88	172.17	220.17	216.84	195.04
Cash Conversion Cycle (CCC)	-322.86	-258.50	-35.89	-81.10	-96.13	-101.17	-76.68	-52.79	-146.02	-152.60	-127.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,255	9,442	10,759	17,768	15,439	14,987	14,070	15,354	15,345	20,401	29,950
Invested Capital Turnover	0.34	0.26	0.14	0.22	0.28	0.29	0.21	0.21	0.49	0.39	0.21
Increase / (Decrease) in Invested Capital	1,864	1,187	1,317	7,009	-2,329	-452	-917	1,284	-8.62	5,055	9,549
Enterprise Value (EV)	14,375	11,796	15,478	20,322	12,836	7,828	7,916	13,269	16,135	21,123	36,617
Market Capitalization	10,703	7,432	10,579	9,256	8,355	2,645	3,101	7,870	11,962	15,576	27,432
Book Value per Share	$30.25	$33.29	$33.92	$76.84	$43.07	$38.35	$36.21	$26.34	$30.44	$35.92	$34.52
Tangible Book Value per Share	$30.25	$33.29	$33.92	$73.44	$42.77	$38.35	$36.21	$26.34	$30.44	$35.86	$30.67
Total Capital	9,332	11,120	12,409	24,412	16,456	14,992	14,088	15,468	16,804	20,494	33,602
Total Debt	2,959	3,092	3,289	5,997	5,497	5,188	4,826	5,497	5,590	5,713	9,324
Total Long-Term Debt	2,793	2,793	3,289	5,985	4,793	5,172	4,671	4,436	5,168	5,420	9,003
Net Debt	1,882	1,414	1,640	5,971	4,481	5,183	4,807	5,383	4,132	5,539	5,505
Capital Expenditures (CapEx)	2,270	2,434	1,453	1,555	2,416	1,602	916	1,053	1,392	2,015	558
Debt-free, Cash-free Net Working Capital (DFCFNWC)	159	153	-366	-83	316	421	-411	-1,952	-754	188	-628
Debt-free Net Working Capital (DFNWC)	1,237	1,754	1,024	-57	319	425	-393	-1,839	705	269	-426
Net Working Capital (NWC)	1,071	1,455	1,024	-69	-385	409	-547	-2,899	282	-24	-747
Net Nonoperating Expense (NNE)	214	103	-397	811	59	415	344	189	292	174	386
Net Nonoperating Obligations (NNO)	1,882	1,414	1,640	-646	4,481	5,183	4,807	5,383	4,132	5,620	5,672
Total Depreciation and Amortization (D&A)	679	819	928	1,088	1,807	1,575	1,419	1,677	1,666	1,732	2,162
Debt-free, Cash-free Net Working Capital to Revenue	6.46%	6.54%	-26.41%	-2.69%	6.90%	9.52%	-13.44%	-63.71%	-10.05%	2.72%	-11.91%
Debt-free Net Working Capital to Revenue	50.08%	74.97%	73.80%	-1.84%	6.98%	9.63%	-12.84%	-59.99%	9.40%	3.89%	-8.08%
Net Working Capital to Revenue	43.36%	62.19%	73.80%	-2.24%	-8.43%	9.26%	-17.88%	-94.61%	3.76%	-0.35%	-14.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.38	$0.30	($1.47)	$4.36	($8.60)	($4.79)	($3.71)	($3.58)	$4.79	$4.56	$0.45
Adjusted Weighted Average Basic Shares Outstanding	279.93M	281.40M	308.32M	345.99M	260.93M	255.14M	278.85M	323.20M	370.05M	380.90M	509.60M
Adjusted Diluted Earnings per Share	$1.38	$0.30	($1.47)	$4.35	($8.60)	($4.79)	($3.71)	($3.58)	$4.38	$4.22	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	279.93M	282.40M	308.32M	346.63M	260.93M	255.14M	278.85M	323.20M	406.50M	413.22M	514.59M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($3.71)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	279.93M	281.71M	319.14M	488.34M	254.76M	255.45M	260.61M	376.02M	360.36M	440.43M	597.44M
Normalized Net Operating Profit after Tax (NOPAT)	765	517	-523	273	516	391	-305	-749	2,365	2,013	17
Normalized NOPAT Margin	30.98%	22.11%	-37.72%	8.83%	11.29%	8.84%	-9.97%	-24.45%	31.54%	29.14%	0.32%
Pre Tax Income Margin	29.30%	18.23%	-64.47%	6.43%	-67.31%	-36.17%	-41.00%	-51.21%	31.14%	30.45%	5.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.30	3.91	-5.82	2.10	-12.13	-5.31	-2.30	-4.48	7.00	10.54	1.36
NOPAT to Interest Expense	4.40	2.90	-4.03	14.78	-8.51	-4.04	-2.16	-3.18	5.32	8.69	1.20
EBIT Less CapEx to Interest Expense	-10.32	-12.70	-16.89	-6.51	-22.68	-13.33	-5.52	-7.99	3.43	1.37	0.29
NOPAT Less CapEx to Interest Expense	-12.22	-13.71	-15.10	6.17	-19.06	-12.05	-5.38	-6.70	1.75	-0.48	0.13
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	22.23%	43.52%	-160.33%	13.83%	-29.25%	-2.51%	-0.80%	0.66%	11.24%	13.59%	135.56%
Augmented Payout Ratio	30.60%	44.56%	-160.36%	13.83%	-29.25%	-2.51%	-0.80%	-0.48%	34.24%	25.18%	135.56%

