# EQT Corporation (EQT)

> EQT · NYSE · Energy, oil and gas · United States · US GAAP · Fiscal year ends December
>
> Latest report: Q3 FY2026, the quarter ended 30 September 2026, released 28 October 2026. Snapshot FY2026Q3_0d8b605b.

Page: https://annalist.io/company/eqt-corporation/

Identifiers: LEI 4NT01YGM4X7ZX86ISY52, CIK 0000033213

## Latest Figures

| Figure | Value | Exact value | Unit | Change | Period | Period end | Source documents |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue, quarter | $1.8bn | 1770394000 | USD | −9.6% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating income, quarter | $459m | 459461000 | USD | −23.8% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Net income, quarter | $279m | 278691000 | USD | −17.0% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Diluted EPS, quarter | $0.44 | 0.44 | USD/shares | −17.0% year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2026-09 |
| Operating margin, last 4 quarters | 41.8% | 41.7837 | % | +3.5pp year on year | FY2026 Q3 | 2026-09-30 | 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09 |
| Return on equity, last 4 quarters | 10.9% | 10.9198 | % | +2.7pp year on year | FY2026 Q3 | 2026-09-30 | 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06 |

- Operating margin: Operating income / revenue.
- Return on equity: Net income attributable to the company / average shareholders' equity attributable to the company.

## Key Findings

Each finding is a sentence written by a fixed rule from the figures; the mark in brackets is how the finding moved against the report before.

- Revenue for the quarter ended 30 September 2026 was US$1.8 billion, 9.6% lower than in the same quarter a year earlier. [Weakened in Q3 FY2026] Sources: 10-Q 2026-09.
- Net income attributable to the company was US$279 million, 17.0% lower than in the same quarter a year earlier. [Weakened in Q3 FY2026] Sources: 10-Q 2026-09.
- The operating margin over the last 4 quarters was 41.8%, 3.5 percentage points higher than a year earlier. [Weakened in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Return on equity over the last 4 quarters was 10.9%, against 8.2% a year earlier. [Weakened in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2024-09.
- Free cash flow over the last 4 quarters was US$3.8 billion, and operating cash flow was 2.4 times net income attributable to the company. [Confirmed in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-Q 2026-09.
- Net debt was US$5.5 billion at 30 September 2026, 0.8 times EBITDA over the last 4 quarters. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06.
- Lease-adjusted debt was 0.8 times adjusted EBITDA over the last 4 quarters, and funds from operations equalled 111.6% of that debt. Both ratios are within the minimal band of the S&P standard volatility table. The lease figures that the quarters do not report are estimated from the lease cost of fiscal 2025 and lease liabilities of Q4 FY2025. [Confirmed in Q3 FY2026] Sources: 10-K 2025-12, 10-Q 2026-09, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06, 10-K 2024-12.
- Cash, short-term investments and operating cash flow over the last 4 quarters equalled 2.2 times the sum of debt due within 12 months, capital expenditure and dividends. [Confirmed in Q3 FY2026] Sources: 10-Q 2026-09, 10-K 2025-12, 10-Q 2025-09, 10-Q 2026-03, 10-Q 2026-06.
- Operating cash flow over the last 4 quarters exceeded net income attributable to the company by an amount equal to 8.9% of average total assets. [Confirmed in Q3 FY2026] Sources: 10-Q 2025-09, 10-Q 2026-09, 10-K 2025-12, 10-Q 2026-03, 10-Q 2026-06.
- The Altman Z'' score for fiscal 2025 was 2.75, above the safe threshold of 2.60. [New in FY2025] Sources: 10-Q 2026-09, 10-K 2025-12.
- The Beneish M-score for fiscal 2025 was minus 2.49, below the model threshold of minus 1.78. [New in FY2025] Sources: 10-K 2025-12, 10-Q 2026-09.
- The Piotroski F-score for fiscal 2025 was 9 of 9. [New in FY2025] Sources: 10-K 2024-12, 10-K 2025-12, 10-Q 2026-09.

