NYSE: EQT
EQT
Energy · Crude Petroleum & Natural Gas
52-week range
$47.94$68.24
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$30.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $11.3B |
| FY2017, ended Dec 31, 2017 | $15.1B |
| FY2018, ended Dec 31, 2018 | $4.81B |
| FY2019, ended Dec 31, 2019 | $2.78B |
| FY2020, ended Dec 31, 2020 | $3.54B |
| FY2021, ended Dec 31, 2021 | $8.20B |
| FY2022, ended Dec 31, 2022 | $12.2B |
| FY2023, ended Dec 31, 2023 | $17.0B |
| FY2024, ended Dec 31, 2024 | $27.5B |
| FY2025, ended Dec 31, 2025 | $33.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $30.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$9.35B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.39B |
| FY2017, ended Dec 31, 2017 | $3.09B |
| FY2018, ended Dec 31, 2018 | $4.71B |
| FY2019, ended Dec 31, 2019 | $4.42B |
| FY2020, ended Dec 31, 2020 | $3.06B |
| FY2021, ended Dec 31, 2021 | $6.80B |
| FY2022, ended Dec 31, 2022 | $12.1B |
| FY2023, ended Dec 31, 2023 | $6.91B |
| FY2024, ended Dec 31, 2024 | $5.27B |
| FY2025, ended Dec 31, 2025 | $8.64B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $9.35B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$453M | $122M |
| FY2017, ended Dec 31, 2017 | $1.51B | $78.6M |
| FY2018, ended Dec 31, 2018 | −$2.24B | −$22.8M |
| FY2019, ended Dec 31, 2019 | −$1.22B | $249M |
| FY2020, ended Dec 31, 2020 | −$959M | $495M |
| FY2021, ended Dec 31, 2021 | −$1.14B | $607M |
| FY2022, ended Dec 31, 2022 | $1.77B | $2.07B |
| FY2023, ended Dec 31, 2023 | $1.74B | $1.16B |
| FY2024, ended Dec 31, 2024 | $231M | $573M |
| FY2025, ended Dec 31, 2025 | $2.04B | $2.84B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.65B | $3.80B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$78.7M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.10B |
| FY2017, ended Dec 31, 2017 | $26.3M |
| FY2018, ended Dec 31, 2018 | $3.49M |
| FY2019, ended Dec 31, 2019 | $4.60M |
| FY2020, ended Dec 31, 2020 | $18.2M |
| FY2021, ended Dec 31, 2021 | $114M |
| FY2022, ended Dec 31, 2022 | $1.46B |
| FY2023, ended Dec 31, 2023 | $81.0M |
| FY2024, ended Dec 31, 2024 | $202M |
| FY2025, ended Dec 31, 2025 | $111M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $78.7M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.55B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $3.29B |
| FY2017, ended Dec 31, 2017 | $4.70B |
| FY2018, ended Dec 31, 2018 | $4.70B |
| FY2019, ended Dec 31, 2019 | $5.29B |
| FY2020, ended Dec 31, 2020 | $4.93B |
| FY2021, ended Dec 31, 2021 | $5.59B |
| FY2022, ended Dec 31, 2022 | $5.68B |
| FY2023, ended Dec 31, 2023 | $5.80B |
| FY2024, ended Dec 31, 2024 | $9.32B |
| FY2025, ended Dec 31, 2025 | $7.80B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.55B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 262% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.626M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 173M |
| FY2017, ended Dec 31, 2017 | 264M |
| FY2018, ended Dec 31, 2018 | 255M |
| FY2019, ended Dec 31, 2019 | 255M |
| FY2020, ended Dec 31, 2020 | 279M |
| FY2021, ended Dec 31, 2021 | 376M |
| FY2022, ended Dec 31, 2022 | 360M |
| FY2023, ended Dec 31, 2023 | 440M |
| FY2024, ended Dec 31, 2024 | 597M |
| FY2025, ended Dec 31, 2025 | 624M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 626M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $84.6M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $30.0K | $44.6M | $1.23B | — |
| FY2017, ended Dec 31, 2017 | $30.0K | $94.6M | $0 | $7.67B |
| FY2018, ended Dec 31, 2018 | $27.0K | $25.2M | $0 | — |
| FY2019, ended Dec 31, 2019 | $0 | $31.2M | $0 | — |
| FY2020, ended Dec 31, 2020 | $0 | $19.6M | $341M | — |
| FY2021, ended Dec 31, 2021 | $12.9M | $28.2M | $0 | $1.93B |
| FY2022, ended Dec 31, 2022 | $409M | $45.2M | $0 | — |
| FY2023, ended Dec 31, 2023 | $201M | $49.8M | — | $2.15B |
| FY2024, ended Dec 31, 2024 | $0 | $158M | — | $5.71B |
| FY2025, ended Dec 31, 2025 | $0 | $60.8M | — | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $84.6M | — | — |
Revenue (TTM)
$9.35B
+18.6% YoY
Net income (TTM)
$2.65B
+49.1% YoY
Cash
$78.7M
−66.6% YoY
Total debt
$5.55B
−32.4% YoY
Valuation
At current price- Market Cap
- $34.6B
- P/E
- 13.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.7×
- Price / Book
- 1.4×
- EV / EBITDA
- 6.1×
Growth
Trailing 12 months- Revenue (TTM)
- $9.35B
- Revenue Growth YoY
- 18.6%
- Revenue CAGR 3Y
- −10.6%
- Revenue CAGR 5Y
- 23.1%
- EPS Growth YoY
- 37.5%
- Net Income Growth YoY
- 49.1%
Profitability
Trailing 12 months- Gross Margin
- 83.5%
- Operating Margin
- 41.8%
- Net Margin
- 28.4%
- FCF Margin
- 40.7%
- Return on Equity
- 10.9%
Earnings
Trailing 12 months- Net Income
- $2.65B
- EPS (diluted)
- $4.22
- EBITDA
- $6.56B
- Operating Income
- $3.91B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $78.7M
- Total Debt
- $5.55B
- Net Debt
- $5.47B
- Total Assets
- $41.4B
- Total Liabilities
- $12.4B
- Shareholders' Equity
- $25.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.31B
- Capital Expenditure
- $2.51B
- Free Cash Flow
- $3.80B
Dividends and risk
Last 12 months- Dividend Yield
- 1.2%
- Dividend / Share
- $0.66
- Beta (5Y)
- 0.66
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 18.6% year over year, at $9.35B.
