EQT (EQT) financial statements
EQT reported revenue of $8.6B in fiscal 2025, up 22.5% a year over 9 years.
Net income was $2.0B and the operating margin 37.6%, against -54.4% in 2016.
Free cash flow was $2.8B, and the company returned $390M in dividends.
The diluted share count rose 269% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from EQT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.4B | $3.1B | $4.7B | $3.8B | $2.7B | $6.8B | $12.1B | $5.0B | $5.3B | $8.6B |
| Cost of revenue | $880M | $1.2B | $1.7B | $1.8B | $1.7B | $1.9B | $2.1B | $2.2B | $1.9B | $1.5B |
| Gross profit | $507M | $1.9B | $3.0B | $2.0B | $940M | $4.9B | $10.0B | $2.9B | $3.4B | $7.1B |
| Selling, general and admin | $219M | $209M | $233M | $171M | $175M | $196M | $253M | $236M | $337M | $380M |
| Operating income | -$755M | $382M | -$2.8B | -$1.2B | -$878M | -$1.4B | $2.7B | $2.3B | $685M | $3.2B |
| Interest expense | $131M | $168M | $229M | $200M | $259M | $290M | $250M | $220M | $455M | $439M |
| Pre-tax income | -$894M | $199M | -$3.1B | -$1.6B | -$1.3B | -$1.6B | $2.3B | $2.1B | $264M | $3.0B |
| Income tax | -$363M | -$1.2B | -$697M | -$376M | -$295M | -$428M | $554M | $369M | $22M | $652M |
| Net income | -$453M | $1.5B | -$2.2B | -$1.2B | -$959M | -$1.1B | $1.8B | $1.7B | $231M | $2.0B |
| EPS (diluted) | -$2.71 | $8.04 | -$8.60 | -$4.79 | -$3.68 | -$3.54 | $4.38 | $4.22 | $0.45 | $3.31 |
| Diluted shares | 167M | 188M | 261M | 255M | 261M | 323M | 406M | 413M | 515M | 616M |
| Gross margin | 36.5% | 62.3% | 64.0% | 53.8% | 35.5% | 71.5% | 82.5% | 57.2% | 63.7% | 82.3% |
| Operating margin | -54.4% | 12.4% | -59.1% | -30.4% | -33.1% | -20.0% | 22.4% | 45.9% | 13.0% | 37.6% |
| Net margin | -32.7% | 48.8% | -47.7% | -32.2% | -36.2% | -16.8% | 14.6% | 34.4% | 4.4% | 23.6% |
Balance sheet
Fiscal years, from EQT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.1B | $26M | $3M | $5M | $18M | $114M | $1.5B | $81M | $202M | $111M |
| Receivables | $342M | $665M | $1.2B | $610M | $567M | $1.4B | $1.6B | $824M | $1.1B | $1.5B |
| Total current assets | $1.8B | $1.2B | $2.0B | $1.8B | $1.2B | $2.3B | $4.0B | $2.0B | $1.7B | $1.9B |
| Property, plant and equipment | $13.2B | $19.7B | $17.4B | $16.2B | $16.1B | $18.4B | $18.2B | $23.0B | $31.7B | $33.6B |
| Goodwill | $0 | $471M | $0 | — | — | — | — | $0 | $2.1B | $2.1B |
| Total assets | $15.5B | $29.5B | $20.7B | $18.8B | $18.1B | $21.6B | $22.7B | $25.3B | $39.8B | $41.8B |
| Total current liabilities | $805M | $1.2B | $2.4B | $1.3B | $1.8B | $5.2B | $3.7B | $2.0B | $2.5B | $2.5B |
| Long-term debt | $3.3B | $5.6B | $4.0B | $5.3B | $4.8B | $4.5B | $5.3B | $5.5B | $9.0B | $7.3B |
| Total liabilities | $6.4B | $11.1B | $9.8B | $9.0B | $8.9B | $11.6B | $11.5B | $10.5B | $15.6B | $14.4B |
| Shareholders' equity | $5.9B | $13.3B | $11.0B | $9.8B | $9.3B | $10.0B | $11.2B | $14.8B | $20.6B | $23.8B |
| Net debt | $2.2B | $5.5B | $4.7B | $5.3B | $4.9B | $5.5B | $4.2B | $5.7B | $9.1B | $7.7B |
Cash flow
Fiscal years, from EQT's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.6B | $3.0B | $1.9B | $1.5B | $1.7B | $3.5B | $3.2B | $2.8B | $5.1B |
| Capital spending | $943M | $1.6B | $3.0B | $1.6B | $1.0B | $1.1B | $1.4B | $2.0B | $2.3B | $2.3B |
| Free cash flow | $122M | $79M | -$23M | $249M | $495M | $607M | $2.1B | $1.2B | $573M | $2.8B |
| Stock-based compensation | $45M | $95M | $25M | $31M | $20M | $28M | $45M | $50M | $158M | $61M |
| Dividends paid | $20M | $21M | $31M | $31M | $8M | $0 | $204M | $228M | $327M | $390M |
| Share buybacks (net) | -$30,000 | -$30,000 | -$27,000 | $0 | $0 | -$13M | -$409M | -$201M | $0 | $0 |
| Net borrowing | $1.2B | -$2.0B | -$8M | $295M | -$222M | $846M | $83M | -$1.0B | -$4.3B | -$1.4B |
| Free cash flow margin | 8.8% | 2.5% | -0.5% | 6.6% | 18.7% | 8.9% | 17.0% | 23.0% | 10.9% | 32.8% |
| Dividends per share | $0.12 | $0.11 | $0.12 | $0.12 | $0.03 | — | $0.50 | $0.55 | $0.63 | $0.63 |
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Open EQT in InvestinglyQuestions
What was EQT's revenue in 2025?
$8.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does EQT generate?
$2.8B in fiscal 2025 (operating cash flow minus capital spending).
From EQT's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.