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EQT Corporation (EQT) stock

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NYSE: EQT NYSE Oil & Gas Exploration & Production

B Fundamentals grade

EQT Corporation is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$130

Cash-flow model

Base case. Range ~$91–$170 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 129% above it.

Price used: $54.84, November 2, 2026

EQT Corporation valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter EQT files

10-Q filed October 28: EQT

Revenue for the twelve months to September 2026 was $9.35bn, up 18.6% on a year earlier, slower than the 32.3% growth a quarter earlier. Free-cash-flow margin rose to 40.7% from 31.6% a year earlier. Operating margin widened to 41.8% from 38.3%. The diluted share count is up 3.0% on a year earlier, which dilutes existing holders. Our cash-flow model value is $101 a share, against a share price of $55.31. The rating stays Buy.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 22: EQT

EQT Corporation's trailing twelve-month revenue reached $9.35bn to June 2026, a rise of 18.6% on the year, though this marks a deceleration from the 32.3% growth recorded a quarter earlier. Profitability trends were more encouraging. Free-cash-flow margin climbed to 40.7%, up from 31.6% a year prior, while operating margin widened to 41.8% from 38.3%. Not every metric moved favourably for shareholders, however. The diluted share count grew 3.0% year-on-year, a dilution that chips away at existing holders' proportional stake in the business. Taken together, the figures point to a company converting revenue into cash and profit more efficiently, even as top-line momentum cools and the share base expands modestly.

10-Q on SEC EDGAR

Where EQT stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $9.54bn, up 32.3% on a year earlier, slower than 83.6% a quarter earlier. Free-cash-flow margin rose to 39.4% from 29.4% a year earlier. Operating margin widened to 42.5% from 29.6%. The diluted share count is up 5.9% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $107 a share, against a share price of $54.69. At that price, our model says the market is pricing in about 0.8% a year of cash-flow growth for five years, slower than the 25.5% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

EQT Corporation's trailing-twelve-month revenue grew 18.6% year on year, with a free-cash-flow margin of 40.7%. Where it stands out: operating margin of 41.8% ranks 4 of 42 oil & gas exploration & production companies we cover. Where it lags: change in growth rate of -13.7pp ranks 49 of 57 oil & gas exploration & production companies we cover.

Our discounted-cash-flow model values the business at ~$130 per share in the base case (~$91–$170 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Gross margin expanding: TTM gross margin reached 83.5%, up 2.9pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $54.84 is 79% below our value per share of $98.
  • Fast growth. Revenue grew 18.6% over the last 12 months, against a median of 10.6% for oil & gas exploration & production companies we cover.
  • High operating margin. 41.8% of revenue is left as operating profit, against a median of 19.9% for oil & gas exploration & production companies we cover.
  • Margins widening. Operating margin is up 3.5 points on a year ago.
  • Strong cash generation. 40.7% of revenue turned into free cash flow, against a median of 23.2% for oil & gas exploration & production companies we cover.

Things to watch

  • Growth slowing. The growth rate is 13.7 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 3.0% in a year.
  • Insiders selling. 8 insiders sold $24M of stock over the past 365 days and none bought (62% under pre-set trading plans).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 14.6% over 90 days.
  • Earnings expected to fall. The consensus expects earnings per share to fall 4% next year.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$0.42 against an average estimate of $0.36: beat by 16.2%
Revenue
$1.77bn, down 9.6% on a year earlier
Share reaction
+2.5% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
total sales volume 550 to 600 (fourth quarter of 2026); maintenance capital expenditures $540m to $610m (fourth quarter of 2026)
Next report
October 27, 2026; average EPS estimate $0.76

EQT's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.0%
  • 1 week-0.0%
  • 1 month+9.3%
  • This year+3.2%
  • 1 year+3.6%
  • 5 years+188.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$9.3B
Operating margin
41.8%
Net margin
28.4%
EPS (TTM, diluted)
$4.22

Growth

Revenue growth
+18.6%
Change in growth rate
−13.7 pts
Share count change
+3.0%

Cash

Free cash flow (TTM)
$3.8B
FCF margin
40.7%
Stock pay % of revenue
0.9%

Earnings

Last results
October 27, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Our research
  4. Deal
  5. Our research
  6. Dividend
  7. Results
  8. Agreement
  9. Insider trade
  10. Results
  11. Announcement
  12. Dividend
  13. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

