Revenue growth reached 39.7% in 2026Q1, supported by a structural improvement in gross margins to 98.4% compared to 36.2% in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 10.03B | 9.07B | 5.22B | 5.07B | 12.14B | 6.84B | 2.66B | 3.8B | 4.74B | 2.99B | 1.86B | 1.95B | 2.47B | 1.86B | 1.64B | 1.64B | 1.32B | 1.27B | 1.58B | 1.36B | 1.27B | 1.25B | 1.19B | 1.05B | 1.07B | 1.76B | 1.65B | 1.06B | 882.6M | 2.15B | 1.86B |
| Revenue Growth % | 58.37% | 73.74% | 3% | -58.24% | 77.5% | 157.26% | -30.03% | -19.77% | 58.52% | 60.88% | -4.95% | -20.88% | 32.64% | 13.43% | 0.1% | 23.98% | 4.16% | -19.45% | 15.8% | 7.37% | 1.13% | 5.21% | 13.78% | -2.04% | -39.41% | 6.8% | 55.47% | 20.41% | -58.97% | 15.53% | 30.56% |
| Cost of Goods Sold | 3.61B | 4.64B | 4.45B | 4.13B | 4.08B | 3.84B | 1.57B | 1.73B | 1.81B | 1.16B | 1.03B | 997.15M | 866.54M | 761.22M | 570.77M | 522.68M | 590.58M | 563.88M | 861.81M | 744.57M | 672.22M | 668.02M | 543.31M | 411.02M | 606.9M | 656.83M | 608.47M | 696.23M | 581.75M | 602.7M | 581.1M |
| COGS % of Revenue | - | 51.14% | 85.31% | 81.43% | 33.62% | 56.2% | 59.24% | 45.49% | 38.13% | 38.75% | 55.49% | 51.03% | 35.09% | 40.88% | 34.77% | 31.87% | 44.65% | 44.41% | 54.67% | 54.69% | 53.02% | 53.28% | 45.59% | 39.25% | 56.77% | 37.23% | 36.83% | 65.52% | 65.91% | 28.02% | 31.21% |
| Gross Profit | 6.43B | 4.43B | 767.22M | 941.58M | 8.06B | 3B | 1.08B | 2.07B | 2.93B | 1.54B | 605.42M | 956.85M | 1.52B | 1.1B | 806.45M | 801.15M | 783.81M | 747.48M | 714.68M | 616.84M | 595.69M | 585.7M | 501.87M | 465.55M | 462.16M | 452.5M | 428.06M | 345.78M | 270.06M | 310.4M | 275.3M |
| Gross Margin % | 64.05% | 48.86% | 14.69% | 18.57% | 66.38% | 43.8% | 40.76% | 54.51% | 61.87% | 51.65% | 32.6% | 48.97% | 61.64% | 58.97% | 49.13% | 48.85% | 59.26% | 58.86% | 45.33% | 45.31% | 46.98% | 46.72% | 42.12% | 44.45% | 43.23% | 25.64% | 25.91% | 32.54% | 30.6% | 14.43% | 14.79% |
| Gross Profit Growth % | - | 477.87% | -18.52% | -88.32% | 169.04% | 176.41% | -47.68% | -29.31% | 89.88% | 154.91% | -36.73% | -37.14% | 38.64% | 36.15% | 0.66% | 2.21% | 4.86% | 4.59% | 15.86% | 3.55% | 1.7% | 16.7% | 7.8% | 0.73% | 2.14% | 5.71% | 23.79% | 28.04% | -13% | 12.75% | -4.91% |
| Operating Expenses | 1.74B | 1.29B | 81.92M | -1.37B | 5.34B | 4.36B | 1.96B | 3.22B | 5.71B | 1.16B | 1.36B | 393.71M | 668.83M | 443.35M | 416.82M | 39.98M | 313.33M | 390.69M | 249.87M | 305.17M | 223.16M | 241.89M | 230.39M | 189.54M | 184.59M | 197.97M | 213.83M | 203.03M | 281.86M | 208.3M | 165.7M |
| OpEx % of Revenue | - | 14.16% | 1.57% | -27.08% | 44% | 63.69% | 73.78% | 84.83% | 120.63% | 38.86% | 73.25% | 20.15% | 27.08% | 23.81% | 25.39% | 2.44% | 23.69% | 30.77% | 15.85% | 22.42% | 17.6% | 19.29% | 19.33% | 18.1% | 17.27% | 11.22% | 12.94% | 19.11% | 31.93% | 9.68% | 8.9% |
| Selling, General & Admin | 384.35M | 380.07M | 336.72M | 236.17M | 252.65M | 196.31M | 174.77M | 170.61M | 232.54M | 208.99M | 218.95M | 249.93M | 238.13M | 200.85M | 172.24M | 153.62M | 155.55M | 176.7M | 111.1M | 195.37M | 125.95M | 140.53M | 130.09M | 103.54M | 109.83M | 124.74M | 116.05M | 102.31M | 114.85M | 100.3M | 101.8M |
