EQT Corporation (EQT) Q3 2025 10-Q Quarterly Report
EQT Corporation (EQT) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 22, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
EQT Corporation Q3 2025 10-Q Analysis
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
EQT Corporation Q3 2025 Quarterly FinancialsXBRL
Revenue
$2.0B
▲ +52.6% YoY▼ -23.4% QoQ
Net Income
$336M
▲ +211.6% YoY▼ -57.2% QoQ
Operating Margin
30.8%
▲ +5275bp YoY▼ -1354bp QoQ
Net Margin
17.1%
▲ +4058bp YoY▼ -1351bp QoQ
ROE
1.5%
Total Assets
$41.2B
EPS (Diluted)
$0.53
▲ +182.8% YoY▼ -59.2% QoQ
Operating Cash Flow
$1.0B
▲ +71.6% YoY▼ -18.0% QoQ
Source: XBRL data from EQT Corporation Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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