EQT Corporation stock research
FY2024 Q3
EQT (EQT) Gross Margin — Quarter Ended Sep 30, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue decreased relative to both periods. Gross margin improved significantly versus the prior quarter and also rose compared to the year-ago quarter.
Gross margin takeaway
Quarter ended Sep 30, 2024 · FY2024 Q3
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year, while cost of revenue decreased relative to both periods. Gross margin improved significantly versus the prior quarter and also rose compared to the year-ago quarter.
- The gross margin improvement was driven by a combination of higher revenue and lower cost of revenue, with cost of revenue declining more sharply than revenue increased.
- Compared to the prior quarter, revenue was higher and cost of revenue was lower, leading to a stronger gross profit and gross margin. Versus the same quarter last year, revenue was higher and cost of revenue was lower, resulting in an improved gross profit and gross margin.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
65.7%
Gross profit
$843.0M
Revenue
$1.3B
Cost of revenue
$440.8M
Quarter-over-quarter change
+22.7 pts
Year-over-year change
+12.4 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2024 | $1.3B | $843.0M | $440.8M | 65.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2024
+22.7 pts
Year-over-year change
Sep 30, 2023
+12.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement was driven by a combination of higher revenue and lower cost of revenue, with cost of revenue declining more sharply than revenue increased.
Compared to the prior quarter, revenue was higher and cost of revenue was lower, leading to a stronger gross profit and gross margin. Versus the same quarter last year, revenue was higher and cost of revenue was lower, resulting in an improved gross profit and gross margin.
Monitor the trend in cost of revenue, as its decline was a key factor in the margin improvement.