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EQT (EQT) Financials

EQT logo
$56.53 +0.60 (+1.07%)
Closing price 05/14/2026 03:59 PM Eastern
Extended Trading
$56.88 +0.36 (+0.63%)
As of 07:04 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for EQT

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 85 -1,359 4,526 -2,245 -1,222 -959 -1,143 1,771 1,735 231 2,039
Consolidated Net Income / (Loss)		 322 -131 1,858 -2,007 -1,222 -959 -1,142 1,781 1,735 242 2,326
Net Income / (Loss) Continuing Operations		 322 -531 1,387 -2,381 -1,222 -959 -1,142 1,781 1,735 242 2,326
Total Pre-Tax Income 		427 -894 199 -3,077 -1,597 -1,254 -1,570 2,335 2,103 264 2,978
Total Operating Income		 563 -755 382 -2,783 -1,152 -878 -1,361 2,718 2,314 685 3,250
Total Gross Profit		 1,886 333 1,745 2,679 2,510 1,193 897 5,082 4,513 2,981 6,723
Total Revenue		 2,340 1,387 3,091 4,572 4,416 3,059 3,065 7,498 6,909 5,273 8,644
Operating Revenue		 2,340 1,387 3,091 4,750 3,800 3,059 3,065 7,498 6,909 5,273 8,644
Total Cost of Revenue		 453 1,054 1,346 1,893 1,907 1,866 2,167 2,415 2,396 2,293 1,921
Operating Cost of Revenue		 453 1,054 1,346 1,893 1,907 1,866 2,167 2,415 2,396 2,293 1,921
Total Operating Expenses		 1,323 1,088 1,363 5,448 3,662 2,070 2,258 2,364 2,198 2,295 3,474
Selling, General & Admin Expense		 320 219 209 233 171 175 196 255 252 447 605
Exploration Expense		 62 4.66 18 6.77 7.22 5.48 24 3.44 3.33 2.74 3.60
Depreciation Expense		 819 856 971 1,569 1,539 1,393 1,677 1,666 1,732 2,162 2,600
Other Operating Expenses / (Income)		 - - 152 78 199 29 70 57 84 350 245
Impairment Charge		 122 16 7.55 3,520 1,710 341 312 391 109 97 51
Other Special Charges / (Income)		 0.00 -8.03 - - - 101 -21 -8.45 17 -764 -31
Total Other Income / (Expense), net		 -137 -139 -184 -294 -445 -376 -209 -383 -211 -421 -272
Interest Expense		 147 131 181 229 200 285 300 390 220 523 461
Interest & Investment Income		 - - - -72 -337 -314 72 -4.93 7.60 76 184
Other Income / (Expense), net		 9.95 -8.08 -2.99 7.02 91 223 19 11 1.23 26 4.83
Income Tax Expense		 105 -363 -1,188 -697 -376 -295 -428 554 369 22 652
Net Income / (Loss) Attributable to Noncontrolling Interest		 237 322 350 237 0.00 -0.01 1.25 9.98 -0.69 12 286
Basic Earnings per Share		 $0.56 ($2.71) $8.05 ($8.60) ($4.79) ($3.68) ($3.54) $4.79 $4.56 $0.45 $3.33
Weighted Average Basic Shares Outstanding		 152.40M 166.98M 187.38M 260.93M 255.14M 260.61M 323.20M 370.05M 380.90M 509.60M 611.57M
Diluted Earnings per Share		 $0.56 ($2.71) $8.04 ($8.60) ($4.79) ($3.68) ($3.54) $4.38 $4.22 $0.45 $3.31
Weighted Average Diluted Shares Outstanding		 152.94M 166.98M 187.73M 260.93M 255.14M 260.61M 323.20M 406.50M 413.22M 514.59M 615.72M
Weighted Average Basic & Diluted Shares Outstanding		 152.94M 166.98M 187.73M 260.93M 255.14M 260.61M 376.02M 360.36M 440.43M 597.44M 624.27M
Cash Dividends to Common per Share		 $0.12 $0.12 $0.12 $0.12 $0.12 $0.03 - $0.55 $0.61 $0.63 $0.64

Quarterly Income Statements for EQT

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 81 502 103 9.52 -301 418 242 784 336 677 1,487
Consolidated Net Income / (Loss)		 81 501 103 9.24 -297 427 315 857 407 746 1,554
Net Income / (Loss) Continuing Operations		 81 501 103 9.24 -297 427 315 857 407 746 1,554
Total Pre-Tax Income 		-46 652 127 -35 -402 574 394 1,092 536 955 1,987
Total Operating Income		 16 723 183 2.97 -282 781 496 1,134 603 1,016 2,036
Total Gross Profit		 568 1,406 776 321 749 1,160 1,273 2,077 1,483 1,890 2,863
Total Revenue		 1,186 2,043 1,412 953 1,284 1,625 1,740 2,558 1,959 2,388 3,379
Operating Revenue		 1,186 2,043 1,412 953 1,284 1,625 1,740 2,558 1,959 2,388 3,379
Total Cost of Revenue		 618 637 636 632 535 465 467 481 475 498 516
Operating Cost of Revenue		 618 637 636 632 535 465 467 481 475 498 516
Total Operating Expenses		 553 683 594 318 1,031 378 777 943 880 874 827
Selling, General & Admin Expense		 61 79 85 81 129 178 139 136 159 172 151
Exploration Expense		 0.45 0.73 0.92 1.38 0.28 0.16 1.05 1.27 0.33 0.95 0.43
Depreciation Expense		 447 502 487 466 589 620 621 623 688 668 655
Other Operating Expenses / (Income)		 36 15 12 52 290 -4.47 13 176 34 20 18
Impairment Charge		 6.42 87 9.21 38 12 38 2.66 3.25 3.48 42 3.82
Other Special Charges / (Income)		 1.51 -0.37 0.15 -320 10 -454 0.23 2.99 -5.62 -29 -0.03
Total Other Income / (Expense), net		 -62 -70 -55 -38 -120 -207 -102 -42 -67 -61 -49
Interest Expense		 62 73 58 58 159 249 129 112 112 109 126
Interest & Investment Income		 -0.55 2.29 2.26 0.17 34 39 26 67 45 46 78
Other Income / (Expense), net		 0.13 0.36 0.21 19 3.96 2.39 0.62 2.62 0.47 1.12 0.12
Income Tax Expense		 -127 151 24 -44 -105 147 79 236 129 208 433
Net Income / (Loss) Attributable to Noncontrolling Interest		 -0.53 -0.61 -0.43 -0.28 3.39 8.85 73 73 71 69 67
Basic Earnings per Share		 $0.21 $1.16 $0.24 $0.02 ($0.54) $0.73 $0.40 $1.31 $0.54 $1.08 $2.38
Weighted Average Basic Shares Outstanding		 383.36M 380.90M 439.46M 441.97M 559.60M 509.60M 597.98M 599.22M 624.53M 611.57M 625.14M
Diluted Earnings per Share		 $0.20 $1.10 $0.23 $0.02 ($0.54) $0.74 $0.40 $1.30 $0.53 $1.08 $2.36
Weighted Average Diluted Shares Outstanding		 416.19M 413.22M 444.97M 444.92M 559.60M 514.59M 602.84M 602.92M 628.32M 615.72M 629.21M
Weighted Average Basic & Diluted Shares Outstanding		 411.33M 440.43M 441.59M 441.60M 596.68M 597.44M 598.63M 624.06M 624.07M 624.27M 625.48M
Cash Dividends to Common per Share		 $0.15 - $0.16 $0.16 - - $0.16 $0.16 - - $0.17

