olivLaw · US equity research
EQT Corporation EQT
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
EQT is an integrated natural gas company with upstream production, gathering and transmission operations concentrated in the Appalachian Basin. It matters now for its large gas output, its infrastructure investments and rising demand from power generation, industry, data centers and LNG exports, against a backdrop of volatile prices.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, EQT Corporation (EQT) stock was 50.62 USD (−3.62% on the day), with market capitalisation 31.7 bn USD, P/E 12.0 on diluted EPS of 4.22 USD over the last 12 months, dividend yield 1.30%, beta 0.58, 52-week range 48.56–67.93 USD. Latest reported quarter (Q3 2026): revenue of 1.8 bn USD (−9.6% YoY), net income of 278.7 m USD (−17.0% YoY), diluted EPS 0.44 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 37.4
- weak (30–45)
- Bollinger (20, 2)
- 51.43 – 56.88
- below the lower band · %B -0.15 · band width 10.1%
- SMA 50 / 200
- 53.11 / 55.60
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- 0.17 / 0.59
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.5% | −5.9% | +2.4 pp | — |
| 3 months | −1.9% | −4.6% | +2.7 pp | — |
| 6 months | −10.0% | +0.2% | −10.2 pp | — |
| Year to date | −5.6% | +7.4% | −13.0 pp | — |
| 1 year | −9.6% | +8.2% | −17.8 pp | +34.3% |
| 3 years | +19.1% | +68.4% | −49.4 pp | +17.0% |
| 5 years | +146.0% | +56.5% | +89.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 2.6 bn | 2.0 bn | 2.4 bn | 3.4 bn | 1.8 bn | 1.8 bn |
| Cost of revenue | 386.5 m | 378.2 m | 389.1 m | 377.1 m | 387.6 m | 400.3 m | 385.0 m | 370.8 m |
| SG&A | 108.0 m | 91.5 m | 81.6 m | 98.7 m | 108.3 m | 95.8 m | 106.4 m | 116.1 m |
| Operating income | 781.4 m | 496.3 m | 1.1 bn | 603.2 m | 1.0 bn | 2.0 bn | 394.0 m | 459.5 m |
| Depreciation & amortisation | 620.3 m | 620.8 m | 623.5 m | 688.4 m | 667.8 m | 654.8 m | 689.6 m | 639.8 m |
| Interest expense | 186.4 m | 117.6 m | 105.7 m | 109.9 m | 105.5 m | 96.8 m | 75.5 m | 72.2 m |
| Pre-tax income | 574.1 m | 394.1 m | 1.1 bn | 536.5 m | 954.7 m | 2.0 bn | 366.4 m | 431.8 m |
| Income tax | 146.9 m | 78.7 m | 235.6 m | 129.3 m | 208.3 m | 433.4 m | 84.9 m | 86.7 m |
| Net income | 418.4 m | 242.1 m | 784.1 m | 335.9 m | 677.1 m | 1.5 bn | 211.4 m | 278.7 m |
| Diluted EPS | 0.68 ≈ | 0.40 | 1.30 | 0.53 | 1.08 ≈ | 2.36 | 0.34 | 0.44 |
| Operating cash flow | 756.3 m | 1.7 bn | 1.2 bn ≈ | 1.0 bn ≈ | 1.1 bn | 3.1 bn | 1.0 bn ≈ | 1.1 bn ≈ |
| Capex | 591.6 m | 499.6 m | 549.6 m ≈ | 626.4 m ≈ | 612.7 m | 598.5 m | 650.2 m ≈ | 647.4 m ≈ |
| Dividends paid | 94.0 m | 94.1 m | 94.3 m ≈ | 98.3 m ≈ | 103.0 m | 103.1 m | 103.2 m ≈ | 103.2 m ≈ |
| Share repurchases | 0 | — | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 35 percentile of its own 23-quarter history (min 3.1, median 18.7, max 1,063.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.6 bn | 4.4 bn | 3.1 bn | 3.1 bn | 7.5 bn | 6.9 bn | 5.3 bn | 8.6 bn |
| Revenue YoY | +47.5% | −3.1% | −30.7% | +0.2% | +144.6% | −7.9% | −23.7% | +63.9% |
| Net income | -2.2 bn | -1.2 bn | -958.8 m | -1.1 bn | 1.8 bn | 1.7 bn | 230.6 m | 2.0 bn |
| Net income YoY | −248.8% | unavailable | unavailable | unavailable | unavailable | −2.0% | −86.7% | +784.4% |
| Diluted EPS | -8.60 | -4.79 | -3.68 | -3.54 | 4.38 | 4.22 | 0.45 | 3.31 |
| Diluted EPS YoY | −207.0% | unavailable | unavailable | unavailable | unavailable | −3.7% | −89.3% | +635.6% |
| net % | -49.2% | -27.7% | -31.3% | -37.3% | 23.6% | 25.1% | 4.4% | 23.6% |
| Free cash flow | -22.8 m | 249.3 m | 495.5 m | 607.3 m | 2.1 bn | 1.2 bn | 573.3 m | 2.8 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 110.8 m USD
- Financial debt
- 7.8 bn USD
- Net debt
- 7.7 bn USD
- Equity
