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EQT Reports Fourth Quarter and Full Year 2025 Results and Provides 2026 Guidance

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Rhea-AI Summary

EQT (NYSE: EQT) reported strong fourth-quarter and full-year 2025 results and issued 2026 guidance. Full-year 2025 highlights include net income attributable to EQT of $2.04B, adjusted EBITDA of $5.9B, free cash flow attributable of $2.50B, and proved reserves of 28.0 Tcfe (up 7%).

For 2026 EQT guides production of 2,275–2,375 Bcfe, maintenance capex of $2.07–$2.21B, elected growth capex of $580–$640M, and projects ~$3.5B free cash flow attributable at recent strip pricing.

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Positive

  • Net income attributable to EQT rose to $2.04B for 2025
  • Adjusted EBITDA of $5.90B in 2025, up materially year-over-year
  • Free cash flow attributable to EQT of $2.50B in 2025
  • Proved reserves increased 7% to 28.0 Tcfe, PV-10 of $26B (SEC pricing)
  • 2026 guidance: projected $3.5B free cash flow attributable at recent strip pricing
  • Per-unit operating costs improved to $1.05/Mcfe for 2025 (down from $1.23)

Negative

  • Proved undeveloped reserves rose only 0.1%, suggesting limited near-term inventory additions
  • Transmission expense per Mcfe increased due to contracted capacity charges on MVP Mainline
  • LOE per Mcfe increased in Q4 2025 due to higher personnel costs and Olympus operations
  • Total debt remains sizeable at $7.8B as of December 31, 2025

Key Figures

Q4 2025 sales volume: 609 Bcfe FY 2025 sales volume: 2,382 Bcfe Q4 net income attributable: $677 million +5 more
8 metrics
Q4 2025 sales volume 609 Bcfe Fourth quarter 2025 sales volume, above the high-end of guidance
FY 2025 sales volume 2,382 Bcfe Full year 2025 total sales volume vs 2,228 Bcfe in 2024
Q4 net income attributable $677 million Net income attributable to EQT in Q4 2025 vs $418M in Q4 2024
FY 2025 net income attributable $2,039 million Full year 2025 net income attributable to EQT vs $231M in 2024
FY 2025 FCF attributable $2,503 million Free cash flow attributable to EQT for 2025 vs $684M in 2024
Total debt $7.8 billion Total debt as of December 31, 2025
Proved reserves 28.0 Tcfe Total proved reserves as of December 31, 2025, up 7% year-over-year
2026 production guidance 2,275–2,375 Bcfe Forecast total sales volume for full year 2026

Market Reality Check

Price: $58.70 Vol: Volume 9099027 is 0.83x t...
normal vol
$58.70 Last Close
Volume Volume 9099027 is 0.83x the 20-day average of 10956462, suggesting no outsized trading reaction. normal
Technical Price 57.75 is trading above the 200-day MA of 54.78 and about 7.2% below the 52-week high.

Peers on Argus

EQT gained 2.66% while key peers showed mixed, mostly small moves (e.g., HES +1....
1 Down

EQT gained 2.66% while key peers showed mixed, mostly small moves (e.g., HES +1.26%, FANG -1.12%). Scanner activity flagged only TPL moving down, reinforcing a stock-specific reaction rather than a broad sector move.

Common Catalyst Another peer, EXE, also reported Q4/FY 2025 results and 2026 outlook, but there is no broad, coordinated earnings-driven move across the group in the provided data.

Previous Earnings Reports

5 past events · Latest: Oct 21 (Positive)
Same Type Pattern 5 events
Date Event Sentiment Move Catalyst
Oct 21 Q3 2025 earnings Positive -4.0% Stronger Q3 2025 operating and financial performance, solid free cash flow.
Jul 22 Q2 2025 earnings Positive -4.4% High-end sales volumes, Olympus closing, updated 2025 guidance with higher output.
Apr 22 Q1 2025 earnings Positive +0.4% Strong Q1 free cash flow, lower capex, higher production guidance and Olympus deal.
Feb 18 FY 2024 earnings Positive +0.9% Q4 2024 high-end volumes, solid free cash flow and higher 2025–2026 FCF outlook.
Oct 29 Q3 2024 earnings Positive +3.4% Q3 2024 beat on volumes, below-guidance capex and non-operated asset sale.
Pattern Detected

Earnings releases have generally been positive operationally, with 3 out of 5 past events seeing price gains and 2 showing negative next-day reactions.

Recent Company History

Recent earnings history for EQT shows consistent operational execution with rising volumes, strong free cash flow and accretive portfolio moves like Olympus and Equitrans Midstream. Q1–Q3 2025 updates emphasized cost reductions, guidance raises and balance sheet improvement, though market reactions were sometimes negative despite constructive metrics. The latest Q4 and full-year 2025 release continues this theme of efficiency, high free cash flow and reserve growth, building on the same low-cost, integrated gas strategy highlighted throughout 2024–2025 earnings updates.

Historical Comparison

-0.8% avg move · Over the last five earnings releases, EQT’s average next-day move was about -0.75%. Today’s +2.66% r...
earnings
-0.8%
Average Historical Move earnings

Over the last five earnings releases, EQT’s average next-day move was about -0.75%. Today’s +2.66% reaction to Q4/FY 2025 results is stronger and more favorable than that typical pattern.

Earnings updates across 2024–2025 show a progression of higher sales volumes, expanding free cash flow, and integration of Equitrans and Olympus, with guidance and reserve metrics steadily reinforcing EQT’s low-cost, integrated gas strategy.

Regulatory & Risk Context

Active S-3 Shelf
Shelf Active
Active S-3 Shelf Registration 2025-09-10

EQT has an effective S-3ASR shelf registration filed on 2025-09-10, effective through 2028-09-10, covering debt, preferred and common equity to be offered from time to time. The shelf has 0 recorded takedowns in the provided data, indicating no documented usage so far.

Market Pulse Summary

This announcement details a robust 2025 performance for EQT, with higher sales volumes, materially i...
Analysis

This announcement details a robust 2025 performance for EQT, with higher sales volumes, materially increased net income and free cash flow, and proved reserves of 28.0 Tcfe. The 2026 outlook calls for sizeable production and continued capital discipline. Compared with prior earnings releases, the company again emphasizes low-cost operations and balance sheet improvement. Investors may focus on execution versus this guidance, future reserve and FCF trends, and any use of the effective shelf registration when evaluating risk and valuation.