Annual Cash Flow Statements for EQT

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 524 -423 -1,031 -144 1.11 14 96 1,345 -1,378 121 -91
Net Cash From Operating Activities		 1,217 1,064 1,638 2,976 1,852 1,538 1,662 3,466 3,179 2,827 5,126
Net Cash From Continuing Operating Activities		 1,217 1,064 1,638 2,976 1,852 1,538 1,662 3,466 3,179 2,827 5,126
Net Income / (Loss) Continuing Operations		 322 -131 1,858 -2,007 -1,222 -959 -1,142 1,781 1,735 242 2,326
Consolidated Net Income / (Loss)		 322 -131 1,858 -2,007 -1,222 -959 -1,142 1,781 1,735 242 2,326
Depreciation Expense		 819 928 1,078 1,730 1,539 1,393 1,677 1,666 1,732 2,162 2,600
Non-Cash Adjustments To Reconcile Net Income		 -7.60 622 -248 3,806 1,754 1,090 1,921 -615 -1,056 690 -228
Changes in Operating Assets and Liabilities, net		 83 -355 -1,061 -630 -256 -13 -794 634 768 -267 428
Net Cash From Investing Activities		 -2,526 -2,886 -4,202 -3,979 -1,601 -1,556 -2,073 -1,422 -4,314 -1,580 -2,845
Net Cash From Continuing Investing Activities		 -2,526 -2,886 -4,202 -3,979 -1,601 -1,556 -2,073 -1,422 -4,314 -1,580 -2,845
Purchase of Property, Plant & Equipment		 -2,434 -1,528 -1,559 -2,999 -1,602 -1,042 -1,055 -1,400 -2,019 -2,254 -2,288
Acquisitions		 0.00 -1,062 -2,919 -1,554 0.00 -692 -1,030 -207 -2,284 -1,022 -566
Other Investing Activities, net		 -17 -1.37 -11 -9.78 1.31 -0.03 -14 -12 -11 1,696 9.99
Net Cash From Financing Activities		 1,832 1,399 1,533 859 -249 32 506 -699 -243 -1,126 -2,372
Net Cash From Continuing Financing Activities		 1,832 1,399 1,533 859 -249 32 506 -699 -243 -1,126 -2,372
Repayment of Debt		 -487 -1,053 -3,208 -9,003 -4,190 -6,027 -8,575 -11,307 -2,021 -11,835 -5,097
Repurchase of Common Equity		 -3.38 -0.03 -0.03 -0.03 0.00 0.00 -13 -409 -201 0.00 0.00
Payment of Dividends		 -140 -210 -257 -587 -31 -7.66 7.50 -200 -236 -328 -749
Issuance of Debt		 617 1,240 5,063 11,138 3,979 5,718 9,086 11,242 2,257 7,637 3,529
Other Financing Activities, net		 664 -21 -72 -689 -7.22 - - -25 -42 3,401 -55

Quarterly Cash Flow Statements for EQT

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -1,151 16 567 -618 59 113 80 274 -320 -125 216
Net Cash From Operating Activities		 455 624 1,156 322 593 756 1,741 1,242 1,018 1,125 3,055
Net Cash From Continuing Operating Activities		 455 607 1,156 322 593 756 1,739 1,242 1,018 1,125 3,055
Net Income / (Loss) Continuing Operations		 81 501 103 9.24 -297 427 315 857 407 746 1,554
Consolidated Net Income / (Loss)		 81 501 103 9.24 -297 427 315 857 407 746 1,554
Depreciation Expense		 447 502 487 466 589 620 621 623 688 668 655
Non-Cash Adjustments To Reconcile Net Income		 41 -403 337 -24 332 45 656 -795 -16 -75 -38
Changes in Operating Assets and Liabilities, net		 -114 6.76 229 -129 -30 -336 147 556 -62 -214 885
Net Cash From Investing Activities		 -2,790 -540 -567 -312 -1,283 582 -534 -664 -1,026 -621 -842
Net Cash From Continuing Investing Activities		 -2,790 -540 -567 -312 -1,283 582 -534 -664 -1,026 -621 -842
Purchase of Property, Plant & Equipment		 -504 -533 -534 -558 -569 -592 -500 -543 -626 -613 -599
Acquisitions		 -2,293 9.23 -33 -208 -714 -70 -28 -114 -387 -37 -243
Other Investing Activities, net		 2.20 -15 -0.02 -0.06 2.61 - -6.45 -6.53 -12 29 -0.90
Net Cash From Financing Activities		 1,185 -69 -21 -628 749 -1,226 -1,127 -304 -312 -629 -1,997
Net Cash From Continuing Financing Activities		 1,185 -69 -21 -628 749 -1,226 -1,127 -304 -312 -629 -1,997
Repayment of Debt		 -277 -696 -868 -766 -2,327 -7,841 -2,362 -908 -893 -935 -2,792
Payment of Dividends		 -60 -66 -69 -70 -95 -94 -139 -202 -206 -203 -207
Issuance of Debt		 1,563 694 857 207 3,264 3,309 1,424 809 788 511 950
Issuance of Common Equity		 - - - - - - 0.00 - - - 98
Other Financing Activities, net		 -41 -0.54 59 - -92 3,400 -50 -3.01 -0.58 -1.48 -46

Annual Balance Sheets for EQT

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 13,976 15,473 29,523 20,721 18,809 18,113 21,607 22,670 25,285 39,830 41,793
Total Current Assets		 2,251 1,828 1,163 1,970 1,755 1,215 2,287 4,014 2,013 1,715 1,895
Cash & Equivalents		 1,601 1,104 26 3.49 4.60 18 114 1,459 81 202 111
Accounts Receivable		 177 342 665 1,242 610 567 1,438 1,608 824 1,133 1,458
Prepaid Expenses		 55 64 59 111 29 104 191 135 38 139 124
Other Current Assets		 417 33 242 482 813 527 543 812 979 144 202
Plant, Property, & Equipment, net		 11,472 13,162 19,730 17,393 16,155 16,054 18,419 18,167 22,950 31,748 33,558
Plant, Property & Equipment, gross		 15,636 18,217 25,396 22,148 21,655 21,995 26,016 27,394 33,817 44,506 48,472
Accumulated Depreciation		 4,164 5,055 5,666 4,756 5,500 5,941 7,597 9,227 10,867 12,758 14,915
Total Noncurrent Assets		 253 482 8,630 1,359 899 844 902 488 322 6,368 6,340
Long-Term Investments		 77 260 - 1,013 - - - - 93 3,617 3,631
Goodwill		 - 0.00 471 - - - - - 0.00 2,079 2,062
Intangible Assets		 - 0.00 119 77 - - - - 23 215 200
Other Noncurrent Operating Assets		 176 223 251 269 899 844 902 488 207 456 446
Total Liabilities & Shareholders' Equity		 13,976 15,473 29,523 20,721 18,809 18,113 21,607 22,670 25,285 39,830 41,793
Total Liabilities		 5,948 6,354 11,108 9,763 9,006 8,851 11,636 11,457 10,504 15,552 14,433
Total Current Liabilities		 796 805 1,232 2,355 1,346 1,762 5,186 3,732 2,037 2,462 2,485
Short-Term Debt		 299 0.00 12 704 16 154 1,061 423 292 321 507
Accounts Payable		 292 310 726 1,060 796 705 1,339 1,575 1,273 1,178 1,367
Other Current Liabilities		 205 495 413 591 533 903 2,786 1,735 391 796 473
Other Current Nonoperating Liabilities		 - - 80 - - - - - 81 167 138
Total Noncurrent Liabilities		 5,152 5,549 9,876 7,408 7,660 7,088 6,450 7,724 8,467 13,091 11,948
Long-Term Debt		 2,793 3,289 5,985 4,793 5,172 4,671 4,436 5,168 5,420 9,003 7,293
Asset Retirement Reserve & Litigation Obligation		 - - - - - - - - - 1,236 1,183
Noncurrent Deferred & Payable Income Tax Liabilities		 1,972 1,760 1,890 1,823 1,486 1,372 907 1,442 1,905 2,851 3,472
Total Equity & Noncontrolling Interests		 8,028 9,119 18,415 10,958 9,804 9,263 9,971 11,213 14,781 24,278 27,360
Total Preferred & Common Equity		 5,078 5,860 13,320 10,958 9,804 9,255 9,955 11,172 14,773 20,598 23,753
Total Common Equity		 5,078 5,860 13,320 10,958 9,804 9,255 9,955 11,172 14,773 20,598 23,753
Common Stock		 2,153 3,440 9,389 7,829 7,818 8,242 10,072 9,892 12,094 18,015 19,518
Retained Earnings		 2,982 2,509 3,997 3,184 2,023 1,048 -94 1,284 2,682 2,585 4,237
Accumulated Other Comprehensive Income / (Loss)		 46 2.04 -2.46 -5.41 -5.20 -5.36 -4.61 -2.99 -2.68 -2.32 -2.17
Noncontrolling Interest		 2,950 3,259 5,095 - 0.00 7.49 16 41 7.62 3,681 3,607