| SG&A % of Revenue | - | 4.19% | 6.45% | 4.66% | 2.08% | 2.87% | 6.57% | 4.49% | 4.91% | 6.99% | 11.79% | 12.79% | 9.64% | 10.79% | 10.49% | 9.37% | 11.76% | 13.92% | 7.05% | 14.35% | 9.93% | 11.21% | 10.92% | 9.89% | 10.27% | 7.07% | 7.02% | 9.63% | 13.01% | 4.66% | 5.47% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.57% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 905.06M | -254.8M | -1.61B | 5.09B | 4.16B | 1.79B | 3.05B | 5.48B | 952.07M | 1.14B | 143.78M | 430.7M | 242.5M | 244.58M | -113.65M | 157.78M | 213.98M | 138.78M | 109.8M | 97.21M | 101.36M | 100.3M | 86M | 74.77M | 73.23M | 97.78M | 100.72M | 167.01M | 108M | 63.9M |
| Operating Income | 4.69B | 3.15B | 685.3M | 2.31B | 2.72B | -1.36B | -877.67M | -1.15B | -2.78B | 382.21M | -755.03M | 563.14M | 853.39M | 654.6M | 389.63M | 761.17M | 470.48M | 356.79M | 464.81M | 311.67M | 372.52M | 343.81M | 271.48M | 276.01M | 277.57M | 254.53M | 214.23M | 142.75M | -11.8M | 102.1M | 109.6M |
| Operating Margin % | 46.73% | 34.7% | 13.12% | 45.65% | 22.39% | -19.9% | -33.01% | -30.32% | -58.76% | 12.79% | -40.65% | 28.82% | 34.55% | 35.16% | 23.73% | 46.41% | 35.57% | 28.1% | 29.48% | 22.89% | 29.38% | 27.42% | 22.78% | 26.35% | 25.96% | 14.42% | 12.97% | 13.43% | -1.34% | 4.75% | 5.89% |
| Operating Income Growth % | - | 359.42% | -70.39% | -14.85% | 299.71% | -55.07% | 23.82% | 58.6% | -828.16% | 150.62% | -234.07% | -34.01% | 30.37% | 68.01% | -48.81% | 61.79% | 31.86% | -23.24% | 49.13% | -16.33% | 8.35% | 26.64% | -1.64% | -0.56% | 9.05% | 18.81% | 50.07% | 1309.99% | -111.56% | -6.84% | 398.18% |
| EBITDA | 7.32B | 5.75B | 2.85B | 4.05B | 4.38B | 347.9M | 567.29M | 445.85M | -1.01B | 1.44B | 172.89M | 1.38B | 1.53B | 1.33B | 888.75M | 1.1B | 740.76M | 552.87M | 601.62M | 421.48M | 472.64M | 437.34M | 353.56M | 355.82M | 350.6M | 327.76M | 313.24M | 243.48M | 73.37M | 186M | 177.9M |
| EBITDA Margin % | 72.98% | 63.36% | 54.53% | 79.81% | 36.11% | 5.09% | 21.34% | 11.73% | -21.3% | 48.35% | 9.31% | 70.74% | 62.06% | 71.49% | 54.14% | 67.1% | 56% | 43.54% | 38.16% | 30.96% | 37.28% | 34.88% | 29.67% | 33.98% | 32.79% | 18.58% | 18.96% | 22.91% | 8.31% | 8.65% | 9.56% |
| EBITDA Growth % | 122.22% | 101.88% | -29.63% | -7.7% | 1160.11% | -38.67% | 27.24% | 144.18% | -169.84% | 735.65% | -87.49% | -9.81% | 15.14% | 49.78% | -19.24% | 48.56% | 33.99% | -8.1% | 42.74% | -10.83% | 8.07% | 23.7% | -0.64% | 1.49% | 6.97% | 4.63% | 28.65% | 231.84% | -60.55% | 4.55% | 40.52% |
| D&A (Non-Cash Add-back) | 2.63B | 2.6B | 2.16B | 1.73B | 1.67B | 1.71B | 1.44B | 1.6B | 1.77B | 1.06B | 927.92M | 819.22M | 679.3M | 676.57M | 499.12M | 339.3M | 270.29M | 196.08M | 136.82M | 109.8M | 100.12M | 93.53M | 82.08M | 79.82M | 73.03M | 73.23M | 99.01M | 100.72M | 85.17M | 83.9M | 68.3M |
| EBIT | 4.8B | 3.27B | 719.02M | 2.32B | 2.58B | -1.28B | -994.83M | -1.4B | -2.85B | 366.58M | -763.1M | 573.09M | 860.25M | 663.85M | 405.17M | 794.45M | 483.38M | 365.38M | 468.92M | 311.67M | 369.62M | 351.65M | 289.7M | 285.29M | 282.89M | 254.53M | 214.23M | 142.75M | 70.04M | 126.2M | 105.2M |
