EQT Earnings: Strong Production
Key Points
EQT beat expectations for adjusted earnings per share in the second quarter.
The company boosted its sales volume outlook for 2025 due to the Olympus acquisition.
EQT is well positioned to benefit from booming demand for power from AI data centers.
- 10 stocks we like better than EQT ›
Here's our initial take on EQT's (NYSE: EQT) financial report.
Key Metrics
| Metric | Q2 2024 | Q2 2025 | Change | vs. Expectations |
|---|---|---|---|---|
| Production-adjusted revenue | $1.18 billion | $1.60 billion | +36% | n/a |
| Earnings per share (adjusted) | ($0.08) | $0.45 | n/a | Beat |
| Sales volume | 508 Bcfe | 568 Bcfe | +12% | n/a |
| Average realized price per Mcfe | $2.33 | $2.81 | 21% | n/a |
Strong Production and Lower Costs
EQT beat expectations for adjusted profit in the second quarter of 2025, with high levels of production coupled with lower capital spending. EQT reported sales volume of 568 Bcfe, up 12% year over year, thanks to solid well performance and compression projects. Capital spending was $554 million in the quarter, 15% below the midpoint of the company's guidance. Efficiency gains and midstream project optimizations drove the unexpectedly low capital spending total.
Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »
EQT closed its acquisition of Olympus Energy's upstream and midstream assets on July 1. While there was no contribution from Olympus in EQT's second-quarter results, the company boosted its full-year production guidance by 100 Bcfe to account for the acquisition. EQT also recently signed a deal to be the exclusive provider of midstream infrastructure for a large-scale natural gas power plant in West Virginia.
Average realized price shot up 21% to $2.81 per Mcfe in the second quarter, while production-adjusted revenue rose 36% to $1.6 billion. "We are seeing tremendous momentum for in-basin natural gas power and data center demand and EQT is uniquely positioned to capitalize on this set up due to our production scale, inventory duration, world-class integrated infrastructure, investment grade credit ratings, and low emissions credentials," said CEO Toby Rice.
Immediate Market Reaction
Shares of EQT were up around 1% in after-hours trading on Tuesday. While the company beat analyst estimates for adjusted earnings and reported strong production-adjusted revenue growth, it wasn't enough to push the stock meaningfully higher. Going into the report, EQT stock was up about 18% year to date.
What to Watch
EQT boosted its full-year sales volume outlook to a range of 2,300 Bcfe to 2,400 Bcfe to reflect the Olympus acquisition. The company also lowered its per-unit operating costs outlook by $0.06 per Mcfe to a range of $1.03 to $1.17 per Mcfe to account for the benefits of the Olympus deal.
EQT plans to turn-in-line between 95 and 120 net wells for the full year. The company's capital-spending plans were kept unchanged, with efficiency gains being offset by spending associated with Olympus. EQT expects capital spending between $2.3 billion and $2.45 billion in 2025.
With demand for electricity for data centers rising thanks to AI, EQT is in a great position to capitalize on that trend and grow production as the AI boom continues.
Helpful Resources
- Full earnings report
- Investor relations page
Should you invest $1,000 in EQT right now?
Before you buy stock in EQT, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and EQT wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $641,800!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,023,813!*
Now, it’s worth noting Stock Advisor’s total average return is 1,034% — a market-crushing outperformance compared to 180% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2025
Timothy Green has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends EQT. The Motley Fool has a disclosure policy.
Recommended Articles