Quarterly Balance Sheets for EQT

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 21,273 24,555 25,285 25,438 24,706 39,946 39,830 39,703 39,667 41,195 41,692
Total Current Assets		 2,426 1,247 2,013 2,096 1,230 1,082 1,715 1,739 1,631 1,267 1,557
Cash & Equivalents		 1,215 65 81 648 30 89 202 282 555 236 327
Accounts Receivable		 475 559 824 445 587 578 1,133 1,206 817 804 953
Prepaid Expenses		 51 45 38 94 99 71 139 92 140 104 93
Other Current Assets		 684 578 979 818 424 252 144 66 119 124 184
Plant, Property, & Equipment, net		 18,323 22,922 22,950 23,023 23,176 32,547 31,748 31,661 31,624 33,610 33,529
Plant, Property & Equipment, gross		 28,300 33,314 33,817 34,361 34,954 44,885 44,506 44,874 45,261 47,905 49,068
Accumulated Depreciation		 9,976 10,392 10,867 11,338 11,777 12,338 12,758 13,213 13,636 14,295 15,540
Total Noncurrent Assets		 524 386 322 320 300 6,317 6,368 6,304 6,411 6,318 6,607
Long-Term Investments		 - - 93 - - 3,358 3,617 3,580 3,623 3,601 3,916
Goodwill		 - - 0.00 - - 2,178 2,079 2,067 2,062 2,062 2,062
Intangible Assets		 - - 23 - - 268 215 212 208 204 197
Other Noncurrent Operating Assets		 524 386 207 320 300 512 456 445 518 451 432
Total Liabilities & Shareholders' Equity		 21,273 24,555 25,285 25,438 24,706 39,946 39,830 39,703 39,667 41,195 41,692
Total Liabilities		 9,228 10,345 10,504 10,267 9,582 19,457 15,552 15,300 14,569 14,405 12,905
Total Current Liabilities		 2,183 2,119 2,037 2,374 1,686 2,114 2,462 3,062 2,306 2,191 2,366
Short-Term Debt		 414 415 292 607 6.39 400 321 285 392 507 508
Accounts Payable		 1,050 1,160 1,273 1,125 1,198 1,042 1,178 1,337 1,152 1,120 1,415
Other Current Liabilities		 719 545 391 642 481 481 796 1,301 620 429 356
Other Current Nonoperating Liabilities		 - - 81 - - 190 167 140 143 135 88
Total Noncurrent Liabilities		 7,046 8,226 8,467 7,893 7,896 17,343 13,091 12,238 12,262 12,214 10,539
Long-Term Debt		 4,172 5,417 5,420 4,817 4,866 13,393 9,003 8,108 7,923 7,711 5,485
Asset Retirement Reserve & Litigation Obligation		 - - - - - - - - 1,216 1,237 1,172
Noncurrent Deferred & Payable Income Tax Liabilities		 1,878 1,751 1,905 1,928 1,882 2,746 2,851 2,886 3,123 3,265 3,882
Total Equity & Noncontrolling Interests		 12,045 14,210 14,781 15,171 15,125 20,488 24,278 24,403 25,098 26,790 28,787
Total Preferred & Common Equity		 12,006 14,201 14,773 15,164 15,118 20,335 20,598 20,718 21,423 23,152 25,119
Total Common Equity		 12,006 14,201 14,773 15,164 15,118 20,335 20,598 20,718 21,423 23,152 25,119
Common Stock		 9,791 11,958 12,094 12,451 12,464 18,076 18,015 17,984 18,000 19,491 19,498
Retained Earnings		 2,218 2,246 2,682 2,716 2,656 2,261 2,585 2,736 3,426 3,663 5,623
Accumulated Other Comprehensive Income / (Loss)		 -2.78 -2.72 -2.68 -2.64 -2.60 -2.57 -2.32 -2.28 -2.23 -2.17 -1.88
Noncontrolling Interest		 39 8.23 7.62 7.19 6.91 154 3,681 3,685 3,675 3,639 3,668

