# EQT Corporation — Q4 2025 / FY 2025 Press Release (extract)

**Source**: EQT press release 2026.02.18. Used as prior-quarter delta reference per PROMPT.md 5-A.

## Q4 2025 headline

- Total revenue: $2.39B (+47% YoY from $1.62B Q4 2024)
- Net income attributable to EQT: **$677M** (vs $418M, +62% YoY)
- Adjusted EPS: **$0.90** (consensus $0.73 → +22.7% beat)
- Q4 2025 sales volume: **609 Bcfe** (above guidance high-end)
- Q4 2025 free cash flow: **$744M**

## Full year 2025

- Full year net income: $2.04B (vs $231M 2024) — 8.8x YoY
- Full year free cash flow: **$2.5B**
- 2025 NYMEX natural gas average: $3.40/MMBtu
- Sales volume FY 2025 raised guidance to 2,300-2,400 Bcfe (post-Olympus)

## Olympus Energy deal

- $1.8B ($1.3B stock = 26M shares + $500M cash)
- Closed 2025 Q2
- +90,000 net acres, +500 MMcf/d production
- +10 years Marcellus inventory, +7 years Utica upside

## 2026 initial guidance (given at Q4 2025)

- Adjusted EBITDA: ~$6.5B
- Free cash flow: $3.5B (including $600M elective growth investments)
- MVP Boost expansion: pursuing FERC application; construction start winter 2026-2027
- Data center demand narrative established as central strategic theme

## Q4 2025 messaging themes (for delta comparison)

- "Record free cash flow trajectory" — full year $2.5B
- Emphasis on "elective growth investments" within capex
- MVP Boost application filing as 2026 milestone
- Pennsylvania power plant supply agreements cited (1 Bcf/d from Marcellus to restarted PA plants + data centers)
- Moody's upgraded EQT to Baa3 during 2025 (investment grade)