Filing Flows › EQT (EQT) › Q3 2025
EQT (EQT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 22, 2025
EQT (EQT) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +53% from a year earlier and -23% from the quarter before. Operating margin was 30.8%, net earnings $336M (17.1% of revenue).
EQT, Q3 2025: revenue $2.0B (+53% year over year), operating margin 30.8%, net earnings $336M, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.0B | -23% | +53% |
| Operating profit | $603M | -47% | — |
| Net earnings | $336M | -57% | — |
| Operating cash flow | $1.0B | -18% | +72% |
| Free cash flow | $391M | -43% | 17× |
What changed
Revenue was $2.0B in Q3 2025, up 53% year over year and down 23% from the previous quarter.
Operating profit was $0.60B, a 30.8% margin (up 52.8 points year over year). Total costs fell 13% while revenue rose 53%. The fastest-growing cost line was SG&A (+12%). Net earnings were $0.34B. The effective tax rate was 24.1%.
Operating cash flow was $1.0B (up 72% year over year), 250% of net income including minority interests. Non-cash charges added back $0.69B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.09B. Capital expenditures of $0.63B left free cash flow of $0.39B.
Questions
What was EQT's revenue in the third quarter 2025?
EQT (EQT) reported revenue of $2.0B for the third quarter 2025 (Q3 2025), +53% from a year earlier and -23% from the quarter before.
Was EQT profitable in the third quarter 2025?
Operating profit was $603M (30.8% of revenue) and net earnings $336M.
Source: EQT 10-Q on SEC EDGAR.