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EQT cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$436M in Q3 2026 · $3.8B over twelve months

Operating cash flow$1.1B
Capital spending−$647M
Free cash flow+$436M
Cash / net income3.1×
Cash conversion cycle-245 days

Analysis

In Q3 2026, EQT generated $1.1B of operating cash flow and spent $647M on capital projects, leaving free cash flow of $436M. That is $44.6M more than in Q3 2025 ($391M).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.3B; the largest uses were net borrowing (+) / repaid (−) ($2.7B), capital spending ($2.5B), partners ($456M); besides operations, cash came from other financing ($58.0M); the cash balance fell by $157M.

Operating cash flow was $1.1B against net income of $345M — 3.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$640M, receivables +$103M, deferred taxes +$84.7M.

Its cash conversion cycle was -245 days (receivables 41 + inventory 0 − payables 286): suppliers fund its working capital.

Free cash flow

EQT: free cash flow by quarterEQT: free cash flow by quarter$165MQ4 2024$1.2BQ1 2025$692MQ2 2025$391MQ3 2025$513MQ4 2025$2.5BQ1 2026$398MQ2 2026$436MQ3 2026
Operating cash flow less capital spending.
EQT: operating cash flow against capital spendingEQT: operating cash flow against capital spendingOperating cash flowCapital spending$756M$592MQ4 2024$1.7B$500MQ1 2025$1.2B$550MQ2 2025$1.0B$626MQ3 2025$1.1B$613MQ4 2025$3.1B$599MQ1 2026$1.0B$650MQ2 2026$1.1B$647MQ3 2026
Latest (Q3 2026): Operating cash flow $1.1B, Capital spending $647M.

Capital allocation, year by year

EQT: where the cash came from (up) and went (down), by fiscal yearEQT: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $1.7BFY2021: Net borrowing $545MFY2021: Asset sales $2.5MFY2021: Capital spending −$1.1BFY2021: Acquisitions −$1.0BFY2021: Buybacks −$12.9M$2.2BFY2021FY2022: Operating cash flow $3.5BFY2022: Net borrowing $81.2MFY2022: Shares issued $15.9MFY2022: Asset sales $8.6MFY2022: Capital spending −$1.4BFY2022: Acquisitions −$205MFY2022: Buybacks −$409MFY2022: Dividends −$204M$3.6BFY2022FY2023: Operating cash flow $3.2BFY2023: Net borrowing $241MFY2023: Capital spending −$2.0BFY2023: Acquisitions −$2.3BFY2023: Buybacks −$201MFY2023: Dividends −$228M$3.4BFY2023FY2024: Operating cash flow $2.8BFY2024: Net borrowing −$4.1BFY2024: Shares issued $5.1MFY2024: Capital spending −$2.3BFY2024: Acquisitions −$874MFY2024: Dividends −$327M$2.8BFY2024FY2025: Operating cash flow $5.1BFY2025: Net borrowing −$1.5BFY2025: Capital spending −$2.3BFY2025: Acquisitions −$484MFY2025: Dividends −$390M$5.1BFY2025
Over these 5 years operating cash flow totalled $16.3B; the largest uses were capital spending ($9.0B) and net borrowing ($5.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$78.7M
Debt$5.6B
Net debt$5.5B

EQT funds itself: free cash flow was $3.8B over the last twelve months, and $78.7M of cash and investments stands against $5.6B of debt.

Where the cash came from and went

EQT: sources (+) and uses (−) of cash, Q3 2026EQT: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$1.1BCapital spending−$647MPartners−$117MNet borrowing (+) / repaid (−)−$106MDividends−$103MAcquisitions−$79.6MOther investing−$60.6MCash drawn (+) / kept (−)$34.1MOther financing−$2.3MTaxes on employees’ shares−$1.3M
EQT: sources (+) and uses (−) of cash, TTM to Q3 2026EQT: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$6.3BNet borrowing (+) / repaid (−)−$2.7BCapital spending−$2.5BPartners−$456MDividends−$412MOther investing−$345MCash drawn (+) / kept (−)$157MAcquisitions−$78.3MOther financing$58.0MTaxes on employees’ shares−$47.7M

From profit to cash

EQT: net income to operating cash flow, Q3 2026EQT: net income to operating cash flow, Q3 2026Net income$345MDepreciation & amortization$640MStock-based pay$25.3MDeferred taxes$84.7MGains on disposals−$2.9MOther non-cash$6.0MReceivables$103MPayables−$29.3MPrepaid and other assets−$2.1MIncome taxes payable−$9.3MOperating cash flow$1.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202641—286-245
Q2 202645—305-260
Q1 202632—313-281
Q4 202544—295-252
Q3 202538—277-239
Q2 202536—291-255
Q1 202560—299-239
Q4 202448—264-216

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$1.1B−$647M−$79.6M−$103M−$106M$34.1M$436M
Q2 2026$1.0B−$650M—−$103M−$340M$214M$398M
Q1 2026$3.1B−$599M—−$103M−$1.8B−$216M$2.5B
Q4 2025$1.1B−$613M$1.3M−$103M−$414M$125M$513M
Q3 2025$1.0B−$626M−$385M−$98.3M−$96.7M$320M$391M
Q2 2025$1.2B−$550M−$90.2M−$94.3M−$76.5M−$274M$692M
Q1 2025$1.7B−$500M−$10.0M−$94.1M−$925M−$79.7M$1.2B
Q4 2024$756M−$592M−$10.0M−$94.0M−$4.5B−$113M$165M

EQT: income statement and cash flow

EQT, Q3 2026: revenue $1.8B (-10% year over year), operating margin 26.0%. The chart follows the revenue to costs, profit and cash.

EQT: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.