EQT Corporation

EQT

EnergyLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

EQT Corporation engages in the exploration, production, gathering, and transmission of hydrocarbons and natural gas. The company sells natural gas, natural gas liquids, and oil to marketers, utilities, and industrial customers located in the Appalachian Basin. It also provides marketing services and contractual pipeline capacity management services, as well as engages in risk management and hedging activities. The company was formerly known as Equitable Resources Inc. and changed its name to EQT Corporation in February 2009. EQT Corporation was founded in 1888 and is headquartered in Pittsburgh, Pennsylvania.

Valuation

Market Cap$34.6B

Current Price$51.42as of Jun 23, 2026

P/E Ratio16.94

P/B Ratio1.45

EV / EBITDA7.03

EV / Sales5.06

Profitability

Operating Margin36.1%

Net Profit Margin24.4%

EBITDA Margin72.0%

Returns

ROE8.6%

ROCE7.7%

ROIC %-

ROA4.9%

Solvency

Current Ratio0.76

Debt / Equity0.33

Debt / Assets0.19

CFO / Net Profit2.51

Price History▼ 13.40% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$8.4B▲ 60.0%

EBITDA$6.0B▲ 108.8%

Net Profit$2.0B▲ 784.4%

Cash from Ops (CFO)$5.1B▲ 81.3%

Free Cash Flow (FCF)$2.8B▲ 395.0%

Revenue CAGR 3Y-11.7%

Revenue CAGR 5Y-

Net Profit CAGR 3Y4.8%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$8.4B	$6.0B	$2.0B	$2.8B	8.6%	60.0%	784.4%
2024	$5.2B	$2.9B	$231M	$573M	1.1%	3.0%	-86.7%
2023	$5.1B	$4.1B	$1.7B	$1.2B	11.7%	-58.2%	-2.0%
2022	$12.1B	$4.3B	$1.8B	$2.1B	15.9%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	12,140.62	5,069.98	5,222.19	8,353.22
Operating Revenue	-	12,140.62	5,069.98	5,222.19	8,353.22
Cost Of Revenue	-	4,081.33	4,128.40	4,454.97	4,521.18
Gross Profit	-	8,059.30	941.58	767.22	3,832.04
Operating Expense	-	301.83	282.98	490.30	817.64
Selling General And Administration	-	252.64	236.17	336.72	380.07
Total Expenses	-	4,383.15	4,411.38	4,945.27	5,338.81
Operating Income	-	7,757.47	658.60	276.92	3,014.41
Total Operating Income As Reported	-	2,718	2,314.41	685.30	3,249.62
EBITDA	-	4,250.28	4,055.30	2,881.37	6,016.63
Normalized EBITDA	-	9,434.71	2,391.97	2,465.26	5,619.62
EBIT	-	2,584.32	2,323.16	719.02	3,416.24
Interest Expense	-	249.66	219.66	454.82	438.70
Net Interest Income	-	-249.66	-219.66	-454.82	-438.70
Other Non Operating Income Expenses	-	11.28	1.23	25.98	4.83
Other Income Expense	-	-5,173.15	1,664.56	442.10	401.83
Interest Expense Non Operating	-	249.66	219.66	454.82	438.70
Net Non Operating Interest Income Expense	-	-249.66	-219.66	-454.82	-438.70
Pretax Income	-	2,334.66	2,103.50	264.19	2,977.54
Tax Provision	-	553.72	368.95	22.08	651.88
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-1,228.71	291.08	34.95	86.94
Net Income Continuous Operations	-	1,780.94	1,734.54	242.12	2,325.66
Net Income From Continuing And Discontinued Operation	-	1,770.96	1,735.23	230.58	2,039.25
Net Income From Continuing Operation Net Minority Interest	-	1,770.96	1,735.23	230.58	2,039.25
Net Income	-	1,770.96	1,735.23	230.58	2,039.25
Net Income Common Stockholders	-	1,770.96	1,735.23	230.58	2,039.25
Net Income Including Noncontrolling Interests	-	1,780.94	1,734.54	242.12	2,325.66
Normalized Income	-	5,726.69	362.99	-150.58	1,729.19
Diluted NI Availto Com Stockholders	-	1,778.98	1,742.78	230.66	2,039.25
Basic Average Shares	-	370.05	380.90	509.60	611.57
Diluted Average Shares	-	406.50	413.22	514.59	615.72
Reconciled Depreciation	-	1,665.96	1,732.14	2,162.35	2,600.39
Reconciled Cost Of Revenue	-	4,081.33	4,128.40	4,454.97	4,521.18
Total Unusual Items	-	-5,184.43	1,663.33	416.11	397
Total Unusual Items Excluding Goodwill	-	-5,184.43	1,663.33	416.11	397
Minority Interests	-	-9.98	0.69	-11.54	-286.41
Special Income Charges	-	-536.57	-183.21	288.96	-78.43
Gain On Sale Of Business	0	0	-	-	-
Other Special Charges	-	140.03	0.08	68.30	22.65
Write Off	0	214.20	0	0	-
Impairment Of Capital Assets	-	176.61	109.42	97.37	51.15
Restructuring And Mergern Acquisition	-	14.18	56.26	309.42	35.84
Gain On Sale Of Security	-	-4,647.86	1,846.54	127.16	475.44
Gain On Sale Of Ppe	-	8.45	-17.44	764.04	31.21
Other Operating Expenses	-	46.58	31.11	43.18	212.44
Average Dilution Earnings	-	8.02	7.55	0.09	0