This table displays calculated financial ratios and metrics derived from EQT's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.37%	559.51%	-59.69%	-42.69%	-41.29%	-46.93%	-6.50%	8.24%	-20.47%	23.20%	168.52%
EBITDA Growth	-7.67%	236.66%	-79.91%	-65.55%	-54.90%	-66.50%	35.19%	-32.71%	14.63%	66.89%	260.40%
EBIT Growth	-5.89%	185.48%	-102.51%	-98.28%	-68.83%	-88.65%	165.06%	-1,843.40%	8.40%	171.63%	4,973.90%
NOPAT Growth	-5.46%	194.29%	-102.42%	-98.54%	-68.25%	-88.14%	108.49%	-1,883.01%	4.69%	168.63%	42,666.43%
Net Income Growth	-5.10%	180.50%	-107.48%	-88.26%	-70.74%	-91.55%	113.82%	-468.43%	-14.80%	206.04%	9,172.17%
EPS Growth	-16.82%	176.54%	-108.22%	-88.17%	-75.82%	-92.58%	111.11%	-370.00%	-32.73%	73.91%	6,400.00%
Operating Cash Flow Growth	-9.15%	62.82%	89.70%	-60.48%	-41.31%	-30.50%	-26.32%	30.45%	21.12%	50.66%	285.57%
Free Cash Flow Firm Growth	210.26%	-78.34%	-473.23%	-782.52%	-355.99%	-330.93%	-215.25%	-96.75%	-99.29%	-98.92%	-87.27%
Invested Capital Growth	-0.06%	17.23%	10.14%	40.18%	32.94%	29.44%	29.53%	55.30%	46.81%	45.75%	47.12%
Revenue Q/Q Growth	68.15%	-23.53%	-61.72%	16.43%	72.24%	-30.87%	-32.55%	34.78%	26.56%	7.09%	47.01%
EBITDA Q/Q Growth	102.17%	-26.41%	-81.93%	28.12%	164.67%	-45.33%	-27.07%	-36.23%	350.89%	-20.40%	57.48%
EBIT Q/Q Growth	150.88%	-30.56%	-102.14%	146.29%	4,436.54%	-74.70%	-87.75%	-1,340.43%	382.08%	-36.61%	128.76%
NOPAT Q/Q Growth	131.08%	-28.75%	-101.97%	145.17%	4,920.13%	-73.38%	-98.59%	-9,586.37%	394.77%	-31.70%	123.93%
Net Income Q/Q Growth	149.30%	-28.86%	-105.48%	220.73%	521.14%	-79.45%	-91.04%	-3,319.31%	243.64%	-26.17%	171.59%
EPS Q/Q Growth	169.23%	-31.87%	-105.81%	211.11%	450.00%	-79.09%	-91.30%	-2,800.00%	237.04%	-45.95%	225.00%
Operating Cash Flow Q/Q Growth	-7.51%	56.30%	-73.71%	4.00%	37.35%	85.09%	-72.13%	84.13%	27.54%	130.23%	-28.69%
Free Cash Flow Firm Q/Q Growth	109.92%	-157.93%	-41.72%	-296.02%	21.27%	2.74%	-3.68%	-147.15%	20.25%	2.66%	2.40%
Invested Capital Q/Q Growth	7.68%	0.43%	0.03%	29.59%	2.12%	-2.28%	0.10%	55.37%	-3.46%	-2.92%	1.04%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	83.24%	78.85%	43.24%	47.93%	68.80%	54.15%	32.26%	58.35%	71.37%	73.18%	81.21%
EBITDA Margin	78.05%	75.11%	35.46%	39.02%	59.96%	47.42%	51.27%	24.26%	86.42%	64.24%	68.82%
Operating Margin	66.66%	60.54%	-3.43%	1.33%	35.38%	12.94%	0.31%	-21.95%	48.10%	28.52%	44.34%
EBIT Margin	66.67%	60.54%	-3.38%	1.34%	35.39%	12.95%	2.35%	-21.65%	48.24%	28.56%	44.44%
Profit (Net Income) Margin	49.25%	45.82%	-6.56%	6.81%	24.54%	7.30%	0.97%	-23.17%	26.30%	18.13%	33.49%
