Earnings summaries and quarterly performance for EQT.
Executive leadership at EQT.
Board of directors at EQT.
DJ
Daniel J. Rice IV
Detailed
Director
DK
Dr. Kathryn J. Jackson
Detailed
Director
FC
Frank C. Hu
Detailed
Director
HA
Hallie A. Vanderhider
Detailed
Director
JF
John F. McCartney
Detailed
Director
LM
Lee M. Canaan
Detailed
Director
RF
Robert F. Vagt
Detailed
Director
TF
Thomas F. Karam
Detailed
Independent Chair of the Board
VA
Vicky A. Bailey
Detailed
Director
Research analysts who have asked questions during EQT earnings calls.
Neil Mehta
Goldman Sachs
8 questions for EQT
Also covers: AESI, APA, AR +36 more
AJ
Arun Jayaram
JPMorgan Chase & Co.
7 questions for EQT
Also covers: APA, AR, BKR +33 more
Betty Jiang
Barclays
5 questions for EQT
Also covers: APA, AR, BKV +17 more
DL
Doug Leggate
Wolfe Research
5 questions for EQT
Also covers: APA, AR, BP +23 more
Jacob Roberts
TPH & Co.
5 questions for EQT
Also covers: BKV, CNX, CRK +3 more
Kalei Akamine
Bank of America
5 questions for EQT
Also covers: CNX, COP, CRC +10 more
Phillip Jungwirth
BMO Capital Markets
5 questions for EQT
Also covers: AR, CIVI, COP +21 more
DD
David Deckelbaum
TD Cowen
4 questions for EQT
Also covers: ALB, ALTM, APA +17 more
DM
Devin Mcdermott
Morgan Stanley
4 questions for EQT
Also covers: COP, CVX, EXE +3 more
RR
Roger Read
Wells Fargo & Company
4 questions for EQT
Also covers: APA, AR, BP +22 more
Scott Hanold
RBC Capital Markets
4 questions for EQT
Also covers: APA, CHRD, CIVI +13 more
JS
Josh Silverstein
UBS Group
3 questions for EQT
Also covers: APA, AR, CIVI +10 more
KA
Kaleinoheaokealaula Akamine
Bank of America
3 questions for EQT
Also covers: AR, COP, CRC +8 more
Kevin MacCurdy
Pickering Energy Partners
3 questions for EQT
Also covers: AR, CHRD, CNX +15 more
BD
Bert Donnes
William Blair
2 questions for EQT
Also covers: CRGY
BD
Bertrand Donnes
Truist Securities
2 questions for EQT
Also covers: APA, AR, BKV +7 more
Bob Brackett
Bernstein Research
2 questions for EQT
Also covers: APA, CCJ, COP +8 more
DG
Douglas George Blyth Leggate
Wolfe Research
2 questions for EQT
Also covers: APA, BP, COP +18 more
JS
Joshua Silverstein
UBS Group AG
2 questions for EQT
Also covers: AR, CHRD, COP +9 more
Lloyd Byrne
Jefferies LLC
2 questions for EQT
Also covers: CIVI, COP, CRGY +4 more
ND
Neal Dingmann
Truist Securities
2 questions for EQT
Also covers: APA, CHRD, CIVI +36 more
NK
Nitin Kumar
Mizuho Securities USA
2 questions for EQT
Also covers: AR, BKV, CNX +9 more
NP
Noel Parks
Tuohy Brothers
2 questions for EQT
Also covers: BE, BEEM, BLNK +20 more
Sam Margolin
Wells Fargo & Company
2 questions for EQT
Also covers: AR, COP, CVX +3 more
CA
Chen Anis
Dexus Capital
1 question for EQT
JR
Jake Roberts
TPH&Co.
1 question for EQT
Also covers: CNX, CRK, GPOR +2 more
JA
John Abbott
Wolfe Research
1 question for EQT
Also covers: AR, CHRD, CIVI +10 more
John Annis
Texas Capital Bank
1 question for EQT
Also covers: BSM, EXE, GRNT +4 more
JE
John Ennis
Texas Capital
1 question for EQT
Also covers: EXE
Michael Scialla
Stephens Inc.
