EQT Corp

Latest Results (28.08.2026):

EQT Corporation (EQT Corp) reported fourth quarter 2025 (Q4 2025) results showing strong operational outperformance and cash generation: Q4 sales volume was 609 Bcfe, net income attributable to EQT was $677 million (diluted EPS $1.08; adjusted EPS $0.90), net cash from operations totaled $1,125 million and free cash flow attributable to EQT was $744 million. The company lowered per‑unit operating costs, spent $655 million of capex in the quarter, grew proved reserves to 28.0 Tcfe, and provided 2026 guidance targeting continued production growth, sizeable free cash flow and lower net debt.

Production

Q4 2025 sales volume was 609 Bcfe (above guidance high‑end); full year 2025 volume was 2,382 Bcfe. 2026 production guidance is 2,275–2,375 Bcfe with Q1 2026 guidance of 560–610 Bcfe.

Profitability & earnings

Q4 2025 net income attributable to EQT was $677M; diluted EPS $1.08 and adjusted EPS $0.90. Full‑year 2025 net income attributable to EQT was $2.04B and adjusted EPS was $3.05.

Adjusted EBITDA

Q4 2025 adjusted EBITDA was $1.637B (adjusted EBITDA attributable to EQT $1.509B). Full‑year adjusted EBITDA was $5.904B (attributable to EQT $5.386B).

Cash flow and free cash flow

Q4 net cash provided by operating activities was $1,125M; free cash flow attributable to EQT in Q4 was $744M. EQT projects ~ $3.5B of free cash flow attributable to EQT for 2026 at recent strip pricing (including ~$600M of elected growth capex).

Capital spending

Q4 capital expenditures were $655M (4% below midpoint of guidance). 2026 maintenance capex guidance is $2,070–$2,210M and growth capex $580–$640M (first $580–$640M of post‑dividend FCF elected for infrastructure growth projects).

Balance sheet and leverage

As of Dec. 31, 2025 total debt was $7.8B and net debt ~$7.7B; EQT projects net debt to be sub‑$6B at end of Q1 2026 and to exit 2026 at ~ $4.7B at recent strip pricing.

Reserves and PV‑10

Proved reserves increased 7% year‑over‑year to 28.0 Tcfe (includes Olympus). PV‑10 was about $25.6B at SEC pricing and rises toward ~$29.8B using five‑year strip sensitivity (company cited ~ $26B SEC PV‑10 and ~$31B at recent strip in narrative).

Operational performance

Company reported record operational efficiencies in Q4 (fastest quarterly completions pace, most lateral footage drilled in 24/48 hours); 2025 average well cost per foot was 13% lower year‑over‑year and 6% below internal expectations. Winter Storm Fern uptime was ~2x better than Appalachia peers.

Hedging and marketing

EQT increased 2026 hedge coverage from 7% to 25% using collars with weighted average floor $3.94/MMBtu and ceiling $5.70/MMBtu; detailed quarter‑by‑quarter hedge volumes and strikes were disclosed through Q1 2027.

MVP ownership and transactions

In Jan 2026 EQT exercised options to increase ownership in MVP Mainline and MVP Boost (EQT's portion of the consideration ~ $115M), raising its stake from ~49% to ~53%; transaction expected to close in H1 2026 subject to regulatory review.