# EQT Corporation (EQT) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/EQT/thesis · /stocks/EQT/memo

## Financial Snapshot

---
ticker: EQT
step: 04
generated: 2026-05-12
source: quick-research
---

### EQT Corporation (EQT) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$8.5B | ~$5.1B | ~$5.3B | +3.9% |
| Net Income | ~$1.5B | ~$1.4B | ~$0.7B | -50% |
| EPS (diluted) | $4.79 | $4.56 | ~$1.70 | nm |

*FY2022 was an extraordinary year of record Henry Hub prices following Russia's Ukraine invasion. FY2023 saw a sharp gas price collapse (NYMEX avg ~$2.65/MMBtu from ~$6.45 in FY2022). FY2024 GAAP earnings were pressured by Equitrans acquisition-related charges; adjusted FCF improved significantly. FY2025: FCF surged 343% to $3B as prices recovered.*

#### Cash Flow & Balance Sheet (FY2024/2025)

| Metric | Value |
|--------|-------|
| Free Cash Flow (FY2025) | ~$3.0B (+343% YoY) |
| Free Cash Flow (FY2026E) | ~$3.8B |
| FCF Breakeven (Henry Hub) | ~$2.00/MMBtu (lowest large-cap peer) |
| Production (FY2025 guidance) | 2,175–2,275 Bcfe |
| Net Debt | ~$10–12B (post-Equitrans acquisition) |
| Hedged Production | ~60% at ~$3.25/MMBtu floor |

*Debt was elevated by the Equitrans acquisition but FCF generation at current prices is rapidly deleveraging the balance sheet. FCF yield at current stock price is ~10.5%.*

#### Key Ratios (approximate)
- EV/EBITDA: ~8x | FCF Yield: ~10.5%
- FCF Breakeven: ~$2.00/MMBtu Henry Hub
- Proved Reserves: 27.6 Tcfe (as of Dec 2023)
- Production: ~2.2 Tcfe/year

#### Growth Profile
EQT's financial profile is highly leveraged to Henry Hub natural gas prices — revenue swings dramatically with commodity cycles. The FY2022 record followed by the FY2023–FY2024 trough illustrates this volatility. The structural story is the Equitrans vertical integration, which: (1) lowered cost breakeven, (2) added midstream earnings stability, and (3) positioned EQT as the primary beneficiary of structural demand growth from LNG exports and AI data center power.

#### Forward Estimates
- FY2026 Revenue: ~$9.6B (consensus; +21.6% growth, reflecting gas price recovery + Equitrans contribution)
- FY2026 FCF: ~$3.8B
- Analyst EPS growth forecast: +16.6% per annum over next 3 years
- Street mean price target: $67.30 (27 analysts)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/EQT/fundamental

## Navigation

- Overview: /stocks/EQT
- Financials (this page): /stocks/EQT/financials
- Thesis: /stocks/EQT/thesis
- Investment Memo: /stocks/EQT/memo
- Coverage universe: /stocks