EQT (EQT) Q3 2025 earnings summary

Executive summary

• Generated $484 million in free cash flow, with cumulative free cash flow over $2.3 billion in the past four quarters at $3.25/MMBtu gas prices, and achieved record low per unit operating costs of $1.00 per Mcfe.

• Production reached 634 Bcfe, at the high end of guidance, driven by robust productivity, operational efficiency, and compression project outperformance.

• Completed Olympus Energy acquisition and integrated operations in 34 days, achieving significant operational improvements and cost savings.

• Signed LNG offtake agreements for 4.5 MTPA, expanding direct-to-customer global sales beginning in 2030–2031.

• Net income attributable to shareholders was $335.9 million ($0.53 per diluted share) for Q3 2025, compared to a net loss of $300.8 million in Q3 2024, driven by higher revenues and lower acquisition-related costs.

Financial highlights

• Q3 2025 operating revenues rose to $1.96 billion, with adjusted EBITDA at $1.33 billion and adjusted net income at $329 million.

• Free cash flow for Q3 was $484 million, with capital spending $70 million below guidance midpoint.

• Net debt ended the quarter just under $8 billion, down from $9.1 billion at year-end 2024.

• Dividend increased by 5% to $0.66/share annualized, with an 8% CAGR since 2022.

• Cash flow from operations for the nine months ended September 30, 2025 was $4.0 billion, up from $2.1 billion in the prior year period.

Outlook and guidance

• Full-year 2025 sales volume guidance is 2,325–2,375 Bcfe, with Q4 sales volume expected at 550–600 Bcfe, including 15–20 Bcfe of strategic curtailments.

• Maintenance CapEx expected to decline toward $2 billion later this decade as compression projects complete and base decline shallows.

• Minimal cash taxes expected in 2025, saving $100 million due to IRS guidance.

• Net debt target of $7.5 billion by year-end 2025 and $5 billion long-term, achievable at current strip prices.

• Production volumes in 2026 expected to be flat with 2025 exit rate.