Strength
Operating margin widened 3.5 pts in a year, to 41.8%.
Note
Net debt of $5.47B is 0.8× EBITDA, a manageable load.
Strength
Turns 40.7% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 28, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K69Mildly positive
69Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 18, 2026 · Read the filing on EDGAR
- Net income attributable to EQT jumped to $2,039M from $231M, mainly because natural gas prices were much higher (NYMEX averaged $3.42 vs $2.30).
- Upstream operating revenue rose 60% to $8.0B. Sales volume rose 7%, helped by the Olympus Energy acquisition completed July 1, 2025.
- Debt fell to $7.8B from $9.3B. Operating cash flow nearly doubled to $5.1B.
- For 2026, EQT plans higher capital spending of $2.65–2.85B and sales volume of 2,275–2,375 Bcfe.
Business momentum
Strong improvement
“Net income attributable to EQT Corporation for 2025 was $2,039 million, $3.31 per diluted share, compared to $231 million, $0.45 per diluted share, for 2024.”
Outlook
Neutral
“In 2026, we expect our sales volume to be 2,275 Bcfe to 2,375 Bcfe.”
Financial stress
Low
“we believe cash flows from operating activities and availability under EQT's revolving credit facility should be sufficient to meet our cash requirements”
Tone against the previous report
More positive
Red flags
- Minor
Major lawsuit
“during 2025 and 2024, we recognized net expense of approximately $134 million and $18 million, respectively, for loss contingencies related to the Securities Class Action”
- Minor
Investigation
“on July 24, 2025, the Pennsylvania Fifty-First Statewide Investigating Grand Jury returned four criminal charges against Equitrans, L.P.”
Positives
Much higher gas prices lifted profit
“The increase was driven predominantly by higher sales of natural gas, reflecting higher average realized natural gas prices.”
Operating cash flow nearly doubled
“Net cash provided by operating activities was approximately $5,126 million and $2,827 million for 2025 and 2024, respectively.”
Pipeline businesses grew strongly
“Operating income $ 836,654 $ 531,475 $ 305,179 57”
Concerns
Profit depends heavily on volatile gas prices
“we expect commodity prices to continue to be volatile in 2026 due to macroeconomic uncertainty, changes to the regulatory environment and geopolitical instability and tensions”
Debt is still large
“As of December 31, 2025, we had $7.8 billion of debt outstanding, and we may incur additional indebtedness in the future.”
Pipeline transport costs are rising
“Transmission expense increased on an absolute and per Mcfe basis for 2025 compared to 2024 due primarily to capacity charges of approximately $193 million on the MVP Mainline”
New risks since the previous report
Criminal charges over the Rager Mountain gas leak
“All charges are second degree misdemeanors.”
Federal pipeline-safety regulator proposed a civil penalty over the Rager Mountain leak
“the PHMSA recommended assessing a civil penalty of $939,000”
Data center and other new ventures may not pay off
“Such projects may be delayed, cost more than expected, fail to reach final investment decisions, fail to achieve commercial operations, or be terminated altogether”
Large payouts owed to the outside investor in the midstream joint venture
“As of December 31, 2025, the remaining amount required to achieve the Base Return (defined and discussed in Note 9 to the Consolidated Financial Statements) was approximately $3.41 billion.”
Biggest risks named
- Volatile and low natural gas prices
- High debt and executing the debt retirement plan
- Safety and environmental incidents at aging pipelines and storage sites
- Regulatory, tariff and climate policy changes
- Execution risk on acquisitions, joint ventures and new projects
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | 0 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −2.7 | |
| New risks | −2 | |
| Score | 69 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 28, 2026 | Pro | |||
| 10-K | Feb 18, 2026 | 69 | Strong improvement | 2 minor | |
| 10-K | Feb 19, 2025 | 42 | Sharp deterioration | 1 minor | |
| 10-K | Feb 14, 2024 | 52 | Weakening | None | |
| 10-K | Feb 16, 2023 | 71 | Strong improvement | 1 minor | |
| 10-K | Feb 10, 2022 | 56 | Weakening | 1 minor | |
| 10-K | Feb 17, 2021 | 54 | Mixed | 2 minor | |
| 10-K | Feb 27, 2020 | 48 | Improving | 2 medium1 minor | |
| 10-K | Feb 14, 2019 | 37 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 15, 2018 | 75 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 28, 2026. View filings on SEC EDGAR