Tax Burden Percent	75.41%	77.37%	84.98%	-175.03%	76.86%	80.92%	-26.41%	73.93%	74.42%	80.04%	78.43%
Interest Burden Percent	97.97%	97.82%	228.53%	-289.37%	90.23%	69.63%	-156.16%	144.78%	73.24%	79.31%	96.10%
Effective Tax Rate	24.59%	22.63%	0.00%	0.00%	23.14%	19.08%	0.00%	0.00%	25.58%	19.96%	21.57%
Return on Invested Capital (ROIC)	24.55%	35.22%	-1.51%	0.45%	10.51%	3.35%	0.07%	-3.43%	7.50%	5.22%	10.16%
ROIC Less NNEP Spread (ROIC-NNEP)	23.81%	34.56%	-2.53%	1.80%	9.40%	2.24%	0.24%	-4.66%	4.76%	3.49%	9.44%
Return on Net Nonoperating Assets (RNNOA)	10.69%	13.92%	-0.99%	0.78%	3.53%	0.66%	0.07%	-2.19%	1.38%	0.83%	2.14%
Return on Equity (ROE)	35.25%	49.14%	-2.50%	1.24%	14.04%	4.01%	0.14%	-5.62%	8.87%	6.05%	12.30%
Cash Return on Invested Capital (CROIC)	13.56%	17.51%	15.62%	-15.37%	-17.61%	-20.93%	-20.54%	-41.05%	-35.44%	-33.75%	-31.36%
Operating Return on Assets (OROA)	22.58%	29.21%	-1.42%	0.48%	10.20%	3.05%	0.57%	-3.82%	7.81%	4.91%	9.95%
Return on Assets (ROA)	16.68%	22.11%	-2.76%	2.41%	7.07%	1.72%	0.24%	-4.09%	4.26%	3.12%	7.50%
Return on Common Equity (ROCE)	35.15%	48.99%	-2.49%	1.23%	14.01%	4.00%	0.14%	-5.59%	8.04%	5.48%	11.17%
Return on Equity Simple (ROE_SIMPLE)	0.00%	37.27%	29.60%	20.75%	0.00%	4.08%	4.59%	1.56%	0.00%	2.19%	6.08%
Net Operating Profit after Tax (NOPAT)	1,749	1,246	-24	11	555	148	2.08	-197	582	397	889
NOPAT Margin	50.27%	46.84%	-2.40%	0.93%	27.19%	10.47%	0.22%	-15.37%	35.79%	22.83%	34.77%
Net Nonoperating Expense Percent (NNEP)	0.74%	0.66%	1.02%	-1.35%	1.11%	1.12%	-0.17%	1.23%	2.73%	1.73%	0.72%
Return On Investment Capital (ROIC_SIMPLE)	10.41%	-	-	-	2.71%	-	-	-	1.73%	1.21%	2.66%
Cost of Revenue to Revenue	16.76%	21.15%	56.76%	52.07%	31.20%	45.85%	67.74%	41.65%	28.63%	26.82%	18.79%
SG&A Expenses to Revenue	1.71%	1.95%	5.91%	5.16%	3.85%	5.17%	7.06%	10.05%	10.95%	7.98%	5.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.58%	18.31%	46.68%	46.59%	33.42%	41.21%	31.95%	80.30%	23.27%	44.66%	36.87%
Earnings before Interest and Taxes (EBIT)	2,320	1,611	-34	16	723	183	22	-278	784	497	1,137
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,716	1,999	361	463	1,225	670	488	311	1,404	1,118	1,760
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	0.93	1.21	1.02	1.05	1.00	1.07	0.80	1.33	1.54	1.63
Price to Tangible Book Value (P/TBV)	1.07	0.93	1.21	1.02	1.06	1.00	1.07	0.90	1.50	1.73	1.82
Price to Revenue (P/Rev)	1.60	1.04	1.58	1.73	2.25	2.67	2.90	2.84	5.20	5.70	4.84
