EQT Corporation delivered a standout QQ2 2025 performance with a pronounced top-line expansion and strong margin profile, underpinned by favorable natural gas price dynamics and resilient volumes in the Marcellus region. Reported revenue of USD 2,557.7 million translated into a gross profit of USD 1,399.6 million and EBITDA of USD 1,821.4 million, delivering an EBITDA margin in excess of 70% for the quarter. Net income reached USD 784.1 million with basic and diluted EPS of USD 1.31 and USD 1.30, respectively, underscoring meaningful profitability on a quarterly basis. In AUD terms (assuming USD/AUD ~1.50 for QQ2 2025), this equates to roughly AUD 3,836.6 million of revenue, AUD 2,099.4 million gross profit, AUD 2,732.1 million EBITDA, and AUD 1,176.2 million net income.
Despite robust profitability, cash flow from operations was modest in the quarter at USD 5.68 million, with free cash flow of USD 5.48 million and capex of USD 0.192 million. The incongruity between high earnings and cash conversion reflects working capital dynamics and non-cash items, a pattern investors should monitor as commodity cycles and capital allocation evolve. The balance sheet remains solid with total assets of USD 527.5 million and net debt of USD -40.9 million (net cash), supported by a cash position of USD 114.6 million and a current ratio of 7.41, signaling ample liquidity.
Looking ahead, EQT’s near-term trajectory will hinge on energy price volatility, gas demand trends (including LNG feedstock demand), and the company’s ability to translate favorable operating performance into durable free cash flow. The current quarter reinforces EQT’s capability to generate substantial earnings power from its gas-centric asset base, but sustained investor value will depend on cash flow durability, balance sheet discipline, and the execution of any portfolio optimization or growth initiatives in a volatile macro backdrop.