Key Terms

mcfe, pv-10, mmbtu, standardized measure, +3 more
7 terms
mcfe financial
"Average realized price ($/Mcfe) | $ 3.44 | | $ 3.01..."
Mcfe (often written McfE or mcfe) stands for "thousand cubic feet equivalent" and is a unit that converts different types of hydrocarbon output—natural gas, oil liquids and condensates—into a single natural-gas-volume measure based on energy content. Investors use it to compare production, reserves and revenue potential across assets the way you might convert multiple currencies into one to see which holdings are larger or more valuable.
pv-10 financial
"total standardized measure of discounted future net cash flows of $21 billion and PV-10(1) value of $26 billion..."
PV-10 is a valuation metric that estimates the present value of future oil and gas production cash flows, discounted at 10% and stated before income taxes. Think of it as the current price tag on a company’s proven reserves, calculated by shrinking future revenue streams to today’s dollars using a 10% rate. Investors use PV-10 to compare the relative worth of reserves and assess how much future production could contribute to a company’s value, much like comparing the upfront price of different rental properties based on expected future rent.
mmbtu financial
"at SEC price deck of $3.39 per MMBtu, up ~$16 billion year-over-year..."
A MMBtu is a unit of energy equal to one million British thermal units, commonly used to measure natural gas and other fuel quantities for trading and contracts. For investors, it translates raw energy into a standardized price metric—think of it like gallons for gasoline—so changes in the MMBtu price affect producer revenues, utility costs, commodity derivatives, and the profitability of energy-related investments.
standardized measure financial
"total standardized measure of discounted future net cash flows of $21 billion..."
A standardized measure is a consistent, agreed method for calculating or expressing a financial, medical, or regulatory quantity so results can be compared fairly across companies, time periods, or studies. Like using the same ruler to measure different boxes, it helps investors compare performance, risk or safety on an apples‑to‑apples basis, making it easier to spot trends, outliers and make informed decisions.
adjusted ebitda financial
"Adjusted EBITDA (a) | $ 1,637 | | $ 1,412 | | $ 225"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
restricted stock units financial
"restricted stock units that convert into common stock on a one-for-one basis upon vesting."
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
sec pricing regulatory
"Reserves as of December 31, 2025 were based on a natural gas price (NYMEX) of $3.387 per MMBtu. Pricing was determined in accordance with the SEC requirement..."
SEC pricing is the final price set for a public offering of stocks or bonds that is filed with the U.S. Securities and Exchange Commission and disclosed to investors. It matters because that price determines how much money the company raises, how much existing shareholders are diluted, and how the market may react — similar to setting a ticket price that affects both revenue and crowd size.

AI-generated analysis. Not financial advice.

PITTSBURGH, Feb. 17, 2026 /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the fourth quarter and full year 2025 as well as financial and operational guidance for 2026.

Fourth Quarter Results:

  • Production: Sales volume of 609 Bcfe, above the high-end of guidance due to strong well performance, system pressure optimization and lower-than-expected price related curtailments
  • Capital Expenditures: $655 million, 4% below the mid-point of guidance, benefiting from operational efficiency gains and lower-than-expected infrastructure spending
  • Realized Pricing: Differential $0.11 tighter than the mid-point of guidance due to benefits from natural gas marketing optimization and curtailment strategy
  • Operating Costs: Total per unit operating costs toward the low end of guidance due to lower-than-expected SG&A, transmission, processing and midstream O&M expenses
  • Cash Flow: Net cash provided by operating activities of $1,125 million; generated $744 million of free cash flow attributable to EQT(1)
  • Balance Sheet: Exited the quarter with $7.8 billion total debt and just under $7.7 billion net debt(1) inclusive of $425 million of working capital usage during the quarter; net debt(1) at the end of the first quarter of 2026 projected to be sub-$6 billion
  • Proved Reserves: Increased 7% year-over-year to 28.0 Tcfe, including Olympus assets; total standardized measure of discounted future net cash flows of $21 billion and PV-10(1) value of $26 billion at SEC price deck of $3.39 per MMBtu, up ~$16 billion year-over-year; PV-10(1) value rises to $31 billion at recent strip pricing and excludes firm sales agreements while factoring in just ~10% of remaining upstream inventory

Fourth Quarter and Recent Highlights:

  • Record Operational Efficiencies: Broke multiple EQT records again in the fourth quarter of 2025, including fastest quarterly completions pace and most lateral footage drilled in 24 and 48 hours; 2025 average well cost per foot was 13% lower year-over-year and 6% below internal expectations
  • Winter Storm Performance: Production uptime during Winter Storm Fern was ~2x better than Appalachia peers, providing critical energy to consumers while maximizing exposure to strong in-basin pricing
  • Tactical Hedging: Increased 2026 hedge percentage from 7% to 25%, adding collars with weighted average floor and ceiling prices of $3.94 per MMBtu and $5.70 per MMBtu, respectively
  • Increased MVP Ownership: Exercised option to acquire a portion of ConEdison's interest in MVP Mainline and MVP Boost for a total purchase price of ~$115 million payable by EQT, increasing EQT's ownership in MVP Mainline and MVP Boost from ~49% to ~53%; purchase price, inclusive of MVP Boost capex, implies 9x adjusted EBITDA(2) and a 12% internal rate of return attributable to EQT

2026 Outlook:

  • Production: 2026 production forecast of 2,275 – 2,375 Bcfe
  • Maintenance Capital Expenditures: 2026 maintenance capital spending guidance of $2,070 – $2,210 million
  • Growth Capital Expenditures: EQT has elected to invest its first $580 – $640 million of post-dividend free cash flow(1) in 2026 into high-return, infrastructure-focused growth projects
  • Free Cash Flow: Projecting ~$3.5 billion of free cash flow attributable to EQT(1) in 2026 at recent strip pricing, which includes the impact of ~$600 million in elected growth capital expenditures
  • Balance Sheet: Expect to exit 2026 with ~$4.7 billion of net debt(1) at recent strip pricing

President and CEO Toby Z. Rice stated, "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(1) 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."

Rice continued, "Winter Storm Fern created extremely challenging weather conditions over the past several weeks, but seamless coordination between our midstream, upstream and gas marketing teams resulted in negligible impact to EQT's production. The teams' effort helped keep millions of American homes heated, while allowing us to capture attractive prices during periods of elevated demand. This is a prime example of how integrated operations, resilient infrastructure and commercial alignment come together to deliver differentiated value for our customers and shareholders simultaneously."

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

(2)

For information on how the adjusted EBITDA multiple, a non-GAAP financial measure, is derived, see the Non-GAAP Disclosures section of this news release.