EQT Corporation valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$98
Price used
$54.95close November 3, 2026
Implied change
▲ +78%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like EQT Corporation (see the models table below and how they are combined) , with a 7.83% cost of equity. The models span ~$82–~$130; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of EQT Corporation's free cash flow after stock-based pay ( $3B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value EQT Corporation as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.8%: the 10-year Treasury yield (4.9%) plus a beta of 0.64 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. ~$20 Left out: far from the other models (more than 3x away from their median)
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$130 ~$91–$170 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$27 ~$21–$41 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$82 ~$55–$130 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$86 ~$72–$110 Included
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$98 ~$82–$130 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare EQT Corporation with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▲ +28%
  • Discount rate 1 point higher ▼ −17%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $55$80$113$157$214$287
8.5% $39$57$81$112$152$205
10% $29$43$61$85$116$156

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$32.51$28.35$17.35$10.09$11.83$20.31$32.01$37.20$45.17$53.13$54.84
Market value$5.4bn$5.3bn$4.5bn$2.6bn$3.1bn$6.6bn$13.0bn$15.4bn$23.2bn$32.7bn$34.5bn
+ Net debt (− = net cash)$2.2bn$4.7bn$4.7bn$5.3bn$4.9bn$5.5bn$4.2bn$5.7bn$9.1bn$7.7bn$5.5bn
Enterprise value$7.6bn$10.0bn$9.2bn$7.9bn$8.0bn$12.0bn$17.2bn$21.1bn$32.4bn$40.4bn$40.0bn
Multiples
Price / sales 3.9x1.7x1.0x0.6x1.0x1.0x1.7x2.2x4.4x3.8x3.7x
Price / earnings —3.5x————7.3x8.9x100.8x16.0x13.0x
Price / free cash flow 44.7x67.7x—10.3x6.2x10.8x6.3x13.3x40.5x11.5x9.1x
EV / EBITDA 75.1x7.4x—20.3x15.5x38.1x3.9x5.2x11.4x6.9x6.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard EQT's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.5% of total assets over 9 years.

  • Pricing power 12 / 20

    Gross margin has been a median 63.2%, moving by 17.5 percentage points (standard deviation) across 9 years.

  • Durability 2 / 20

    Operating margin has been a median 11.0%; its worst year was -76.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 7 of 9 years, at a median 8.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 111.3% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.84 +26% $9.2bn +6%
Next $3.74 −4% $10.1bn +9%

Next year's EPS estimate has moved −14.6% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −7.7% on 90 days ago. In the last 30 days, 4 analysts raised EQT Corporation's forecast and 9 cut it.

Consensus EPS forecast EQT Corporation, last 90 days
$3.50 $4.00 $4.50 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.15 Current fiscal year, 60 days ago: $4.07 Current fiscal year, 30 days ago: $4.00 Current fiscal year, 7 days ago: $3.88 Current fiscal year, Now: $3.84 $3.84 Next fiscal year, 90 days ago: $4.38 Next fiscal year, 60 days ago: $4.71 Next fiscal year, 30 days ago: $4.15 Next fiscal year, 7 days ago: $3.72 Next fiscal year, Now: $3.74 $3.74

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.15$4.38
60 days ago $4.07$4.71
30 days ago $4.00$4.15
7 days ago $3.88$3.72
Now $3.84$3.74

