EQT Q4 2025 net income $677M, adj EPS $0.90; 2026 FCF guidance ~$3.5B

EQT Corp

2025-FY EPS reported $3.31 revenue$8,644,211,000

Q4 sales volume 609 Bcfe above guidance; capex $655M (4% below midpoint); free cash flow attributable $744M.
Full year 2025: sales volume 2,382 Bcfe, net income $2.039B, adjusted EBITDA $5.904B, FCF attributable $2.503B.
2026 guidance: production 2,275–2,375 Bcfe, maintenance capex $2.07–2.21B, growth capex $580–640M; FCF ~$3.5B at strip.
Increased MVP ownership from ~49% to ~53% for ~$115M (EQT share); expected close H1 2026.
Net debt reduced to $7.7B from $9.1B; proved reserves up 7% to 28.0 Tcfe, PV-10 $25.6B at SEC pricing.

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