Short answer
EQT Corporation (EQT) filed its Q3 2025 10-Q quarterly report on Oct 22, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.0B (up 52.6% year over year) with net income of $336M.
Q3 2025 key financials · XBRL
- Revenue
- $2.0B
- +52.6% YoY · −23.4% QoQ
- Net income
- $336M
- +211.6% YoY · −57.2% QoQ
- Operating margin
- 30.8%
- EPS (diluted)
- $0.53
- +182.8% YoY · −59.2% QoQ
Source: XBRL data from the EQT Corporation (EQT) Q3 2025 10-Q on SEC EDGAR. USD.
EQT Corporation Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $1,753M Q3 2025, up 26.7% YoY vs $1,383M Q3 2024; nine months revenue $5,504M, up 28.4% from $4,286M YoY
- Operating income Q3 2025 $370.3M (Production segment), vs loss $235.4M YoY; gathering segment operating income $202.6M up 5.9% YoY; transmission $85.4M up 56.5% YoY
- Average realized price $2.76/Mcfe Q3 2025 vs $2.38/Mcfe Q3 2024 (+16%); total sales volume 634.4 Bcfe +9.1% YoY
- Best performing segment: Production with $370.3M operating income (Q3 2025) vs loss of $235.4M YoY; worst performing: Transmission has lowest absolute income but improved 56.5% YoY
- Operating cash flow nine months ended Sept 30, 2025 $4,001M vs $2,071M prior year; capital expenditures nine months $1,676M roughly flat YoY
- Completed Olympus Energy Acquisition July 2025 adding 500 MMcf/d production and 90,000 net acres; funded with stock ($1,471M) and $475M cash borrowings
- Q4 2025 capex guidance $635M-$735M, sales volume guidance 550-600 Bcfe inclusive of curtailments
- Management flags ongoing commodity price volatility and strategic curtailments lowering Q3 sales volume by 3 Bcfe; curtailments of 15-20 Bcfe included in Q4 guidance
- Income tax expense switched from benefit in 2024 to expense in 2025 impacting net income comparison
- Net income Q3 2025 $335.9M vs net loss $300.8M Q3 2024; nine months net income $1,362.1M vs loss $187.8M YoY
- Decreased acquisition-related transaction costs and gathering expense driving improved profitability
- Dividend declared $0.165/share for Q4 2025, payable Dec 1, 2025
- Notes payable ratings stable: Moody’s Baa3, S&P BBB–, Fitch BBB– as of Sept 30, 2025
Risk Factors
- No material changes to risk factors since 2024 10-K filing
- Carried-forward commodity price volatility risk amid natural gas market fluctuations
- Regulatory compliance risk related to evolving environmental regulations and carbon emissions standards
- Operational risk from production disruptions due to weather or technical issues impacting supply
- Financial risk from leverage and debt maturities requiring continued liquidity management
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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