EQT Corp
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.50%.
Did EQT Beat Earnings? Q4 2025 Results
EQT Corporation closed out Q4 2025 with a blowout quarter, posting adjusted EPS of $0.90 against a consensus estimate of $0.72, a beat of 25.12%, while revenue of $2.39 billion topped expectations of $1.63 billion by 46.55% and climbed 32.1% year-over-year. The standout performance was driven largely by the benefits of vertical integration following the Equitrans Midstream merger, which helped EQT achieve record-low operating costs and a 13% year-over-year reduction in average well cost per foot. Q4 free cash flow attributable to EQT reached $744 million, contributing to $2.50 billion for the full year, a dramatic improvement from $684 million in FY 2024, while total debt was trimmed from $9.30 billion to $7.80 billion. Looking ahead, EQT guided 2026 production of 2,275 to 2,375 Bcfe and projects approximately $3.50 billion in free cash flow at recent strip pricing, with the company also tactically expanding its hedge coverage from 7% to 25% using collar structures with a weighted average floor of $3.94 per MMBtu to protect against natural gas price volatility.
- Record operational efficiencies including fastest quarterly completions pace and most lateral footage drilled in 24 and 48 hours
- 2025 average well cost per foot 13% lower year-over-year and 6% below internal expectations
- Strong well performance and system pressure optimization driving production above high-end of guidance
- Average realized price of $3.44/Mcfe in Q4 2025, up from $3.01/Mcfe in Q4 2024
- Full-year sales volume of 2,382 Bcfe, up from 2,228 Bcfe in 2024
- Vertical integration benefits from Equitrans Midstream Merger reducing gathering costs
- Natural gas marketing optimization and curtailment strategy tightening differential by $0.11 vs. guidance midpoint
“EQT delivered outstanding performance across the board in 2025, exceeding production forecasts, achieving record-low operating costs and coming in below budget on capital spending. This resulted in 2025 free cash flow generation significantly above consensus and internal estimates, underscoring how our outperformance is driving tangible shareholder value. Last year put the power of EQT's low-cost, integrated natural gas business on display and our strong performance has continued into 2026.”
EQT CEO, on the earnings call
Forward Guidance & Outlook
EQT projects 2026 production of 2,275–2,375 Bcfe with maintenance capital expenditures of $2,070–$2,210 million and growth capital expenditures of $580–$640 million focused on compression projects, water infrastructure, the Clarington Connector pipeline, and strategic leasing. The company expects to generate approximately $3.5 billion in free cash flow attributable to EQT at recent strip pricing and exit 2026 with approximately $4.7 billion of net debt. Q1 2026 production is expected to be 560–610 Bcfe with 26–36 net wells turned-in-line. For full year 2026, EQT plans to turn-in-line 125–150 net wells. Net debt at the end of Q1 2026 is projected to be sub-$6 billion. The company has increased its 2026 hedge percentage from 7% to 25% with collar structures.
EQT YoY Financials
EQT Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.