Annual Metrics And Ratios for EQT

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -5.26% -40.72% 122.85% 47.90% -3.40% -30.74% 0.19% 144.65% -7.85% -23.67% 63.92%
EBITDA Growth		 -9.56% -88.16% 790.52% -166.02% 153.05% 48.73% -56.20% 1,212.67% -7.91% -29.01% 103.74%
EBIT Growth		 -33.38% -233.16% 149.70% -832.05% 61.79% 38.25% -104.89% 303.39% -15.16% -69.28% 357.55%
NOPAT Growth		 -29.29% -224.37% 605.03% -172.99% 58.60% 23.82% -55.07% 317.63% -7.95% -67.09% 304.15%
Net Income Growth		 -16.82% -140.72% 1,517.75% -208.02% 39.13% 21.52% -19.05% 256.02% -2.61% -86.04% 860.56%
EPS Growth		 -77.95% -140.72% 1,517.75% -206.97% 44.30% 23.17% 3.80% 223.73% -3.65% -89.34% 635.56%
Operating Cash Flow Growth		 -13.98% -12.54% 53.87% 81.73% -37.78% -16.96% 8.11% 108.46% -8.27% -11.07% 81.32%
Free Cash Flow Firm Growth		 39.65% -142.14% -135.14% 108.78% -193.02% 185.36% -839.52% 193.10% -251.15% -183.49% 110.44%
Invested Capital Growth		 14.38% 13.95% 65.14% -13.11% -2.93% -6.12% 9.12% -0.06% 32.94% 46.81% 5.36%
Revenue Q/Q Growth		 -4.17% -24.23% 28.79% 9.80% 3.82% -17.91% 13,370.39% -4.58% -17.22% -7.35% 9.69%
EBITDA Q/Q Growth		 2.42% -81.39% 46.51% -10.18% -65.37% 194.65% 116.06% -4.88% -26.92% 6.65% 5.04%
EBIT Q/Q Growth		 1.40% -4,474.96% 910.14% -8.09% -469.85% 70.81% 63.30% -5.05% -40.82% 9.34% 7.73%
NOPAT Q/Q Growth		 -23.40% -1,633.98% 7,103.19% -9.17% -341.87% 64.69% 62.94% -4.62% -38.34% 8.53% 8.96%
Net Income Q/Q Growth		 10.76% -53.22% 402.17% -1,596.20% -51.44% 43.84% 66.19% -4.92% -41.14% -23.46% 15.90%
EPS Q/Q Growth		 -58.52% -53.22% 402.17% -183.01% -79.40% 44.91% 62.58% -17.36% -44.98% -44.44% 11.45%
Operating Cash Flow Q/Q Growth		 3.74% -1.85% 8.60% 3.64% -14.46% 13.95% 85.21% -3.00% -12.14% 4.89% 7.76%
Free Cash Flow Firm Q/Q Growth		 36.67% -115.36% -152.56% 102.88% -104.93% -64.32% 34.98% -7.64% -19.61% 14.78% -54.49%
Invested Capital Q/Q Growth		 0.26% 5.03% 48.07% -34.08% -6.62% 4.52% 7.14% 7.68% 2.12% -3.46% 0.80%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 80.63% 23.99% 56.45% 58.60% 56.83% 38.99% 29.28% 67.79% 65.32% 56.52% 77.78%
EBITDA Margin		 59.51% 11.88% 47.48% -21.20% 11.64% 24.99% 10.93% 58.62% 58.59% 54.49% 67.73%
Operating Margin		 24.07% -54.43% 12.37% -60.88% -26.09% -28.69% -44.41% 36.25% 33.50% 13.00% 37.59%
EBIT Margin		 24.49% -55.02% 12.27% -60.72% -24.02% -21.41% -43.79% 36.40% 33.52% 13.49% 37.65%
Profit (Net Income) Margin		 13.76% -9.45% 60.11% -43.90% -27.66% -31.35% -37.25% 23.75% 25.11% 4.59% 26.90%
Tax Burden Percent		 75.46% 14.66% 935.56% 65.22% 76.48% 76.45% 72.73% 76.28% 82.46% 91.64% 78.11%
Interest Burden Percent		 74.43% 117.19% 52.37% 110.85% 150.62% 191.49% 116.97% 85.54% 90.84% 37.14% 91.49%
Effective Tax Rate		 24.54% 0.00% -598.36% 0.00% 0.00% 0.00% 0.00% 23.72% 17.54% 8.36% 21.89%
Return on Invested Capital (ROIC)		 4.80% -5.23% 18.71% -11.73% -5.30% -4.23% -6.48% 13.51% 10.68% 2.49% 8.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.45% 20.80% -144.56% -14.81% -13.89% -11.12% -10.18% 7.36% 7.11% -4.34% 3.95%
Return on Net Nonoperating Assets (RNNOA)		 -0.33% 3.70% -5.22% -1.93% -6.47% -5.83% -5.39% 3.31% 2.67% -1.25% 0.75%
Return on Equity (ROE)		 4.47% -1.53% 13.50% -13.67% -11.77% -10.06% -11.87% 16.81% 13.35% 1.24% 9.01%
Cash Return on Invested Capital (CROIC)		 -8.61% -18.27% -30.43% 2.29% -2.33% 2.08% -15.20% 13.56% -17.61% -35.44% 3.03%
Operating Return on Assets (OROA)		 4.41% -5.18% 1.69% -11.05% -5.37% -3.55% -6.76% 12.33% 9.66% 2.18% 7.97%
Return on Assets (ROA)		 2.47% -0.89% 8.26% -7.99% -6.18% -5.19% -5.75% 8.04% 7.23% 0.74% 5.70%
Return on Common Equity (ROCE)		 3.00% -0.98% 9.40% -11.30% -11.77% -10.05% -11.86% 16.77% 13.32% 1.12% 7.74%
Return on Equity Simple (ROE_SIMPLE)		 6.34% -2.24% 13.95% -18.32% -12.46% -10.36% -11.47% 15.94% 11.74% 1.18% 0.00%
Net Operating Profit after Tax (NOPAT)		 425 -529 2,669 -1,948 -806 -614 -953 2,073 1,908 628 2,538
NOPAT Margin		 18.16% -38.10% 86.35% -42.61% -18.26% -20.08% -31.09% 27.65% 27.62% 11.91% 29.36%
Net Nonoperating Expense Percent (NNEP)		 6.25% -26.03% 163.27% 3.08% 8.59% 6.90% 3.71% 6.15% 3.57% 6.84% 4.31%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 12.34% 9.31% 1.87% 7.22%
Cost of Revenue to Revenue		 19.37% 76.01% 43.55% 41.40% 43.17% 61.01% 70.72% 32.21% 34.68% 43.48% 22.22%
SG&A Expenses to Revenue		 13.66% 15.79% 6.76% 5.09% 3.86% 5.71% 6.41% 3.40% 3.65% 8.48% 7.00%
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		 56.56% 78.42% 44.09% 119.17% 82.92% 67.68% 73.68% 31.53% 31.82% 43.53% 40.19%
Earnings before Interest and Taxes (EBIT)		 573 -763 379 -2,776 -1,061 -655 -1,342 2,729 2,316 711 3,254
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,392 165 1,468 -969 514 765 335 4,395 4,048 2,874 5,855
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.46 1.81 0.69 0.76 0.27 0.34 0.79 1.07 1.05 1.33 1.40
Price to Tangible Book Value (P/TBV)		 1.46 1.81 0.73 0.77 0.27 0.34 0.79 1.07 1.06 1.50 1.55
Price to Revenue (P/Rev)		 3.18 7.63 2.99 1.83 0.60 1.01 2.57 1.60 2.25 5.20 3.86
Price to Earnings (P/E)		 87.26 0.00 2.05 0.00 0.00 0.00 0.00 6.75 8.98 118.97 16.36
Dividend Yield		 0.25% 0.20% 0.22% 0.44% 1.45% 0.99% 0.00% 1.69% 1.60% 1.37% 1.19%
Earnings Yield		 1.15% 0.00% 48.89% 0.00% 0.00% 0.00% 0.00% 14.81% 11.14% 0.84% 6.11%
Enterprise Value to Invested Capital (EV/IC)		 1.25 1.44 1.14 0.83 0.52 0.56 0.86 1.05 1.04 1.22 1.30
Enterprise Value to Revenue (EV/Rev)		 5.04 11.16 6.57 2.81 1.77 2.59 4.33 2.15 3.06 6.94 4.75
Enterprise Value to EBITDA (EV/EBITDA)		 8.47 93.91 13.85 0.00 15.23 10.35 39.63 3.67 5.22 12.74 7.01
Enterprise Value to EBIT (EV/EBIT)		 20.58 0.00 53.59 0.00 0.00 0.00 0.00 5.91 9.12 51.48 12.61
Enterprise Value to NOPAT (EV/NOPAT)		 27.76 0.00 7.61 0.00 0.00 0.00 0.00 7.78 11.07 58.31 16.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 9.69 14.54 12.41 4.31 4.23 5.15 7.98 4.66 6.64 12.95 8.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 33.70 0.00 26.18 0.00 7.75 0.00 0.00 44.04
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.39 0.36 0.33 0.50 0.53 0.52 0.55 0.50 0.39 0.38 0.29
Long-Term Debt to Equity		 0.35 0.36 0.33 0.44 0.53 0.50 0.44 0.46 0.37 0.37 0.27
Financial Leverage		 0.23 0.18 0.04 0.13 0.47 0.52 0.53 0.45 0.38 0.29 0.19
Leverage Ratio		 1.81 1.72 1.63 1.71 1.90 1.94 2.07 2.09 1.84 1.67 1.58
Compound Leverage Factor		 1.34 2.01 0.86 1.90 2.87 3.71 2.42 1.79 1.68 0.62 1.45
