Q1 25 EPS
$1.18
BEAT +16.44%
Est. $1.01
Q1 25 Revenue
$1.74B
MISS 16.79%
Est. $2.09B
vs S&P Since Q1 25
-12.9%
TRAILING MARKET
EQT +21.7% vs S&P +34.6%
Market Reaction
Did EQT Beat Earnings? Q1 2025 Results
EQT Corporation posted a strong first quarter for 2025, with adjusted EPS of $1.18 beating the $1.01 consensus estimate by 16.44%, even as reported revenue of $1.74 billion came in 16.79% below expectations despite rising 33.2% year over year. The ea… Read more EQT Corporation posted a strong first quarter for 2025, with adjusted EPS of $1.18 beating the $1.01 consensus estimate by 16.44%, even as reported revenue of $1.74 billion came in 16.79% below expectations despite rising 33.2% year over year. The earnings outperformance was driven largely by the transformative integration of Equitrans Midstream, whose in-house gathering assets slashed per-unit gathering costs from $0.60/Mcfe to just $0.08/Mcfe, while total per-unit operating costs of $1.05/Mcfe landed 8% below guidance midpoints. Production hit the high end of guidance at 571 Bcfe, and capital expenditures of $497 million came in 19% below the guidance midpoint, reflecting continued operational efficiency gains. Alongside the results, EQT announced a $1.80 billion bolt-on acquisition of Olympus Energy's vertically integrated Appalachian assets, adding roughly 500 MMcf/d of production, a move that management framed as increasingly bullish positioning ahead of rising natural gas demand from power generation and LNG exports. Full-year 2025 production guidance was raised by 25 Bcfe to 2,200-2,300 Bcfe, with maintenance capital spending guidance midpoint trimmed by $25 million.
Key Takeaways
- • Seamless coordination across integrated midstream and upstream assets drove volumes to high end of guidance
- • Tactical production response opening chokes into peak winter pricing drove tighter differentials and higher realizations
- • Average realized price increased to $3.77/Mcfe from $3.22/Mcfe year-over-year
- • Gathering expense per Mcfe dropped from $0.60 to $0.08 due to Equitrans Midstream merger synergies
- • Total per unit operating costs of $1.05/Mcfe, 8% below midpoint of guidance
- • Capital expenditures 19% below midpoint of guidance due to lower completions, land and midstream spending
- • Higher NYMEX natural gas price of $3.65/MMBtu vs. $2.26/MMBtu year-over-year
- • Sales volume increased to 571 Bcfe from 534 Bcfe year-over-year
EQT YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
EQT Revenue by Segment
With YoY comparisons, source: SEC Filings
“EQT is off to an exceptional start in 2025, with the first quarter generating the strongest financial results in recent company history. Seamless coordination across our integrated midstream and upstream assets resulted in volumes at the high end of guidance, and our tactical production response opening chokes into peak winter prices drove higher realizations. Along with lower-than-expected capital spending, EQT generated more than $1 billion of free cash flow in the first quarter alone.”
— Toby Z. Rice, Q1 2025 Earnings Press Release
EQT Earnings Trends
EQT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EQT EPS Trend
Earnings per share: estimate vs actual
EQT Revenue Trend
Quarterly revenue: estimate vs actual
EQT Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | $2.33 | — | $3.38B | +4.24% |
| Q4 25 BEAT FY | $0.72 | $0.90 | +25.12% | $2.39B | +46.55% |
| FY Full Year | $2.91 | $3.05 | +4.93% | $8.64B | +2.56% |
| Q3 25 BEAT | $0.36 | $0.52 | +43.29% | $1.96B | +9.87% |
| Q2 25 BEAT | $0.42 | $0.45 | +6.61% | $2.56B | +43.92% |
| Q1 25 BEAT | $1.01 | $1.18 | +16.44% | $1.74B | -16.79% |