EQT Corporation reported robust financial and operational results for the full year 2025, surpassing production forecasts, achieving record-low operating costs, and staying under budget for capital spending. The company's net income attributable to EQT reached $2,039 million, a substantial increase from $231 million in 2024. Adjusted EBITDA attributable to EQT was $5,386 million, up from $3,709 million in the previous year. Diluted EPS was $3.31, greatly exceeding the $0.45 reported in 2024. The strong performance led to free cash flow attributable to EQT of $2,503 million, significantly higher than the $684 million generated in 2024, highlighting the effectiveness of its integrated natural gas business.
For 2026, EQT has provided optimistic guidance, forecasting production between 2,275 and 2,375 Bcfe. The company anticipates approximately $3.5 billion in free cash flow attributable to EQT, even after accounting for around $600 million in elected growth capital expenditures. Maintenance capital expenditures are projected to be between $2,070 million and $2,210 million. Additionally, EQT expects to exit 2026 with approximately $4.7 billion in net debt.
In the first quarter of 2026, EQT reported exceptional operational and financial performance, generating a record quarterly free cash flow attributable to EQT of $1,832 million. Production sales volume reached 618 Bcfe, exceeding guidance, while capital expenditures were $608 million, below the low-end of guidance. The company exited the first quarter with just under $5.7 billion in net debt, significantly reducing its debt from $7.7 billion at the end of Q4 2025, and received an upgrade to BBB at Fitch. These results underscore EQT's capacity to thrive across various commodity cycles, driven by its low-cost, integrated platform. EQT also increased its 2026 hedge percentage from 7% to 25%, with weighted average floor and ceiling prices of $3.94 per MMBtu and $5.70 per MMBtu respectively.
Moreover, EQT expanded its ownership in the Mountain Valley Pipeline (MVP) by acquiring additional interests from ConEdison. This acquisition increased EQT's ownership in MVP Mainline and MVP Boost from approximately 49% to 53% for a total consideration of approximately $115 million attributable to EQT. This strategic move is expected to enhance both the operational infrastructure and financial returns for EQT, with the transaction anticipated to close in the first half of 2026. The company's resilience was also demonstrated during Winter Storm Fern, where its production uptime was twice as good as its peers in Appalachia, ensuring energy supply during high demand and capitalizing on favorable prices.