Debt to Total Capital		 27.81% 26.51% 24.57% 33.41% 34.61% 34.25% 35.54% 33.27% 27.88% 27.75% 22.18%
Short-Term Debt to Total Capital		 2.69% 0.00% 0.05% 4.28% 0.11% 1.09% 6.86% 2.52% 1.43% 0.95% 1.44%
Long-Term Debt to Total Capital		 25.12% 26.51% 24.52% 29.13% 34.50% 33.16% 28.68% 30.75% 26.45% 26.79% 20.74%
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		 26.53% 26.26% 20.87% 0.00% 0.00% 0.05% 0.11% 0.24% 0.04% 10.95% 10.26%
Common Equity to Total Capital		 45.66% 47.23% 54.56% 66.59% 65.39% 65.69% 64.36% 66.49% 72.09% 61.30% 67.56%
Debt to EBITDA		 2.22 19.96 4.09 -5.67 10.09 6.31 16.42 1.27 1.41 3.24 1.33
Net Debt to EBITDA		 1.02 9.95 4.07 -4.62 10.08 6.29 16.08 0.94 1.37 1.92 0.69
Long-Term Debt to EBITDA		 2.01 19.96 4.08 -4.95 10.06 6.11 13.25 1.18 1.34 3.13 1.25
Debt to NOPAT		 7.28 -6.22 2.25 -2.82 -6.43 -7.85 -5.77 2.70 2.99 14.85 3.07
Net Debt to NOPAT		 3.33 -3.10 2.24 -2.30 -6.43 -7.83 -5.65 1.99 2.90 8.77 1.60
Long-Term Debt to NOPAT		 6.57 -6.22 2.24 -2.46 -6.41 -7.60 -4.66 2.49 2.84 14.34 2.87
Altman Z-Score		 1.48 1.23 0.83 0.48 0.40 0.30 0.18 1.45 1.61 1.32 1.98
Noncontrolling Interest Sharing Ratio		 32.92% 36.21% 30.34% 17.35% 0.00% 0.04% 0.12% 0.27% 0.19% 9.44% 14.11%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.83 2.27 0.94 0.84 1.30 0.69 0.44 1.08 0.99 0.70 0.76
Quick Ratio		 2.23 2.15 0.56 0.53 0.46 0.33 0.30 0.82 0.44 0.54 0.63
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -762 -1,846 -4,340 381 -354 302 -2,236 2,082 -3,147 -8,921 932
Operating Cash Flow to CapEx		 50.00% 73.27% 105.29% 123.21% 115.55% 167.84% 157.93% 248.99% 157.77% 507.00% 223.99%
Free Cash Flow to Firm to Interest Expense		 -5.20 -14.07 -24.03 1.66 -1.77 1.06 -7.47 5.34 -14.32 -17.05 2.02
Operating Cash Flow to Interest Expense		 8.31 8.11 9.07 13.00 9.27 5.40 5.55 8.89 14.47 5.40 11.11
Operating Cash Flow Less CapEx to Interest Expense		 -8.31 -2.96 0.46 2.45 1.25 2.18 2.04 5.32 5.30 4.34 6.15
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.18 0.09 0.14 0.18 0.22 0.17 0.15 0.34 0.29 0.16 0.21
Accounts Receivable Turnover		 9.69 5.35 6.14 4.80 4.77 5.20 3.06 4.92 5.68 5.39 6.67
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		 0.22 0.11 0.19 0.25 0.26 0.19 0.18 0.41 0.34 0.19 0.26
Accounts Payable Turnover		 1.23 3.51 2.60 2.12 2.05 2.49 2.12 1.66 1.68 1.87 1.51
Days Sales Outstanding (DSO)		 37.68 68.23 59.41 76.11 76.53 70.20 119.37 74.15 64.24 67.70 54.69
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)		 296.18 104.12 140.51 172.23 177.69 146.88 172.17 220.17 216.84 195.04 241.82
Cash Conversion Cycle (CCC)		 -258.50 -35.89 -81.10 -96.13 -101.17 -76.68 -52.79 -146.02 -152.60 -127.34 -187.12
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 9,442 10,759 17,768 15,439 14,987 14,070 15,354 15,345 20,401 29,950 31,557
Invested Capital Turnover		 0.26 0.14 0.22 0.28 0.29 0.21 0.21 0.49 0.39 0.21 0.28
Increase / (Decrease) in Invested Capital		 1,187 1,317 7,009 -2,329 -452 -917 1,284 -8.62 5,055 9,549 1,607
Enterprise Value (EV)		 11,796 15,478 20,322 12,836 7,828 7,916 13,269 16,135 21,123 36,617 41,022
Market Capitalization		 7,432 10,579 9,256 8,355 2,645 3,101 7,870 11,962 15,576 27,432 33,356
Book Value per Share		 $33.29 $33.92 $76.84 $43.07 $38.35 $36.21 $26.34 $30.44 $35.92 $34.52 $38.06
Tangible Book Value per Share		 $33.29 $33.92 $73.44 $42.77 $38.35 $36.21 $26.34 $30.44 $35.86 $30.67 $34.44
Total Capital		 11,120 12,409 24,412 16,456 14,992 14,088 15,468 16,804 20,494 33,602 35,160
Total Debt		 3,092 3,289 5,997 5,497 5,188 4,826 5,497 5,590 5,713 9,324 7,800
Total Long-Term Debt		 2,793 3,289 5,985 4,793 5,172 4,671 4,436 5,168 5,420 9,003 7,293
Net Debt		 1,414 1,640 5,971 4,481 5,183 4,807 5,383 4,132 5,539 5,505 4,059
Capital Expenditures (CapEx)		 2,434 1,453 1,555 2,416 1,602 916 1,053 1,392 2,015 558 2,288
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 153 -366 -83 316 421 -411 -1,952 -754 188 -628 -193
Debt-free Net Working Capital (DFNWC)		 1,754 1,024 -57 319 425 -393 -1,839 705 269 -426 -83
Net Working Capital (NWC)		 1,455 1,024 -69 -385 409 -547 -2,899 282 -24 -747 -590
Net Nonoperating Expense (NNE)		 103 -397 811 59 415 344 189 292 174 386 213
Net Nonoperating Obligations (NNO)		 1,414 1,640 -646 4,481 5,183 4,807 5,383 4,132 5,620 5,672 4,196
Total Depreciation and Amortization (D&A)		 819 928 1,088 1,807 1,575 1,419 1,677 1,666 1,732 2,162 2,600
Debt-free, Cash-free Net Working Capital to Revenue		 6.54% -26.41% -2.69% 6.90% 9.52% -13.44% -63.71% -10.05% 2.72% -11.91% -2.24%
Debt-free Net Working Capital to Revenue		 74.97% 73.80% -1.84% 6.98% 9.63% -12.84% -59.99% 9.40% 3.89% -8.08% -0.96%
Net Working Capital to Revenue		 62.19% 73.80% -2.24% -8.43% 9.26% -17.88% -94.61% 3.76% -0.35% -14.16% -6.82%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.30 ($1.47) $4.36 ($8.60) ($4.79) ($3.71) ($3.58) $4.79 $4.56 $0.45 $3.33
Adjusted Weighted Average Basic Shares Outstanding		 281.40M 308.32M 345.99M 260.93M 255.14M 278.85M 323.20M 370.05M 380.90M 509.60M 611.57M
Adjusted Diluted Earnings per Share		 $0.30 ($1.47) $4.35 ($8.60) ($4.79) ($3.71) ($3.58) $4.38 $4.22 $0.45 $3.31
Adjusted Weighted Average Diluted Shares Outstanding		 282.40M 308.32M 346.63M 260.93M 255.14M 278.85M 323.20M 406.50M 413.22M 514.59M 615.72M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 ($3.71) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 281.71M 319.14M 488.34M 254.76M 255.45M 260.61M 376.02M 360.36M 440.43M 597.44M 624.27M
Normalized Net Operating Profit after Tax (NOPAT)		 517 -523 273 516 391 -305 -749 2,365 2,013 17 2,554
Normalized NOPAT Margin		 22.11% -37.72% 8.83% 11.29% 8.84% -9.97% -24.45% 31.54% 29.14% 0.32% 29.54%
Pre Tax Income Margin		 18.23% -64.47% 6.43% -67.31% -36.17% -41.00% -51.21% 31.14% 30.45% 5.01% 34.45%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.91 -5.82 2.10 -12.13 -5.31 -2.30 -4.48 7.00 10.54 1.36 7.05
NOPAT to Interest Expense		 2.90 -4.03 14.78 -8.51 -4.04 -2.16 -3.18 5.32 8.69 1.20 5.50
EBIT Less CapEx to Interest Expense		 -12.70 -16.89 -6.51 -22.68 -13.33 -5.52 -7.99 3.43 1.37 0.29 2.09
NOPAT Less CapEx to Interest Expense		 -13.71 -15.10 6.17 -19.06 -12.05 -5.38 -6.70 1.75 -0.48 0.13 0.54
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 43.52% -160.33% 13.83% -29.25% -2.51% -0.80% 0.66% 11.24% 13.59% 135.56% 32.22%
Augmented Payout Ratio		 44.56% -160.36% 13.83% -29.25% -2.51% -0.80% -0.48% 34.24% 25.18% 135.56% 32.22%

