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Dec 31, 2025
EQT Q4 2025 Earnings Report
EQT Corporation reported its financial and operational results for the fourth quarter and full year 2025, and provided guidance for 2026.
Key Takeaways
EQT Corporation delivered outstanding performance in Q4 2025, exceeding production forecasts and achieving record-low operating costs, which resulted in significantly higher free cash flow. The company also increased its proved reserves by 7% year-over-year and strategically increased its MVP ownership.
Total sales volume reached 609 Bcfe, surpassing guidance due to strong well performance and optimized system pressure.
Capital expenditures were $655 million, 4% below the mid-point of guidance, driven by operational efficiency and lower infrastructure spending.
Net cash provided by operating activities was $1,125 million, generating $744 million of free cash flow attributable to EQT.
Proved reserves increased by 7% year-over-year to 28.0 Tcfe, including Olympus assets, with a PV-10 value of $26 billion at SEC price deck.
Revenue by Segment
Forward Guidance
EQT Corporation expects total sales volume of 2,275 – 2,375 Bcfe in 2026, with maintenance capital expenditures between $2,070 – $2,210 million and growth capital expenditures of $580 – $640 million. The company projects approximately $3.5 billion of free cash flow attributable to EQT in 2026 and expects to exit 2026 with ~$4.7 billion of net debt.
Positive Outlook
- Projected free cash flow attributable to EQT of ~$3.5 billion in 2026 at recent strip pricing, including growth capital expenditures.
- Expected total sales volume of 2,275 – 2,375 Bcfe for full year 2026.
- Planned investment of $580 - $640 million in high-return, infrastructure-focused growth projects.
- Anticipated exit of 2026 with ~$4.7 billion of net debt at recent strip pricing.
- Turn-in-line (TIL) of 125 – 150 net wells in 2026, with 26 - 36 net wells expected in Q1 2026.
Challenges Ahead
- Maintenance capital expenditures are projected to be $2,070 – $2,210 million, a significant investment.
- The average differential is expected to be negative, ranging from ($0.55) to ($0.35) $/Mcf for the full year 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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