EQT Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −1.31%.
Did EQT Beat Earnings? Q3 2025 Results
EQT Corporation delivered a blowout third quarter in 2025, posting adjusted EPS of $0.52 against a consensus estimate of $0.36, a beat of 43.29%, while revenue of $1.96 billion cleared Wall Street's $1.78 billion forecast by 9.87% and surged 60.9% from a year ago. The standout driver behind the quarter was a trifecta of operational discipline: sales volume of 634 Bcfe came in near the high end of guidance, capital expenditures of $618 million landed 10% below guidance midpoint, and per unit operating costs hit a record low of $1.00 per Mcfe, 7% below guidance, reflecting gains in gathering, LOE, and SG&A efficiency. Average realized prices also improved to $2.76 per Mcfe from $2.38 a year earlier, further lifting results. EQT reduced total debt to $8.22 billion from $9.32 billion at year-end 2024, a deleveraging trajectory the company expects to sustain as it guides Q4 sales volume of 550 to 600 Bcfe and full-year capital expenditures of $2.3 billion to $2.4 billion.
- Record low per unit operating costs of $1.00/Mcfe, 7% below guidance midpoint
- Production at high end of guidance driven by strong well performance and compression project outperformance
- Capital expenditures 10% below guidance midpoint due to efficiency gains and midstream cost optimization
- Realized pricing differential $0.12 tighter than guidance midpoint from gas marketing optimization and tactical curtailment strategy
- Vertically integrated platform delivering tangible synergy capture
- Average realized price improved to $2.76/Mcfe from $2.38/Mcfe year-over-year
“Third quarter results built upon EQT's extensive track record of delivering operational and financial outperformance. Production, operating expenses, capital spending and price realizations were all at the favorable end of guidance, highlighting the efficiency gains and tangible synergy capture of our vertically integrated platform. We rapidly integrated the Olympus assets and are already seeing material operational outperformance with EQT at the helm. Simply put, our execution machine is firing on all cylinders, and the benefits are accruing to shareholders via significant free cash flow outperformance relative to both internal and consensus expectations.”
EQT CEO, on the earnings call
Forward Guidance & Outlook
For Q4 2025, EQT expects total sales volume of 550–600 Bcfe, including 15–20 Bcfe of strategic curtailments, and total capital expenditures of $635–$735 million (including $555–$635 million of maintenance capital). The company plans to turn-in-line 18–28 net wells. Full year 2025 guidance calls for total sales volume of 2,325–2,375 Bcfe, total capital expenditures of $2,300–$2,400 million, and per unit operating costs of $1.03–$1.17/Mcfe. The average differential is expected to be ($0.60)–($0.50)/Mcf for both Q4 and the full year. MVP Boost capacity was upsized by 20% to 600 MDth/d with a projected build multiple of approximately 3.0x adjusted EBITDA. LNG offtake agreements for 4.5 million tonnes per annum are expected to begin in 2030–2031.
EQT YoY Financials
EQT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.