Quarterly Metrics And Ratios for EQT

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 624,274,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 624,274,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.38
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -42.69% -41.29% -46.93% -6.50% 8.24% -20.47% 23.20% 168.52% 52.56% 46.98% 94.20%
EBITDA Growth		 -65.55% -54.90% -66.50% 35.19% -32.71% 14.63% 66.89% 260.40% 314.90% 20.00% 140.76%
EBIT Growth		 -98.28% -68.83% -88.65% 165.06% -1,843.40% 8.40% 171.63% 4,973.90% 317.25% 29.78% 309.78%
NOPAT Growth		 -98.54% -68.25% -88.14% 108.49% -1,883.01% 4.69% 168.63% 42,666.43% 332.08% 36.60% 300.82%
Net Income Growth		 -88.26% -70.74% -91.55% 113.82% -468.43% -14.80% 206.04% 9,172.17% 236.91% 74.69% 392.66%
EPS Growth		 -88.17% -75.82% -92.58% 111.11% -370.00% -32.73% 73.91% 6,400.00% 198.15% 45.95% 490.00%
Operating Cash Flow Growth		 -60.48% -41.31% -30.50% -26.32% 30.45% 21.12% 50.66% 285.57% 71.62% 48.81% 75.46%
Free Cash Flow Firm Growth		 -782.52% -355.99% -330.93% -215.25% -96.75% -99.29% -98.92% -87.27% 101.56% 90.94% 100.47%
Invested Capital Growth		 40.18% 32.94% 29.44% 29.53% 55.30% 46.81% 45.75% 47.12% 0.91% 5.36% 5.33%
Revenue Q/Q Growth		 16.43% 72.24% -30.87% -32.55% 34.78% 26.56% 7.09% 47.01% -23.43% 21.93% 41.48%
EBITDA Q/Q Growth		 28.12% 164.67% -45.33% -27.07% -36.23% 350.89% -20.40% 57.48% -26.59% 30.41% 59.70%
EBIT Q/Q Growth		 146.29% 4,436.54% -74.70% -87.75% -1,340.43% 382.08% -36.61% 128.76% -46.89% 68.51% 100.16%
NOPAT Q/Q Growth		 145.17% 4,920.13% -73.38% -98.59% -9,586.37% 394.77% -31.70% 123.93% -48.52% 73.50% 100.41%
Net Income Q/Q Growth		 220.73% 521.14% -79.45% -91.04% -3,319.31% 243.64% -26.17% 171.59% -52.46% 83.29% 108.20%
EPS Q/Q Growth		 211.11% 450.00% -79.09% -91.30% -2,800.00% 237.04% -45.95% 225.00% -59.23% 103.77% 118.52%
Operating Cash Flow Q/Q Growth		 4.00% 37.35% 85.09% -72.13% 84.13% 27.54% 130.23% -28.69% -18.04% 10.58% 171.47%
Free Cash Flow Firm Q/Q Growth		 -296.02% 21.27% 2.74% -3.68% -147.15% 20.25% 2.66% 2.40% 102.06% -563.64% 105.10%
Invested Capital Q/Q Growth		 29.59% 2.12% -2.28% 0.10% 55.37% -3.46% -2.92% 1.04% 6.57% 0.80% -2.95%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 47.93% 68.80% 54.15% 32.26% 58.35% 71.37% 73.18% 81.21% 75.73% 79.14% 84.74%
EBITDA Margin		 39.02% 59.96% 47.42% 51.27% 24.26% 86.42% 64.24% 68.82% 65.97% 70.56% 79.64%
Operating Margin		 1.33% 35.38% 12.94% 0.31% -21.95% 48.10% 28.52% 44.34% 30.80% 42.55% 60.26%
EBIT Margin		 1.34% 35.39% 12.95% 2.35% -21.65% 48.24% 28.56% 44.44% 30.82% 42.60% 60.26%
Profit (Net Income) Margin		 6.81% 24.54% 7.30% 0.97% -23.17% 26.30% 18.13% 33.49% 20.79% 31.25% 45.99%
Tax Burden Percent		 -175.03% 76.86% 80.92% -26.41% 73.93% 74.42% 80.04% 78.43% 75.90% 78.18% 78.19%
Interest Burden Percent		 -289.37% 90.23% 69.63% -156.16% 144.78% 73.24% 79.31% 96.10% 88.87% 93.85% 97.60%
Effective Tax Rate		 0.00% 23.14% 19.08% 0.00% 0.00% 25.58% 19.96% 21.57% 24.10% 21.82% 21.81%
Return on Invested Capital (ROIC)		 0.45% 10.51% 3.35% 0.07% -3.43% 7.50% 5.22% 10.16% 5.91% 9.35% 16.23%
ROIC Less NNEP Spread (ROIC-NNEP)		 1.80% 9.40% 2.24% 0.24% -4.66% 4.76% 3.49% 9.44% 5.24% 8.38% 15.06%
Return on Net Nonoperating Assets (RNNOA)		 0.78% 3.53% 0.66% 0.07% -2.19% 1.38% 0.83% 2.14% 1.67% 1.60% 1.84%
Return on Equity (ROE)		 1.24% 14.04% 4.01% 0.14% -5.62% 8.87% 6.05% 12.30% 7.58% 10.95% 18.08%
Cash Return on Invested Capital (CROIC)		 -15.37% -17.61% -20.93% -20.54% -41.05% -35.44% -33.75% -31.36% 6.57% 3.03% 7.32%
Operating Return on Assets (OROA)		 0.48% 10.20% 3.05% 0.57% -3.82% 7.81% 4.91% 9.95% 5.99% 9.02% 15.23%
Return on Assets (ROA)		 2.41% 7.07% 1.72% 0.24% -4.09% 4.26% 3.12% 7.50% 4.04% 6.62% 11.62%
Return on Common Equity (ROCE)		 1.23% 14.01% 4.00% 0.14% -5.59% 8.04% 5.48% 11.17% 6.97% 9.41% 15.58%
Return on Equity Simple (ROE_SIMPLE)		 20.75% 0.00% 4.08% 4.59% 1.56% 0.00% 2.19% 6.08% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 11 555 148 2.08 -197 582 397 889 458 794 1,592
NOPAT Margin		 0.93% 27.19% 10.47% 0.22% -15.37% 35.79% 22.83% 34.77% 23.38% 33.26% 47.12%
Net Nonoperating Expense Percent (NNEP)		 -1.35% 1.11% 1.12% -0.17% 1.23% 2.73% 1.73% 0.72% 0.67% 0.97% 1.17%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.71% - - - 1.73% 1.21% 2.66% 1.31% 2.26% 4.58%
Cost of Revenue to Revenue		 52.07% 31.20% 45.85% 67.74% 41.65% 28.63% 26.82% 18.79% 24.27% 20.86% 15.26%
SG&A Expenses to Revenue		 5.16% 3.85% 5.17% 7.06% 10.05% 10.95% 7.98% 5.30% 8.12% 7.20% 4.46%
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		 46.59% 33.42% 41.21% 31.95% 80.30% 23.27% 44.66% 36.87% 44.93% 36.59% 24.48%
Earnings before Interest and Taxes (EBIT)		 16 723 183 22 -278 784 497 1,137 604 1,017 2,036
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 463 1,225 670 488 311 1,404 1,118 1,760 1,292 1,685 2,691
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.02 1.05 1.00 1.07 0.80 1.33 1.54 1.63 1.47 1.40 1.58
Price to Tangible Book Value (P/TBV)		 1.02 1.06 1.00 1.07 0.90 1.50 1.73 1.82 1.63 1.55 1.74
Price to Revenue (P/Rev)		 1.73 2.25 2.67 2.90 2.84 5.20 5.70 4.84 4.31 3.86 3.86
Price to Earnings (P/E)		 4.90 8.98 24.37 23.33 51.49 118.97 86.45 30.52 19.08 16.36 12.10
Dividend Yield		 1.50% 1.60% 1.67% 1.69% 1.72% 1.37% 1.18% 1.08% 1.16% 1.19% 1.01%
Earnings Yield		 20.42% 11.14% 4.10% 4.29% 1.94% 0.84% 1.16% 3.28% 5.24% 6.11% 8.27%
Enterprise Value to Invested Capital (EV/IC)		 1.01 1.04 1.00 1.06 0.86 1.22 1.38 1.45 1.34 1.30 1.47
Enterprise Value to Revenue (EV/Rev)		 2.42 3.06 3.52 3.77 4.69 6.94 7.17 5.93 5.33 4.75 4.39
Enterprise Value to EBITDA (EV/EBITDA)		 3.65 5.22 7.32 7.41 9.90 12.74 12.08 9.30 7.53 7.01 6.08
Enterprise Value to EBIT (EV/EBIT)		 5.16 9.12 22.42 22.34 41.01 51.48 39.15 19.97 13.90 12.61 9.42
Enterprise Value to NOPAT (EV/NOPAT)		 6.53 11.07 23.78 22.96 46.11 58.31 46.94 25.55 18.02 16.16 12.09
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.58 6.64 7.45 8.25 9.90 12.95 11.76 9.86 8.83 8.00 7.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.51 44.04 20.67
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.41 0.39 0.36 0.32 0.67 0.38 0.34 0.33 0.31 0.29 0.21
Long-Term Debt to Equity		 0.38 0.37 0.32 0.32 0.65 0.37 0.33 0.32 0.29 0.27 0.19
Financial Leverage		 0.43 0.38 0.29 0.30 0.47 0.29 0.24 0.23 0.32 0.19 0.12
Leverage Ratio		 1.97 1.84 1.76 1.69 1.86 1.67 1.65 1.60 1.72 1.58 1.53
