At a glance
EQT Corporation is worth $34.31B, about 17 times its fiscal 2025 earnings. Revenue grew 63.9% to $8.64B in fiscal 2025, with 23.6% kept as profit; over 5 years it has grown 23.1% a year. It pays a 1.24% dividend yield, raised every year for at least 4 years, and returned $1.77B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.6% over the past year with dividends reinvested and +23.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.4% in the 2020 crash (S&P 500: 33.7%) and 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows.
The business in plain English
EQT Corp is an Appalachian Basin natural gas producer that also owns pipelines to gather and transport gas. The company calls itself vertically integrated: it drills and produces gas (Upstream), collects it from wells (Gathering) and moves it over longer distances (Transmission). As of December 31, 2025, it reported 28.0 Tcfe of proved reserves, the gas and liquids it is reasonably certain it can produce, plus about 2,945 miles of pipeline. The Marcellus Shale holds 93% of those reserves. Tcfe means trillion cubic feet equivalent, a unit combining gas, natural gas liquids (NGLs) and oil; Bcfe and Mcfe are the same unit in billions and thousands.
Upstream brings in most of the revenue, from natural gas, NGLs and oil sales plus gains on derivatives (contracts that lock in prices). Gathering and Transmission earn pipeline fees, but much of that comes from moving EQT's own gas, so it cancels out in the company-wide total. For 2025, EQT reported operating revenue of $8.6 billion on 2,382 Bcfe of sales at an average realized price of $3.19 per Mcfe. It also holds an investment in the 303-mile Mountain Valley Pipeline.
EQT says it is positioned to serve growing demand from power plants, industry, data centers and liquefied natural gas (LNG) exports. The drawback is concentration in one commodity and one region.
Price history
The interactive chart needs JavaScript.
EQT +3.6% over the year to Nov 2, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.77B, down 9.6% from a year earlier, and net income was $278.7M (-17.0%).
- For fiscal 2025, revenue was $8.64B (+63.9% year over year; +23.1% a year from FY2020 to FY2025) with a 23.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.1% good |
|---|---|
| Operating margin | 37.6% good |
| Free cash flow margin | 32.8% good |
| Return on equity (FY2025) | 8.6% watch |
| Return on assets (FY2025) | 4.9% watch |
| Net cash (cash minus debt) | $-5.47B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.06B | $-958.8M | $495.5M |
| FY2021 | $3.06B | $-1.14B | $607.3M |
| FY2022 | $7.50B | $1.77B | $2.07B |
| FY2023 | $6.91B | $1.74B | $1.16B |
| FY2024 | $5.27B | $230.6M | $573.3M |
| FY2025 | $8.64B | $2.04B | $2.84B |
Valuation snapshot
| Market value | $34.31B |
|---|---|
| P/E ratio | 16.6 |
| Dividend yield | 1.24% |
Rank among 1514 US companies
Market value at each year end
EQT’s market value went from $4.81B at the end of 2018 to $34.31B on Nov 2, 2026, about 7.1 times as much; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $34.31B | +2.6% |
| 2025 | $33.45B | +21.6% |
| 2024 | $27.51B | +73.0% |
| 2023 | $15.90B | +28.1% |
| 2022 | $12.42B | +50.6% |
| 2021 | $8.24B | +153.7% |
| 2020 | $3.25B | +16.6% |
| 2019 | $2.79B | -42.0% |
| 2018 | $4.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EQT price data to Nov 2, 2026 | +3.3% | +3.6% | +8.9% | +23.7% | +5.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.3% |
| 2025 | +17.7% |
| 2024 | +21.4% |
| 2023 | +16.2% |
| 2022 | +57.6% |
| 2021 | +71.6% |
| 2020 | +17.3% |
| 2019 | -41.8% |
| 2018 | -38.3% |
| 2017 | -12.8% |
| 2016 | +25.7% |
| 2015 | -31.0% |
| 2014 | -15.2% |
| 2013 | +52.5% |
| 2012 | +8.6% |
| 2011 | +23.3% |
| 2010 | +3.3% |
| 2009 | +32.5% |
| 2008 | -36.4% |
| 2007 | +28.8% |
| 2006 | +15.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 46.7% over that stretch · deepest drop along the way 69.4%, back to its old high 54.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 2.5% over that stretch · deepest drop along the way 36.4%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 102.2% over that stretch · deepest drop along the way 36.4%, back to its old high 1.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($15.3M), 4 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 14, 2026 | Toby Z. Rice PRESIDENT & CEO, Director | sell (plan) | $9.6M |
| Jun 5, 2026 | Toby Z. Rice PRESIDENT & CEO, Director | sell (plan) | $4.7M |
| Jun 5, 2026 | Toby Z. Rice PRESIDENT & CEO, Director | sell (plan) | $580K |
| Apr 27, 2026 | Vicky A Bailey Director | sell | $246K |
| Jun 8, 2026 | Toby Z. Rice PRESIDENT & CEO, Director | sell (plan) | $93K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| BlackRock, Inc. | 6.8% | Jun 30, 2025 |
| STATE STREET CORPORATION | 5.6% | Mar 31, 2025 |
| Vanguard Portfolio Management | 4.96% | Sep 30, 2026 |
| Wellington Management Group LLP | 4.3% | Dec 31, 2025 |
| T. Rowe Price Associates, Inc. | 2.2% | Jun 30, 2025 |
ETFs with the most weight in EQT
| PXE Invesco Energy Exploration & Production ETF | 6.27% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 5.49% |
| SAMM Strategas Macro Momentum ETF | 5.45% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 5.2% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 5.19% |
| FCG First Trust Natural Gas ETF | 4.8% |
| DRLL Strive U.S. Energy ETF | 3.24% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 3.2% |
What could go wrong
- Almost everything is in one region. Substantially all of EQT's wells and pipelines are in the Appalachian Basin. Local weather, regulation or pipeline bottlenecks could hit the whole company at once, with no other regions to offset the damage.