- 27.4 bn USD
- Total assets
- 41.8 bn USD
- Debt / equity
- 0.29x
- Current ratio
- 0.76x
- ROE
- 7.9%
- ROA
- 5.0%
- FCF margin
- 32.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.1 bn | 3.1 bn | 7.5 bn | 6.9 bn | 5.3 bn | 8.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Cost of revenue | 1.7 bn | 1.9 bn | 2.1 bn | 2.2 bn | 1.9 bn | 1.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Gross profit | 1.3 bn ≈ | 1.1 bn ≈ | 5.4 bn ≈ | 4.8 bn ≈ | 3.4 bn ≈ | 7.1 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| SG&A | 174.8 m | 196.3 m | 252.6 m | 236.2 m | 336.7 m | 380.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | -877.7 m | -1.4 bn | 2.7 bn | 2.3 bn | 685.3 m | 3.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 1.4 bn | 1.7 bn | 1.7 bn | 1.7 bn | 2.2 bn | 2.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 515.8 m ≈ | 315.7 m ≈ | 4.4 bn ≈ | 4.0 bn ≈ | 2.8 bn ≈ | 5.9 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 259.3 m | 289.8 m | 249.7 m | 219.7 m | 454.8 m | 438.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | -1.3 bn | -1.6 bn | 2.3 bn | 2.1 bn | 264.2 m | 3.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | -295.3 m | -428.0 m | 553.7 m | 369.0 m | 22.1 m | 651.9 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | -958.8 m | -1.1 bn | 1.8 bn | 1.7 bn | 230.6 m | 2.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | -3.68 | -3.54 | 4.38 | 4.22 | 0.45 | 3.31 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 260.6 m | 323.2 m | 406.5 m | 413.2 m | 514.6 m | 615.7 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 0.03 | — | 0.55 | 0.61 | 0.63 | 0.64 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 18.2 m | 114.0 m | 1.5 bn | 81.0 m | 202.1 m | 110.8 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 566.6 m | 1.4 bn | 1.6 bn | 823.7 m | 1.1 bn | 1.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 1.2 bn | 2.3 bn | 4.0 bn | 2.0 bn | 1.7 bn | 1.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 16.1 bn | 18.4 bn | 18.2 bn | 23.0 bn | 31.7 bn | 33.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | — | — | — | 0 | 2.1 bn | 2.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Intangibles (excl. goodwill) | 0 | — | — | 22.6 m | 215.3 m | 200.5 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 18.1 bn | 21.6 bn | 22.7 bn | 25.3 bn | 39.8 bn | 41.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 705.5 m | 1.3 bn | 1.6 bn | 1.3 bn | 1.2 bn | 1.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 154.2 m | 1.1 bn | 422.6 m | 292.4 m | 320.8 m | 507.1 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 4.8 bn | 4.5 bn | 5.3 bn | 5.5 bn | 9.0 bn | 7.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 1.8 bn | 5.2 bn | 3.7 bn | 2.0 bn | 2.5 bn | 2.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Total liabilities | 8.9 bn | 11.6 bn | 11.5 bn | 10.5 bn | 15.6 bn | 14.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 9.2 bn | 10.0 bn | 11.2 bn | 14.8 bn | 24.3 bn | 27.4 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.7 bn | 3.5 bn | 3.2 bn | 2.8 bn | 5.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 1.0 bn | 1.1 bn | 1.4 bn | 2.0 bn | 2.3 bn | 2.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | 495.5 m ≈ | 607.3 m ≈ | 2.1 bn ≈ | 1.2 bn ≈ | 573.3 m ≈ | 2.8 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -1.6 bn | -2.1 bn | -1.4 bn | -4.3 bn | -1.6 bn | -2.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 31.7 m | 506.0 m | -699.1 m | -242.9 m | -1.1 bn | -2.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 7.7 m | 0 | 203.6 m | 228.3 m | 326.6 m | 389.6 m | SEC (XBRL)· 18 Feb 2026verified |
