EQT EQT Corp

Overview and Growth

Fiscal 2025 results for EQT Corp combined $8.64B of revenue with net income of $2.04B and an operating cash inflow of $5.13B. The $8.64B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 63.9% above fiscal 2024 revenue of $5.27B, marking a year-over-year increase. The company reported diluted EPS of $3.31, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 635.6% increase from fiscal 2024 diluted EPS of $0.45. Revenue equaled 0.21x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $7.11B of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross margin was 82.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operating income was $3.25B, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 37.6% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $2.04B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 23.6% margin after operating costs and the remaining recognized items. Pretax income was $2.98B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Measured against revenue, pretax income equaled 34.4%, adding a pre-tax profitability layer between revenue and net income. The company recognized $651.88M of income tax for the period, completing the transition from pretax income to net income. The effective relationship between income tax and positive pretax income was 21.9%, without assuming a statutory-rate comparison.

Liquidity and Capital Structure

Total assets were $41.79B, supported by $14.43B of liabilities and $27.36B of shareholder equity. Current assets were $1.90B against $2.48B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.76x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $110.80M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 4.5%, excluding receivables and other current assets. The company carried $7.80B of total debt at period end, which frames its leverage and debt-service burden. The debt-to-equity relationship was 0.29x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 18.7%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 34.5%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 0.3%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Cash flow from operations was $5.13B, a reported cash inflow that can be compared directly with net income and capital spending. Against net income, operating cash flow measured 2.51x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $2.29B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 44.6% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $2.84B, leaving a positive amount after capital expenditures. Free cash flow represented 32.8% of revenue, linking post-investment cash generation with the company’s operating scale. Free cash flow equaled 6.8% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.