EQT (NYSE: EQT) projects $114M Q4 2025 derivatives gain and $35M net cash inflow

Rhea-AI Filing Summary

EQT Corporation issued a preliminary update on its fourth-quarter 2025 derivative results. For the three months ended December 31, 2025, the company expects to report a total gain on derivatives of $114 million.

EQT also expects to report net cash settlements received on derivatives of $35 million, including $44 million of net cash settlements received on NYMEX natural gas hedge positions and $9 million of net cash settlements paid on basis and liquids hedge positions. In addition, EQT expects to report $45 million of premiums paid for derivatives that settled during the period. These figures are preliminary and will be finalized in its Form 10-K or corresponding earnings release.

Insights

Energy sector financial analyst

EQT signals a sizable Q4 2025 derivatives gain, with details still preliminary.

EQT Corporation expects a total derivatives gain of $114 million for the quarter ended December 31, 2025. This reflects how its hedging program interacted with natural gas and related markets over the period.

Within this, EQT anticipates net cash settlements received on derivatives of $35 million, driven by $44 million received on NYMEX natural gas hedge positions and $9 million paid on basis and liquids hedge positions. It also expects $45 million of premiums paid for derivatives that settled during the quarter.

All figures are explicitly described as preliminary and subject to change, to be finalized in the Form 10-K for the period ended December 31, 2025 or the related earnings release. The ultimate impact will depend on the full quarterly results once disclosed.

8-K Event Classification

Item 2.02 — Results of Operations and Financial Condition

1 item

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Understanding 8-K Material Events →

0000033213false00000332132026-01-292026-01-29

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 29, 2026

EQT CORPORATION

(Exact name of registrant as specified in its charter)

Pennsylvania			001-3551			25-0464690
(State or other jurisdiction of incorporation)			(Commission File Number)			(IRS Employer Identification No.)

625 Liberty Avenue, Suite 1700

Pittsburgh, Pennsylvania 15222

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (412) 553-5700

(Former name or former address, if changed since last report): None

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, no par value

EQT

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐    Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Item 2.02.          Results of Operations and Financial Condition.

EQT Corporation (“EQT”) expects to report a total gain on derivatives of $114 million for the three months ended December 31, 2025.

In addition, for the three months ended December 31, 2025, EQT expects to report net cash settlements received on derivatives as shown below.

			Three Months Ended
			December 31, 2025
			(Millions)
Net cash settlements received on NYMEX natural gas hedge positions			$	44
Net cash settlements paid on basis and liquids hedge positions			(9)
Net cash settlements received on derivatives			$	35

For the three months ended December 31, 2025, EQT expects to report that there were $45 million of premiums paid for derivatives that settled during the period.

The dollar amounts included in this Current Report on Form 8-K are preliminary and subject to change. Final dollar amounts for the three months ended December 31, 2025 will be reported in EQT’s Annual Report on Form 10-K for the period ended December 31, 2025 or in the corresponding earnings release.

The information contained in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

									EQT CORPORATION
									(Registrant)
						By:			/s/ Jeremy T. Knop
									Jeremy T. Knop
									Chief Financial Officer

 Date:  January 29, 2026

FAQ

What derivatives gain does EQT (EQT) expect for Q4 2025?

EQT expects a total derivatives gain of $114 million for Q4 2025. This preliminary figure covers the three months ended December 31, 2025 and reflects the net impact of the company’s hedge positions before final results are reported in its annual filing or earnings release.

How much net cash did EQT (EQT) receive from derivatives in Q4 2025?

EQT expects to receive $35 million in net cash settlements on derivatives for Q4 2025. This includes $44 million of net cash settlements received on NYMEX natural gas hedge positions, partly offset by $9 million of net cash settlements paid on basis and liquids hedge positions.

What premiums did EQT (EQT) pay for derivatives that settled in Q4 2025?

EQT expects to report $45 million of premiums paid for derivatives that settled during Q4 2025. These premiums relate to derivative contracts that reached settlement in the three months ended December 31, 2025 and are part of the company’s overall hedging program economics.

Are EQT’s (EQT) Q4 2025 derivatives figures final?

No, EQT’s disclosed Q4 2025 derivatives figures are preliminary. The company states that all dollar amounts for the three months ended December 31, 2025 are subject to change and will be finalized in its Form 10-K or the corresponding earnings release.

Where will EQT (EQT) report final Q4 2025 derivatives results?

Final Q4 2025 derivatives results will appear in EQT’s Form 10-K or earnings release. The company indicates that definitive dollar amounts for the period ended December 31, 2025 will be included in its Annual Report on Form 10-K or the related earnings announcement.

How did EQT’s (EQT) NYMEX natural gas hedges perform in Q4 2025?

EQT expects $44 million of net cash settlements received on NYMEX natural gas hedge positions. This figure for the three months ended December 31, 2025 shows that these specific hedges generated positive cash inflows within the broader derivatives portfolio.