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EQT Corp (EQT) investor relations material
EQT Corp Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved $484 million in free cash flow for Q3 2025, net of $21 million in one-time Olympus transaction costs, with cumulative free cash flow over $2.3 billion in the past four quarters at $3.25/MMBtu gas prices.
Production reached 634 Bcfe, at the high end of guidance, driven by strong well performance, operational efficiency, and compression project outperformance.
Completed Olympus Energy acquisition and full integration in 34 days, achieving significant operational improvements, cost savings, and adding 90,000 net acres and 500 MMcf/d of production.
Record-setting operational performance, including highest monthly pumping hours, fastest completion pace, and most lateral footage drilled and completed in 24 hours.
Net income attributable to shareholders was $335.9 million ($0.53 per diluted share) for Q3 2025, compared to a net loss of $300.8 million in Q3 2024, driven by higher revenues and lower acquisition-related costs.
Financial highlights
Q3 2025 sales volumes: 634 Bcfe; average realized price: $2.76/Mcfe; total operating costs: $1.00/Mcfe, 7% below guidance midpoint.
Adjusted EBITDA attributable to EQT: $1.33 billion; capital expenditures: $618 million, 10% below guidance midpoint.
Cumulative free cash flow over the past four quarters exceeded $2.3 billion, outperforming consensus by ~$600 million.
Net debt ended the quarter just under $8 billion, down from $9.1 billion at year-end 2024, despite $600 million in cash outflows for Olympus acquisition, legal settlement, and working capital.
Dividend increased by 5% to $0.66 per share annualized, with an 8% CAGR since 2022.
Outlook and guidance
Full-year 2025 sales volume guidance is 2,325–2,375 Bcfe; Q4 2025 sales volume expected at 550–600 Bcfe, including 15–20 Bcfe of strategic curtailments.
Q4 2025 capital expenditures projected at $635–$735 million, with $555–$635 million for maintenance.
Forecasts $19 billion in cumulative free cash flow over the next five years at recent strip pricing.
Minimal cash taxes expected in 2025, saving $100 million vs. prior forecast.
Net debt target of $7.5 billion by year-end 2025 and $5 billion long-term, achievable at current strip prices.
Quantify Olympus integration's future CapEx impact.
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Detail capital allocation priorities beyond dividend.
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Next EQT Corp earnings date
Q4 202518 Feb, 2026
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Frequently asked questions
The billionaire factory
EQT is a Swedish private equity giant, originally founded inside Sweden’s largest investment company – Investor. EQT went public in 2019 and is today a well-established company on its own.
Despite its short public market history, the company has written itself into the Swedish business history books thanks to its performance. In fact, some people in Sweden are calling EQT “the billionaire factory” because of how wealthy some employees have become since their IPO.
Founding of EQT
Conni Johnsson - a previous director at Investor, was the man put in charge of launching EQT, and the idea of starting a private equity firm was born in 1993 when attending dinner in Gamla Stan (Old Town) in Stockholm with Claes Dahlbäck, CEO of Investor from 1978 to 1999.
Founded during the early 1990’s financial crisis, and in a time when colorful ties were worn to work and mobile phones were in their infancy, the two men decided to look ahead. Since then, EQT has made continuous acquisitions, and when launching their third and fourth fund after the millennial shift, it started to take off. EQT then turned their heads towards Europe, USA, UK and also opened up an office in Hong Kong – focusing on Asian businesses.
Two main business segments
EQT has two main business segments - Private Capital and Real Assets, and with a substantial amount of dry powder, the company is well-positioned to scoop up potential bargains in a market downturn. Some of EQT’s competitors include KKR, Blackstone, Bain Capital, and The Carlyle Group.
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