Fourth Quarter 2025 Financial and Operational Performance


Three Months Ended 

 December 31,




2025


2024


Change








(Millions, unless otherwise noted)

Total sales volume (Bcfe)

609


605


4

Average realized price ($/Mcfe)

$                3.44


$                3.01


$                0.43

Net income attributable to EQT

$                 677


$                 418


$                 259

Adjusted net income attributable to EQT (a)

$                 564


$                 406


$                 158

Diluted income per share (EPS)

$                1.08


$                0.69


$                0.39

Adjusted EPS (a)

$                0.90


$                0.67


$                0.23

Net income

$                 746


$                 427


$                 319

Adjusted EBITDA (a)

$              1,637


$              1,412


$                 225

Adjusted EBITDA attributable to EQT (a)

$              1,509


$              1,400


$                 109

Net cash provided by operating activities

$              1,125


$                 756


$                 369

Adjusted operating cash flow (a)

$              1,550


$              1,231


$                 319

Adjusted operating cash flow attributable to EQT (a)

$              1,423


$              1,221


$                 202

Capital expenditures

$                 655


$                 583


$                   72

Capital contributions to equity method investments

$                   39


$                   60


$                  (21)

Free cash flow (a)

$                 857


$                 588


$                 269

Free cash flow attributable to EQT (a)

$                 744


$                 580


$                 164



(a)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Full Year 2025 Financial and Operational Performance


Years Ended 

 December 31,




2025


2024


Change








(Millions, unless otherwise noted)

Total sales volume (Bcfe)

2,382


2,228


154

Average realized price ($/Mcfe)

$                3.19


$                2.74


$                0.45

Net income attributable to EQT

$              2,039


$                 231


$              1,808

Adjusted net income attributable to EQT (a)

$              1,879


$                 824


$              1,055

Diluted EPS

$                3.31


$                0.45


$                2.86

Adjusted EPS (a)

$                3.05


$                1.60


$                1.45

Net income

$              2,326


$                 242


$              2,084

Adjusted EBITDA (a)

$              5,904


$              3,729


$              2,175

Adjusted EBITDA attributable to EQT (a)

$              5,386


$              3,709


$              1,677

Net cash provided by operating activities

$              5,126


$              2,827


$              2,299

Adjusted operating cash flow (a)

$              5,356


$              3,109


$              2,247

Adjusted operating cash flow attributable to EQT (a)

$              4,842


$              3,094


$              1,748

Capital expenditures

$              2,324


$              2,266


$                   58

Capital contributions to equity method investments

$                   83


$                 148


$                  (65)

Free cash flow (a)

$              2,949


$                 695


$              2,254

Free cash flow attributable to EQT (a)

$              2,503


$                 684


$              1,819



(a)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Per Mcfe)

Gathering

$            0.10


$            0.09


$            0.08


$            0.35

Transmission

0.40


0.41


0.42


0.38

Processing

0.13


0.14


0.14


0.13

Lease operating expense (LOE)

0.11


0.09


0.09


0.09

Production taxes

0.08


0.09


0.07


0.08

Operating and maintenance (O&M)

0.10


0.07


0.09


0.05

Selling, general and administrative (SG&A)

0.18


0.18


0.16


0.15

Operating costs

$            1.10


$            1.07


$            1.05


$            1.23









Production depletion

$            0.95


$            0.90


$            0.95


$            0.90



(a)

References in this release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).

The increase in sales volume had a favorable impact on per unit costs for 2025 compared to 2024.

For the three months ended December 31, 2025 compared to the same period in 2024, gathering expense per Mcfe increased due primarily to minimum volume commitment deficiency charges incurred as a result of temporary shut ins of producing wells during nearby completions activities. LOE per Mcfe increased due primarily to higher personnel costs and the Company's operation of the assets acquired in the Company's acquisition (the Olympus Energy Acquisition) of certain upstream and midstream assets acquired from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus).

For the year ended December 31, 2025 compared to the same period in 2024, gathering expense per Mcfe decreased due primarily to the Company's ownership of the gathering, transmission and storage assets acquired in the Company's acquisition of Equitrans Midstream Corporation (the Equitrans Midstream Merger), while O&M expense per Mcfe increased as a result of operating those assets. Transmission expense per Mcfe increased due primarily to contracted capacity charges on MVP Mainline, which entered into service in June 2024.

Liquidity
As of December 31, 2025, the Company had $75 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka Midstream) revolving credit facility, as of December 31, 2025 was approximately $3.5 billion.

As of December 31, 2025, total debt and net debt(1) were $7.8 billion and $7.7 billion, respectively, compared to $9.3 billion and $9.1 billion, respectively, as of December 31, 2024.

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Proved Reserves
As of December 31, 2025, the Company had 28.0 Tcfe of total proved reserves, an increase of 1,782 Bcfe, or 7%, compared to 2024 due primarily to extensions, discoveries and other additions as well as acquisitions from the Olympus Energy Acquisition, partly offset by production. Proved undeveloped reserves increased by 5 Bcfe, or 0.1%, compared to 2024, due to extensions, discoveries and other additions, offset by conversions into proved developed reserves.

91% of the Company's total proved developed reserves, over 99% of the Company's total proved undeveloped reserves and 93% of the Company's total proved reserves are located in the Marcellus Shale.

The following table presents the Company's reserves, standardized measure of discounted future net cash flow (the Standardized Measure) and PV-10 as compared to five-year strip pricing sensitivity. Of note, these values include approximately 3 years of the more than 30 years of the Company's future inventory and exclude the value associated with the Company's third-party midstream revenue, MVP Mainline, Hammerhead pipeline and the Company's 1.2 Bcf per day of premium firm sales deals with major utilities in the Southeast region, which are tied to the future in-service of the Transco Southeast Expansion, the timing of which was not known with reasonable certainty as of December 31, 2025.


Year Ended December 31, 2025


Proved
Developed


Proved
Undeveloped


Total








(Millions)

SEC pricing (a):






Reserves (Bcfe)

20,581


7,465


28,046

Standardized Measure

$          17,508


$            3,802


$          21,310

PV-10 (b)

$          20,621


$            4,973


$          25,594







Five-year strip pricing sensitivity (c):






Reserves (Bcfe)

20,652


7,465


28,117

Standardized Measure

$          19,981


$            4,828


$          24,809

PV-10 (b)

$          23,576


$            6,222


$          29,798



(a)

Reserves as of December 31, 2025 were based on a natural gas price (NYMEX) of $3.387 per MMBtu. Pricing was determined in accordance with the SEC requirement using average first-day-of-the-month closing prices for the prior twelve months less regional differentials. The average adjusted product prices, including regional differentials, weighted by production over the remaining lives of the properties were $2.749 per Mcf of gas, $26.97 per barrel of natural gas liquids (NGLs) and $50.72 per barrel of oil.

(b)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

(c)

Pricing used in the five-year strip pricing sensitivity reflects five-year strip pricing as of December 31, 2025 and held constant thereafter using (i) the NYMEX five-year strip adjusted for regional differentials using Texas Eastern Transmission Corp. M-2, Transcontinental Gas Pipe Line, Leidy Line, and Tennessee Gas Pipeline Co., Zone 4-300 Leg for gas and (ii) the NYMEX West Texas Intermediate five-year strip for oil, adjusted for regional differentials consistent with those used in the SEC pricing, and holding all other assumptions constant. Such average realized product prices weighted by production over the remaining lives of the properties used in the five-year strip pricing sensitivity were $3.132 per Mcf of gas, $24.52 per barrel of NGLs and $44.48 per barrel of oil.