Price to Earnings (P/E)	6.75	2.49	4.11	4.90	8.98	24.37	23.33	51.49	118.97	86.45	30.52
Dividend Yield	1.69%	1.85%	1.49%	1.50%	1.60%	1.67%	1.69%	1.72%	1.37%	1.18%	1.08%
Earnings Yield	14.81%	40.19%	24.35%	20.42%	11.14%	4.10%	4.29%	1.94%	0.84%	1.16%	3.28%
Enterprise Value to Invested Capital (EV/IC)	1.05	0.94	1.17	1.01	1.04	1.00	1.06	0.86	1.22	1.38	1.45
Enterprise Value to Revenue (EV/Rev)	2.15	1.35	1.95	2.42	3.06	3.52	3.77	4.69	6.94	7.17	5.93
Enterprise Value to EBITDA (EV/EBITDA)	3.67	1.85	2.80	3.65	5.22	7.32	7.41	9.90	12.74	12.08	9.30
Enterprise Value to EBIT (EV/EBIT)	5.91	2.33	3.73	5.16	9.12	22.42	22.34	41.01	51.48	39.15	19.97
Enterprise Value to NOPAT (EV/NOPAT)	7.78	3.05	4.84	6.53	11.07	23.78	22.96	46.11	58.31	46.94	25.55
Enterprise Value to Operating Cash Flow (EV/OCF)	4.66	3.53	4.17	5.58	6.64	7.45	8.25	9.90	12.95	11.76	9.86
Enterprise Value to Free Cash Flow (EV/FCFF)	7.75	5.80	7.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.50	0.44	0.38	0.41	0.39	0.36	0.32	0.67	0.38	0.34	0.33
Long-Term Debt to Equity	0.46	0.41	0.35	0.38	0.37	0.32	0.32	0.65	0.37	0.33	0.32
Financial Leverage	0.45	0.40	0.39	0.43	0.38	0.29	0.30	0.47	0.29	0.24	0.23
Leverage Ratio	2.09	2.19	2.08	1.97	1.84	1.76	1.69	1.86	1.67	1.65	1.60
Compound Leverage Factor	2.05	2.14	4.75	-5.71	1.66	1.23	-2.64	2.69	1.22	1.31	1.54
Debt to Total Capital	33.27%	30.70%	27.58%	29.10%	27.88%	26.34%	24.37%	40.24%	27.75%	25.59%	24.89%
Short-Term Debt to Total Capital	2.52%	2.36%	2.49%	2.07%	1.43%	2.95%	0.03%	1.17%	0.95%	0.87%	1.17%
Long-Term Debt to Total Capital	30.75%	28.35%	25.09%	27.03%	26.45%	23.39%	24.33%	39.07%	26.79%	24.72%	23.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.24%	0.24%	0.24%	0.04%	0.04%	0.03%	0.03%	0.45%	10.95%	11.24%	11.00%
Common Equity to Total Capital	66.49%	69.06%	72.19%	70.86%	72.09%	73.63%	75.60%	59.32%	61.30%	63.17%	64.12%
Debt to EBITDA	1.27	0.69	0.71	1.05	1.41	2.00	1.71	5.12	3.24	2.53	1.81
Net Debt to EBITDA	0.94	0.41	0.53	1.04	1.37	1.76	1.70	3.84	1.92	1.36	0.90
Long-Term Debt to EBITDA	1.18	0.63	0.65	0.98	1.34	1.77	1.71	4.97	3.13	2.44	1.72
Debt to NOPAT	2.70	1.13	1.23	1.88	2.99	6.48	5.30	23.84	14.85	9.82	4.97
Net Debt to NOPAT	1.99	0.68	0.91	1.86	2.90	5.71	5.27	17.88	8.77	5.30	2.47
Long-Term Debt to NOPAT	2.49	1.04	1.12	1.75	2.84	5.76	5.30	23.15	14.34	9.48	4.74
Altman Z-Score	1.39	1.56	1.54	1.26	1.40	1.27	1.38	0.67	1.32	1.49	1.81
Noncontrolling Interest Sharing Ratio	0.27%	0.29%	0.32%	0.20%	0.19%	0.18%	0.17%	0.47%	9.44%	9.33%	9.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	1.48	1.11	0.59	0.99	0.88	0.73	0.51	0.70	0.57	0.71