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.36 $0.42 +16.2%
Jun 2026 $0.40 $0.39 −3.3%
Mar 2026 $2.09 $2.33 +11.2%
Dec 2025 $0.76 $0.90 +17.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026
  • Total sales volume (Bcfe) · Production Full Year 2026 2,375 to 2,450
    “Total sales volume (Bcfe) 550 - 600 2,375 - 2,450” source
  • Average Differential ($/Mcf, including basis hedges) · Production Full Year 2026 -0.55 to -0.35
    “Average Differential ($/Mcf, including basis hedges) ($0.65) - ($0.55) ($0.55) - ($0.35)” source
  • Third-party Midstream Revenue ($ Millions) · Midstream (third-party) Full Year 2026 $600m to $700m
    “Third-party Midstream Revenue ($ Millions) $145 - $170 $600 - $700” source
  • Operating costs ($/Mcfe) Full Year 2026 1.05 to 1.2
    “Operating costs $1.14 - $1.28 $1.05 - $1.20” source
  • Total sales volume · Production fourth quarter of 2026 550 to 600
    “The Company expects total sales volume of 550 - 600 Bcfe in the fourth quarter of 2026, which includes the impact of 10 - 20 Bcfe of strategic curtailments.” source
  • Maintenance capital expenditures fourth quarter of 2026 $540m to $610m
    “The Company expects $540 - $610 million of maintenance capital expenditures in the fourth quarter of 2026.” source
Show 5 more items
  • Strategic growth capital expenditures fourth quarter of 2026 $185m to $225m
    “Strategic growth capital expenditures in the fourth quarter of 2026 are expected to total $185 - $225 million.” source
  • Turn-in-line (TIL) net wells fourth quarter of 2026 16 to 26
    “The Company plans to turn-in-line (TIL) 16 - 26 net wells in the fourth quarter of 2026.” source
  • Average Differential ($/Mcf, including basis hedges) · Production Q4 2026 -0.65 to -0.55
    “Average Differential ($/Mcf, including basis hedges) ($0.65) - ($0.55) ($0.55) - ($0.35)” source
  • Third-party Midstream Revenue ($ Millions) · Midstream (third-party) Q4 2026 $145m to $170m
    “Third-party Midstream Revenue ($ Millions) $145 - $170 $600 - $700” source
  • Operating costs ($/Mcfe) Q4 2026 1.14 to 1.28
    “Operating costs $1.14 - $1.28 $1.05 - $1.20” source

How earlier guidance turned out

  • Growth capital expenditures, the third quarter of 2026 guided $200m to $240m Above range: $647m
  • Maintenance capital expenditures, the third quarter of 2026 guided $510m to $580m Above range: $647m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows EQT Corporation's revenue by +7.7% next year and +11.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+5.3%, weight 70%) and the company's own record (+13.0%, weight 30%) . How the weights are set.

Analyst recommendations

24 analysts, Oct 2026
Buy1979%
Hold521%
Sell00%

Monthly trend

  1. Oct 2026316524
  2. Sep 2026418426
  3. Aug 2026417425
  4. Jul 2026317525

Counts of recommendations published by analysts covering EQT Corporation, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.1%
of tradable shares
Days to cover
3.01
at average volume
Short interest, 1 month
+11%
to September 30, 2026
Held by institutions
96%
of shares
Held by insiders
0.9%
of shares
Employees
1,523
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +3.6%

$52.96 on October 31, 2025 to $54.84

ThenNowEffect
Revenue (last 12 months) $7.2bn $9.5bn +32.3%
Net margin 15.9% 28.4% +79.2%
P/E multiple 27.5x 12.7x −53.7%
Share count 594m 629m −5.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
EQT+72%+58%+16%+21%+18%+3%
Industry peers (median)+88%+54%−8%+1%−15%+18%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
EQT67%67%58%50%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
EQT−30%−36%−19%−28%−18%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 88% from July 1, 2016 to February 26, 2020. Getting back needed a 753% gain, reached on April 14, 2022, 778 days after the low.

Price behaviour

52-week range
$48.56 – $67.53
From 52-week high
−18.8%
vs 50-day average
+3.0%
vs 200-day average
−1.0%
Volatility (1 year)
30%
Beta vs S&P 500
0.01

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±2.9%
After a week
6 up, 5 down
typical move ±3.1%
After a month
7 up, 3 down
typical move ±7.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +2.5% +0.9% — —
October 13, 2026 −0.9% −1.1% +3.0% —
July 21, 2026 +10.1% +0.7% +5.3% +9.7%
July 14, 2026 −0.9% +0.8% +0.2% +9.1%
April 21, 2026 +3.0% +0.4% +4.2% +1.7%
April 14, 2026 −1.6% +2.0% −1.2% −2.8%
February 17, 2026 +0.2% +0.7% −0.2% +8.5%
January 29, 2026 +3.2% −0.5% −1.1% +10.5%
October 21, 2025 −5.2% −0.5% −7.6% +4.6%
October 14, 2025 +3.3% +0.3% +3.8% +13.7%
July 22, 2025 −3.0% +0.9% −0.8% −3.8%
July 10, 2025 +0.8% −0.1% +7.1% −6.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

