EQT reported $2.5 billion of free cash flow in 2025, including fourth-quarter FCF of $750 million, $200 million above consensus. This marked the sixth consecutive quarter beating estimates by an average of 40%, driven by marketing optimization and tactical volume curtailments that delivered over $200 million of uplift.

Operating costs and capital spending came in below forecasts due to water infrastructure returns, midstream cost optimization, and upstream efficiency gains. Fourth-quarter records included the fastest quarterly completion pace and highest lateral footage drilled in 24- and 48-hour periods, cutting well costs per foot by 13% year-over-year.

Winter Storm Fern showcased EQT’s integrated upstream, midstream, and marketing platform, with the Mountain Valley Pipeline flowing 6% above its 2 Bcf/day nameplate to support 14 GW of power generation. A record single-day addition of hedges in December and strategic collars set up near $1 billion February cash flow at M2 $7.22/MMBtu.

EQT will invest $115 million to raise MVP Mainline and Boost ownership to 53%, structured at roughly 9x adjusted EBITDA for a 12% IRR. For 2026, the company guides production of 2.275–2.375 Tcfe with $2.07–2.21 billion of maintenance capex and plans to allocate the first $600 million of post-dividend cash flow to selective growth projects.