| Net Interest Income | -416.79M | -437.58M | -454.82M | -219.66M | -249.66M | -289.75M | -259.27M | -199.85M | -228.96M | -167.97M | -131.16M | -146.53M | -136.54M | -142.69M | -184.79M | -136.33M | -128.16M | -111.78M | -58.39M | 0 | -47.05M | -44.44M | 0 | -45.77M | 0 | 0 | -75.66M | 0 | 0 | 0 | 0 |
| Interest Income | 1.11M | 1.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 417.9M | 438.69M | 454.82M | 219.66M | 249.66M | 289.75M | 259.27M | 199.85M | 228.96M | 167.97M | 131.16M | 146.53M | 136.54M | 142.69M | 184.79M | 136.33M | 128.16M | 111.78M | 58.39M | 0 | 47.05M | 44.44M | 0 | 45.77M | 0 | 0 | 75.66M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -117.38M | -170.86M | -421.1M | -210.91M | -383.33M | -208.56M | -376.44M | -445.36M | -294.31M | -183.6M | -139.23M | -136.58M | -129.68M | -133.45M | -169.25M | -103.05M | -115.26M | -103.19M | -54.28M | 90.2M | -46.79M | 67.8M | 182.26M | -24.22M | -49.35M | -15M | -50.89M | -34.27M | -37.63M | 15.3M | -29.1M |
| Pretax Income | 4.57B | 2.98B | 264.19M | 2.1B | 2.33B | -1.57B | -1.25B | -1.6B | -3.08B | 198.61M | -894.26M | 426.56M | 723.71M | 521.16M | 220.38M | 658.12M | 355.22M | 253.6M | 410.52M | 401.88M | 325.73M | 411.61M | 453.74M | 251.78M | 228.22M | 239.53M | 163.34M | 108.49M | -49.43M | 117.4M | 80.5M |
| Pretax Margin % | 45.56% | 32.82% | 5.06% | 41.49% | 19.23% | -22.95% | -47.17% | -42.04% | -64.97% | 6.65% | -48.15% | 21.83% | 29.3% | 27.99% | 13.42% | 40.13% | 26.86% | 19.97% | 26.04% | 29.52% | 25.69% | 32.83% | 38.08% | 24.04% | 21.35% | 13.58% | 9.89% | 10.21% | -5.6% | 5.46% | 4.32% |
| Income Tax | 1.01B | 651.88M | 22.08M | 368.95M | 553.72M | -428.04M | -295.29M | -375.78M | -696.51M | -1.19B | -362.77M | 104.67M | 214.09M | 175.19M | 71.46M | 238.54M | 127.52M | 96.67M | 154.92M | 144.4M | 109.71M | 153.04M | 154.95M | 86.03M | 77.59M | 87.72M | 57.17M | 39.36M | -22.38M | 43.2M | 27M |
| Effective Tax Rate % | 22.02% | 21.89% | 8.36% | 17.54% | 23.72% | 27.27% | 23.55% | 23.52% | 22.63% | -598.36% | 40.57% | 24.54% | 29.58% | 33.61% | 32.43% | 36.25% | 35.9% | 38.12% | 37.74% | 35.93% | 33.68% | 37.18% | 34.15% | 34.17% | 34% | 36.62% | 35% | 36.28% | 45.28% | 36.8% | 33.54% |
| Net Income | 3.35B | 2.04B | 230.58M | 1.74B | 1.77B | -1.14B | -958.8M | -1.22B | -2.24B | 1.51B | -452.98M | 85.17M | 386.96M | 390.57M | 183.4M | 479.77M | 227.7M | 156.93M | 255.6M | 257.48M | 220.29M | 260.06M | 279.85M | 170M | 154.11M | 151.81M | 106.17M | 69.1M | -44.2M | 78.1M | 59.4M |
| Net Margin % | 33.4% | 22.48% | 4.42% | 34.23% | 14.59% | -16.71% | -36.06% | -32.15% | -47.39% | 50.49% | -24.39% | 4.36% | 15.67% | 20.98% | 11.17% | 29.26% | 17.21% | 12.36% | 16.21% | 18.91% | 17.37% | 20.74% | 23.49% | 16.23% | 14.42% | 8.6% | 6.43% | 6.5% | -5.01% | 3.63% | 3.19% |
| Net Income Growth % | 807.58% | 784.41% | -86.71% | -2.02% | 254.97% | -19.19% | 21.52% | 45.57% | -248.79% | 433.02% | -631.85% | -77.99% | -0.92% | 112.97% | -61.77% | 110.7% | 45.1% | -38.6% | -0.73% | 16.89% | -15.29% | -7.07% | 64.62% | 10.31% | 1.51% | 42.98% | 53.65% | 256.33% | -156.59% | 31.48% | 3860% |