The NYMEX strip price for proved reserves and related metrics are intended to illustrate reserve sensitivities to market expectations of commodity prices and should not be confused with SEC pricing for proved reserves and do not comply with SEC pricing assumptions. The Company's management believes that the presentation of reserve volume and related metrics using NYMEX forward strip prices provides investors with additional useful information about the Company's reserves because the forward prices are based on the market's forward-looking expectations of oil and gas prices as of a certain date. The price at which the Company can sell its production in the future is the major determinant of the likely economic producibility of the Company's reserves. The Company hedges certain amounts of future production based on futures prices. In addition, the Company uses such forward-looking market-based data in developing its drilling plans, assessing its capital expenditure needs and projecting future cash flows. While NYMEX strip prices represent a consensus estimate of future pricing, such prices are only an estimate and are not necessarily an accurate projection of future oil and gas prices. Actual future prices may vary significantly from NYMEX prices; therefore, actual revenue and value generated may be more or less than the amounts disclosed. Investors should be careful to consider forward prices in addition to, and not as a substitute for, SEC pricing, when considering the Company's reserves.

Netherland, Sewell & Associates, Inc. an independent consulting firm hired by management, reviewed 100% of the total net natural gas, NGLs and oil proved reserves attributable to EQT as of December 31, 2025.

Mountain Valley Pipeline Ownership
On January 2, 2026, EQT exercised its option to acquire a portion of ConEdison's interest in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), and Series C of Mountain Valley Pipeline, LLC (MVP C), which owns certain assets associated with the MVP Boost project, a contemplated project to add compression to MVP Mainline (MVP Boost). Such acquisition increases EQT's ownership in each of MVP A and MVP C by 3.94% for total consideration of $213 million. The acquired interest in MVP A will be held by PipeBox LLC (the Midstream JV), a joint venture between affiliates of EQT and Blackstone Credit & Insurance (BXCI), which hold economic interests of 51% and 49%, respectively, while EQT will hold 100% of the acquired interest in MVP C. Purchase price consideration attributable to EQT and BXCI for their acquired interests totals $115 million and $98 million, respectively, subject to purchase price adjustments. The transaction is expected to close in the first half of 2026, subject to the satisfaction of applicable Hart-Scott-Rodino Act requirements and customary closing conditions.

Citi and Barclays acted as financial advisors to EQT and BXCI. Kirkland & Ellis LLP served as legal counsel on the transaction.

2026 Outlook
The Company expects total sales volume of 2,275 – 2,375 Bcfe in 2026. The Company expects maintenance capital expenditures to total $2,070 – $2,210 million in 2026, inclusive of $205 – $225 million of corporate and capitalized costs. The Company also plans to spend $580 – $640 million on growth capital expenditures, which are largely composed of capital expenditures for compression projects, water infrastructure, the Clarington Connector pipeline into Ohio and strategic leasing. During 2026, the Company plans to turn-in-line (TIL) 125 – 150 net wells, including 26 – 36 net wells expected to TIL in the first quarter of 2026. Total sales volume in the first quarter of 2026 is expected to be 560 – 610 Bcfe.

2026 Guidance

Production


Q1 2026


Full Year 2026

Total sales volume (Bcfe)


560 – 610


2,275 – 2,375

Liquids sales volume, excluding ethane (Mbbl)


3,700 – 3,900


13,800 – 14,600

Ethane sales volume (Mbbl)


1,700 – 1,850


6,050 – 6,450

Total liquids sales volume (Mbbl)


5,400 – 5,750


19,850 – 21,050






Btu uplift (MMBtu/Mcf)


1.050 – 1.060


1.050 – 1.060






Average Differential ($/Mcf)


$0.05 – $0.15


($0.55) – ($0.35)






Resource Counts





Top-hole rigs


3 – 4


2 – 3

Horizontal rigs


3 – 4


2 – 3

Frac crews


3 – 4


2 – 3






Third-party Midstream Revenue ($ Millions)


$160 – $190


$600 – $700






Per Unit Operating Costs ($/Mcfe)





Gathering


$0.08 – $0.10


$0.08 – $0.10

Transmission


$0.43 – $0.45


$0.43 – $0.45

Processing


$0.12 – $0.14


$0.11 – $0.13

LOE


$0.10 – $0.12


$0.10 – $0.12

Production taxes


$0.09 – $0.11


$0.07 – $0.09

O&M


$0.09 – $0.11


$0.09 – $0.11

SG&A


$0.20 – $0.22


$0.19 – $0.21

Operating costs


$1.11 – $1.25


$1.07 – $1.21






Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)

Distributions from Mountain Valley Pipeline, LLC (the MVP Joint
Venture) and Laurel Mountain Midstream, LLC (LMM)


$45 – $55


$205 – $230

Distributions to PipeBox LLC (the Midstream JV) Noncontrolling
Interest (a)


$100 – $115


$420 – $460






Capital Expenditures and Capital Contributions ($ Millions)



Upstream maintenance


$415 – $470


$1,645 – $1,735

Midstream maintenance


$50 – $60


$220 – $250

Corporate and capitalized costs


$50 – $60


$205 – $225

Total maintenance capital expenditures


$515 – $590


$2,070 – $2,210

Growth capital expenditures


$120 – $145


$580 – $640






Capital contributions to equity method investments (b)


$20 – $30


$70 – $80



(a)

Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.

(b)

Includes capital contributions to the MVP Joint Venture (including to MVP A for MVP Mainline, MVP B for MVP Southgate and MVP C for MVP Boost) and LMM.

Fourth Quarter and Full Year 2025 Earnings Webcast Information
The Company's conference call with securities analysts begins at 10:00 a.m. ET on Wednesday February 18, 2026 and will be broadcast live via webcast. An accompanying presentation is available on the Company's investor relations website, www.ir.eqt.com, under "Events & Presentations." To access the live audio webcast, visit the Company's investor relations website. A replay will be archived and available for one year in the same location after the conclusion of the live event.

Hedging (as of February 11, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.


Q1 2026
(a)


Q2 2026


Q3 2026


Q4 2026


Q1 2027

Hedged Volume (MMDth)

228


127


125


108


9

Hedged Volume (MMDth/d)

2.5


1.4


1.4


1.2


0.1

Calls – Short










Volume (MMDth)

228


127


125


108


9

Avg. Strike ($/Dth)

$           6.29


$           4.94


$           4.94


$           5.13


$           4.25

Puts – Long










Volume (MMDth)

228


127


125


108


9

Avg. Strike ($/Dth)

$           4.25


$           3.50


$           3.50


$           3.72


$           3.30



(a)

January 1 through March 31.

The Company has also entered into transactions to hedge basis. The Company may use other contractual agreements from time to time to implement its commodity hedging strategy.

Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt, the Standardized Measure, or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure, and historic costs of depreciable assets.

Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding gain on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.

As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the Company has adjusted its non-GAAP measure of adjusted net income attributable to EQT. Beginning in the first quarter of 2025, adjusted net income attributable to EQT and the related non-GAAP financial measure of adjusted EPS are no longer adjusted for income from investments, distributions received from equity method investments or non-cash interest expense (amortization). Adjusted net income attributable to EQT and adjusted EPS presented in this news release for the comparative period have also been calculated based on the updated definition.