1 question for EQT
Also covers: AESI, APA, CNX +10 more
SG
Scott Gruber
Citigroup
1 question for EQT
Also covers: APA, BKR, BKV +26 more
Recent press releases and 8-K filings for EQT.
EQT-backed EdgeConneX to enter Swedish market
EQT
New Projects/Investments
M&A
- EdgeConneX, an EQT Infrastructure portfolio company, plans to acquire a site from Lyten in Skellefteå, Sweden, to develop a data center campus with up to 1 gigawatt of capacity for AI and cloud workloads.
- The project, pending regulatory approval, would be primarily powered by renewable energy, positioning it among Europe’s largest sustainable digital infrastructure hubs.
- EQT underscores the expansion as part of its strategy to build resilient digital infrastructure in the Nordics and enhance Sweden’s AI competitiveness.
- Skellefteå’s municipal leadership welcomes the investment, citing benefits for long-term regional growth and innovation.
18 hours ago
EQT reports Q4 2025 results and outlines 2026 guidance
EQT
Earnings
Guidance Update
New Projects/Investments
- $750 million of free cash flow in Q4, exceeding consensus by $200 million, and net debt reduced to $7.7 billion, with Q1 2026 debt projected below $6 billion
- 2.275–2.375 TCFE production guided for 2026, with maintenance capex of $2.07–2.21 billion, $600 million allocated to high-return growth projects, and expected 2026 FCF of $3.5 billion (or over $4 billion before growth spending)
- 2025 operational efficiencies drove 13% lower well cost per lateral foot year-over-year (6% below forecast) and marketing optimization delivered over $200 million in FCF uplift
- Hedging for 2026 includes approximately 40% of Q1 volumes at an average floor/ceiling of $4.30/$6.30 per MMBtu, with ~20% hedged in Q2–Q4
Feb 18, 2026, 3:00 PM
EQT reports Q4 2025 results and 2026 outlook
EQT
Guidance Update
New Projects/Investments
M&A
- Delivered $2.5 billion of free cash flow in 2025; per-unit LOE was ~15% below expectations and ~50% below peers, with NYMEX natural gas at $3.40/MMBtu for the year.
- Initiating 2026 guidance of 2.275–2.375 TCFE production, $2.07–2.21 billion maintenance capex, and projecting $6.5 billion EBITDA and $3.5 billion free cash flow (>$4 billion pre-growth), with >$16 billion cumulative FCF over five years.
- Exercised option to acquire additional stakes in Mountain Valley Pipeline Mainline and Boost, funding $115 million to boost ownership to ~53%, at ~9× Adjusted EBITDA and a 12% IRR.
- Winter Storm Fern performance: MVP flowed ~2.12 Bcf/d (6% above nameplate), backstopping 14 GW of power, while Transco Station 165 spot prices exceeded $130/MMBtu.
Feb 18, 2026, 3:00 PM
EQT reports Q4 2025 results and 2026 outlook
EQT
Earnings
Guidance Update
New Projects/Investments
- In 2025, EQT generated $2.5 billion of free cash flow at $3.40/MMBtu NYMEX prices, driven by operational outperformance including 15% higher-than-expected base production uplift and 13% lower well costs per lateral foot.
- EQT increased its ownership in MVP Mainline and MVP Boost to ~53% by funding $115 million, reflecting a 9x EV/EBITDA purchase at a 12% IRR under 20-year contracts.
- For 2026, EQT guides production of 2.275–2.375 TCFE, maintenance capex of $2.07–2.21 billion, and allocates $600 million of post-dividend free cash flow to high-return growth projects, targeting $6.5 billion Adjusted EBITDA and $3.5 billion free cash flow.
- Total debt is nearing $5 billion, with leverage set to decline; levered breakeven is approximately $2.20/MMBtu, positioning EQT to continue debt reduction and opportunistic investments.
Feb 18, 2026, 3:00 PM
EQT reports Q4 2025 results
EQT
Earnings
Guidance Update
M&A
- Adjusted EBITDA of $1,509 million and Free Cash Flow of $744 million in Q4; delivered ~$2.5 billion of FCF in 2025, beating consensus by ~$500 million.
- Q4 sales volumes of 609 Bcfe, average realized price of $3.44/Mcfe, operating costs of $1.10/Mcfe, with CAPEX of $655 million.