EQT Corporation in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) EQT Corporation
$4B $6B $8B $10B $12B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $6.9B Revenue (TTM), FY24 Q1: $5.7B Revenue (TTM), FY24 Q2: $5.6B Revenue (TTM), FY24 Q3: $5.7B Revenue (TTM), FY24 Q4: $5.3B Revenue (TTM), FY25 Q1: $5.6B Revenue (TTM), FY25 Q2: $7.2B Revenue (TTM), FY25 Q3: $7.9B Revenue (TTM), FY25 Q4: $8.6B Revenue (TTM), FY26 Q1: $10.3B Revenue (TTM), FY26 Q2: $9.5B Revenue (TTM), FY26 Q3: $9.3B $9.3B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $6.9B
FY24 Q1 $5.7B
FY24 Q2 $5.6B
FY24 Q3 $5.7B
FY24 Q4 $5.3B
FY25 Q1 $5.6B
FY25 Q2 $7.2B
FY25 Q3 $7.9B
FY25 Q4 $8.6B
FY26 Q1 $10.3B
FY26 Q2 $9.5B
FY26 Q3 $9.3B
Revenue growth, TTM YoY EQT Corporation
-50% 0% 50% 100% 150% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 37.2% Revenue growth, TTM YoY, FY24 Q1: 8.6% Revenue growth, TTM YoY, FY24 Q2: 51.1% Revenue growth, TTM YoY, FY24 Q3: 102.0% Revenue growth, TTM YoY, FY24 Q4: -23.7% Revenue growth, TTM YoY, FY25 Q1: -1.0% Revenue growth, TTM YoY, FY25 Q2: 28.8% Revenue growth, TTM YoY, FY25 Q3: 38.5% Revenue growth, TTM YoY, FY25 Q4: 63.9% Revenue growth, TTM YoY, FY26 Q1: 83.6% Revenue growth, TTM YoY, FY26 Q2: 32.3% Revenue growth, TTM YoY, FY26 Q3: 18.6% 18.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 37.2%
FY24 Q1 8.6%
FY24 Q2 51.1%
FY24 Q3 102.0%
FY24 Q4 -23.7%
FY25 Q1 -1.0%
FY25 Q2 28.8%
FY25 Q3 38.5%
FY25 Q4 63.9%
FY26 Q1 83.6%
FY26 Q2 32.3%
FY26 Q3 18.6%
Operating margin (TTM) EQT Corporation
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 33.5% Operating margin (TTM), FY24 Q1: 15.7% Operating margin (TTM), FY24 Q2: 16.5% Operating margin (TTM), FY24 Q3: 11.0% Operating margin (TTM), FY24 Q4: 13.0% Operating margin (TTM), FY25 Q1: 17.8% Operating margin (TTM), FY25 Q2: 29.6% Operating margin (TTM), FY25 Q3: 38.3% Operating margin (TTM), FY25 Q4: 37.6% Operating margin (TTM), FY26 Q1: 46.6% Operating margin (TTM), FY26 Q2: 42.5% Operating margin (TTM), FY26 Q3: 41.8% 41.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 33.5%
FY24 Q1 15.7%
FY24 Q2 16.5%
FY24 Q3 11.0%
FY24 Q4 13.0%
FY25 Q1 17.8%
FY25 Q2 29.6%
FY25 Q3 38.3%
FY25 Q4 37.6%
FY26 Q1 46.6%
FY26 Q2 42.5%
FY26 Q3 41.8%
FCF margin (TTM) EQT Corporation
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.8% FCF margin (TTM), FY24 Q1: 10.8% FCF margin (TTM), FY24 Q2: 7.6% FCF margin (TTM), FY24 Q3: 8.8% FCF margin (TTM), FY24 Q4: 10.9% FCF margin (TTM), FY25 Q1: 21.3% FCF margin (TTM), FY25 Q2: 29.4% FCF margin (TTM), FY25 Q3: 31.6% FCF margin (TTM), FY25 Q4: 32.8% FCF margin (TTM), FY26 Q1: 39.4% FCF margin (TTM), FY26 Q2: 39.4% FCF margin (TTM), FY26 Q3: 40.7% 40.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.8%
FY24 Q1 10.8%
FY24 Q2 7.6%
FY24 Q3 8.8%
FY24 Q4 10.9%
FY25 Q1 21.3%
FY25 Q2 29.4%
FY25 Q3 31.6%
FY25 Q4 32.8%
FY26 Q1 39.4%
FY26 Q2 39.4%
FY26 Q3 40.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar EQT took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.6B
  2. Cost of revenue $1.5B · 17.7%
  3. Gross profit $7.1B · 82.3%
  4. Selling, general and admin $380M · 4.4%
  5. Other operating costs $3.5B · 40.3%
  6. Operating income $3.2B · 37.6%
  7. Income tax $652M · 7.5%
  8. Interest and other $558M · 6.5%
  9. Net income $2B · 23.6%