The Company's management believes adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.

The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Consolidated Operations to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands, except per share information)

Net income attributable to EQT Corporation

$      677,099


$      418,395


$   2,039,247


$      230,577

(Deduct) add:








Gain on sale/exchange of long-lived assets

(28,812)


(454,179)


(31,214)


(764,044)

Impairment and expiration of leases

41,761


38,405


51,152


97,368

(Gain) loss on derivatives

(114,165)


183,543


(290,994)


(51,117)

Net cash settlements received (paid) on
derivatives

35,009


180,574


(83,381)


1,217,895

Premiums paid for derivatives that settled
during the period

(44,752)


(889)


(44,752)


(45,454)

Other expenses (a)

8,669


5,253


191,362


334,166

Loss on debt extinguishment

3,174


62,648


22,652


68,299

Tax impact of non-GAAP items (b)

(13,690)


(28,109)


25,084


(263,363)

Adjusted net income attributable to EQT

$      564,293


$      405,641


$   1,879,156


$      824,327









Diluted weighted average common shares
outstanding

628,740


602,521


615,717


514,593

Diluted EPS

$            1.08


$            0.69


$            3.31


$            0.45

Adjusted EPS

$            0.90


$            0.67


$            3.05


$            1.60



(a)

Other expenses consist primarily of transaction costs associated with acquisitions and other strategic transactions and costs related to exploring new venture opportunities. Other expenses for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, other expenses for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.

(b)

The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation, which resulted in a blended tax rate of (44.6)% and 183.1% for the three months ended December 31, 2025 and 2024, respectively, and 13.5% and 30.7% for the years ended December 31, 2025 and 2024, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits. In addition, the blended tax rates for 2024 included a tax benefit for the release of valuation allowances related to the Company's divestiture of assets in Northeast Pennsylvania completed during 2024.

Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, gain on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).

As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, beginning in the first quarter of 2025, the amounts attributable to noncontrolling interests meaningfully impacted the Company's consolidated results, and, therefore, the Company began presenting adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests presented in this news release for the prior comparative period has also been calculated based on the updated definition, and, certain prior period amounts have been recast for comparability.

The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.

The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Consolidated Operations to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands)

Net income

$      746,368


$      427,245


$   2,325,658


$      242,115

Add (deduct):








Interest expense, net

105,529


186,435


438,695


454,825

Income tax expense

208,335


146,869


651,884


22,079

Depreciation, depletion and amortization

667,762


620,319


2,600,390


2,162,350

Gain on sale/exchange of long-lived assets

(28,812)


(454,179)


(31,214)


(764,044)

Impairment and expiration of leases

41,761


38,405


51,152


97,368

(Gain) loss on derivatives

(114,165)


183,543


(290,994)


(51,117)

Net cash settlements received (paid) on
derivatives

35,009


180,574


(83,381)


1,217,895

Premiums paid for derivatives that settled
during the period

(44,752)


(889)


(44,752)


(45,454)

Other expenses (a)

8,669


5,253


191,362


334,166

Income from investments

(46,170)


(39,365)


(184,444)


(76,039)

Distributions from equity method
investments

54,673


55,013


257,233


66,200

Loss on debt extinguishment

3,174


62,648


22,652


68,299

Adjusted EBITDA

1,637,381


1,411,871


5,904,241


3,728,643

Deduct: Adjusted EBITDA attributable to
noncontrolling interests (b)

(128,361)


(12,286)


(518,555)


(19,625)

Adjusted EBITDA attributable to EQT

$   1,509,020


$   1,399,585


$   5,385,686


$   3,709,018



(a) 

Other expenses consist primarily of transaction costs associated with acquisitions and other strategic transactions and costs related to exploring new venture opportunities. Other expenses for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, other expenses for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Midstream Holdings, and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands)

Non-Wholly Owned Consolidated
Subsidiaries:








Net income

$      172,474


$        21,155


$      673,440


$        27,521

Add (deduct):








Interest expense, net

3,570


6,175


14,584


11,262

Depreciation and amortization

37,083


1,543


133,806


8,250

(Gain) loss on sale/exchange of long-lived
assets

(3)


—


346


—

(Income) loss from investments

(43,815)


851


(169,467)


851

Distributions from equity method investments

50,885


—


241,975


—

  Adjusted EBITDA

220,194


29,724


894,684


47,884

Deduct: Adjusted EBITDA of the Non-Wholly
Owned Consolidated Subsidiaries attributable
to EQT (a)

(91,833)


(17,438)


(376,129)


(28,259)

Adjusted EBITDA attributable to
noncontrolling interests

$      128,361


$        12,286


$      518,555


$        19,625



(a)

Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Midstream Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.

The adjusted EBITDA multiple referred to in this news release with respect to the Company's pending acquisition of the additional interest in MVP A and MVP C (collectively, the Acquired Interest) was derived using the purchase price for the Acquired Interest (assuming no adjustments thereto at closing) plus projected growth capital expenditures with respect to the Acquired Interest divided by the projected average annual adjusted EBITDA attributable to the Acquired Interest.

The Company has not provided projected net income or a reconciliation of projected adjusted EBITDA to projected net income, the most comparable financial measure calculated in accordance with GAAP. Net income includes the impact of depreciation, depletion and amortization expense, income tax expense, the revenue impact of changes in the projected fair value of derivative instruments prior to settlement and certain other items that impact comparability between periods and the tax effect of such items, which may be significant and difficult to project with a reasonable degree of accuracy. Therefore, projected net income, and a reconciliation of projected adjusted EBITDA to projected net income, are not available without unreasonable effort.

Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow and Free Cash Flow Attributable to EQT
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries.

As a result of the Class B Unitholder's noncontrolling equity interest ownership in the Midstream JV that commenced on December 30, 2024, the amounts attributable to noncontrolling interests meaningfully impacted the Company's consolidated cash flows, and, therefore, the Company began presenting free cash flow attributable to EQT. Free cash flow attributable to EQT presented in this news release for the prior comparative period has also been calculated based on the updated definition, and, certain prior period amounts have been recast for comparability.

The Company's management believes these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.

The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Consolidated Cash Flows to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands)

Net cash provided by operating activities

$   1,125,387


$      756,276


$   5,125,952


$   2,826,973

Decrease in changes in other assets and
liabilities

424,859


474,635


230,080


281,805

Adjusted operating cash flow (a)

1,550,246


1,230,911


5,356,032


3,108,778

Deduct:








Capital expenditures

(654,741)


(582,937)


(2,323,637)


(2,265,948)

Capital contributions to equity method
investments

(38,543)


(60,245)


(82,949)


(148,049)

  Free cash flow (a)

$      856,962


$      587,729


$   2,949,446


$      694,781



(a)

Adjusted operating cash flow and free cash flow for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, these measures for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.

