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EQT Corporation

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EQT 10-K Analysis: The Margin-Return Paradox Behind America's Largest Gas Producer

EQT Corporation reported a 67.7% EBITDA margin in FY2025 — the highest among major energy companies and 20 percentage points above EOG Resources. Yet the 10-K reveals a paradox: the Equitrans Merger that built the best cost structure in natural gas also created $22 billion in total economic obligations, compressed ROIC to the lowest in the peer group at 7.39%, and left shareholders with just 13.7% of $2.8 billion in free cash flow while every peer returned 47% or more. The filing shows 64% revenue growth was three non-repeatable tailwinds stacked on flat organic production, and 2026 guidance confirms it: flat output, 18% more capital, rising intensity.

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15 min

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