EQT Corporation stock research
FY2025 Q3
EQT (EQT) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit declined from the prior quarter but rose sharply from the same quarter last year. The gross margin weakened sequentially, yet improved substantially year-over-year.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit declined from the prior quarter but rose sharply from the same quarter last year. The gross margin weakened sequentially, yet improved substantially year-over-year.
- The strongest observable margin driver is the change in cost of revenue relative to revenue. Cost of revenue was lower than both the prior quarter and the same quarter a year earlier, while revenue grew significantly year-over-year, driving margin expansion from the prior year.
- Compared to the prior quarter, revenue decreased and gross margin contracted. Versus the same quarter last year, both revenue and gross profit increased substantially, and gross margin strengthened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
80.7%
Gross profit
$1.6B
Revenue
$2.0B
Cost of revenue
$377.1M
Quarter-over-quarter change
-4.0 pts
Year-over-year change
+15.1 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, 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% |
| Sep 30, 2025 | $2.0B | $1.6B | $377.1M | 80.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
-4.0 pts
Year-over-year change
Sep 30, 2024
+15.1 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the change in cost of revenue relative to revenue. Cost of revenue was lower than both the prior quarter and the same quarter a year earlier, while revenue grew significantly year-over-year, driving margin expansion from the prior year.
Compared to the prior quarter, revenue decreased and gross margin contracted. Versus the same quarter last year, both revenue and gross profit increased substantially, and gross margin strengthened.
Monitor the trend in transportation and processing expenses, which represent the largest component of cost of revenue.