Executive Summary
EQT Corporation reported a strong start to 2025 with a revenue of $2.418B in QQ1 2025, delivering a gross profit of $1.331B and a net income of $242.1M. The quarter featured a substantial year-over-year and quarterly improvement in profitability metrics, supported by a robust gross margin of 55.0% and an EBITDA of $1.132B. Operating income reached $496.3M, underscoring disciplined cost management alongside favorable gas price realizations. Free cash flow was a standout at $1.241B, driven by $1.741B of cash flow from operations and modest capital expenditure of $499.6M, yielding a strong free cash flow per share of $2.08 and operating cash flow per share of $2.91. The company maintained a focused capital allocation stance, culminating in a dividend payout that aligns with a 38.9% payout ratio, while generating net debt of approximately $8.11B on the balance sheet.
Key Performance Indicators
QoQ: 33.76% | YoY:171.41%
QoQ: 90.88% | YoY:744.97%
QoQ: -36.50% | YoY:16 603.13%
QoQ: -42.13% | YoY:2 444.28%
QoQ: -42.86% | YoY:1 760.47%
Key Insights
Revenue: $2.418B (YoY +171.4%; QoQ +33.8%). Gross Profit: $1.331B (Gross margin 55.0%, YoY +~745%; QoQ +~91%). Operating Income: $496.3M (YoY +16,603%; QoQ -36.5%). Net Income: $242.1M (YoY +2,444%; QoQ -42.1%). EPS: $0.40 (YoY +1,760%; QoQ -42.9%). EBITDA: $1.132B; EBITDARatio ≈ 0.468. Net cash provided by operating activities: $1.741B; Capex: $(0.500)B; Free Cash Flow: $1.241B. Cash and equivalents: $281.8M; Net Debt: ~$8.111B; Total Debt: $8.393B. Current ratio: 0.568; Interest coverage: 4....
Financial Highlights
Revenue: $2.418B (YoY +171.4%; QoQ +33.8%). Gross Profit: $1.331B (Gross margin 55.0%, YoY +~745%; QoQ +~91%). Operating Income: $496.3M (YoY +16,603%; QoQ -36.5%). Net Income: $242.1M (YoY +2,444%; QoQ -42.1%). EPS: $0.40 (YoY +1,760%; QoQ -42.9%). EBITDA: $1.132B; EBITDARatio ≈ 0.468. Net cash provided by operating activities: $1.741B; Capex: $(0.500)B; Free Cash Flow: $1.241B. Cash and equivalents: $281.8M; Net Debt: ~$8.111B; Total Debt: $8.393B. Current ratio: 0.568; Interest coverage: 4.22. Dividends paid: $94.1M; Dividend payout ratio: 38.9%.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
2.42B |
171.41% |
33.76% |
| Gross Profit |
1.33B |
744.97% |
90.88% |
| Operating Income |
496.25M |
16 603.13% |
-36.50% |
| Net Income |
242.14M |
2 444.28% |
-42.13% |
| EPS |
0.40 |
1 760.47% |
-42.86% |
Key Financial Ratios
operatingProfitMargin
20.5%
operatingCashFlowPerShare
$2.91
freeCashFlowPerShare
$2.08
dividendPayoutRatio
38.9%
Management Commentary
Transcript data not provided in the input. No management quotes or call highlights are available to extract themes or quotes. Once the earnings call transcript is supplied, a thematically grouped set of quotes (e.g., strategy, operations, market conditions) with context and significance will be added here.
Forward Guidance
No formal management guidance is supplied in the data provided. Given the cash flow strength and disciplined capex, the near-term optionality centers on sustaining high free cash flow to deleverage and potentially enhance shareholder value. Key external factors to monitor include Henry Hub gas prices, basis differentials affecting realized pricing, LNG export demand, and any shifts in capital allocation strategy (e.g., treatment of dividends vs. buybacks, or targeted debt repayment). In a scenario where gas prices remain favorable and volumes stabilize, EQT should maintain robust FCF generation; downside risk remains tied to sustained gas price volatility, regulatory constraints, or materially higher capex to grow volumes.