Quick Ratio	0.82	1.03	0.77	0.29	0.44	0.46	0.37	0.32	0.54	0.49	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,758	-1,018	-1,443	-5,715	-4,500	-4,388	-4,550	-11,245	-8,968	-8,730	-8,520
Operating Cash Flow to CapEx	304.13%	336.06%	89.75%	91.05%	116.98%	216.23%	57.70%	103.77%	0.00%	344.04%	228.59%
Free Cash Flow to Firm to Interest Expense	31.07	-25.50	-31.83	-92.91	-61.69	-75.90	-79.05	-70.87	-36.00	-67.54	-76.38
Operating Cash Flow to Interest Expense	18.80	41.63	9.64	7.39	8.56	19.99	5.60	3.74	3.04	13.47	11.13
Operating Cash Flow Less CapEx to Interest Expense	12.62	29.24	-1.10	-0.73	1.24	10.74	-4.10	0.14	5.66	9.56	6.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.48	0.42	0.35	0.29	0.24	0.24	0.18	0.16	0.17	0.22
Accounts Receivable Turnover	4.92	11.67	7.28	6.68	5.68	10.55	10.53	10.01	5.39	6.78	10.26
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.41	0.59	0.51	0.41	0.34	0.27	0.27	0.21	0.19	0.20	0.26
Accounts Payable Turnover	1.66	1.86	1.71	1.65	1.68	2.19	2.28	2.25	1.87	1.73	1.68
Days Sales Outstanding (DSO)	74.15	31.28	50.11	54.63	64.24	34.61	34.65	36.46	67.70	53.81	35.57
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	220.17	195.90	213.61	220.90	216.84	166.54	160.04	162.01	195.04	211.56	217.42
Cash Conversion Cycle (CCC)	-146.02	-164.62	-163.50	-166.28	-152.60	-131.93	-125.39	-125.56	-127.34	-157.76	-181.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,345	15,411	15,416	19,977	20,401	19,947	19,968	31,025	29,950	29,074	29,377
Invested Capital Turnover	0.49	0.75	0.63	0.49	0.39	0.32	0.32	0.22	0.21	0.23	0.29
Increase / (Decrease) in Invested Capital	-8.62	2,265	1,419	5,726	5,055	4,536	4,552	11,048	9,549	9,127	9,410
Enterprise Value (EV)	16,135	14,509	17,978	20,200	21,123	19,895	21,096	26,680	36,617	40,138	42,723
Market Capitalization	11,962	11,210	14,568	14,425	15,576	15,112	16,247	16,180	27,432	31,921	34,912
Book Value per Share	$30.44	$33.61	$33.20	$39.27	$35.92	$34.51	$34.23	$46.05	$34.52	$34.68	$35.79
Tangible Book Value per Share	$30.44	$33.61	$33.20	$39.27	$35.86	$34.51	$34.23	$40.51	$30.67	$30.86	$31.99
Total Capital	16,804	17,538	16,631	20,042	20,494	20,596	19,998	34,282	33,602	32,796	33,413
Total Debt	5,590	5,385	4,586	5,832	5,713	5,424	4,873	13,794	9,324	8,393	8,315
Total Long-Term Debt	5,168	4,972	4,172	5,417	5,420	4,817	4,866	13,393	9,003	8,108	7,923
Net Debt	4,132	3,258	3,371	5,767	5,539	4,776	4,843	10,346	5,505	4,531	4,136
Capital Expenditures (CapEx)	350	495	487	499	534	534	558	571	-653	506	543
