Latest revenue
$3.38B
as of 2026-03-31
Latest net income
$1.49B
as of 2026-03-31
Net margin
44.0%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $36.23B
- Enterprise value
- $36.68B
- P/E (trailing)
- 17.8×
- Forward P/E
- —
- P/B
- 1.44×
- Dividend yield
- 1.1%
- 52-wk high
- $68.24
- 52-wk low
- $48.47
- Beta
- —
- Shares out
- 625.5M
5-year trend
What this company does
EQT produces natural gas, natural gas liquids, and oil from the Appalachian Basin, while also operating gathering pipelines and transmission infrastructure that move gas to market. The company makes money primarily by selling natural gas, with Q1 2026 hydrocarbon sales of $3.4 billion dwarfing pipeline revenue of $177 million. Higher gas prices drove net income to $1.49 billion from $242 million a year earlier, and EQT used the cash to cut senior notes by $1.7 billion, reshaping it into a lower-leverage integrated Appalachian operator.
Generated from EQT's filing dated 2026-02-18
Key risks
- Commodity price exposure: Q1 2026 derivative losses totaled $238 million, with $304 million in net cash settlements paid, eroding hedging gains.
- Geographic concentration: operations focused solely in Appalachian Basin, exposing EQT to regional basis differentials and takeaway constraints.
- Leverage and refinancing: $1.73 billion debt repaid in Q1 2026 plus $29.5 million extinguishment loss; $5.2 billion senior notes remain outstanding.
Generated from EQT's filing dated 2026-02-18
Profitability
Operating margin
13.7%
200.5%Net margin
8.6%
460.5%Return on equity
8.6%
666.9%Return on assets
4.9%
742.9%Leverage
Debt / equity
0.76×
18.7%Long-term debt / equity
0.29×
32.1%Debt / assets
43.2%
10.6%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $3.38B | +94.2% | $1.49B | +514.2% | 44.0% |
Q4 2025 2025-12-31 | $18.68B | +58.5% | $677.1M | +121.7% | 3.6% |
Q3 2025 2025-09-30 | $1.68B | +52.5% | $335.9M | +278.8% | 20.0% |
Q2 2025 2025-06-30 | $1.70B | +91.2% | $784.1M | +8139.4% | 46.1% |
Q1 2025 2025-03-31 | $1.74B | +33.4% | $242.1M | +134.0% | 13.9% |
Q4 2024 2024-12-31 | $11.79B | — | $305.4M | — | 2.6% |
Q3 2024 2024-09-30 | $1.10B | +9.8% | $-187.8M | -331.1% | -17.1% |
Q2 2024 2024-06-30 | $889.5M | +4.9% | $9.5M | +114.3% | 1.1% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Crude Petroleum & Natural Gas · SIC 1311
Your notes
Keep private notes on EQT — thesis, target price, catalysts to watch.
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Insider activity
Insider buying
$0
Insider selling
$10.1M
Net activity
−$10.1M
Distinct insiders
7
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-04-27 | Vicky A Bailey Director | Sale | 4,116 | $59.80 | $246.1K | |
| 2026-03-16 | Sarah Fenton EVP UPSTREAM | Sale | 4,876 | $64.49 | $314.5K | |
| 2026-03-12 | J.E.B. Bolen EVP OPERATIONS | Sale | 7,634 | $64.35 | $491.2K |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns EQT
Institutional value
$12.61B
Total shares held
201.5M
Distinct holders
744
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | VANGUARD CAPITAL MANAGEMENT LLC | 40.6M | $2.58B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 32.0M | $2.03B | — | New |
| 3 | Bank of New York Mellon Corp | 9.0M | $572.5M | — | New |
| 4 | Invesco Ltd. | 8.7M | $553.7M | — | New |
| 5 | DIMENSIONAL FUND ADVISORS LP | 5.5M | $351.5M | — | New |
| 6 | Allspring Global Investments Holdings, LLC | 5.5M | $337.6M | — | New |
| 7 | JANE STREET GROUP, LLC | 4.1M | $259.0M | — | New |
| 8 | BAILLIE GIFFORD & CO | 3.9M | $250.2M | — | New |
| 9 | Boston Partners | 3.8M | $240.5M | — | New |
| 10 | VANGUARD FIDUCIARY TRUST CO | 3.5M | $223.3M | — | New |
| 11 | Canoe Financial LP | 3.0M | $190.3M | — | New |
| 12 | DIAMOND HILL CAPITAL MANAGEMENT INC | 2.8M | $179.2M | — | New |
| 13 | Legal & General Group Plc | 2.8M | $179.0M | — | New |
| 14 | UBS Group AG | 2.7M | $174.8M | — | New |
| 15 | CITIGROUP INC | 2.5M | $162.1M | — | New |
| 16 | DEUTSCHE BANK AG\ | 2.3M | $147.3M | — | New |
| 17 | Nuveen, LLC | 2.2M | $139.6M | — | New |
| 18 | Share Andrew L. | 1.9M | $121.6M | — | New |
| 19 | Swiss National Bank | 1.8M | $116.6M | — | New |
| 20 | ROYAL LONDON ASSET MANAGEMENT LTD | 1.7M | $109.6M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Realized gas prices drove revenue up 53% YoY, yet you paid $304M in net derivative settlements versus $92M—why are hedges still capping this much upside, and what's the 2026/2027 hedge book look like?
- 2
You retired $1.73B of senior notes this quarter; with leverage now materially lower, why isn't the buyback active given shares outstanding rose to 625M and dilution from share-based comp continues?
- 3
Deferred tax expense jumped to $410M from $72M—what's driving the step-change, and should we model a materially higher cash tax rate beginning 2027?
Refreshed when EQT files a new report · last from 2026-02-18