Shares of revenue. Source: EQT's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,387 3,091 4,558 4,416 3,059 6,804 7,498 6,909 5,273 8,644 9,347
Gross profit 507 1,926 2,861 2,664 1,348 4,862 5,381 4,752 3,358 7,112 7,803
EBITDA 101 1,353 −1,214 387 516 316 4,384 4,047 2,848 5,850 6,558
Operating income −755 382 −2,783 −1,152 −878 −1,361 2,718 2,314 685 3,250 3,906
Net income −453 1,509 −2,245 −1,222 −959 −1,143 1,771 1,735 231 2,039 2,654
Diluted EPS −$2.71 $8.04 −$8.60 −$4.79 −$3.68 −$3.54 $4.38 $4.22 $0.45 $3.31 $4.22
Growth (year on year)
Revenue — +122.8% +47.5% −3.1% −30.7% +122.4% +10.2% −7.9% −23.7% +63.9% +18.6%
EBITDA — +>999% −189.7% — +33.4% −38.8% +>999% −7.7% −29.6% +105.4% +17.8%
Operating income — — −828.2% — — — — −14.8% −70.4% +374.2% +29.5%
Net income — — −248.8% — — — — −2.0% −86.7% +784.4% +49.1%
Diluted EPS — — −207.0% — — — — −3.7% −89.3% +635.6% +44.7%
Margins
Gross margin 36.5% 62.3% 62.8% 60.3% 44.1% 71.5% 71.8% 68.8% 63.7% 82.3% 83.5%
EBITDA margin 7.3% 43.8% −26.6% 8.8% 16.9% 4.6% 58.5% 58.6% 54.0% 67.7% 70.2%
Operating margin −54.4% 12.4% −61.1% −26.1% −28.7% −20.0% 36.3% 33.5% 13.0% 37.6% 41.8%
Net margin −32.7% 48.8% −49.2% −27.7% −31.3% −16.8% 23.6% 25.1% 4.4% 23.6% 28.4%
Free-cash-flow margin 8.8% 2.5% −0.5% 5.6% 16.2% 8.9% 27.5% 16.8% 10.9% 32.8% 40.7%
Cash flow
Cash from operations 1,064 1,638 2,976 1,852 1,538 1,662 3,466 3,179 2,827 5,126 6,312
Capital spending 943 1,559 2,999 1,602 1,042 1,055 1,400 2,019 2,254 2,288 2,509
Free cash flow 122 79 −23 249 495 607 2,065 1,160 573 2,838 3,803
Stock-based pay 45 95 25 31 20 28 45 50 158 61 85
Free cash flow after stock pay 77 −16 −48 218 476 579 2,020 1,110 415 2,777 3,718
Balance sheet
Cash 1,104 26 3 5 18 114 1,459 81 202 111 79
Total debt 3,289 4,702 4,697 5,293 4,925 5,591 5,679 5,795 9,324 7,800 5,553
Net debt (negative = net cash) 2,186 4,676 4,694 5,288 4,907 5,477 4,220 5,714 9,122 7,690 5,474
Diluted shares 167m 188m 261m 255m 261m 323m 406m 413m 515m 616m 629m
Returned to shareholders
Dividends 20 21 31 31 8 0 204 228 327 390 412
Buybacks 0 0 0 0 0 13 409 201 0 0 —
Total returned 20 21 31 31 8 13 613 429 327 390 412

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · September 30, 2026
What it owns · $41.4bn
Short-term assets $1.1bnLonger-term assets $40.3bn
What it owes, and who funded it · $37.9bn
Short-term liabilities $1.6bnLonger-term liabilities $10.9bnShareholders' equity $25.5bn
  • Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.1bn short-term assets against $10.9bn of longer-dated liabilities.
  • More cash than debt $79m of cash against $5.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 22% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 55% to 22% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.3bn of operating cash flow against $5.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $3.9bn against $350m of interest.