 


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands)

Net cash provided by operating activities

$   1,125,387


$      756,276


$   5,125,952


$   2,826,973

Decrease in changes in other assets and
liabilities

424,859


474,635


230,080


281,805

Adjusted operating cash flow (a)

1,550,246


1,230,911


5,356,032


3,108,778

(Deduct) add:








Adjusted EBITDA attributable to
noncontrolling interests (b)

(128,361)


(12,286)


(518,555)


(19,625)

Net interest expense attributable to
noncontrolling interests

1,135


2,472


4,605


4,507

  Adjusted operating cash flow attributable to
  EQT (a) (c)

1,423,020


1,221,097


4,842,082


3,093,660

(Deduct) add:








Capital expenditures

(654,741)


(582,937)


(2,323,637)


(2,265,948)

Capital contributions to equity method
investments

(38,543)


(60,245)


(82,949)


(148,049)

Capital expenditures attributable to
noncontrolling interests

13,359


2,308


43,410


3,972

Capital contributions to equity method
investments attributable to noncontrolling
interests

771


—


23,894


—

  Free cash flow attributable to EQT (a) (c)

$      743,866


$      580,223


$   2,502,800


$      683,635



(a)

Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the year ended December 31, 2025 included the impact of $29.1 million of cash transaction costs related to the Olympus Energy Acquisition, and for the year ended December 31, 2024 included the impact of $200.2 million of cash transaction costs related to the Equitrans Midstream Merger. In addition, these measures for the years ended December 31, 2025 and 2024 included the impact of $133.7 million and $17.5 million, respectively, of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

(c)

Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Midstream Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflect the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.

The Company has not provided projected net cash provided by operating activities or reconciliations of projected free cash flow attributable to EQT to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its payments and its customers' payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and free cash flow attributable to EQT. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliations of projected free cash flow attributable to EQT to projected net cash provided by operating activities, without unreasonable effort.

Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.

The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Consolidated Operations to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands, unless otherwise noted)

Total Upstream operating revenues

$   2,218,466


$   1,473,569


$   8,024,057


$   5,009,833

(Deduct) add:








Upstream (gain) loss on derivatives

(114,165)


172,453


(290,994)


(67,880)

Net cash settlements received (paid) on
derivatives

35,009


180,574


(83,381)


1,217,895

Premiums paid for derivatives that settled
during the period

(44,752)


(889)


(44,752)


(45,454)

Upstream other revenues

(432)


(4,830)


(6,351)


(7,587)

  Upstream adjusted operating revenues

$   2,094,126


$   1,820,877


$   7,598,579


$   6,106,807









Total sales volume (MMcfe)

608,994


605,183


2,382,367


2,228,159

Average sales price ($/Mcfe)

$            3.45


$            2.71


$            3.24


$            2.21

Average realized price ($/Mcfe)

$            3.44


$            3.01


$            3.19


$            2.74

Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.

The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Consolidated Balance Sheets to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


December 31,


2025


2024






(Thousands)

Current portion of debt (a)

$                507,119


$                320,800

Revolving credit facility borrowings (b)

360,000


150,000

Senior notes

6,933,209


8,853,377

Total debt

7,800,328


9,324,177

Deduct: Cash and cash equivalents

110,795


202,093

Net debt

$             7,689,533


$             9,122,084



(a)

As of December 31, 2025, the current portion of debt included EQT's 3.125% senior notes and 7.75% debentures. As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka Midstream's revolving credit facility. Eureka Midstream is a wholly owned subsidiary of Eureka Midstream Holdings.

(b)

As of December 31, 2025, revolving credit facility borrowings included $285 million of borrowings outstanding under Eureka Midstream's revolving credit facility. As of December 31, 2024, borrowings outstanding under Eureka Midstream's revolving credit facility were presented in current portion of debt.

The Company has not provided a reconciliation of projected net debt to projected total debt, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project total debt for any future period because total debt is dependent on the timing of cash receipts and disbursements that may not relate to the periods in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy and therefore cannot reasonably determine the timing and payment of revolving credit facility borrowings or other components of total debt without unreasonable effort. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items that impact reconciling items between certain of the projected total debt and projected net debt, as applicable. Natural gas prices are volatile and out of the Company's control, and the timing of transactions and the distinction between cash on hand as compared to revolving credit facility borrowings are too difficult to accurately predict. Therefore, the Company is unable to provide a reconciliation of projected net debt to projected total debt, without unreasonable effort.

PV-10
PV-10 is derived from the Standardized Measure, which is the most comparable financial measure calculated in accordance with GAAP. PV-10 differs from the Standardized Measure in that PV-10 excludes the effects of income taxes on future net revenues. The Company's management believes the presentation of PV-10 is relevant and useful to investors because it provides the discounted future net cash flows attributable to the Company's proved reserves without regard to any of the Company's specific income tax characteristics and is a useful measure for evaluating the relative monetary significance of the Company's oil and natural gas properties. Investors may use PV-10 as a basis for comparing the relative size and value of the Company's proved reserves to that of other companies. PV-10 should not be considered as a substitute for, or more meaningful than, the Standardized Measure. Neither PV-10 nor the Standardized Measure represents an estimate of the fair market value of the Company's oil and natural gas properties.

The table below reconciles PV-10 to the Standardized Measure, the most comparable financial measure calculated in accordance with GAAP, as derived from the footnotes to be included in EQT Corporation's Annual Report on Form 10-K for the year ended December 31, 2025.


Year Ended December 31, 2025


Proved
Developed


Proved
Undeveloped


Total








(Millions)

SEC pricing:






Standardized Measure

$              17,508


$                3,802


$              21,310

Estimated income taxes on future net revenues

3,113


1,171


4,284

PV-10

$              20,621


$                4,973


$              25,594







Five-year strip pricing sensitivity:






Standardized Measure

$              19,981


$                4,828


$              24,809

Estimated income taxes on future net revenues

3,595


1,394


4,989

PV-10

$              23,576


$                6,222


$              29,798

Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
Cameron.Horwitz@eqt.com

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.

EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at https://ir.eqt.com.

Cautionary Statements Regarding Forward-Looking Statements
This news release contains, and certain statements made during the above referenced conference call will be, forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes; projected capital expenditures and per unit operating costs; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's growth projects; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, including the Company's pending acquisition of additional interests in MVP A and MVP C, and the timing thereof; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.

