EQT Corporation (EQT) Cash Flow Statement
Where EQT’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.13B +81.3% vs 2024
- Capital expenditures
- $2.29B 25.2% of revenue
- Free cash flow
- $2.84B 31.3% margin
- Returned to shareholders
- $389.6M 14% of free cash flow
- Change in cash
- −$91.3M cash at year-end $110.8M
Cash from operations
$5.13B
Capital expenditures
−$2.29B
Acquisitions & other
−$556.5M
Dividends
−$389.6M
Net borrowing (repayment)
−$1.51B
Other financing
−$470.3M
Change in cash
−$91.3M
Drawn to scale: where the cash came from and how it was used. Hover for values.
EQT operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
EQT cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.06B2016 | $5.13B2025 | +19.1%/yr | |
| Capital expenditures | $2.59B2016 | $2.29B2025 | −1.4%/yr | |
| Free cash flow | −$1.53B2016 | $2.84B2025 | — | |
| Free cash flow margin | −82.2%2016 | 31.3%2025 | +113.5 pts | |
| Operating cash flow / net income | 0.882017 | 2.202025 | +1.32 | |
| Stock-based compensation | $44.6M2016 | $60.8M2025 | +3.5%/yr | |
| Dividends paid | $20.2M2016 | $389.6M2025 | +39.0%/yr | |
| Share buybacks (net) | $30,0002016 | $02025 | −100.0% | |
| Capex / revenue | 139.5%2016 | 25.2%2025 | −114.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
EQT cash flow by activity
OperatingInvestingFinancingChange in cash
EQT net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
EQT cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.33B | $242.1M | $1.73B | $1.78B | −$1.14B | −$967.2M | −$1.22B | −$2.01B | $1.86B | −$131.1M |
| Depreciation & amortization | $2.60B | $2.16B | $1.73B | $1.70B | $1.71B | $1.46B | $1.60B | $1.77B | $1.06B | $927.9M |
| Stock-based compensation | $60.8M | $158.3M | $49.8M | $45.2M | $28.2M | $19.6M | $31.2M | $25.2M | $94.6M | $44.6M |
| Change in working capital | −$230.1M | −$281.8M | $383.6M | −$99.2M | −$366.7M | $139.2M | $19.5M | −$119.5M | −$10.7M | −$173.1M |
| Other non-cash items | $369.2M | $546.0M | −$721.3M | $40.0M | $1.43B | $889.3M | $1.42B | $3.30B | −$1.37B | $396.0M |
| Cash from operating activities | $5.13B | $2.83B | $3.18B | $3.47B | $1.66B | $1.54B | $1.85B | $2.98B | $1.64B | $1.06B |
| Investing activities | ||||||||||
| Capital expenditures | −$2.29B | −$2.25B | −$2.02B | −$1.43B | −$1.06B | −$1.04B | −$1.60B | −$3.73B | −$2.76B | −$2.59B |
| Investments (net) | — | −$1.58B | −$4.18B | $189.2M | $24.4M | $52.3M | −$1.60B | −$820.9M | $124.2M | −$370.7M |
| Acquisitions & other investing | −$556.5M | $2.25B | $1.88B | −$183.7M | −$1.04B | −$565.9M | $1.60B | $573.6M | −$1.57B | $75.0M |
| Cash from investing activities | −$2.84B | −$1.58B | −$4.31B | −$1.42B | −$2.07B | −$1.56B | −$1.60B | −$3.98B | −$4.20B | −$2.89B |
| Financing activities | ||||||||||
| Dividends paid | −$389.6M | −$326.6M | −$228.3M | −$203.6M | −$203.6M | −$7.7M | −$30.7M | −$31.4M | −$20.8M | −$20.2M |
| Share repurchases & issuance (net) | $0 | $0 | −$201.0M | −$409.5M | −$12.9M | $5.72B | −$7.2M | −$538.9M | −$30,000 | −$30,000 |
| Net borrowing (repayment) | −$1.51B | −$4.13B | $234.2M | −$78.9M | $516.4M | −$308.4M | −$211.6M | $2.13B | $1.86B | $187.3M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $340.9M | $0 | $0 | $0 | $0 |
| Other financing | −$470.3M | $3.33B | −$47.7M | −$7.2M | $206.2M | −$5.71B | $0 | −$705.4M | −$301.3M | $1.23B |
| Cash from financing activities | −$2.37B | −$1.13B | −$242.9M | −$699.1M | $506.0M | $31.7M | −$249.5M | $859.0M | $1.53B | $1.40B |
| Summary | ||||||||||
| Net change in cash | −$91.3M | $121.1M | −$1.38B | $1.34B | $95.8M | $13.6M | $1.1M | −$143.8M | −$956.2M | −$497.7M |
| Cash at end of period | $110.8M | $202.1M | $81.0M | $1.46B | $114.0M | $18.2M | $4.6M | $3.5M | $147.3M | $1.10B |
| Free cash flow | $2.84B | $573.3M | $1.16B | $2.04B | $607.3M | $495.5M | $249.2M | −$755.5M | −$1.12B | −$1.53B |
| Free cash flow margin | 31.3% | 11.0% | 22.9% | 16.8% | 8.9% | 18.6% | 6.6% | −16.0% | −37.5% | −82.2% |
| Capex / revenue | 25.2% | 43.2% | 39.8% | 11.8% | 15.4% | 39.2% | 42.2% | 78.8% | 92.3% | 139.5% |
| Operating cash flow / net income | 2.20 | 11.68 | 1.83 | 1.95 | — | — | — | — | 0.88 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $281.4M | $1.55B | $677.1M | $553.0M | $856.7M | $315.4M | $427.2M | −$297.4M | $9.2M | $103.1M | $501.4M | $80.7M |
