Q4 25 EPS
$0.90
BEAT +25.12%
Est. $0.72
Q4 25 Revenue
$2.39B
BEAT +46.55%
Est. $1.63B
vs S&P Since Q4 25
-3.1%
TRAILING MARKET
EQT +1.9% vs S&P +5.0%
Full Year 2025 Results
FY 25 EPS
$3.05
BEAT +4.93%
Est. $2.91
FY 25 Revenue
$8.64B
BEAT +2.56%
Est. $8.43B
Market Reaction
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-ove… Read more 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.
Key Takeaways
- • 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 YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
EQT Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Toby Z. Rice, Q4 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% |