From EQT Corporation's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$412M
Buybacks, last 3 fiscal years
$201M
Diluted share count
+3.0%
year over year
Total shareholder yield
1.2%
dividends 1.2% + buybacks 0.0% of market value
Dividend payout ratio
16%
of net income paid out
Sales & admin spending
4.6%
of revenue
Days sales outstanding
28 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas exploration & production
Last 12 months unless stated EQT OVV AR CHRD EXE PR Median
Revenue, last 12 months $9.3bn $9.8bn $6.5bn $6.3bn $13.9bn $5.7bn $1.4bn
Revenue growth, last 12 months 18.6% 6.0% 28.7% 19.2% 28.2% 12.8% 10.6%
Revenue growth, 3-year average 49.1% −6.2% 5.2% 16.3% 8.5% 31.0% 1.4%
Revenue growth, latest quarter −9.6% 30.0% 28.7% 84.0% 10.8% 55.1% 31.5%
Gross margin 83.5% — — 71.3% 25.1% — 75.2%
Operating margin 41.8% 9.7% 27.6% 19.0% 25.7% 35.8% 21.1%
Operating margin, 3-year average 30.3% 15.3% 13.8% 18.8% 15.1% 34.7% 16.5%
Net margin 28.4% 9.4% 21.2% 13.4% 19.8% 21.5% 10.1%
Cash from operations / revenue 67.5% 45.6% 34.6% 40.9% 40.5% 69.6% 42.4%
Free-cash-flow margin 40.7% 23.2% 29.5% 16.6% 18.6% 52.9% 19.3%
Free-cash-flow margin, 3-year average 27.0% 17.8% 24.4% 19.2% 12.7% 52.2% 19.1%
Stock pay / revenue 0.9% 0.6% 0.8% 0.5% 0.4% 1.2% 1.5%
Change in share count 3.0% 1.8% −1.4% −3.6% −8.5% 4.4% 0.4%

Median of all 57 companies we cover in oil & gas exploration & production. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

57 oil & gas exploration & production companies
Measure Company Peer median Rank
Revenue growth Growth 18.6% 10.6% 22 of 57
Change in growth rate Growth -13.7pp +4.9pp 49 of 57
Gross margin Profitability 83.5% 83.5% 6 of 12
Operating margin Profitability 41.8% 19.9% 4 of 42
Net margin Profitability 28.4% 10.1% 9 of 57
Free-cash-flow margin Cash generation 40.7% 23.2% 11 of 51
Stock pay as % of revenue Cash generation 0.9% 1.2% 17 of 47
Long-term debt as % of assets Balance sheet 13.4% 17.6% 12 of 43
Change in share count Balance sheet 3.0% 0.4% 34 of 48
Days sales outstanding Balance sheet 28 days 41 days 9 of 42

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Revenues From Contract With Customers $8.3B ▲ 60.1%
Sales of Natural Gas NG Ls and Oil At Production $7.7B ▲ 56.6%
Oil and Gas $7.7B ▲ 56.6%

These categories overlap or exclude eliminations, so shares aren't shown.

From EQT Corporation's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$31.3B
Institutions reporting
1,094
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
112 / 177

