EQT (EQT) Revenue — Quarter Ended Sep 30, 2025
Revenue declined sharply from the prior quarter but remained significantly above the same quarter last year. The sequential drop was primarily driven by a steep fall in natural gas, natural gas liquids, and oil sales compared to the preceding three-month period.
Key takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue declined sharply from the prior quarter but remained significantly above the same quarter last year. The sequential drop was primarily driven by a steep fall in natural gas, natural gas liquids, and oil sales compared to the preceding three-month period.
Financial snapshot
Reported revenue, sequential change, year-over-year change, and trailing four-quarter revenue.
Quarter revenue
$2B
Revenue reported for this quarter.
Quarter-over-quarter
-23.4%
Change from the immediately preceding quarter.
Year-over-year
+52.6%
Change from the comparable year-ago quarter.
Trailing four quarters
$7.9B
Sum of the latest four reported quarters.
Quarterly revenue trend
The latest four reported quarters with year-over-year comparisons.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2024 | $1.6B | -20.5% |
| Mar 31, 2025 | $1.7B | +23.2% |
| Jun 30, 2025 | $2.6B | +168.5% |
| Sep 30, 2025 | $2B | +52.6% |
Revenue performance
Total operating revenue for the quarter was lower than the immediately preceding quarter, reversing the strong sequential growth seen in the prior period. Year-over-year, revenue was substantially higher, reflecting sustained improvement from the depressed level a year earlier.
Quarterly comparison
Compared with the previous quarter, total operating revenue decreased by about a quarter. When measured against the same quarter one year earlier, revenue increased by over half.
What to watch
Monitor whether the steep sequential revenue decline reflects temporary demand or pricing factors, given the large year-over-year gain.