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October 23, 2025 • 3 min read
EQT Corp., a leading natural gas producer focused on the Appalachian Basin, recently released its financial results for the third quarter of 2025. In this post, we'll dive into the numbers from its latest 10-Q filing with the SEC to understand the company's performance and the key factors driving its results.
The headline story for EQT is a dramatic turnaround. The company swung from a significant loss last year to a solid profit, fueled by higher revenues and increased production volumes.
In the third quarter of 2025, EQT reported a net income attributable to shareholders of $335.9 million, a stark contrast to the $300.8 million net loss posted in the same period of 2024. This impressive reversal was driven by a substantial increase in revenue. Total operating revenues climbed to $1.96 billion, up 53% from $1.28 billion in the prior-year quarter.
The primary engine for this growth was the company's core business: sales of natural gas, natural gas liquids (NGLs), and oil, which jumped from $1.1 billion to nearly $1.7 billion. This was supported by both higher commodity prices and an increase in production.
To better understand how EQT's revenue flows through its operations to generate profit, the following diagram breaks down the key components of its income statement for the third quarter.
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In the chart, the "Unallocated" streams largely represent intercompany transactions between EQT's different business segments, such as its Production division paying fees to its Gathering and Transmission divisions. These are eliminated during the consolidation process to prevent double-counting. This category also includes corporate-level expenses not assigned to a specific business unit.
EQT operates across three main segments: Production, Gathering, and Transmission.
Production: This segment, responsible for drilling and extracting natural gas, was the star performer. It generated an operating income of $370.3 million, reversing a $235.4 million operating loss from Q3 2024. This turnaround was driven by a 9% increase in sales volume to 634 billion cubic feet equivalent (Bcfe) and a 40% jump in the average sales price to $2.64 per thousand cubic feet equivalent (Mcfe).
Gathering & Transmission (Midstream): EQT's midstream operations, which handle the collection and long-haul transportation of gas, also showed robust health. The Gathering segment posted operating income of $202.6 million, while the Transmission segment's income grew over 56% to $85.4 million. This strength reflects the company's strategy of becoming a more vertically integrated business, particularly following the major Equitrans Midstream merger which has significantly expanded its pipeline network.
Recent strategic moves, like the Q3 acquisition of Olympus Energy, also contributed to the quarter's higher production output, adding approximately 115.5 million in revenue since the deal closed.
EQT's third-quarter results paint a picture of a company capitalizing on improved market conditions and executing on its strategic goals. The shift from a substantial loss to a healthy profit demonstrates a significant operational and financial recovery.
While the natural gas market remains famously volatile, EQT's efforts to build an integrated model—controlling assets from the wellhead to major pipelines—are designed to create more resilient and predictable cash flows. With a forecast of 550 to 600 Bcfe in sales volume for the final quarter of 2025, the company is positioning itself to finish the year on a strong note.
Last updated: October 23, 2025