| Net Income (Continuing) | 3.56B | 2.33B | 242.12M | 1.73B | 1.78B | -1.14B | -958.81M | -1.22B | -2.38B | 1.39B | -531.49M | 321.89M | 509.62M | 345.97M | 148.92M | 419.58M | 227.7M | 156.93M | 255.6M | 257.48M | 216.03M | 258.57M | 298.79M | 165.75M | 150.63M | 151.81M | 106.17M | 69.13M | -27.05M | 74.2M | 53.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136.35M | 121.5M | 0 | 0 | 1.37M | 91.84M | 0 | 0 | 0 | 0 | 0 | 0 | 4.26M | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3.67B | 3.61B | 3.68B | 7.62M | 40.85M | 16.24M | 7.49M | 0 | 0 | 5.09B | 3.26B | 2.95B | 1.79B | 829.34M | 284.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125M | 125M | 125M | 0 | 0 |
| EPS (Diluted) | 5.36 | 3.31 | 0.41 | 4.20 | 4.38 | -3.57 | -3.71 | -4.79 | -8.60 | 8.04 | -2.71 | 0.56 | 2.54 | 2.57 | 1.22 | 3.19 | 1.57 | 1.19 | 2.00 | 2.10 | 1.80 | 2.10 | 2.22 | 1.34 | 1.14 | 1.13 | 0.80 | 0.51 | -0.30 | 0.51 | 0.38 |
| EPS Growth % | 845.05% | 707.32% | -90.24% | -4.11% | 222.69% | 3.77% | 22.55% | 44.3% | -206.97% | 396.68% | -583.93% | -77.95% | -1.17% | 110.66% | -61.76% | 103.18% | 31.93% | -40.5% | -4.76% | 16.67% | -14.29% | -5.41% | 65.67% | 17.54% | 0.89% | 41.25% | 56.86% | 270% | -158.82% | 34.21% | 192.31% |
| EPS (Basic) | - | 3.33 | 0.45 | 4.56 | 4.79 | -3.57 | -3.71 | -4.79 | -8.60 | 8.05 | -2.71 | 0.56 | 2.55 | 2.59 | 1.23 | 3.21 | 1.58 | 1.20 | 2.01 | 2.12 | 1.83 | 2.15 | 2.27 | 1.37 | 1.16 | 1.16 | 0.82 | 0.51 | -0.30 | 0.52 | 0.38 |
| Diluted Shares Outstanding | 625.14M | 624.54M | 559.6M | 413.22M | 406.5M | 323.2M | 260.61M | 255.14M | 260.93M | 187.73M | 166.98M | 152.94M | 152.51M | 151.79M | 150.51M | 150.21M | 144.46M | 130.82M | 128.11M | 122.61M | 122.38M | 123.84M | 126.06M | 126.87M | 135.18M | 134.34M | 132.72M | 136.89M | 147.88M | 152.39M | 156.32M |
| Basic Shares Outstanding | 625.14M | 624.54M | 509.6M | 380.9M | 370.05M | 323.2M | 260.61M | 255.14M | 260.93M | 187.38M | 166.98M | 152.4M | 151.55M | 150.57M | 149.62M | 149.39M | 144.46M | 130.82M | 127.23M | 121.45M | 120.37M | 120.96M | 123.28M | 124.09M | 132.85M | 130.87M | 130.27M | 135.55M | 147.88M | 151.65M | 156.32M |
| Dividend Payout Ratio | - | 19.11% | 141.64% | 13.16% | 11.5% | - | - | - | - | 1.38% | - | 21.5% | 4.71% | 4.63% | 71.87% | 27.44% | 55.9% | 73.52% | 43.58% | 41.59% | 47.61% | 38.35% | 31.93% | 35.54% | 27.13% | 26.58% | 36.25% | 58.47% | - | 54.67% | 69.87% |
Regional basis price volatility
As reported in recent financial statements, EQT achieved a significant revenue surge to $3.4 billion in 2026Q1, representing a 39.7% year-over-year growth rate that underscores the company's successful integration of acquired assets and its aggressive expansion within the Appalachian Basin's prolific natural gas reserves.
The trajectory of revenue growth appears to be accelerating, suggesting that the company's consolidation strategy is effectively capturing market share. Investors should monitor whether this growth remains sustainable as the company moves beyond the initial integration phase of its recent large-scale acquisitions.