Compound Leverage Factor		 -5.71 1.66 1.23 -2.64 2.69 1.22 1.31 1.54 1.53 1.48 1.49
Debt to Total Capital		 29.10% 27.88% 26.34% 24.37% 40.24% 27.75% 25.59% 24.89% 23.47% 22.18% 17.23%
Short-Term Debt to Total Capital		 2.07% 1.43% 2.95% 0.03% 1.17% 0.95% 0.87% 1.17% 1.45% 1.44% 1.46%
Long-Term Debt to Total Capital		 27.03% 26.45% 23.39% 24.33% 39.07% 26.79% 24.72% 23.71% 22.03% 20.74% 15.77%
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		 0.04% 0.04% 0.03% 0.03% 0.45% 10.95% 11.24% 11.00% 10.39% 10.26% 10.55%
Common Equity to Total Capital		 70.86% 72.09% 73.63% 75.60% 59.32% 61.30% 63.17% 64.12% 66.13% 67.56% 72.22%
Debt to EBITDA		 1.05 1.41 2.00 1.71 5.12 3.24 2.53 1.81 1.47 1.33 0.81
Net Debt to EBITDA		 1.04 1.37 1.76 1.70 3.84 1.92 1.36 0.90 0.79 0.69 0.24
Long-Term Debt to EBITDA		 0.98 1.34 1.77 1.71 4.97 3.13 2.44 1.72 1.38 1.25 0.74
Debt to NOPAT		 1.88 2.99 6.48 5.30 23.84 14.85 9.82 4.97 3.53 3.07 1.60
Net Debt to NOPAT		 1.86 2.90 5.71 5.27 17.88 8.77 5.30 2.47 1.88 1.60 0.47
Long-Term Debt to NOPAT		 1.75 2.84 5.76 5.30 23.15 14.34 9.48 4.74 3.31 2.87 1.47
Altman Z-Score		 1.26 1.40 1.27 1.38 0.67 1.32 1.49 1.81 1.75 1.80 2.42
Noncontrolling Interest Sharing Ratio		 0.20% 0.19% 0.18% 0.17% 0.47% 9.44% 9.33% 9.15% 8.02% 14.11% 13.83%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.59 0.99 0.88 0.73 0.51 0.70 0.57 0.71 0.58 0.76 0.66
Quick Ratio		 0.29 0.44 0.46 0.37 0.32 0.54 0.49 0.60 0.47 0.63 0.54
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5,715 -4,500 -4,388 -4,550 -11,245 -8,968 -8,730 -8,520 175 -812 41
Operating Cash Flow to CapEx		 91.05% 116.98% 216.23% 57.70% 103.77% 0.00% 344.04% 228.59% 162.47% 183.67% 510.45%
Free Cash Flow to Firm to Interest Expense		 -92.91 -61.69 -75.90 -79.05 -70.87 -36.00 -67.54 -76.38 1.57 -7.47 0.33
Operating Cash Flow to Interest Expense		 7.39 8.56 19.99 5.60 3.74 3.04 13.47 11.13 9.10 10.35 24.19
Operating Cash Flow Less CapEx to Interest Expense		 -0.73 1.24 10.74 -4.10 0.14 5.66 9.56 6.26 3.50 4.72 19.45
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.35 0.29 0.24 0.24 0.18 0.16 0.17 0.22 0.19 0.21 0.25
Accounts Receivable Turnover		 6.68 5.68 10.55 10.53 10.01 5.39 6.78 10.26 11.41 6.67 9.52
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 0.34 0.27 0.27 0.21 0.19 0.20 0.26 0.24 0.26 0.32
Accounts Payable Turnover		 1.65 1.68 2.19 2.28 2.25 1.87 1.73 1.68 1.77 1.51 1.43
Days Sales Outstanding (DSO)		 54.63 64.24 34.61 34.65 36.46 67.70 53.81 35.57 31.99 54.69 38.33
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)		 220.90 216.84 166.54 160.04 162.01 195.04 211.56 217.42 206.27 241.82 254.95
Cash Conversion Cycle (CCC)		 -166.28 -152.60 -131.93 -125.39 -125.56 -127.34 -157.76 -181.85 -174.27 -187.12 -216.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 19,977 20,401 19,947 19,968 31,025 29,950 29,074 29,377 31,307 31,557 30,625
Invested Capital Turnover		 0.49 0.39 0.32 0.32 0.22 0.21 0.23 0.29 0.25 0.28 0.34
Increase / (Decrease) in Invested Capital		 5,726 5,055 4,536 4,552 11,048 9,549 9,127 9,410 283 1,607 1,551
Enterprise Value (EV)		 20,200 21,123 19,895 21,096 26,680 36,617 40,138 42,723 41,988 41,022 45,147
Market Capitalization		 14,425 15,576 15,112 16,247 16,180 27,432 31,921 34,912 33,967 33,356 39,729
Book Value per Share		 $39.27 $35.92 $34.51 $34.23 $46.05 $34.52 $34.68 $35.79 $37.10 $38.06 $40.24
Tangible Book Value per Share		 $39.27 $35.86 $34.51 $34.23 $40.51 $30.67 $30.86 $31.99 $33.47 $34.44 $36.62
Total Capital		 20,042 20,494 20,596 19,998 34,282 33,602 32,796 33,413 35,008 35,160 34,779
Total Debt		 5,832 5,713 5,424 4,873 13,794 9,324 8,393 8,315 8,218 7,800 5,992
Total Long-Term Debt		 5,417 5,420 4,817 4,866 13,393 9,003 8,108 7,923 7,711 7,293 5,485
Net Debt		 5,767 5,539 4,776 4,843 10,346 5,505 4,531 4,136 4,382 4,059 1,750
Capital Expenditures (CapEx)		 499 534 534 558 571 -653 506 543 626 613 599
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -522 188 -319 -479 -720 -628 -1,320 -839 -654 -193 -628
Debt-free Net Working Capital (DFNWC)		 -457 269 329 -449 -632 -426 -1,038 -283 -418 -83 -302
Net Working Capital (NWC)		 -872 -24 -278 -456 -1,032 -747 -1,323 -675 -924 -590 -809
Net Nonoperating Expense (NNE)		 -70 54 45 -7.16 100 154 82 33 51 48 38
Net Nonoperating Obligations (NNO)		 5,767 5,620 4,776 4,843 10,536 5,672 4,671 4,279 4,517 4,196 1,838
Total Depreciation and Amortization (D&A)		 447 502 487 466 589 620 621 623 688 668 655
Debt-free, Cash-free Net Working Capital to Revenue		 -6.25% 2.72% -5.63% -8.57% -12.66% -11.91% -23.57% -11.64% -8.29% -2.24% -6.11%
Debt-free Net Working Capital to Revenue		 -5.48% 3.89% 5.81% -8.03% -11.10% -8.08% -18.54% -3.93% -5.30% -0.96% -2.93%
Net Working Capital to Revenue		 -10.44% -0.35% -4.91% -8.15% -18.13% -14.16% -23.62% -9.37% -11.73% -6.82% -7.87%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.21 $1.16 $0.24 $0.02 ($0.54) $0.73 $0.40 $1.31 $0.54 $1.08 $2.38
Adjusted Weighted Average Basic Shares Outstanding		 383.36M 380.90M 439.46M 441.97M 559.60M 509.60M 597.98M 599.22M 624.53M 611.57M 625.14M
Adjusted Diluted Earnings per Share		 $0.20 $1.10 $0.23 $0.02 ($0.54) $0.74 $0.40 $1.30 $0.53 $1.08 $2.36
Adjusted Weighted Average Diluted Shares Outstanding		 416.19M 413.22M 444.97M 444.92M 559.60M 514.59M 602.84M 602.92M 628.32M 615.72M 629.21M
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		 411.33M 440.43M 441.59M 441.60M 596.68M 597.44M 598.63M 624.06M 624.07M 624.27M 625.48M
Normalized Net Operating Profit after Tax (NOPAT)		 17 622 155 -196 -182 272 400 894 456 805 1,595
Normalized NOPAT Margin		 1.40% 30.45% 11.01% -20.54% -14.16% 16.75% 22.96% 34.97% 23.29% 33.69% 47.21%
Pre Tax Income Margin		 -3.89% 31.93% 9.02% -3.67% -31.34% 35.34% 22.65% 42.70% 27.39% 39.98% 58.82%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.26 9.91 3.16 0.39 -1.75 3.15 3.84 10.19 5.40 9.36 16.12
NOPAT to Interest Expense		 0.18 7.62 2.56 0.04 -1.24 2.33 3.07 7.97 4.09 7.31 12.60
EBIT Less CapEx to Interest Expense		 -7.86 2.60 -6.08 -9.31 -5.35 5.77 -0.07 5.32 -0.20 3.72 11.38
NOPAT Less CapEx to Interest Expense		 -7.94 0.30 -6.69 -9.66 -4.85 4.95 -0.84 3.10 -1.51 1.67 7.87
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 7.65% 13.59% 40.58% 38.05% 94.85% 135.56% 87.49% 40.68% 31.89% 32.22% 22.95%
Augmented Payout Ratio		 19.19% 25.18% 40.58% 38.05% 94.85% 135.56% 87.49% 40.68% 31.89% 32.22% 22.95%