| Share repurchases | 0 | 12.9 m | 409.5 m | 201.0 m | 0 | 0 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 47 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 31.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth20
- Returns51
- Balance sheet50
- Valuation45
- Quality66
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 26.33 – 141.54 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)85.33 – 141.54 (Mid 106.58)WACC 8.6% · starting FCFF 4.1 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -21.7%
- Peers: EV/EBITDA26.33 – 44.09 (Mid 36.66)4 companies used · median multiple 4.3x · quartiles 3.3x – 5.0xAPA, EOG, EXE, OVV
- Peers: P/E33.48 – 44.94 (Mid 39.48)7 companies used · median multiple 9.4x · quartiles 7.9x – 10.7xAPA, DVN, EOG, EXE, OVV, OXY, PR
- Dividend discount (DDM)outside the aggregate8.38 – 11.27 (Mid 9.61)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 47/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.8% | 33 (vs peers) | 10% |
| Net margin · Quality | 28.4% | 86 (vs peers) | 6% |
| FCF conversion · Quality | 143.3% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 4.9% | 40 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | -8.9% | 0 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.8x | 40 (vs peers) | 10% |
| Interest coverage · Balance sheet | 11.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.7x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 12.0x | 25 (vs peers) | 10% |
| EV/EBITDA · Valuation | 5.7x | 20 (vs peers) | 10% |
| FCF yield · Valuation | 12.0% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.3% | 19 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 10.8% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet50/100 · 3/3 factors with a value
- Growth20/100 · 2/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation45/100 · 3/3 factors with a value
Memo
EQT CORPORATION (EQT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 8.6 bn USD in 2025; YoY growth 63.9%; net margin 28.4%; ROE 10.9%; net debt/EBITDA 0.8x.
The estimated value range is 33.48–44.94 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 39.48 USD, the price of 50.62 USD leaves a potential of -22.0% (value / price − 1) and a margin of safety of -28.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 47/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 28.4%
- FCF conversion: 143.3%
- Interest coverage: 11.2x
- FCF yield: 12.0%
- Payout ratio (FCF): 10.8%
What contradicts it
- EPS CAGR 3Y: -8.9%
- Current ratio: 0.7x
- P/E (TTM): 12.0x
- EV/EBITDA: 5.7x
- Shareholder yield (distributions): 1.3%
- The price is above the estimated value range
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 8 companies
Only companies with a capitalisation between 4.3 bn and 273.6 bn (within 8× of the company's); 74 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EOGEog Resources, Inc. | 75.1 bn | 9.4 | 25.8% | 27.5% | −4.5% | +34% / +18% |
| OXYOccidental Petroleum Corporation | 56.3 bn | 8.5 | 18.9% | 33.7% | −1.9% | +34% / −5% |
| FANGDiamondback Energy, Inc. | 50.1 bn | 24.5 | 5.3% | 11.0% | +35.8% | +18% / +16% |
| DVNDevon Energy Corp | 47.2 bn | 10.2 | 11.5% | 16.7% | +7.8% | +16% / −5% |
| EQTEqt Corporation | 31.7 bn | 12.0 | 10.9% | 28.4% | +63.9% | −10% / +19% |
| EXEExpand Energy Corporation | 19.7 bn | 7.4 | 14.6% | 19.8% | +186.3% | −30% / +6% |
| PRPermian Resources Corporation | 17.9 bn | 11.1 | 14.3% | 25.0% | +1.3% | +47% / +62% |
| OVVOvintiv Inc. | 16.4 bn | 12.3 | 12.1% | 12.8% | −2.7% | +49% / +37% |
| APAApa Corporation | 14.6 bn | 7.1 | 33.0% | — | unavailable | +74% / +21% |
1- and 3-year price returns: for EQT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 30.21 Total return -39% · Per year -39% | 53.41 Total return 7% · Per year 7% | 80.43 Total return 61% · Per year 61% |
