Q3 25 EPS
$0.52
BEAT +43.29%
Est. $0.36
Q3 25 Revenue
$1.96B
BEAT +9.87%
Est. $1.78B
vs S&P Since Q3 25
-1.4%
TRAILING MARKET
EQT +6.5% vs S&P +7.9%
Market Reaction
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% fr… Read more 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.
Key Takeaways
- • 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
EQT YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
EQT Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Toby Z. Rice, Q3 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% |