AI Takeaway
EQT Corporation delivered a transformational FY2025, with revenue surging 63.9% to $8.64B and net income exploding 784.4% to $2.04B, driven by higher natural gas realizations and the integration of Equitrans Midstream, while simultaneously reducing long-term debt by 16.3%.
Revenue
$8.64B
++63.92% YoY
EPS (Basic)
$3.33
++640.00% YoY
Operating Income
$3.25B
++374.19% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Total revenue jumped 63.9% year-over-year from $5.27B to $8.64B in FY2025, reflecting significantly improved natural gas price realizations compared to the prior year's depressed commodity environment, as well as incremental production volumes from the Equitrans Midstream acquisition.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating margin expanded by approximately 24.6 percentage points to 37.6% in FY2025 (from 13.0% in FY2024), while net margin reached 23.6%. Cost of revenue actually declined 20.0% to $1.53B despite higher revenues, indicating significant operating leverage and favorable cost structure improvements.
Source: Source: 10-K Income Statement & Key Ratios (XBRL Financial Data)
Operating cash flow grew 81.3% to $5.13B in FY2025, enabling EQT to aggressively pay down long-term debt, which fell 16.3% from $9.32B to $7.80B. This deleveraging effort strengthened the balance sheet with stockholders' equity rising 15.3% to $23.75B.
Source: Source: 10-K Cash Flow Statement & Balance Sheet (XBRL Financial Data)
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Upgrade to unlockEQT's revenue and profitability are highly sensitive to fluctuations in natural gas prices, as evidenced by the stark contrast between FY2024's depressed results ($5.27B revenue, $230M net income) and FY2025's strong performance. A return to low natural gas price environments could rapidly compress margins and cash flows, threatening debt service capacity.
Source: Source: 10-K Financial Data (XBRL)
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Upgrade to unlockReported EPS of $0.90 versus the $0.75 analyst consensus — a +20.0% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $8.64B | $5.27B | +63.92% |
Cost of Revenue | $1.53B | $1.92B | -20.02% |
Operating Income | $3.25B | $685.3M | +374.19% |
Net Income | $2.04B | $230.58M | +784.41% |
EPS (Basic) | $3.33 | $0.45 | +640.00% |
EPS (Diluted) | $3.31 | $0.45 | +635.56% |
SG&A Expense | $380.07M | $336.72M | +12.87% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $41.79B | $39.83B | +4.93% |
Current Assets | $1.9B | $1.71B | +10.53% |
Total Liabilities | $14.43B | $15.55B | -7.20% |
Current Liabilities | $2.48B | $2.46B | +0.95% |
Stockholders' Equity | $23.75B | $20.6B | +15.32% |
Cash & Equivalents | $110.8M | $202.09M | -45.18% |
Long-Term Debt | $7.8B | $9.32B | -16.34% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $5.13B | $2.83B | +81.32% |
Investing Cash Flow | $-2.84B | $-1.58B | -80.06% |
Financing Cash Flow | $-2.37B | $-1.13B | -110.71% |
Share Buybacks | $0 | $0 | — |
D&A | $2.6B | $2.16B | +20.26% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 37.6% | 13.0% | +24.60% |
Net Margin | 23.6% | — | — |
ROE | 8.6% | — | — |
ROA | 4.9% | — | — |
Current Ratio | $0.763 | — | — |
Debt to Equity | $0.608 | — | — |
Other companies in Oil & Gas Exploration & Production
EQT's revenue grew 63.9% in FY2025 to $8.64B from $5.27B in FY2024, driven by a significant recovery in natural gas prices and incremental production volumes from the Equitrans Midstream acquisition. This revenue surge, combined with a 20% decline in cost of revenue, produced dramatic margin expansion across the business.
The headline story from EQT's FY2025 results is the 784% surge in net income to $2.04B and 374% jump in operating income to $3.25B, reflecting the powerful earnings leverage in EQT's integrated natural gas model when commodity prices recover. Operating cash flow also hit $5.13B, enabling EQT to reduce long-term debt by $1.52B to $7.80B while funding $2.84B in capital investments.
Based on the financial data, EQT's key risks include natural gas price volatility (the primary driver of its dramatic earnings swings), a current ratio below 1.0 (0.76) indicating potential short-term liquidity pressure, and integration execution risk from the Equitrans Midstream combination. The company's $7.80B long-term debt load also represents a meaningful risk if commodity prices weaken.
Yes, EQT is highly profitable in FY2025 with net income of $2.04B, a net margin of 23.6%, and operating cash flow of $5.13B. Financial health is improving — long-term debt fell 16.3% to $7.80B and stockholders' equity rose 15.3% to $23.75B — though the current ratio of 0.76 (current liabilities exceed current assets) warrants monitoring.
EQT ended FY2025 with $7.80B in long-term debt, down 16.3% from $9.32B at the end of FY2024, reflecting approximately $1.52B in net debt repayment funded by the company's strong $5.13B operating cash flow. The debt-to-equity ratio improved to 0.61, indicating a moderately leveraged but improving balance sheet.