| 3 years | 29.53 Total return -39% · Per year -15% | 58.72 Total return 20% · Per year 6% | 97.07 Total return 97% · Per year 25% |
| 5 years | 28.87 Total return -38% · Per year -9% | 64.56 Total return 35% · Per year 6% | 117.15 Total return 142% · Per year 19% |
- Exit P/E± 14.68
- Net margin± 10.28
- Annual revenue growth± 8.41
- Annual dilution± 0.86
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results), 8-K (13 Oct 2026 · results).
In brief
EQT is an integrated natural gas company with upstream production, gathering and transmission operations concentrated in the Appalachian Basin. It matters now for its large gas output, its infrastructure investments and rising demand from power generation, industry, data centers and LNG exports, against a backdrop of volatile prices 12.
SWOT
Strengths
- The company holds large reserves in a concentrated producing area and an integrated gathering and transmission system that supports low costs 1.
- The integrated model provides relatively stable infrastructure revenue that can offset production price volatility 1.
- The company maintains an investment grade credit objective and a debt reduction program, which can support access to capital 1.
Weaknesses
- Revenue depends heavily on natural gas prices, and declines could directly hit cash flow and development plans 1.
- Activity is geographically concentrated in one region, exposing the company to regional regulatory, environmental and operational risks 1.
- Some assets have been in service for decades, which can raise maintenance costs and outage risk 1.
Opportunities
- Demand from power generation, data centers and LNG exports could create long-term sales growth opportunities 1.
- Strategic deals, such as acquisitions of pipeline interests, could extend the integrated infrastructure 2.
- A large drilling inventory could sustain production over a long period if development proceeds efficiently 1.
Risks
- Natural gas priceshigh
Lower prices could reduce revenue, trigger impairments and change development plans 1.
- Operational hazardshigh
Drilling and pipeline operations carry risks of accidents, leaks and outages that could cause significant losses 1.
- Infrastructure projectsmedium
Pipeline construction can be hit by geology, weather and local opposition, delaying projects or raising costs 1.
- Environmental and climate rulesmedium
New emissions rules and permitting requirements could increase compliance costs or limit activity 1.
- Geographic concentrationlow
Concentration of assets in Appalachia exposes the company to weather events and regional risks that could affect output 1.
Investment thesis
What would need to be true (bull case)
- If demand for gas from power generation and LNG exports keeps growing, the company could benefit from a large drilling inventory and integrated infrastructure that lowers costs 1.
- Debt reduction and an investment grade objective could provide financial flexibility during periods of price volatility 1.
- Infrastructure revenue from gathering and transmission could offer stability even when production prices fall 1.
What would break the thesis
- If gas prices stay volatile or fall, revenue and cash flow could be hit and development plans might be reconsidered 12.
- Geographic concentration and ageing assets could lead to unexpected costs or outages 1.
- Pipeline projects carry delay and cost-overrun risks that could reduce returns on investment 1.
What to watch
- Sales volume against guidance of 2,275 to 2,375 Bcfe2026
- Completion of the additional MVP A interest and its effect on pipeline stakesfirst half 2026
- Impact of Blackline Midstream and other deals on Gathering revenueQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Jul 2026; since then the company filed 10-Q (28 Oct 2026), 8-K (27 Oct 2026 · results), 8-K (13 Oct 2026 · results).
