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Screener / SEC EDGAR /CIK 0000033213 /10-K filed Feb 18, 2026, compared with Feb 19, 2025 /Numbers from the XBRL of the 10-Ks
Energy peers:
APAEXETPLTRGPEQTWMB
NYSE Energy · Oil & Gas Production

EQT Corporation EQT

EQT quote by TradingView

We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. 10-K, Item 1

Employees
1,523
Headquarters
Canonsburg, PA
CEO
Toby Z. Rice
Next results
around Jan 28, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $8.6B through the costs to a net profit of $2.0B · income statement of the 10-K

38% operating margin
Revenue to Gross profit: $7.1BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $3.2BGross profit to Operating expenses: $3.9BOperating profit to Net profit: $2.0BOperating profit to Tax & other: $1.2B Revenue: $8.6B REVENUE $8.6B +64% Y/Y Gross profit: $7.1B · 82% margin GROSS PROFIT $7.1B 82% margin Cost of revenue: $1.5B · 18% of revenue COST OF REVENUE $1.5B 18% of revenue Operating profit: $3.2B · 38% margin OPERATING PROFIT $3.2B 38% margin · +374% Y/Y Operating expenses: $3.9B · 45% of revenue OPERATING EXPENSES $3.9B 45% of revenue Net profit: $2.0B · 24% margin NET PROFIT $2.0B 24% margin · +784% Y/Y Tax & other: $1.2B · 14% of revenue TAX & OTHER $1.2B 14% of revenue
Gross profit $7.1B 82% margin
Operating profit $3.2B 38% margin · +374% Y/Y
Net profit $2.0B 24% margin · +784% Y/Y
The full income statement, year by year

EQT among Energy peers

Six ratios from the latest 10-K. Each corner is the share of 20 peers the company is above, not a score.

Compare
Revenue growth: 63.9%, above 95% of 20 peers (their median -1.0%) REVENUE GROWTH 63.9% · above 95% Gross margin: 83.5%, above 100% of 7 peers (their median 25.2%) GROSS MARGIN 83.5% · above 100% Operating margin: 41.8%, above 83% of 12 peers (their median 24.1%) OPERATING MARGIN 41.8% · above 83% Net margin: 28.4%, above 90% of 20 peers (their median 12.5%) NET MARGIN 28.4% · above 90% FCF margin: 40.7%, above 100% of 13 peers (their median 11.9%) FCF MARGIN 40.7% · above 100% Return on capital: 8.2%, above 42% of 12 peers (their median 8.8%) RETURN ON CAPITAL 8.2% · above 42%
EQT Peer median Below the median

What changed

1 new risk paragraph and 1 accounting fact worth reading about. 10-K filed Feb 18, 2026 against Feb 19, 2025.

Risk factors
1 new paragraph, nothing like it in the previous 10-K
10-K Item 1A
Critical audit matters changed
New this year: Valuation of Acquired Natural Gas and Oil Properties (“As described in Note 11 to the consolidated financial statements, on July 1, 2025, the Company completed the Olympus Energy Acquisition of certain natural gas and oil properties and related midstream assets. EQT accounted for the Olympus Energy Acquisition as a business combination under the acquisi”). No longer listed: Accounting for the new Midstream Joint Venture. Same as last year: Depreciation, depletion and amortization ('DD&A') of proved oil and natural gas properties
10-K · XBRL
Accounting checks
9 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
3 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 9 checks found nothing to note

  • Critical audit matters changed
    New this year: Valuation of Acquired Natural Gas and Oil Properties (“As described in Note 11 to the consolidated financial statements, on July 1, 2025, the Company completed the Olympus Energy Acquisition of certain natural gas and oil properties and related midstream assets. EQT accounted for the Olympus Energy Acquisition as a business combination under the acquisi”). No longer listed: Accounting for the new Midstream Joint Venture. Same as last year: Depreciation, depletion and amortization ('DD&A') of proved oil and natural gas properties
  • Receivables +28.7% vs revenue +63.9% (-35.2 pts)
8 more checks with nothing to note
  • Cash from operations $5.1B vs net income $2.0B (FY ending Dec 31, 2025)
  • Same auditor in both 10-Ks: Ernst & Young LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

1 paragraph in Risk Factors that was not in the 10-K filed Feb 19, 2025. Quoted as filed.

  1. Item 1A · new paragraph · not in the 10-K filed Feb 19, 2025 10-K, ITEM 1A
    At the international level, in December 2015, the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change resulted in nearly 200 countries, including the United States, coming together to develop the Paris Agreement, which calls for the signatories to the agreement to undertake "ambitious efforts" to…

New risk paragraphs, against peers

Latest 10-K of each, Energy companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$12.1B$6.9B$5.3B$8.6B
Net income$1.8B$1.7B$230.6M$2.0B
Operating cash flow$3.5B$3.2B$2.8B$5.1B
Free cash flow$2.1B$1.2B$573.3M$2.8B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$8.6B ▲ 63.9% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

3 filings in the last 30 days · SEC EDGAR

All filings

About the company

EQT Corporation, Canonsburg, PA · from the 10-K filed Feb 18, 2026

We are a vertically integrated natural gas company with upstream, gathering and transmission operations focused in the Appalachian Basin. As of December 31, 2025, we had 28.0 Tcfe of proved natural gas, NGLs and oil reserves across approximately 2.3 million gross acres and approximately 2,945 miles of pipeline infrastructure. In addition, we own an investment in Series A of Mountain Valley Pipeline, LLC (MVP A), which owns the Mountain Valley Pipeline (MVP Mainline), a 303-mile-long pipeline that spans from Wetzel County, West Virginia to Pittsylvania County, Virginia.

Headquarters
Canonsburg, PA
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 27, 2026
Incorporated in
PA

Employees, at the top of the page: "As of December 31, 2025, we had 1,523 full-time equivalent employees (i" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 18, 2026 (open at SEC), compared with the 10-K filed Feb 19, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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