Filing Flows › EQT (EQT) › Q4 2025
EQT (EQT) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
EQT (EQT) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), +47% from a year earlier and +22% from the quarter before. Operating margin was 42.5%, net earnings $677M (28.4% of revenue).
EQT, Q4 2025: revenue $2.4B (+47% year over year), operating margin 42.5%, net earnings $677M, operating cash flow $1.1B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.4B | +22% | +47% |
| Operating profit | $1.0B | +68% | +30% |
| Net earnings | $677M | +102% | +62% |
| Operating cash flow | $1.1B | +11% | +49% |
| Free cash flow | $513M | +31% | +211% |
What changed
Revenue was $2.4B in Q4 2025, up 47% year over year and up 22% from the previous quarter.
Operating profit was $1.0B, a 42.5% margin (down 5.5 points year over year). Of the extra revenue versus a year earlier, 31% reached operating profit, below the 48% margin then. Total costs grew 63% against revenue growth of 47%. The fastest-growing cost line was Other operating costs (+151%). Net earnings were $0.68B, up 62% year over year. The effective tax rate was 21.8%.
Operating cash flow was $1.1B (up 49% year over year), 151% of net income including minority interests. Non-cash charges added back $0.67B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.31B. Capital expenditures of $0.61B left free cash flow of $0.51B.
Questions
What was EQT's revenue in the fourth quarter 2025?
EQT (EQT) reported revenue of $2.4B for the fourth quarter 2025 (Q4 2025), +47% from a year earlier and +22% from the quarter before.
Was EQT profitable in the fourth quarter 2025?
Operating profit was $1.0B (42.5% of revenue) and net earnings $677M.
Source: EQT 10-K on SEC EDGAR.