Q2 25 EPS
$0.45
BEAT +6.61%
Est. $0.42
Q2 25 Revenue
$2.56B
BEAT +43.92%
Est. $1.78B
vs S&P Since Q2 25
-4.8%
TRAILING MARKET
EQT +8.8% vs S&P +13.6%
Market Reaction
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-… Read more 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.
Key Takeaways
- • 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
EQT YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
EQT Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Toby Z. Rice, Q2 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% |