The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 to be filed with the SEC, and in other documents EQT subsequently files from time to time with the SEC. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONSOLIDATED OPERATIONS



Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands, except per share amounts)

Operating revenues:








Sales of natural gas, natural gas liquids and
oil

$   2,103,869


$   1,641,192


$   7,726,712


$   4,934,366

Gain (loss) on derivatives

114,165


(183,543)


290,994


51,117

Pipeline and other

170,037


167,078


626,505


287,826

Total operating revenues

2,388,071


1,624,727


8,644,211


5,273,309

Operating expenses:








Transportation and processing

387,632


386,523


1,532,090


1,915,616

Production

110,438


103,965


388,696


377,007

Operating and maintenance

63,549


44,569


225,131


110,393

Exploration

946


159


3,601


2,735

Selling, general and administrative

108,296


107,994


380,066


336,724

Depreciation, depletion and amortization

667,762


620,319


2,600,390


2,162,350

Gain on sale/exchange of long-lived assets

(28,812)


(454,179)


(31,214)


(764,044)

Impairment and expiration of leases

41,761


38,405


51,152


97,368

Other operating expenses

20,378


(4,473)


244,680


349,864

Total operating expenses

1,371,950


843,282


5,394,592


4,588,013

Operating income

1,016,121


781,445


3,249,619


685,296

Income from investments

(46,170)


(39,365)


(184,444)


(76,039)

Other income

(1,115)


(2,387)


(4,826)


(25,983)

Loss on debt extinguishment

3,174


62,648


22,652


68,299

Interest expense, net

105,529


186,435


438,695


454,825

Income before income taxes

954,703


574,114


2,977,542


264,194

Income tax expense

208,335


146,869


651,884


22,079

Net income

746,368


427,245


2,325,658


242,115

Less: Net income attributable to
noncontrolling interests

69,269


8,850


286,411


11,538

Net income attributable to EQT Corporation

$      677,099


$      418,395


$   2,039,247


$      230,577









Income per share of common stock attributable to EQT Corporation:

Basic:








Weighted average common stock
outstanding

624,541


597,224


611,571


509,597

Net income attributable to EQT Corporation

$            1.08


$            0.70


$            3.33


$            0.45









Diluted:








Weighted average common stock
outstanding

628,740


602,521


615,717


514,593

Net income attributable to EQT Corporation

$            1.08


$            0.69


$            3.31


$            0.45

 

EQT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

DECEMBER 31, 



2025


2024






(Thousands)

ASSETS




Current assets:




Cash and cash equivalents

$             110,795


$             202,093

Accounts receivable (less allowance for credit losses: $3,088 and
$12,529)

1,457,959


1,132,608

Derivative instruments, at fair value

202,390


143,581

Income tax receivable

27,756


97,378

Prepaid expenses and other

96,251


139,019

Total current assets

1,895,151


1,714,679





Property, plant and equipment

48,472,497


44,505,504

Less: Accumulated depreciation and depletion

14,914,689


12,757,686

Net property, plant and equipment

33,557,808


31,747,818





Investments in unconsolidated entities

3,630,577


3,617,397

Net intangible assets

200,486


215,257

Goodwill

2,062,462


2,079,481

Other assets

446,390


455,623

Total assets

$        41,792,874


$        39,830,255





LIABILITIES AND EQUITY




Current liabilities:




Current portion of debt

$             507,119


$             320,800

Accounts payable

1,367,431


1,177,656

Derivative instruments, at fair value

137,299


446,519

Accrued interest

137,505


167,157

Other current liabilities

335,487


349,417

Total current liabilities

2,484,841


2,461,549





Revolving credit facility borrowings

360,000


150,000

Senior notes

6,933,209


8,853,377

Deferred income taxes

3,472,010


2,851,103

Asset retirement obligations and other liabilities

1,182,666


1,236,090

Total liabilities

14,432,726


15,552,119





Equity:




Common stock, no par value,

shares authorized: 1,280,000, shares issued: 624,076 and 596,870

19,517,761


18,014,711

Retained earnings

4,237,089


2,585,238

Accumulated other comprehensive loss

(2,173)


(2,321)

Total common shareholders' equity

23,752,677


20,597,628

Noncontrolling interest in consolidated subsidiaries

3,607,471


3,680,508

Total equity

27,360,148


24,278,136

Total liabilities and equity

$        41,792,874


$        39,830,255

 

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONSOLIDATED CASH FLOWS

YEARS ENDED DECEMBER 31,



2025


2024


2023








(Thousands)

Cash flows from operating activities:






Net income

$  2,325,658


$     242,115


$  1,734,544

Adjustments to reconcile net income to net cash provided by operating
activities:






Deferred income tax expense

657,836


14,732


384,666

Depreciation, depletion and amortization

2,600,390


2,162,350


1,732,142

(Gain) loss on sale/exchange of long-lived assets

(31,214)


(764,044)


17,445

Impairments

51,152


97,368


109,421

Income from investments

(184,444)


(76,039)


(7,596)

Loss on debt extinguishment

22,652


68,299


80

Share-based compensation expense

60,781


158,344


49,834

Distributions from equity method investments

257,233


66,200


18,693

Other

15,115


15,069


16,943

Gain on derivatives

(290,994)


(51,117)


(1,838,941)

Net cash settlements (paid) received on derivatives

(83,381)


1,217,895


900,650

Net premiums paid on derivatives

(44,752)


(42,394)


(322,663)

Changes in other assets and liabilities:






Accounts receivable

(353,472)


(220,446)


867,679

Accounts payable

207,074


16,512


(406,113)

Income tax receivable and payable

73,028


(7,913)


(5,120)

Other current assets

45,191


(77,343)


98,907

Other items, net

(201,901)


7,385


(171,721)

Net cash provided by operating activities

5,125,952


2,826,973


3,178,850

Cash flows from investing activities:






Capital expenditures

(2,288,425)


(2,253,709)


(2,019,037)

Cash paid for acquisitions, net of cash acquired

(483,522)


(874,265)


(2,271,881)

Net cash received for sale/exchange of assets

10,234


1,696,121


4,200

Capital contributions to equity method investments

(82,949)


(148,049)


(12,092)

Other investing activities

(245)


(80)


(14,845)

Net cash used in investing activities

(2,844,907)


(1,579,982)


(4,313,655)

Cash flows from financing activities:






Proceeds from revolving credit facility borrowings

3,529,000


6,887,000


1,007,000

Repayment of revolving credit facility borrowings

(3,639,800)


(7,451,200)


(1,007,000)

Proceeds from issuance of debt

—


750,000


1,250,000

Proceeds from net settlement of Capped Call Transactions

—


93,290


—

Debt issuance costs

(9,623)


(18,854)


(5,336)

Repayment and retirement of debt

(1,401,623)


(4,313,867)


(1,015,836)

Net (premiums paid) discounts received on debt extinguishment

(39,311)


(52,432)


5,178

Dividends paid

(389,633)


(326,581)


(228,339)

Repurchase and retirement of common stock

—


—


(201,029)

Net proceeds from the sale of units of the Midstream Joint Venture

(1,135)


3,410,392


—

Net distributions to noncontrolling interest

(359,696)


(1,640)


(7,322)

Cash paid for taxes to net settle share-based incentive awards

(54,175)


(102,872)


(41,780)

Other financing activities

(6,347)


889


1,602

Net cash used in financing activities

(2,372,343)