The business
EQT Corporation is a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025 it held 28.0 Tcfe of proved reserves of natural gas, NGLs and oil across roughly 2.3 million gross acres and about 2,945 miles of pipeline 1. The company describes its strategy as being the leading low-cost gas producer, with a model designed to generate durable free cash flow across commodity cycles 1. In 2025 sales volume reached 2,382 Bcfe at an average realized price of $3.19 per Mcfe, and net cash from operating activities was $5.1 billion 1. For 2026 it guided to capital expenditure of $2,650 million to $2,850 million and sales volume of 2,275 to 2,375 Bcfe 1.
The operating model relies on combo-development, large multi-pad projects that lower costs and reduce the number of well sites. Gathering and transmission assets provide annuity-like revenue that can help support free cash flow when gas prices fall 1. The company has said that in high-price periods its low-cost structure lets it hedge less, leaving more exposure to higher gas prices 1.
In 2026 the company completed further acquisitions of interests in MVP A and MVP C and, on July 21, 2026, closed the Blackline Midstream Acquisition for about $77 million 2. Its long-term goal is to reduce debt to $5.0 billion, subject to commodity market performance 1.
Segments
Upstream
The Upstream segment, covering natural gas, NGLs and oil production, generated the largest share of revenue. In 2025 it sold 2,382 Bcfe at an average realized price of $3.19 per Mcfe, making it the main driver of profitability 1.
Gathering
The Gathering segment provides gas collection services and earns mainly pipeline fees. Its revenue rose sharply in 2025, pointing to growth in gathering infrastructure 1.
Market context
The company operates almost entirely in the Appalachian Basin, where 93% of proved reserves sit in the Marcellus Shale 1. Natural gas is the main product, and revenue depends on gas prices and, to a lesser extent, NGLs and oil 1. EQT presents itself as the only large-scale integrated gas producer in the United States, positioned for demand from power, industry and LNG exports 1.
Commodity prices were volatile in 2025 and in the first half of 2026, which could continue to affect revenue, profitability and liquidity 12.
Trends
- Rising gas demandtailwind
Demand from power generation, industry, data centers and LNG exports is cited as a growth source, which could support sales if these trends persist 1.
- Price volatilitymixed
Volatility in gas prices, linked to macroeconomic uncertainty and geopolitical tensions, could affect revenue, profitability and development plans 12.
- Regulation and tariffsheadwind
Regulatory changes and tariffs on foreign goods could influence demand, costs and project development, although the exact impact is uncertain 1.
- Growth through dealstailwind
Acquisitions and joint ventures, such as the MVP interests and Blackline Midstream, could expand the integrated asset base but also bring integration risk 12.
Competitive position
The company competes with other gas producers and operators in the Appalachian Basin and in other US regions. The supplied sources do not name competitors explicitly, so the description below rests on their reporting.
Its stated advantages are vertical integration and the scale of its Appalachian assets, which can support low costs and its low-cost producer position 1. Competitive pressure could increase if gas prices stay volatile or if other operators expand takeaway capacity 1.
- Other Appalachian gas producers
Independent operators competing for acreage, takeaway capacity and gas customers in the same region.
- Competing pipeline operators
Companies offering gathering and transmission services on comparable routes, which can influence tariffs and long-term contracts.
- Integrated producers in other basins
Companies in other US regions competing for demand tied to exports and power generation.
- Alternative energy suppliers
Alternative energy sources that could reduce long-term demand for natural gas, though the sources do not quantify this.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report28 Oct 2026
- Current report27 Oct 2026Results of operations · Financial statements and exhibits
- Current report26 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report13 Oct 2026Results of operations
- Current report07 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report22 Jul 2026
- Current report21 Jul 2026Results of operations · Financial statements and exhibits
- Current report14 Jul 2026Results of operations
- Quarterly report22 Apr 2026
- Current report21 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / EQT Corporation · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / EQT Corporation · 22 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.