EQT Corp

eqt.com

What Do They Do?

Produces and sells natural gas, natural gas liquids and oil, and provides gathering and transmission services to energy companies and other pipeline customers.

How Do They Make Money?

Buyers pay for gas, natural gas liquids and oil when delivered, typically within 25 days after month-end. Pipeline customers pay monthly capacity-reservation fees or volume charges for gathering, transmission and storage; gathering bills are typically due within 21 days of the invoice, and transmission and storage bills within 10 days of the invoice.

FY2025 revenue by product or service (Sales of natural gas, natural gas liquids and oil) revenue

Segment	Share	Revenue	How money arrives
Sales of natural gas, natural gas liquids and oil Sold outright	48% FY2022: 100%		Sold outright
Revenues From Contract With Customers	52% FY2022: 100%

Who Are Their Customers?

Natural gas, liquids and oil buyers take deliveries at designated sales points. Gathering, transmission and storage services are sold to pipeline customers under firm or interruptible contracts.

Do Revenues Turn Into Profits?

Yes. It kept 24 cents of every revenue dollar as net income in FY2025 and turned 33 cents into free cash flow.

Operating income, FY2025

38% of revenue

▲ +374% vs FY2024 ($685.3M, 13%)

Net income, FY2025

24% of revenue

▲ +784% vs FY2024 ($230.6M, 4%)

Free cash flow, FY2025

33% of revenue

▲ +395% vs FY2024 ($573.3M, 11%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −29%; vs $2.6B in Q2 FY2025
Net income: ▼ −73%; vs $784.1M in Q2 FY2025

Total revenues from contracts with customers share of sales of natural gas, natural gas liquids and oil vs 51.9% in Q2 FY2025

Jul 21, 2026 Raised production guidance and closed Blackline Midstream acquisition Raised 2026 production guidance by 90 Bcfe, cut full-year capital spending guidance by $25 million, and closed the $77 million Blackline Midstream acquisition.

Growing. Revenue grew 2.8x in 4 years, from $3.1B in FY2021 to $8.6B in FY2025, about 30% a year.

Added gathering and transmission operations The older report described EQT as a natural gas production company with one reportable segment. The latest report describes upstream, gathering and transmission operations as three reportable segments.

Revenue over time

Sales of natural gas, natural gas liquids and oil Revenues From Contract With Customers

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Comments