Short answer
EQT Corporation (EQT) filed its fiscal 2025 10-K annual report with the SEC on Feb 18, 2026. It reported revenue of $8.6B (+63.9% year over year) and net income of $2.0B.
- Top risk flagged: Credit loss risk on OTC derivatives with 62%, or $159M, having positive fair value as of December 31, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $8.6B
- +63.9% YoY
- Net income
- $2.0B
- +784.4% YoY
- Operating margin
- 37.6%
- +24.6 pp YoY
- EPS (diluted)
- $3.31
- +635.6% YoY
- ROE
- 8.6%
- +7.5 pp YoY
- Operating cash flow
- $5.1B
- +81.3% YoY
Source: XBRL data from the EQT Corporation (EQT) FY2025 10-K on SEC EDGAR. USD.
EQT Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Upstream and midstream natural gas and oil production and infrastructure operations
- Emphasis on joint ventures for midstream infrastructure, including MVP JV, Eureka Holdings, and Midstream JV, affecting operational flexibility
- Increased focus on strategic transactions risks including acquisitions, dispositions, and integration challenges amid volatile commodity prices
- Concern over regulatory impacts on drilling/pipeline operations due to wildlife protection laws potentially raising costs and causing delays
- Heightened litigation risk from securities class action and derivative lawsuits related to strategic transactions, with potential financial and operational impacts
Management Discussion & Analysis
- Derivative natural gas instruments fair value sensitivity: +10% price -> -$93M (2025), -$340M (2024); -10% price -> +$100M (2025), +$283M (2024)
- Interest expense increase of ~$3 million from 1% rate hike on revolving credit facilities in 2025
- No guidance or forward-looking management outlook included in excerpt
Risk Factors
- Credit loss risk on OTC derivatives with 62%, or $159M, having positive fair value as of December 31, 2025
- Counterparty credit risk from physical sales concentrated in Appalachian Basin and markets in Gulf Coast, Midwest, Northeast US, and Canada
- Revolving credit facility lenders limited to maximum 10-11% participation, reducing exposure to banking industry disruption
- Interest rate risk affecting fair value of fixed rate debt, as detailed in Note 7 of Consolidated Financial Statements
- No default on derivative contracts as of December 31, 2025; credit risk managed through collateral and credit approvals
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