Filing Flows › EQT (EQT) › Q2 2025
EQT (EQT) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 23, 2025
EQT (EQT) reported revenue of $2.6B for the second quarter 2025 (Q2 2025), +169% from a year earlier and +47% from the quarter before. Operating margin was 44.3%, net earnings $784M (30.7% of revenue).
EQT, Q2 2025: revenue $2.6B (+168% year over year), operating margin 44.3%, net earnings $784M, operating cash flow $1.2B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +47% | +169% |
| Operating profit | $1.1B | +129% | 382× |
| Net earnings | $784M | +224% | 82× |
| Operating cash flow | $1.2B | -29% | +286% |
| Free cash flow | $692M | -44% | — |
What changed
Revenue was $2.6B in Q2 2025, up 169% year over year and up 47% from the previous quarter.
Operating profit was $1.1B, a 44.3% margin (up 44.0 points year over year). Of the extra revenue versus a year earlier, 70% reached operating profit, above the 0% margin then. Total costs grew 50% against revenue growth of 169%. The fastest-growing cost line was Other operating costs (+181%). Net earnings were $0.78B, up 8139% year over year. The effective tax rate was 21.6%.
Operating cash flow was $1.2B (up 286% year over year), 145% of net income including minority interests. Non-cash charges added back $0.62B of depreciation and amortization and $0.01B of share-based compensation. Working capital and other items used $0.25B. Capital expenditures of $0.55B left free cash flow of $0.69B.
Questions
What was EQT's revenue in the second quarter 2025?
EQT (EQT) reported revenue of $2.6B for the second quarter 2025 (Q2 2025), +169% from a year earlier and +47% from the quarter before.
Was EQT profitable in the second quarter 2025?
Operating profit was $1.1B (44.3% of revenue) and net earnings $784M.
Source: EQT 10-Q on SEC EDGAR.