EQT Corporation stock research
FY2025 Q2
EQT (EQT) Gross Margin — Quarter Ended Jun 30, 2025
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue remained relatively stable sequentially and declined year over year. Consequently, gross profit grew substantially, resulting in a higher gross margin.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue increased compared to both the prior quarter and the same quarter last year, while cost of revenue remained relatively stable sequentially and declined year over year. Consequently, gross profit grew substantially, resulting in a higher gross margin.
- The most notable factor is the increase in revenue relative to the change in cost of revenue, which was much smaller in magnitude.
- Compared to the immediately preceding quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin also improved substantially.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
84.8%
Gross profit
$2.2B
Revenue
$2.6B
Cost of revenue
$389.1M
Quarter-over-quarter change
+6.5 pts
Year-over-year change
+41.8 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, 2024 | $1.3B | $843.0M | $440.8M | 65.7% |
| Dec 31, 2024 | $1.6B | $1.2B | $386.5M | 76.2% |
| Mar 31, 2025 | $1.7B | $1.4B | $378.2M | 78.3% |
| Jun 30, 2025 | $2.6B | $2.2B | $389.1M | 84.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+6.5 pts
Year-over-year change
Jun 30, 2024
+41.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most notable factor is the increase in revenue relative to the change in cost of revenue, which was much smaller in magnitude.
Compared to the immediately preceding quarter, gross margin improved. Compared to the same quarter one year earlier, gross margin also improved substantially.
Monitor the trend in cost of revenue, as it remained nearly flat quarter over quarter despite revenue growth, and the volatility of gains on derivatives, which contributed a large portion of current revenue.