EQT Corporation stock research
FY2025 Q4
EQT (EQT) Gross Margin — Quarter Ended Dec 31, 2025
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year. Gross margin improved, reaching a higher level than both comparison periods.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue and gross profit increased compared to both the prior quarter and the same quarter last year. Gross margin improved, reaching a higher level than both comparison periods.
- The strongest observable driver is the increase in gross profit relative to cost of revenue; gross profit grew more than cost of revenue, which remained relatively stable.
- Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher. Compared to the same quarter one year earlier, all three metrics also showed improvement.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
83.8%
Gross profit
$2.0B
Revenue
$2.4B
Cost of revenue
$387.6M
Quarter-over-quarter change
+3.0 pts
Year-over-year change
+7.6 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 |
|---|---|---|---|---|
| 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% |
| Dec 31, 2025 | $2.4B | $2.0B | $387.6M | 83.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
+3.0 pts
Year-over-year change
Dec 31, 2024
+7.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable driver is the increase in gross profit relative to cost of revenue; gross profit grew more than cost of revenue, which remained relatively stable.
Compared to the immediately preceding quarter, revenue, gross profit, and gross margin were all higher. Compared to the same quarter one year earlier, all three metrics also showed improvement.
Monitor the proportion of cost of revenue relative to revenue as revenue continues to grow.