- Ended 2025 with net debt of ~$7.7 billion and expect to reduce to sub-$6 billion by Q1 2026.
- Increased ownership in MVP Mainline and Boost to ~53% for $115 million; 2026 outlook: ~$3.5 billion FCF and ~$4.7 billion net debt.
- 2026 guidance: 2,275–2,375 Bcfe sales volumes, $1.07–$1.21/Mcfe operating costs, $2.07–$2.21 billion maintenance CAPEX and $580–$640 million growth CAPEX.
Feb 18, 2026, 3:00 PM
EQT reports Q4 and full year 2025 results and 2026 guidance
EQT
Earnings
Guidance Update
- EQT reported Q4 2025 production of 609 Bcfe, capital expenditures of $655 million, net cash from operating activities of $1,125 million, and free cash flow attributable of $744 million.
- For full year 2025, total sales volume was 2,382 Bcfe, net cash provided by operating activities was $5,126 million, and free cash flow attributable was $2,503 million.
- The company exited Q4 with net debt of $7.7 billion, and projects net debt to be below $6 billion by the end of Q1 2026.
- 2026 guidance includes production of 2,275–2,375 Bcfe, maintenance capital expenditures of $2,070–$2,210 million, and free cash flow of approximately $3.5 billion, with net debt expected to exit at $4.7 billion.
- Proved reserves increased 7% year-over-year to 28.0 Tcfe, with a PV-10 value of $26 billion at SEC pricing.
Feb 17, 2026, 9:31 PM
EQT reports Q4 2025 results and 2026 guidance
EQT
Earnings
Guidance Update
M&A
- 4Q 2025 production of 609 Bcfe; capital expenditures of $655 M; free cash flow attributable to EQT of $744 M
- FY 2025 sales volume of 2,382 Bcfe; net income attributable to EQT of $2.04 B; free cash flow attributable to EQT of $2.50 B
- 2026 guidance: production of 2,275–2,375 Bcfe; maintenance CapEx of $2,070–2,210 M; projected free cash flow of ~$3.5 B
- Increased Mountain Valley Pipeline ownership from ~49% to ~53% via a $115 M acquisition, implying a 9× adjusted EBITDA multiple and 12% IRR
Feb 17, 2026, 9:30 PM
EQT-backed Zelestra secures PPA for 176 MWdc Skull Creek Solar Plant with Meta
EQT
New Projects/Investments
- EQT-backed Zelestra and Meta signed a long-term PPA for the 176 MWdc Skull Creek Solar Plant in Texas, supporting Meta’s 100% clean energy goals.
- The partnership now encompasses seven US PPAs totaling 1.2 GWdc of solar capacity, all scheduled to be operational by 2028.
- Zelestra’s 81 MWdc Jasper County Solar Project in Indiana has reached full commercial operations, marking the first plant in the collaboration to go online.
- Two additional projects began construction in late 2025, with the remainder slated for groundbreaking in 2026.
Feb 4, 2026, 2:00 PM
EQT and GIP team up on bid for AES Corp.
EQT
M&A
Takeover Bid
- Global Infrastructure Partners (GIP) and EQT are in advanced talks to jointly acquire AES Corp., with a potential agreement expected in the coming weeks.
- AES’s generation portfolio spans 32 GW—approximately 50% renewable—across 15 countries, serving over 2.5 million utility customers and reporting $12.09 billion in revenue.
- The company has a market capitalization of about $10.5 billion and an enterprise value of roughly $43 billion, and is exploring strategic options after prior takeover interest.
- AES faces financial headwinds, including a debt-to-equity ratio of 7.98, a current ratio of 0.72, and declining operating (14.78%) and net margins (8.74%).
Feb 3, 2026, 12:21 AM
EQT reports Q4 2025 derivatives gains
EQT
Guidance Update
- $114 million total gain on derivatives expected for Q4 2025
- $35 million net cash settlements received on derivatives, including $44 million received on NYMEX natural gas hedges and $(9) million paid on basis and liquids hedges
- $45 million of premiums paid for derivatives that settled during the period
- Preliminary figures are subject to change; final amounts will be disclosed in EQT’s Form 10-K or corresponding earnings release for the period ended December 31, 2025
Jan 29, 2026, 9:16 PM
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