EQT

MKT CAP:$37B

EQT Corporation

Market Cap

$37B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$58.70+$5.24 (+9.80%)

Apr 24, 2026

Company Details

EQT Corporation operates as a natural gas production company in the United States. The company produces natural gas, natural gas liquids (NGLs), including ethane, propane, isobutane, butane, and natural gasoline. As of December 31, 2021, it...

CEO

Toby Z. Rice

IPO Date

Mar 17, 1980

Website

www.eqt.com

Key Metrics TTM

Revenue

$8.3B

+32.8% YoY

Net Income

$2.8B

EPS (Diluted)

$4.93

Free Cash Flow

$3.7B

Revenue / Share

$13.32

Gross Margin

70.6%

Operating Margin

46.3%

Net Margin

34.1%

FCF Margin

44.3%

P/S

4.4x

P/E

13.0x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$3.4BEPS $2.49

Q4 2025

Feb 18, 2026

$2.3BEPS $1.08

Q1 2024

Apr 24, 2024

$1.3B-28.9%EPS $0.23

FY 2023

Feb 14, 2024

$5.1B-58.2%EPS $4.20

Q4 2023

Feb 14, 2024

$1.4B-46.7%EPS $1.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$599M	$211M	-$760M
Q4 20	$841M	$429M	$146M
Q2 21	$1.1B	$658M	-$1.2B
Q3 21	$1.8B	$1.3B	-$2.6B
Q4 21	$2.8B	$2.3B	$2.5B
Q1 22	$2.5B	$2.0B	-$1.9B
Q2 22	$3.4B	$2.9B	$1.4B
Q3 22	$3.7B	$3.2B	$925M
Q4 22	$2.6B	$2.1B	$2.3B
Q1 23	$1.8B	$1.4B	$1.6B
Q2 23	$854M	$404M	-$35M
Q3 23	$1.0B	$498M	$16M
Q4 23	$1.4B	$785M	$723M
Q1 24	$1.3B	$728M	$183M
Q4 25	$2.3B	$1.0B	$915M
Q1 26	$3.4B	$3.3B	$2.0B

Valuation

Quarter	P/S	P/E
Q3 20	1.3x	—
Q4 20	1.3x	—
Q2 21	2.0x	—
Q3 21	1.8x	—
Q4 21	1.2x	—
Q1 22	1.6x	—
Q2 22	1.3x	—
Q3 22	1.2x	8.2x
Q4 22	1.0x	7.1x
Q1 23	1.0x	2.6x
Q2 23	1.7x	4.4x
Q3 23	2.6x	5.5x
Q4 23	3.3x	9.7x
Q1 24	3.6x	26.4x
Q4 25	5.7x	25.0x
Q1 26	4.8x	14.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	$184M	-$92M
Q4 20	$406M	$152M
Q2 21	$43M	-$176M
Q3 21	$48M	-$189M
Q4 21	$1.2B	$823M
Q1 22	$1.0B	$729M
Q2 22	$230M	-$162M
Q3 22	$1.2B	$788M
Q4 22	$1.1B	$711M
Q1 23	$1.7B	$1.2B
Q2 23	$437M	-$50M
Q3 23	$455M	-$50M
Q4 23	$624M	$91M
Q1 24	$1.2B	$621M
Q4 25	$1.1B	$521M
Q1 26	$3.1B	$2.5B