- Results ride on natural gas prices. Revenue and earnings depend on gas prices EQT cannot control. Revenue went from $6.9 billion in 2023 to $5.3 billion in 2024, then $8.6 billion in 2025. Low prices can force asset write-downs.
- Substantial debt limits flexibility. EQT had about $5.55 billion of debt and $79 million of cash as of September 30, 2026. Its long-term goal of cutting debt to $5.0 billion depends on commodity markets, and debt terms limit flexibility.
- Pipeline access and pipeline contracts. If connecting pipelines and processing plants run by others shut down or refuse EQT's gas, sales could suffer. Its own pipeline business also faces competition and may have to renew contracts at lower rates.
- Reserves and drilling plans are estimates. Proved reserves rest on assumptions about prices, costs and geology. Drilling locations are scheduled years ahead. If assumptions change, reserve estimates could be cut and some wells may never be drilled.
- Climate rules and the energy transition. Rules limiting methane and other greenhouse gas emissions could raise costs. A faster shift away from fossil fuels could also shrink long-term demand for EQT's gas and pipeline services.
Recent events
- Quarterly results released
- Major agreement signed; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Other company announcement
- Other company announcement
- Quarterly results released
For income and retirement investors
EQT pays a modest dividend with a short track record. It paid $0.6375 per share for 2025, about 19% of earnings and 14% of free cash flow (cash left after capital spending). In 2025 the quarterly dividend rose 5% to $0.165. That made four straight yearly increases, but EQT paid only $0.03 in 2020 and nothing in 2021. The dividend yield was 1.21% as of October 28, 2026. Buybacks totaled about $623 million over 2021–2025, with none in 2024 or 2025, while the share count rose 65.5% between October 2021 and October 2026.
The share price has been far bumpier. It fell 69.4% in the 2008 financial crisis and took about 54 months to recover. It dropped 36.4% in the 2020 COVID crash but recovered in about two weeks, and gained 102.2% during the 2022 bear market despite a 36.4% dip. Its worst fall on record was 91.4%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does EQT make money?
Mostly by producing natural gas in the Appalachian Basin and earning market-based prices for it. Its Upstream segment books revenue from natural gas, natural gas liquids and oil, plus gains on hedging contracts. Its Gathering and Transmission segments earn pipeline fees, though much of that comes from moving EQT's own gas. For 2025, EQT reported operating revenue of $8.6 billion and an average realized price of $3.19 per Mcfe, or thousand cubic feet equivalent. Its revenue depends heavily on natural gas prices.
Does EQT raise its dividend every year?
Not over the long run. EQT paid no dividend in 2021. Dividends per share have risen in each fiscal year since, from $0.55 in 2022 to $0.6375 in 2025. EQT's 10-K for 2025 reports a 5% raise in the quarterly base dividend to $0.165 per share, or $0.66 a year. The payout is modest: 19.1% of fiscal 2025 earnings and 13.7% of free cash flow, the cash left after capital spending. The yield was 1.25% as of October 29, 2026.
How much debt does EQT have?
About $5.55 billion of total debt as of September 30, 2026, against $78.7 million of cash and investments. EQT has been paying debt down. It retired $1.4 billion of senior notes in 2025 and has set a long-term goal of cutting debt to $5.0 billion, depending on how commodity markets perform. The company aims to keep investment grade credit metrics, meaning borrowing measures in line with a higher-quality credit rating, but its 10-K lists failure to reduce debt as a risk.
What has EQT stock returned over the long term?
As of October 29, 2026, EQT's price-based return was 5.3% a year over 10 years and 24.1% a year over five years. The path has been rough. The stock fell 38.3% in 2018 and 41.8% in 2019, and its deepest drop from a peak was 91.4%. In the 2008 financial crisis it lost 69.4% and took about 54 months to recover. One-year volatility, a measure of how widely the price swings, was 30%.
What is EQT's P/E ratio?
EQT's price-to-earnings (P/E) ratio was 16.5 as of October 29, 2026, based on fiscal 2025 diluted earnings of $3.31 per share. That figure can mislead, because a gas producer's profits move with gas prices. Earnings per share were $4.38 in 2022 and $0.45 in 2024, and the company lost money in 2020 and 2021. In the quarter ended September 30, 2026, net income fell 17% and revenue fell 9.6% from a year earlier.