Financials Breakdown Chart

Key Financial Trends

EQT’s latest four-year data show a notable shift toward profitability and solid cash generation in 2025, with a growing balance sheet and leveraged but manageable debt levels. The company posted positive net income in 2025 quarters, strong gross margins, and sizable operating cash flow, while cash after financing activities has fluctuated as the company paid down debt and funded investing activities.

  • Positive quarterly net income in 2025: EQT posted positive net income to common shareholders in each 2025 quarter, including Q2 2025 at about $784.1M and Q4 2025 at about $677.1M (contrast with 2024 where Q4 net income was negative).
  • Robust operating cash flow in 2025: Net cash from continuing operating activities was solid in 2025, with Q2 2025 at approximately $1.241B and Q3 2025 at about $1.018B, and Q4 2025 at about $1.126B.
  • Strong gross margin in latest quarter: Q4 2025 gross margin reached roughly 79% (Gross Profit about $1.89B on Revenue about $2.39B).
  • Healthy earnings per share in Q4 2025: Diluted EPS for Q4 2025 was about $1.08, supporting a stronger per-share profitability profile.
  • Asset base expanding: Total assets grew from about $39.7B in mid-2025 (Q2) to about $41.2B (Q3), indicating scale expansion and asset growth.
  • Equity base rising: Total equity + noncontrolling interests increased from around $25.1B (Q2 2025) to about $26.8B (Q3 2025).
  • Dividends maintained: Cash dividends per share remained at $0.1575, reflecting a steady shareholder return profile.
  • Operating income supportive of profitability: Total Operating Income in Q4 2025 was about $1.02B, aligning with the strong gross margin and net income.
  • Leverage appears manageable: Long-term debt hovered around the mid-$7B range in mid-2025 (e.g., around $7.7B–$7.9B), consistent with a leveraged but controllable balance.
  • Share count stability with solid EPS: Weighted-average shares outstanding remained in the 600M+ range, with EPS figures reflecting solid profitability in 2025.
  • Revenue range in 2025: Quarterly operating revenue fluctuated in the mid-to-high $1.9B to $2.4B range (e.g., Q3 2025 around $1.96B, Q4 2025 around $2.39B), reflecting cyclicality typical in the energy sector.
  • Financing activity shows outflows: Net cash from financing activities was negative in multiple 2025 quarters (e.g., Q4 2025 around -$629.3M), indicating debt repayment and other financing uses, even as issuances occurred in some periods.
  • Cash change can be negative quarter-to-quarter: Net change in cash and equivalents was negative in some 2025 quarters (e.g., Q3 2025 about -$319.8M; Q4 2025 about -$124.9M), reflecting cash outflows tied to investing and financing activity.
  • Weakness in late-2024 to early-2025 turning points: 2024 quarters showed some negative net income and tighter cash flows relative to 2025, highlighting a substantial improvement in 2025 but caution warranted around cyclicality.
  • Debt repayments pressure: Substantial debt repayments in some 2025 periods contributed to negative financing cash flows and declines in cash balances, which may limit near-term liquidity flexibility if commodity markets weaken.
05/15/26 06:14 AM ETAI Generated. May Contain Errors.

EQT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, EQT's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

EQT's net income appears to be on an upward trend, with a most recent value of $2.33 billion in 2025, rising from $321.89 million in 2015. The previous period was $242.12 million in 2024. Check out EQT's forecast to explore projected trends and price targets.

EQT's total operating income in 2025 was $3.25 billion, based on the following breakdown:
  • Total Gross Profit: $6.72 billion
  • Total Operating Expenses: $3.47 billion

Over the last 10 years, EQT's total revenue changed from $2.34 billion in 2015 to $8.64 billion in 2025, a change of 269.4%.

EQT's total liabilities were at $14.43 billion at the end of 2025, a 7.2% decrease from 2024, and a 142.6% increase since 2015.

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 $110.80 million as of their latest financial filing in 2025.

Over the last 10 years, EQT's book value per share changed from 33.29 in 2015 to 38.06 in 2025, a change of 14.3%.


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Financial statements for NYSE:EQT last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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