| Depreciation & amortization | $689.6M | $654.8M | $667.8M | $688.4M | $623.5M | $620.8M | $620.3M | $589.3M | $466.0M | $486.8M | $506.8M | $451.0M |
| Stock-based compensation | $23.8M | $18.6M | $17.0M | $15.3M | $13.8M | $14.8M | $16.8M | $118.9M | $12.1M | $10.6M | $11.7M | $14.8M |
| Change in working capital | −$100.6M | $474.3M | −$424.9M | −$106.4M | $323.8M | $74.4M | −$474.6M | $70.7M | −$83.0M | $205.1M | −$150.2M | $11.8M |
| Other non-cash items | $153.8M | $353.5M | $188.4M | −$132.6M | −$576.0M | $715.8M | $166.6M | $111.5M | −$82.3M | $350.2M | −$245.3M | −$103.8M |
| Cash from operating activities | $1.05B | $3.06B | $1.13B | $1.02B | $1.24B | $1.74B | $756.3M | $593.0M | $322.0M | $1.16B | $624.4M | $454.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$650.2M | −$598.5M | −$604.1M | −$626.4M | −$549.6M | −$499.6M | −$591.6M | −$569.5M | −$558.2M | −$534.5M | −$533.1M | −$504.1M |
| Investments (net) | — | — | — | −$1.03B | −$664.0M | −$534.0M | $582.4M | −$1.28B | −$312.1M | −$567.2M | −$539.5M | −$2.79B |
| Acquisitions & other investing | −$30.9M | −$243.9M | −$16.9M | $626.4M | $549.6M | $499.6M | $591.6M | $569.5M | $558.2M | $534.5M | $533.1M | −$479.7M |
| Cash from investing activities | −$681.1M | −$842.4M | −$621.0M | −$1.03B | −$664.0M | −$534.0M | $582.4M | −$1.28B | −$312.1M | −$567.2M | −$539.5M | −$3.77B |
| Financing activities | ||||||||||||
| Dividends paid | −$103.2M | −$103.1M | −$103.0M | −$98.3M | −$94.3M | −$94.1M | −$94.0M | −$93.6M | −$69.6M | −$69.4M | −$65.8M | −$54.2M |
| Share repurchases & issuance (net) | — | — | $0 | $3.0M | −$3.0M | — | $0 | $0 | $0 | $0 | $201.0M | −$201.0M |
| Net borrowing (repayment) | −$341.3M | −$1.84B | −$413.9M | −$71.9M | −$90.8M | −$935.8M | −$4.48B | $915.7M | — | — | — | $1.25B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$136.2M | −$53.4M | −$112.4M | −$144.4M | −$115.9M | −$97.5M | $3.35B | −$72.9M | −$558.5M | $48.0M | −$203.9M | $191.7M |
| Cash from financing activities | −$580.6M | −$2.00B | −$629.3M | −$311.6M | −$304.0M | −$1.13B | −$1.23B | $749.1M | −$628.1M | −$21.4M | −$68.6M | $1.18B |
| Summary | ||||||||||||
| Net change in cash | −$213.7M | $215.8M | −$124.9M | −$319.8M | $273.7M | $79.7M | $113.1M | $59.0M | −$618.1M | $567.1M | $16.2M | −$1.15B |
| Cash at end of period | $112.9M | $326.6M | $110.8M | $235.7M | $555.5M | $281.8M | $202.1M | $89.0M | $30.0M | $648.0M | $81.0M | $64.8M |
| Free cash flow | $397.8M | $2.46B | $521.3M | $391.3M | $692.1M | $1.24B | $164.7M | $23.5M | −$236.1M | $621.2M | $91.2M | −$49.5M |
| Free cash flow margin | 22.0% | 72.7% | 22.9% | 21.5% | 27.1% | 51.3% | 9.1% | 1.9% | −26.5% | 47.6% | 6.7% | −4.9% |
| Capex / revenue | 35.9% | 17.7% | 26.6% | 34.4% | 21.5% | 20.7% | 32.7% | 46.8% | 62.6% | 40.9% | 38.9% | 50.0% |
| Operating cash flow / net income | 3.72 | 1.97 | 1.66 | 1.84 | 1.45 | 5.52 | 1.77 | — | 34.86 | 11.21 | 1.25 | 5.63 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
EQT cash generation
In fiscal 2025 (ended December 31, 2025), EQT generated $5.1 billion of cash from operations (up 81.3%) and spent $2.3 billion on capital expenditures, leaving free cash flow of $2.8 billion, 31.3% of revenue. It returned $389.6 million to shareholders through dividends ($389.6 million) and net share buybacks ($0). Cash and equivalents fell by $91.3 million over the year.
Related: EQT income statement, EQT balance sheet, EQT dividend history. See the EQT stock overview for the latest quote and news.
EQT cash flow FAQ
What is EQT's free cash flow?
EQT's free cash flow was $2.8 billion in fiscal 2025: $5.1 billion of operating cash flow minus $2.3 billion of capital expenditures It was $573.3 million a year earlier..
How much cash does EQT generate from operations?
EQT generated $5.1 billion of cash from operating activities in fiscal 2025, 2.20 times its net income of $2.3 billion.
How much does EQT spend on capital expenditures?
EQT spent $2.3 billion on capital expenditures in fiscal 2025, 25.2% of revenue, compared with $2.3 billion the year before.
How much does EQT pay in dividends?
EQT paid $389.6 million in dividends in fiscal 2025, 13.7% of free cash flow.