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-754	-429	-559	-522	188	-319	-479	-720	-628	-1,320	-839
Debt-free Net Working Capital (DFNWC)	705	1,698	657	-457	269	329	-449	-632	-426	-1,038	-283
Net Working Capital (NWC)	282	1,285	243	-872	-24	-278	-456	-1,032	-747	-1,323	-675
Net Nonoperating Expense (NNE)	35	27	42	-70	54	45	-7.16	100	154	82	33
Net Nonoperating Obligations (NNO)	4,132	3,258	3,371	5,767	5,620	4,776	4,843	10,536	5,672	4,671	4,279
Total Depreciation and Amortization (D&A)	396	388	396	447	502	487	466	589	620	621	623
Debt-free, Cash-free Net Working Capital to Revenue	-10.05%	-3.99%	-6.06%	-6.25%	2.72%	-5.63%	-8.57%	-12.66%	-11.91%	-23.57%	-11.64%
Debt-free Net Working Capital to Revenue	9.40%	15.82%	7.12%	-5.48%	3.89%	5.81%	-8.03%	-11.10%	-8.08%	-18.54%	-3.93%
Net Working Capital to Revenue	3.76%	11.97%	2.63%	-10.44%	-0.35%	-4.91%	-8.15%	-18.13%	-14.16%	-23.62%	-9.37%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.58	$3.37	($0.18)	$0.21	$1.16	$0.24	$0.02	($0.54)	$0.73	$0.40	$1.31
Adjusted Weighted Average Basic Shares Outstanding	370.05M	361.46M	361.98M	383.36M	380.90M	439.46M	441.97M	559.60M	509.60M	597.98M	599.22M
Adjusted Diluted Earnings per Share	$4.55	$3.10	($0.18)	$0.20	$1.10	$0.23	$0.02	($0.54)	$0.74	$0.40	$1.30
Adjusted Weighted Average Diluted Shares Outstanding	406.50M	393.88M	361.98M	416.19M	413.22M	444.97M	444.92M	559.60M	514.59M	602.84M	602.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	360.36M	361.64M	361.66M	411.33M	440.43M	441.59M	441.60M	596.68M	597.44M	598.63M	624.06M
Normalized Net Operating Profit after Tax (NOPAT)	1,826	1,267	-21	17	622	155	-196	-182	272	400	894
Normalized NOPAT Margin	52.49%	47.62%	-2.05%	1.40%	30.45%	11.01%	-20.54%	-14.16%	16.75%	22.96%	34.97%
Pre Tax Income Margin	65.31%	59.22%	-7.72%	-3.89%	31.93%	9.02%	-3.67%	-31.34%	35.34%	22.65%	42.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	41.01	40.34	-0.76	0.26	9.91	3.16	0.39	-1.75	3.15	3.84	10.19
NOPAT to Interest Expense	30.92	31.20	-0.54	0.18	7.62	2.56	0.04	-1.24	2.33	3.07	7.97
EBIT Less CapEx to Interest Expense	34.83	27.95	-11.50	-7.86	2.60	-6.08	-9.31	-5.35	5.77	-0.07	5.32
NOPAT Less CapEx to Interest Expense	24.74	18.82	-11.28	-7.94	0.30	-6.69	-9.66	-4.85	4.95	-0.84	3.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.24%	4.58%	6.03%	7.65%	13.59%	40.58%	38.05%	94.85%	135.56%	87.49%	40.68%
Augmented Payout Ratio	34.24%	13.31%	17.12%	19.19%	25.18%	40.58%	38.05%	94.85%	135.56%	87.49%	40.68%