Capital Expenditures

Quarter	CapEx
Q3 20	$276M
Q4 20	$254M
Q2 21	$219M
Q3 21	$237M
Q4 21	$348M
Q1 22	$292M
Q2 22	$393M
Q3 22	$363M
Q4 22	$353M
Q1 23	$495M
Q2 23	$487M
Q3 23	$504M
Q4 23	$533M
Q1 24	$534M
Q4 25	$604M
Q1 26	$599M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	-22.3%	+45.7%
Q4 20	-1.1%	-70.0%
Q2 21	+51.3%	+287.5%
Q3 21	+258.0%	+396.0%
Q4 21	+371.1%	-73.1%
Q1 22	+197.1%	+531.2%
Q2 22	+210.7%	-12.7%
Q3 22	+106.2%	-37.0%
Q4 22	-8.9%	-30.8%
Q1 23	-26.5%	-94.9%
Q2 23	-74.7%	-55.8%
Q3 23	-72.7%	-64.2%
Q4 23	-46.7%	+156.4%
Q1 24	-28.9%	+398.4%
Q4 25	+166.2%	+52.8%
Q1 26	+235.1%	+35.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$7M	1.2%
Q4 20	$4M	0.5%
Q2 21	$7M	0.7%
Q3 21	$7M	0.4%
Q4 21	$7M	0.3%
Q1 22	$7M	0.3%
Q2 22	$14M	0.4%
Q3 22	$12M	0.3%
Q4 22	$11M	0.4%
Q1 23	$11M	0.6%
Q2 23	$12M	1.4%
Q3 23	$15M	1.5%
Q4 23	$12M	0.8%
Q1 24	$11M	0.8%
Q4 25	$0	0.0%
Q1 26	$19M	0.6%

OpEx Breakdown

Quarter	SG&A
Q3 20	$52M
Q4 20	$40M
Q2 21	$50M
Q3 21	$49M
Q4 21	$52M
Q1 22	$69M
Q2 22	$59M
Q3 22	$67M
Q4 22	$57M
Q1 23	$52M
Q2 23	$60M
Q3 23	$57M
Q4 23	$67M
Q1 24	$73M
Q4 25	$108M
Q1 26	$96M

Revenue Segments

Quarter	NGLs Sales	Natural Gas Sales	Oil Sales
Q3 20	$38M	$557M	$4M
Q4 20	$67M	$761M	$9M
Q2 21	$102M	$953M	$22M
Q3 21	$152M	$1.6B	$26M
Q4 21	$177M	$2.6B	$26M
Q1 22	$174M	$2.3B	$24M
Q2 22	$168M	$3.2B	$22M
Q3 22	$135M	$3.5B	$16M
Q4 22	$111M	$2.4B	$17M
Q1 23	$99M	$1.7B	$19M
Q2 23	$68M	$766M	$15M
Q3 23	$108M	$860M	$34M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$44M	$0	$44M
Q3 22	$88M	$0	$88M
Q4 22	$1.5B	$0	$1.5B
Q1 23	$2.1B	$0	$2.1B
Q2 23	$1.2B	$0	$1.2B
Q3 23	$65M	$0	$65M
Q4 23	$81M	$0	$81M
Q1 24	$648M	$0	$648M
Q2 24	$30M	$0	$30M
Q3 24	$89M	$0	$89M
Q4 24	$202M	$0	$202M
Q1 25	$282M	$0	$282M
Q2 25	$555M	$0	$555M
Q3 25	$236M	$0	$236M
Q4 25	$111M	$0	$111M
Q1 26	$327M	$0	$327M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	256M	+0.0%	+0.1%
Q4 20	274M	+7.1%	+7.2%
Q2 21	279M	+1.9%	+9.3%
Q3 21	357M	+27.8%	+39.6%
Q4 21	384M	+7.6%	+50.2%
Q1 22	374M	-2.5%	+36.6%
Q2 22	407M	+8.9%	+45.9%
Q3 22	404M	-0.8%	+13.2%
Q4 22	400M	-0.9%	+4.3%
Q1 23	394M	-1.6%	+5.3%
Q2 23	362M	-8.1%	-11.1%
Q3 23	416M	+15.0%	+3.0%
Q4 23	445M	+7.0%	+11.3%
Q1 24	445M	-0.1%	+13.0%
Q4 25	625M	+40.4%	+72.5%
Q1 26	625M	+0.1%	+50.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$926.3K	647
Q4 20	$1M	624
Q2 21	$2M	624
Q3 21	$3M	624
Q4 21	$4M	693
Q1 22	$4M	693
Q2 22	$5M	693
Q3 22	$5M	693
Q4 22	$3M	744
Q1 23	$2M	744
Q2 23	$1M	744
Q3 23	$1M	744
Q4 23	$2M	881
Q1 24	$1M	881
Q4 25	$1M	2K
Q1 26	$2M	2K

Revenue / Employee