The earnings call reflects strong operational performance and strategic growth initiatives, with significant free cash flow generation and debt reduction. Despite the litigation settlement expense and near-term market headwinds, the overall outlook is positive with continued efficiency gains and integration of Olympus Energy.

Company Guidance

During the EQT Q2 2025 earnings call, the company provided updated guidance with several key metrics. Production was at the high end of guidance, aided by strong well productivity and outperforming compression projects, which are ahead of schedule and under budget. Capital spending came in approximately $50 million below the low end of guidance due to midstream spending optimization and efficiency improvements, resulting in about $240 million of Q2 free cash flow despite a $134 million litigation settlement expense. Without this expense, free cash flow would have totaled approximately $375 million, exceeding expectations. The company's year-to-date free cash flow generation was nearly $2 billion, despite natural gas prices averaging $3.30 per million Btu. EQT also acquired Olympus Energy, using $475 million of cash and issuing 25.2 million shares, adding 500 million cubic feet per day of net production. The company outlined a $1 billion organic investment opportunity, with projects expected to generate a 25% aggregate free cash flow yield and an additional $250 million of recurring free cash flow by 2029. EQT maintained its full-year capital guidance despite the Olympus acquisition. The company lowered its operating expense guidance by $0.06 per Mcfe while keeping price differential guidance unchanged. EQT intends to continue reducing its net debt, aiming for a maximum of $5 billion of net debt over the long term, and will focus on debt paydown, even after achieving the near-term target of $7.5 billion by year-end 2025.

Strong Production and Efficiency Gains

Production was at the high end of guidance due to robust well productivity and outperformance from compression projects. Capital spending was approximately $50 million below the low end of guidance, driven by midstream spending optimization, improved completion efficiency, and lower well costs.

Significant Free Cash Flow Generation

Approximately $240 million of Q2 free cash flow was generated despite $134 million of net expense from a litigation settlement. Without this, free cash flow would have been $375 million, exceeding expectations.

Olympus Energy Acquisition

Acquisition of Olympus Energy was completed, funded with $475 million of cash on hand and issuance of approximately 25.2 million shares. The integration is progressing well, with operational integration expected to complete within 30 days.

Strategic Growth Projects

A pipeline of low-risk, high-return projects was discussed, including MVP Boost and Southgate projects, which are expected to enhance natural gas delivery and support coal replacement. Collectively, these projects represent a nearly $1 billion investment opportunity with an estimated free cash flow yield of approximately 25% once fully online.

Balance Sheet Strengthening

Net debt was reduced by approximately $350 million compared to Q1, totaling nearly $6 billion of debt reduction over the past 3 quarters. The company remains on track to achieve a year-end 2025 net debt target of $7.5 billion.

EQT (EQT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

EQT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 22, 2025	2025 (Q3)	0.51 / -	0.12	―	―	―
Jul 22, 2025	2025 (Q2)	0.42 / 0.45	-0.08	662.50% (+0.53)
Apr 22, 2025	2025 (Q1)	1.03 / 1.18	0.82	43.90% (+0.36)
Feb 18, 2025	2024 (Q4)	0.53 / 0.69	0.48	43.75% (+0.21)
Oct 29, 2024	2024 (Q3)	0.08 / 0.12	0.3	-60.00% (-0.18)
Jul 23, 2024	2024 (Q2)	-0.19 / -0.08	-0.17	52.94% (+0.09)
Apr 23, 2024	2024 (Q1)	0.65 / 0.82	1.7	-51.76% (-0.88)
Feb 13, 2024	2023 (Q4)	0.47 / 0.48	0.42	14.29% (+0.06)
Oct 25, 2023	2023 (Q3)	-0.09 / 0.30	1.04	-71.15% (-0.74)
Jul 25, 2023	2023 (Q2)	-0.26 / -0.17	0.83	-120.48% (-1.00)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

EQT Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 22, 2025	$54.17	$51.80	-4.38%
Apr 22, 2025	$48.28	$48.46	+0.37%
Feb 18, 2025	$53.46	$53.92	+0.86%
Oct 29, 2024	$36.82	$38.06	+3.37%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does EQT (EQT) report earnings?

EQT (EQT) is schdueled to report earning on Oct 22, 2025, Before Open (Confirmed).

What is EQT (EQT) earnings time?

EQT (EQT) earnings time is at Oct 22, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is EQT EPS forecast?

EQT EPS forecast for the fiscal quarter 2025 (Q3) is 0.51.

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