Peer Comparison

Energy sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
EQT Corporationthis co.	EQT	$34.6B	16.94	1.45	8.6%	7.03
Diamondback Energy, Inc.	FANG	$57.1B	34.31	1.54	4.5%	10.01
ONEOK, Inc.	OKE	$56.0B	16.52	2.49	15.1%	11.40
Devon Energy Corporation	DVN	$53.0B	20.08	3.42	17.0%	7.96
Halliburton Company	HAL	$34.4B	26.84	3.29

Learn while you research

Hand-picked academy chapters to deepen your understanding of EQT Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Growth Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$8.4B

$6.0B

$2.0B

$2.8B

8.6%

60.0%

784.4%

2024

$5.2B

$2.9B

$231M

$573M

1.1%

3.0%

-86.7%

2023

$5.1B

$4.1B

$1.7B

$1.2B

11.7%

-58.2%

-2.0%

2022

$12.1B

$4.3B

$1.8B

$2.1B

15.9%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

12,140.62

5,069.98

5,222.19

8,353.22

Operating Revenue

12,140.62

5,069.98

5,222.19

8,353.22

Cost Of Revenue

4,081.33

4,128.40

4,454.97

4,521.18

Gross Profit

8,059.30

941.58

767.22

3,832.04

Operating Expense

301.83

282.98

490.30

817.64

Selling General And Administration

252.64

236.17

336.72

380.07

Total Expenses

4,383.15

4,411.38

4,945.27

5,338.81

Operating Income

7,757.47

658.60

276.92

3,014.41

Total Operating Income As Reported

2,718

2,314.41

685.30

3,249.62

EBITDA

4,250.28

4,055.30

2,881.37

6,016.63

Normalized EBITDA

9,434.71

2,391.97

2,465.26

5,619.62

EBIT

2,584.32

2,323.16

719.02

3,416.24

Interest Expense

249.66

219.66

454.82

438.70

Net Interest Income

-249.66

-219.66

-454.82

-438.70

Other Non Operating Income Expenses

11.28

1.23

25.98

4.83

Other Income Expense

-5,173.15

1,664.56

442.10

401.83

Interest Expense Non Operating

249.66

219.66

454.82

438.70

Net Non Operating Interest Income Expense

-249.66

-219.66

-454.82

-438.70

Pretax Income

2,334.66

2,103.50

264.19

2,977.54

Tax Provision

553.72

368.95

22.08

651.88

Tax Rate For Calcs

Tax Effect Of Unusual Items

-1,228.71

291.08

34.95

86.94

Net Income Continuous Operations

1,780.94

1,734.54

242.12

2,325.66

Net Income From Continuing And Discontinued Operation

1,770.96

1,735.23

230.58

2,039.25

Net Income From Continuing Operation Net Minority Interest

1,770.96

1,735.23

230.58

2,039.25

Net Income

1,770.96

1,735.23

230.58

2,039.25

Net Income Common Stockholders

1,770.96

1,735.23

230.58

2,039.25

Net Income Including Noncontrolling Interests

1,780.94

1,734.54

242.12

2,325.66

Normalized Income

5,726.69

362.99

-150.58

1,729.19

Diluted NI Availto Com Stockholders

1,778.98

1,742.78

230.66

2,039.25

Basic Average Shares

370.05

380.90

509.60

611.57

Diluted Average Shares

406.50

413.22

514.59

615.72

Reconciled Depreciation

1,665.96

1,732.14

2,162.35

2,600.39

Reconciled Cost Of Revenue

4,081.33

4,128.40

4,454.97

4,521.18

Total Unusual Items

-5,184.43

1,663.33

416.11

397

Total Unusual Items Excluding Goodwill

-5,184.43

1,663.33

416.11

397

Minority Interests

-9.98

0.69

-11.54

-286.41

Special Income Charges

-536.57

-183.21

288.96

-78.43

Gain On Sale Of Business

Other Special Charges

140.03

0.08

68.30

22.65

Write Off

214.20

Impairment Of Capital Assets

176.61

109.42

97.37

51.15

Restructuring And Mergern Acquisition

14.18

56.26

309.42

35.84

Gain On Sale Of Security

-4,647.86

1,846.54

127.16

475.44

Gain On Sale Of Ppe

8.45

-17.44

764.04

31.21

Other Operating Expenses

46.58

31.11

43.18

212.44

Average Dilution Earnings

8.02

7.55

0.09

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

EQT Corporationthis co.

EQT

$34.6B

16.94

1.45

8.6%

7.03

Diamondback Energy, Inc.

FANG

$57.1B

34.31

1.54

4.5%

10.01

ONEOK, Inc.

OKE

$56.0B

16.52

2.49

15.1%

11.40

Devon Energy Corporation

DVN

$53.0B

20.08

3.42

17.0%

7.96

Halliburton Company

HAL

$34.4B

26.84

3.29

EQT Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

EQT Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on