Based on the provided income statement data, EQT's gross margin reached an impressive 98.4% in 2026Q1, a substantial improvement from the 36.2% reported in 2025Q3, which suggests that the company is successfully leveraging its midstream infrastructure to optimize the wellhead-to-market spread for its natural gas production.
This dramatic margin expansion indicates a potential shift in the company's cost structure, likely driven by reduced reliance on third-party gathering and processing services. However, such high margins warrant further investigation to determine if they are sustainable or if they reflect temporary accounting benefits from hedging activities.
According to the latest quarterly filings, EQT's operating income scaled to $2.0 billion in 2026Q1, demonstrating significant operating leverage as the company successfully managed its SG&A expenses while simultaneously growing its top-line revenue by nearly 40% compared to the same period in the prior year.
The ability to grow operating income faster than revenue suggests that the company is achieving meaningful economies of scale in its administrative and operational overhead. This trend appears to validate the management's focus on consolidating the Appalachian Basin to drive down per-unit costs.
As indicated by the historical income statement data, EQT's net income has experienced significant fluctuations, including a notable $1.6 billion profit in 2026Q1, which may be heavily influenced by non-cash mark-to-market adjustments on the company's extensive derivative portfolio used for hedging natural gas price exposure.
Investors should exercise caution when interpreting these net income figures, as they may not fully reflect the underlying cash-generative capacity of the core exploration and production business. A deeper analysis of adjusted earnings, excluding these non-operating derivative impacts, is essential to gauge true operational performance.
While EQT's recent performance appears strong, the company remains highly vulnerable to regional basis differentials, as evidenced by the historical volatility in gross margins which dropped to -23.2% in 2024Q2, highlighting the inherent risk of being a pure-play producer concentrated in the Appalachian region.
Short-term price volatility in the Eastern Gas South hub could rapidly erode the company's current profitability if pipeline capacity constraints persist. The market may be underestimating the potential for these localized pricing shocks to decouple EQT's realized prices from the national Henry Hub benchmark.
Quick answers to the most common questions about buying EQT stock.
For fiscal year 2025, EQT Corporation (EQT) reported total revenue of $9.07B. This represents a 387.3% increase compared to $1.86B in 1996.
EQT Corporation (EQT) is profitable, generating $2.04B in net income for the fiscal year ending 2025 with a net profit margin of 22.5%.
EQT Corporation (EQT) reported an operating income of $3.15B, resulting in an operating profit margin of 34.7%. This margin reflects the operational efficiency of the business before interest and taxes.
EQT Corporation (EQT) generated $4.43B in gross profit for the year, representing a gross profit margin of 48.9%. This demonstrates the company's core pricing power and production efficiency.