(1,125,875)


(242,862)

Net change in cash and cash equivalents

(91,298)


121,116


(1,377,667)

Cash and cash equivalents at beginning of year

202,093


80,977


1,458,644

Cash and cash equivalents at end of year

$     110,795


$     202,093


$       80,977

 

EQT CORPORATION AND SUBSIDIARIES

PRICE RECONCILIATION



Three Months Ended 

 December 31,


Years Ended 

 December 31,


2025


2024


2025


2024










(Thousands, unless otherwise noted)

NATURAL GAS








Sales volume (MMcf)

572,231


565,867


2,238,652


2,086,441

NYMEX price ($/MMBtu)

$           3.56


$           2.81


$           3.42


$           2.30

Btu uplift

0.20


0.16


0.19


0.13

Natural gas price ($/Mcf)

$           3.76


$           2.97


$           3.61


$           2.43









Basis ($/Mcf) (a)

$         (0.41)


$         (0.43)


$         (0.48)


$         (0.41)

Cash settled basis swaps ($/Mcf)

(0.03)


0.01


(0.01)


(0.07)

Average differential, including cash settled basis swaps ($/Mcf)

(0.44)


(0.42)


(0.49)


(0.48)

Average adjusted price ($/Mcf)

3.32


2.55


3.12


1.95

Cash settled derivatives ($/Mcf)

—


0.31


(0.04)


0.64

Average natural gas price, including cash settled derivatives
($/Mcf)

$           3.32


$           2.86


$           3.08


$           2.59

Natural gas sales, including cash settled derivatives

$  1,901,173


$  1,615,584


$  6,888,420


$  5,401,642









LIQUIDS








NGLs, excluding ethane:








Sales volume (MMcfe) (b)

21,481


24,171


88,478


87,564

Sales volume (Mbbl)

3,580


4,028


14,746


14,594

NGLs price ($/Bbl)

$         40.90


$         41.65


$         38.04


$         39.13

Cash settled derivatives ($/Bbl)

1.26


(0.55)


0.15


(0.30)

Average NGLs price, including cash settled derivatives ($/Bbl)

$         42.16


$         41.10


$         38.19


$         38.83

NGLs sales, including cash settled derivatives

$     150,944


$     165,576


$     563,150


$     566,808

Ethane:








Sales volume (MMcfe) (b)

11,775


12,170


44,534


44,586

Sales volume (Mbbl)

1,962


2,028


7,422


7,431

Ethane price ($/Bbl)

$           8.01


$           6.20


$           8.01


$           6.03

Ethane sales

$       15,717


$       12,569


$       59,447


$       44,806

Oil:








Sales volume (MMcfe) (b)

3,507


2,975


10,703


9,568

Sales volume (Mbbl)

585


496


1,784


1,595

Oil price ($/Bbl)

$         44.98


$         54.75


$         49.08


$         58.67

Oil sales

$       26,292


$       27,148


$       87,562


$       93,551









Total liquids sales volume (MMcfe) (b)

36,763


39,316


143,715


141,718

Total liquids sales volume (Mbbl)

6,127


6,552


23,952


23,620

Total liquids sales

$     192,953


$     205,293


$     710,159


$     705,165









TOTAL








Total natural gas and liquids sales, including cash settled
derivatives (c)

$  2,094,126


$  1,820,877


$  7,598,579


$  6,106,807

Total sales volume (MMcfe)

608,994


605,183


2,382,367


2,228,159

Average realized price ($/Mcfe)

$           3.44


$           3.01


$           3.19


$           2.74



(a)

Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.

(b)

NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.

(c)

Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/eqt-reports-fourth-quarter-and-full-year-2025-results-and-provides-2026-guidance-302689893.html

SOURCE EQT Corporation (EQT-IR)

FAQ

What were EQT (NYSE:EQT) full-year 2025 net income and adjusted EBITDA figures?

EQT reported full-year 2025 net income attributable of $2.04B and adjusted EBITDA of $5.90B. According to the company, these results reflect higher realized prices, operational efficiencies and contributions from acquisitions like Olympus.

What production and capex guidance did EQT (EQT) provide for 2026?

EQT guided 2026 production of 2,275–2,375 Bcfe, maintenance capex of $2.07–$2.21B, and elected growth capex of $580–$640M. According to the company, elected growth capex is infrastructure-focused and funded from post-dividend free cash flow.

How much free cash flow does EQT (EQT) expect in 2026 and what assumptions apply?

EQT projects approximately $3.5B of free cash flow attributable in 2026 at recent strip pricing, including about $600M of elected growth capex. According to the company, this projection uses recent forward strip prices and current hedges.

How did EQT (EQT) change its hedging for 2026 and what are the hedge levels?

EQT increased 2026 hedges from 7% to 25%, adding collars with a weighted average floor of $3.94/MMBtu and ceiling of $5.70/MMBtu. According to the company, this was a tactical move to protect near-term cash flows.

What reserve and PV-10 values did EQT (NYSE:EQT) report at year-end 2025?

EQT reported total proved reserves of 28.0 Tcfe and a PV-10 of $25.6B (SEC pricing) or about $29.8B at five-year strip sensitivity. According to the company, PV-10 increased roughly $16B year-over-year.

How did the Olympus and MVP transactions affect EQT (EQT) results and ownership?

EQT integrated Olympus assets, contributing to higher volumes and certain cost changes, and bought additional MVP interests for ~$115M, raising MVP ownership to ~53%. According to the company, the MVP purchase implies ~9x adjusted EBITDA and a 12% IRR.
Stock EQT logo
Eqt Corp

NYSE:EQT

EQT Rankings

#402 Ranked by Market Cap
#1134 Ranked by Dividends
#888 52-Week Gainer
#766 YTD Gainer
#510 Monthly Gainer
#1117 Ranked by Short %Change

EQT Latest News

Feb 5, 2026
EQT Declares Quarterly Cash Dividend
Jan 22, 2026
EQT Corporation Schedules Fourth Quarter and Year-End 2025 Earnings Release and Conference Call
Dec 11, 2025
Ball Corporation Founder John Hayes and EQT President Alex Darden Join Broe Family Board
Dec 10, 2025
Toby Z. Rice Personally Leads Strategic Investment Round in Orbital Biocarbon to Scale Critical Utility Infrastructure
Oct 21, 2025
EQT Reports Third Quarter 2025 Results

EQT Latest SEC Filings

Feb 17, 2026
[8-K] EQT Corp Reports Material Event
Feb 13, 2026
[Form 4] EQT Corp Insider Trading Activity
Feb 13, 2026
[Form 4] EQT Corp Insider Trading Activity
Feb 13, 2026
[Form 4] EQT Corp Insider Trading Activity
Feb 13, 2026
[Form 4] EQT Corp Insider Trading Activity

EQT Stock Data

36.63B
298.67M
Oil & Gas E&P
Crude Petroleum & Natural Gas
Link
United States
PITTSBURGH

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