EQT (EQT) Q4 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with production and free cash flow exceeding guidance due to strong well productivity, efficiency gains, and cost reductions.

• Maintained high uptime and captured peak market pricing during Winter Storm Fern, outperforming regional peers.

• Strategic focus on infrastructure investments, sustainability, and disciplined capital allocation to support long-term growth and shareholder value.

• Increased 2026 hedge coverage to 25% and exercised option to expand MVP pipeline ownership to ~53%.

• Proved reserves increased 7% year-over-year to 28.0 Tcfe, with a PV-10 value of $26 billion at SEC pricing.

Financial highlights

• Generated over $2.5 billion in free cash flow for 2025, surpassing consensus and internal expectations.

• Q4 2025 free cash flow reached $744 million, with sales volumes of 609 Bcfe and an average realized price of $3.44/Mcfe.

• Full year 2025 net income attributable to the company was $2,039 million, up from $231 million in 2024.

• Adjusted EBITDA for 2025 was $5,904 million, a $2,175 million increase year-over-year.

• Exited 2025 with net debt just under $7.7 billion, including $425 million in working capital usage.

Outlook and guidance

• 2026 production forecast is 2,275–2,375 Bcfe/TCFE, with maintenance capital expenditures of $2.07–$2.21 billion and growth capex of $580–$640 million.

• Projected 2026 free cash flow is ~$3.5 billion, with net debt expected to fall to ~$4.7 billion by year-end.

• Projected 2026 Adjusted EBITDA of $6.5 billion and cumulative free cash flow over the next five years projected to exceed $16 billion.

• Q1 2026 sales volume guidance is 560–610 Bcfe.

• Operating costs for 2026 are guided between $1.07–$1.21 per Mcfe.