EQT Corp (EQT)

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AI: Fair-priced

Price checkThe shares look fairly priced because strong cash returns depend on supportive gas prices.

The latest close verifiable in search was $51.23 on August 5. With roughly 625.5 million shares, that implies a $32.0 billion market value. Management projected about $3.5 billion of 2026 free cash flow attributable to EQT—cash left after running and investing in the business—equal to an attractive 10.9% of that value. However, operating cash minus capital spending was $2.84 billion in 2025, an 8.9% yield, versus $0.57 billion, or 1.8%, in 2024. That volatility supports Fair-priced. The price may have changed by August 17.

Big pictureCash generation has improved sharply, but natural gas prices still drive large swings.

Revenue rose from $5.27 billion in 2024 to $8.64 billion in 2025; net income climbed from $231 million to $2.04 billion, and operating cash flow rose from $2.83 billion to $5.13 billion. Yet second-quarter 2026 net income fell to $211 million from $784 million despite higher production, partly reflecting weaker realized prices and changing derivative values. Operating cash flow remained positive throughout 2020-2025, showing underlying durability, but losses of $959 million and $1.14 billion in 2020 and 2021 confirm that earnings are highly cyclical.

Business strengthDebt reduction and efficient operations help, while acquisition shares diluted existing owners.

Total debt fell from $9.32 billion at end-2024 to $5.66 billion by June 2026, and EQT reported $3.6 billion of liquidity. That improves downside protection, although only $113 million was cash and current assets of $1.18 billion remained below $1.75 billion of near-term liabilities. Capital went mainly toward debt and $390 million of 2025 dividends; buybacks were zero in 2024-2025. Owners were diluted by 152.4 million shares for Equitrans in 2024 and 25.2 million for Olympus in 2025, making acquisition returns important.

What could change the storyLong-term demand deals offer upside, while weaker gas prices remain the main threat.

The bull case is a shift from discounted Appalachian sales toward premium demand. A ten-year power contract covers 325,000 dekatherms daily, while a five-year export deal beginning in 2028 targets 0.5 million tonnes annually and about $45 million of 2028 free cash flow at then-current forward prices. The bear case appeared in the second quarter: realized revenue per thousand cubic feet equivalent fell to $2.65 from $2.81 despite higher volume. Annual free cash flow above $3 billion and net debt near $4.7 billion would strengthen the case; cash below $2 billion or stalled debt reduction would weaken it.

$51.23 price considered

AI: News

Production outlook raisedBetter wells lifted output guidance while lower spending improved expected cash generation.

On July 21, EQT reported second-quarter production of 634 billion cubic feet equivalent, above guidance, while $666 million of capital spending was 9% below its guided floor. It raised 2026 production guidance by about 90 billion cubic feet equivalent to 2,375-2,450 and cut spending guidance by $25 million. Adjusted earnings of $0.39 per share missed the $0.42 estimate. Shares closed 8.45% higher on July 22; the timing supports an association with the full results package, not any single item.

Long-term demand contractsNew power and export contracts could move more gas toward higher-value markets.

On July 21, EQT announced a ten-year agreement to supply 325,000 dekatherms daily to Competitive Power Ventures’ planned West Virginia power plant, with pricing linked to regional electricity prices. It also disclosed a five-year export agreement for 0.5 million tonnes annually beginning in 2028, estimated to add roughly $45 million of 2028 free cash flow at recent forward prices. These contracts could reduce reliance on discounted local gas markets, but their value depends on project completion, market prices and delivery execution.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$8.64B	$5.27B	$5.04B	$12.11B	$6.80B	$2.65B	$3.79B	$4.71B	$3.09B	$1.39B	—	—	—	—	—	—	—	—	—
Operating expenses	$225.1M	$110.4M	$15.7M	$2.6M	—	—	—	—	$88.9M	$73.3M	$69.8M	$54.5M	$97.8M	$99.3M	—	—	—	—	—
Operating income	$3.25B	$685.3M	$2.31B	$2.72B	−$1.36B	−$877.7M	−$1.15B	−$2.78B	$382.2M	−$755.0M	$563.1M	$853.4M	$654.6M	$389.6M	$761.2M	$470.5M	$356.8M	$464.8M	$437.8M
EBITDAderived	$5.85B	$2.85B	$4.05B	$4.38B	$315.7M	$515.8M	$386.6M	−$1.21B	$1.35B	$101.4M	$1.38B	$1.53B	$1.31B	$864.2M	$1.08B	$740.8M	$552.9M	$601.6M	$547.6M
Net income	$2.04B	$230.6M	$1.74B	$1.77B	−$1.14B	−$958.8M	−$1.22B	−$2.24B	$1.51B	−$453.0M	$85.2M	$387.0M	$390.6M	$196.4M	$479.8M	$227.7M	$156.9M	$255.6M	$257.5M
Basic EPSper diluted share	$3.33	$0.45	$4.56	$4.79	-$3.54	-$3.68	-$4.79	-$8.60	$8.05	-$2.71	$0.56	$2.55	$2.59	$1.23	$3.21	$1.58	$1.20	$2.01	$2.12
Diluted EPSper diluted share	$3.31	$0.45	$4.22	$4.38	-$3.54	-$3.68	-$4.79	-$8.60	$8.04	-$2.71	$0.56	$2.54	$2.57	$1.22	$3.19	$1.57	$1.19	$2.00	$2.10

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)19$19.43M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 8, 2026Form 4 · 10b5-1	Rice Toby Z.PRESIDENT & CEO	SellCommon Stock	1.7K	$53.46	$92.5K	2.33M
Jun 5, 2026Form 4 · 10b5-1	Rice Toby Z.PRESIDENT & CEO	SellCommon Stock	10.5K	$55.17	$579.9K	2.33M
Jun 5, 2026Form 4 · 10b5-1	Rice Toby Z.PRESIDENT & CEO	SellCommon Stock	86.5K	$54.17	$4.68M	2.35M
Apr 27, 2026Form 4	BAILEY VICKY ADirector	SellCommon Stock	4.1K	$59.80	$246.1K	0
Mar 16, 2026Form 4	Fenton SarahEVP UPSTREAM	SellCommon Stock	4.9K	$64.49	$314.5K	53.0K

Review ownership filings at SEC.gov ↗

EQT Corp (EQT)

Financial charts

Financial statements

Insider buys & sells