EQT Corp
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +1.75%.
Did EQT Beat Earnings? Q2 2025 Results
EQT Corporation posted a decisive earnings beat in the second quarter of 2025, with adjusted EPS of $0.45 clearing the $0.42 consensus estimate by 6.61% and revenue of $2.56 billion exceeding expectations by 43.92%, reflecting a striking 187.0% year-over-year surge. The headline driver was the transformative integration of the Equitrans Midstream merger, which fueled production of 568 Bcfe at the high end of guidance while compression project outperformance pushed total per-unit operating costs to $1.08 per Mcfe, below the low end of guidance. Capital expenditures of $554 million came in 15% below the mid-point of guidance as record-setting completion efficiency continued to compound savings. Net income attributable to EQT reached $784.15 million, compared to just $9.52 million a year ago, and adjusted EBITDA more than doubled to $1.03 billion. Looking ahead, EQT raised its full-year production guidance by 100 Bcfe to 2,300-2,400 Bcfe following the July close of the Olympus acquisition, with analysts and prominent market commentators increasingly viewing the company as a well-positioned pure-play beneficiary of rising natural gas demand.
- Strong well productivity and compression project outperformance drove production to high-end of guidance
- Record-setting completion efficiency and lower well costs reduced capital spending 15% below mid-point of guidance
- Lower-than-expected LOE and SG&A expense drove per unit operating costs below guidance
- Higher NYMEX natural gas prices ($3.43/MMBtu vs $1.92/MMBtu in Q2 2024) improved realized pricing
- Equitrans Midstream Merger synergy capture continued to reduce gathering costs
- Tactical curtailment strategy optimized value despite wider-than-expected local basis
“Second quarter results highlight a continuation of operational excellence and robust financial performance at EQT. Production was at the high-end of guidance, benefiting from strong well productivity and compression project outperformance. Capital spending came in well below the low-end of guidance, driven by another record-setting quarter for completion efficiency and lower well costs. EQT has generated approximately $3.7 billion of cumulative net cash provided by operating activities and nearly $2 billion of cumulative free cash flow attributable to EQT over the past three quarters during which natural gas prices averaged $3.30 per MMBtu, underscoring the differentiated earnings power of our low-cost, integrated platform.”
EQT CEO, on the earnings call
Forward Guidance & Outlook
EQT updated full-year 2025 guidance to reflect the Olympus Acquisition: total sales volume guidance increased by 100 Bcfe to 2,300–2,400 Bcfe; full-year per-unit operating costs reduced by 6 cents per Mcfe to $1.03–$1.17 per Mcfe; total capital expenditure guidance reaffirmed at $2,300–$2,450 million as efficiency gains offset added Olympus activity. Q3 2025 production is expected at 590–640 Bcfe with 24–36 net wells turned-in-line. The company plans to TIL 95–120 net wells in 2025. EQT is advancing multiple in-basin demand growth projects including the Shippingport Power Station (800 MMcf/d), Homer City Redevelopment (665 MMcf/d), MVP Boost (500 MMcf/d incremental capacity), and MVP Southgate (550 MMcf/d into the Carolinas).
EQT YoY Financials
EQT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.