Key Financial Trends

Over the past four years, EQT Corp has shown a mixed but generally improving financial profile with notable trends in its income, cash flow, and balance sheet positions.

In Q2 2025, EQT achieved a strong consolidated net income of approximately $857 million, significantly up from Q2 2024's $9 million, suggesting a substantial profit recovery and operational improvement.
Operating revenues have trended upward, with Q2 2025 revenues at about $2.56 billion versus $953 million in Q2 2024, indicating solid top-line growth.
Net cash from continuing operating activities was robust at $1.24 billion in Q2 2025, up substantially from $322 million in Q2 2024, reflecting stronger cash generation from core operations.
The company maintained strong property, plant, and equipment (net PP&E) assets, with a net book value of about $31.6 billion in Q2 2025, indicating ongoing investment in core assets.
EQT has consistently paid dividends around $0.1575 per share quarterly, providing steady returns to shareholders.
Total equity including noncontrolling interests increased from approximately $11.2 billion in Q2 2022 to nearly $25.1 billion by Q2 2025, implying strengthened book value and capital base.
The company's liabilities have increased over time, reaching about $14.6 billion in Q2 2025 from $9.6 billion in Q2 2024, reflecting increased leverage or accrued obligations.
Depreciation expenses have remained high but stable, around $620-$630 million quarterly in 2025, consistent with asset base size but impacting operating income.
EQT has experienced some volatility in quarterly net income in past years, including a net loss in Q3 2024 (-$297 million) and a challenging Q2 2023 (-$67 million), highlighting cyclicality or operational setbacks.
Significant repayment of debt and issuance activity in financing cash flows indicate ongoing management of leverage but also raise concerns over debt levels; for example, a net cash outflow from financing activities of approximately -$304 million was recorded in Q2 2025, with prior quarters showing even larger repayments.

Summary: EQT Corp’s recent quarters show solid profitability rebound and strong cash flow generation, with revenues growing markedly. The company continues to invest heavily in property and equipment, strengthening its operational assets. While equity levels have grown impressively, liabilities and debt management remain key areas to watch, as the company balances growth with financial leverage. Past earnings volatility underscores the cyclical nature of EQT’s business, but current trends are encouraging for investors focused on operational improvement and stable dividends.

08/29/25 12:02 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About EQT's Financials

When does EQT's financial year end?

According to the most recent income statement we have on file, EQT's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has EQT's net income changed over the last 10 years?

EQT's net income appears to be on an upward trend, with a most recent value of $242.12 million in 2024, falling from $386.97 million in 2014. The previous period was $1.73 billion in 2023. See where experts think EQT is headed by visiting EQT's forecast page.

What is EQT's operating income?

EQT's total operating income in 2024 was $685.30 million, based on the following breakdown:

Total Gross Profit: $2.98 billion
Total Operating Expenses: $2.30 billion

How has EQT's revenue changed over the last 10 years?

Over the last 10 years, EQT's total revenue changed from $2.47 billion in 2014 to $5.27 billion in 2024, a change of 113.5%.

How much debt does EQT have?

EQT's total liabilities were at $15.55 billion at the end of 2024, a 48.1% increase from 2023, and a 174.7% increase since 2014.

How much cash does EQT have?

In the past 10 years, EQT's cash and equivalents has ranged from $3.49 million in 2018 to $1.60 billion in 2015, and is currently $202.09 million as of their latest financial filing in 2024.

How has EQT's book value per share changed over the last 10 years?

Over the last 10 years, EQT's book value per share changed from 30.25 in 2014 to 34.52 in 2024, a change of 14.1%.

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This page (NYSE:EQT) was last updated on 8/29/2025 by MarketBeat.com Staff

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EQT (EQT) Financials

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EQT (EQT) Financials

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