## Fiscal Years

| Fiscal year | Year end | Item | Value | Exact value | Unit | Source documents |
| --- | --- | --- | --- | --- | --- | --- |
| FY2025 | 2025-12-31 | Revenue | $8.6bn | 8644211000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Operating income | $3.2bn | 3249619000 | USD | 10-K 2025-12 |
| FY2025 | 2025-12-31 | Net income attributable to the company | $2.0bn | 2039247000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Revenue | $5.3bn | 5273309000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Operating income | $685m | 685296000 | USD | 10-K 2025-12 |
| FY2024 | 2024-12-31 | Net income attributable to the company | $231m | 230577000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Revenue | $6.9bn | 6908923000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Operating income | $2.3bn | 2314411000 | USD | 10-K 2025-12 |
| FY2023 | 2023-12-31 | Net income attributable to the company | $1.7bn | 1735232000 | USD | 10-K 2025-12 |
| FY2022 | 2022-12-31 | Revenue | $7.5bn | 7497689000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Operating income | $2.7bn | 2717997000 | USD | 10-K 2024-12 |
| FY2022 | 2022-12-31 | Net income attributable to the company | $1.8bn | 1770965000 | USD | 10-K 2024-12 |
| FY2021 | 2021-12-31 | Revenue | $3.1bn | 3064663000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Operating income | −$1.4bn | -1360975000 | USD | 10-K 2023-12 |
| FY2021 | 2021-12-31 | Net income attributable to the company | −$1.1bn | -1142747000 | USD | 10-K 2023-12 |

## Source Documents

- 10-Q 2026-09: Form 10-Q, period ended 30 September 2026, 28 Oct 2026 (https://www.sec.gov/Archives/edgar/data/33213/000003321326000058/eqt-20260930.htm)
- 10-K 2025-12: Form 10-K, period ended 31 December 2025, 18 Feb 2026 (https://www.sec.gov/Archives/edgar/data/33213/000003321326000018/eqt-20251231.htm)
- 10-Q 2025-09: Form 10-Q, period ended 30 September 2025, 22 Oct 2025 (https://www.sec.gov/Archives/edgar/data/33213/000003321325000049/eqt-20250930.htm)
- 10-Q 2026-03: Form 10-Q, period ended 31 March 2026, 22 Apr 2026 (https://www.sec.gov/Archives/edgar/data/33213/000003321326000030/eqt-20260331.htm)
- 10-Q 2026-06: Form 10-Q, period ended 30 June 2026, 22 Jul 2026 (https://www.sec.gov/Archives/edgar/data/33213/000003321326000043/eqt-20260630.htm)
- 10-Q 2024-09: Form 10-Q, period ended 30 September 2024, 30 Oct 2024 (https://www.sec.gov/Archives/edgar/data/33213/000003321324000047/eqt-20240930.htm)
- 10-K 2024-12: Form 10-K, period ended 31 December 2024, 19 Feb 2025 (https://www.sec.gov/Archives/edgar/data/33213/000003321325000011/eqt-20241231.htm)
- 10-K 2023-12: Form 10-K, period ended 31 December 2023, 14 Feb 2024 (https://www.sec.gov/Archives/edgar/data/33213/000003321324000008/eqt-20231231.htm)

## Reliability

- 312 checks compare these figures with other official figures; 0 failed.
- 3 values are withheld because the filings do not prove them; a withheld value is absent, never estimated.
- Every earlier snapshot stays published: https://annalist.io/api/v1/companies/eqt-corporation/snapshots.json

## Cite

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## Full Data

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## Peers

- [Occidental Petroleum Corporation](https://annalist.io/company/occidental-petroleum/brief.md)
- [ConocoPhillips](https://annalist.io/company/conocophillips/brief.md)
- [PT Medco Energi Internasional Tbk](https://annalist.io/company/medco-energi/brief.md)
- [Side by side](https://annalist.io/compare/?c=eqt-corporation,occidental-petroleum,conocophillips,medco-energi)

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Figures come from official filings and are provided as they are, without warranty of accuracy or completeness. They are not investment advice.