EQT Corporation stock research
FY2024 Q2
EQT (EQT) Gross Margin — Quarter Ended Jun 30, 2024
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue was nearly unchanged, resulting in a lower gross margin. Compared to the same quarter last year, revenue and gross profit increased, and gross margin improved as cost of revenue rose less than revenue.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue and gross profit both decreased compared to the prior quarter, while cost of revenue was nearly unchanged, resulting in a lower gross margin. Compared to the same quarter last year, revenue and gross profit increased, and gross margin improved as cost of revenue rose less than revenue.
- The strongest observable margin driver is the relationship between revenue and cost of revenue; in the current quarter, revenue declined sharply while cost of revenue remained stable, compressing gross margin.
- Gross margin weakened from the prior quarter but improved from the same quarter one year earlier. Revenue and gross profit were lower sequentially but higher year-over-year.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
43.0%
Gross profit
$409.4M
Revenue
$952.5M
Cost of revenue
$543.1M
Quarter-over-quarter change
-18.4 pts
Year-over-year change
+4.7 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2023 | $1.2B | $631.3M | $554.8M | 53.2% |
| Dec 31, 2023 | $2.0B | $1.5B | $564.3M | 72.4% |
| Mar 31, 2024 | $1.4B | $867.1M | $545.2M | 61.4% |
| Jun 30, 2024 | $952.5M | $409.4M | $543.1M | 43.0% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
-18.4 pts
Year-over-year change
Jun 30, 2023
+4.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the relationship between revenue and cost of revenue; in the current quarter, revenue declined sharply while cost of revenue remained stable, compressing gross margin.
Gross margin weakened from the prior quarter but improved from the same quarter one year earlier. Revenue and gross profit were lower sequentially but higher year-over-year.
Monitor the trend in cost of revenue relative to revenue, as stable costs amid declining revenue directly pressure gross margin.