Top buyers and sellers, Q2 2026: 539 institutions bought and 559 sold ; the biggest buyer was Eagle Capital Management LLC (+11.7M shares) and the biggest seller Morgan Stanley (−4.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $3.2B 60.3M 10.2% ▼ 1.2%
Vanguard Capital Management LLC $2.2B 40.9M 6.9% ▲ 0.7%
State Street Corp $2.1B 39.7M 6.7% ▲ 3.7%
Vanguard Portfolio Management LLC $1.7B 32.8M 5.6% ▲ 2.5%
Morgan Stanley $1.3B 24.3M 4.1% ▼ 14.4%
Wellington Management Group LLP $1.2B 22.6M 3.8% ▲ 41.4%
Jpmorgan Chase & Co $1.1B 20.5M 3.4% ▲ 1.3%
Geode Capital Management, LLC $902M 17.0M 2.9% ▲ 1.6%
Orbis Allan Gray Ltd $835M 15.7M 2.7% ▲ 29.7%
Eagle Capital Management LLC $817M 15.4M 2.6% ▲ 319.6%
Price T Rowe Associates Inc $783M 14.7M 2.5% ▲ 16.7%
DZ Bank AG Deutsche Zentral Genossenschafts Bank, Frankfurt Am Main $621M 11.7M 2.0% ▲ 2.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not EQT Corporation's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $24.2M 12 trades by 8 insiders · 62% under pre-set plans
Net ▼ $24.2M net selling
Insider Date Trade Shares Price Value
Rice Toby Z. PRESIDENT & CEO August 14, 2026 Sell pre-set plan 175,328 $55.03 $9.6M
Rice Toby Z. PRESIDENT & CEO June 8, 2026 Sell pre-set plan 1,731 $53.46 $92,539
Rice Toby Z. PRESIDENT & CEO June 5, 2026 Sell pre-set plan 10,511 $55.17 $579,892
Rice Toby Z. PRESIDENT & CEO June 5, 2026 Sell pre-set plan 86,472 $54.17 $4.7M
Bailey Vicky A Director April 27, 2026 Sell 4,116 $59.80 $246,137
Fenton Sarah EVP UPSTREAM March 16, 2026 Sell 4,876 $64.49 $314,453
Bolen J.E.B. EVP OPERATIONS March 12, 2026 Sell 7,634 $64.35 $491,248
Evancho Lesley CHIEF HUMAN RESOURCES OFFICER March 3, 2026 Sell 20,000 $60.69 $1.2M
Knop Jeremy CHIEF FINANCIAL OFFICER February 27, 2026 Sell 20,000 $61.65 $1.2M
James Todd CHIEF ACCOUNTING OFFICER February 23, 2026 Sell 32,514 $61.12 $2M
Fenton Sarah EVP UPSTREAM February 20, 2026 Sell 3,768 $60.37 $227,474
Jordan William E. CHIEF LEGAL & POLICY OFFICER November 11, 2025 Sell 57,500 $60.63 $3.5M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 13 trades and filings

In the last 12 months, 2 members of Congress disclosed 4 purchases and 0 sales of EQT Corporation shares.

  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded July 7, 2026, filed August 18, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded June 1, 2026, filed July 15, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Purchase, $1,001 - $15,000, traded June 1, 2026, filed June 18, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

  • October 27, 2026
  • October 13, 2026
  • July 21, 2026
  • July 14, 2026
  • April 21, 2026
  • April 14, 2026

Recent SEC filings

Data status

When each part of this page on EQT Corporation was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

EQT Corporation in brief

What does EQT Corporation do?
EQT Corporation is a US-listed company in the oil & gas exploration & production industry. Its financial year ends in December.
What is EQT Corporation's stock ticker?
EQT Corporation trades under the ticker EQT on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is EQT Corporation's revenue, and how fast is it growing?
Over its most recent trailing twelve months, EQT Corporation reported revenue of $9.3B, 18.6% higher than a year earlier, according to its SEC filings.
What is EQT Corporation's free cash flow?
EQT Corporation's free-cash-flow margin is 40.7% of revenue over the trailing twelve months, ranking 11 of the 51 oil & gas exploration & production companies we cover.
What is EQT Corporation's fair value (intrinsic value) per share?
Our discounted-cash-flow model of EQT Corporation's free cash flow after stock-based pay gives ~$130 per share in the base case, and ~$91–$170 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are EQT Corporation's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is EQT Corporation's market cap?
On November 2, 2026, EQT Corporation's market capitalisation was about $34.5B, with a price-to-earnings ratio of 13.0 and net debt of $5.5B. Market figures come from third-party market data and may be delayed.
Does EQT Corporation pay a dividend?
Yes: EQT Corporation paid $412M in dividends over the trailing twelve months, a dividend yield of 1.20% and a payout ratio of 15.5%.
How much debt does EQT Corporation have?
EQT Corporation's debt-to-equity ratio is 21.8%, from its latest balance sheet (55.3% five years earlier). The financial health section below sets out its other solvency checks.
Who are EQT Corporation's competitors?
In our Oil & Gas Exploration & Production peer group, the companies closest to EQT Corporation are Ovintiv Inc., Antero Resources Corp, Chord Energy Corp, Expand Energy and Permian Resources Corp. The side-by-side comparison below sets their revenue, margins and growth against EQT Corporation's.
Are insiders buying or selling EQT Corporation stock?
Over the last 12 months, EQT Corporation's directors and officers reported 0 open-market purchases and 12 sales on Form 4. The insider trading page charts every trade.