EQT CorpEQT
EQT Corp Debt Disclosure
Debt
The table below summarizes the Company's outstanding debt.
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Principal Value | Carrying Value (a) | Fair Value (b) | Principal Value | Carrying Value (a) | Fair Value (b) | ||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||
EQT's revolving credit facility maturing July 23, 2030 | $ | 75,000 | $ | 75,000 | $ | 75,000 | $ | 150,000 | $ | 150,000 | $ | 150,000 | |||||||||||||||||||||||
Eureka's revolving credit facility maturing November 13, 2027 | 285,000 | 285,000 | 285,000 | 320,800 | 320,800 | 320,800 | |||||||||||||||||||||||||||||
| Senior notes and debentures: | |||||||||||||||||||||||||||||||||||
EQT's 3.125% notes due May 15, 2026 | 392,915 | 392,409 | 391,037 | 392,915 | 391,193 | 382,994 | |||||||||||||||||||||||||||||
EQT's 7.75% debentures due July 15, 2026 | 115,000 | 114,710 | 117,315 | 115,000 | 114,213 | 119,590 | |||||||||||||||||||||||||||||
EQM's 7.500% notes due June 1, 2027 | — | — | — | 500,000 | 511,377 | 510,140 | |||||||||||||||||||||||||||||
EQM's 6.500% notes due July 1, 2027 | — | — | — | 900,000 | 915,538 | 912,159 | |||||||||||||||||||||||||||||
EQT's 6.500% notes due July 1, 2027 | 344,921 | 346,255 | 352,902 | — | — | — | |||||||||||||||||||||||||||||
EQT's 3.900% notes due October 1, 2027 | 936,158 | 934,640 | 932,282 | 1,169,503 | 1,166,523 | 1,137,248 | |||||||||||||||||||||||||||||
EQT's 5.700% notes due April 1, 2028 | 500,000 | 494,905 | 516,035 | 500,000 | 492,640 | 508,695 | |||||||||||||||||||||||||||||
EQM's 5.500% notes due July 15, 2028 | — | — | — | 118,683 | 118,204 | 117,382 | |||||||||||||||||||||||||||||
EQT's 5.500% notes due July 15, 2028 | 45,225 | 45,060 | 46,099 | — | — | — | |||||||||||||||||||||||||||||
EQT's 5.00% notes due January 15, 2029 | 318,494 | 316,448 | 322,902 | 318,494 | 315,785 | 314,357 | |||||||||||||||||||||||||||||
EQM's 4.50% notes due January 15, 2029 | — | — | — | 742,923 | 711,754 | 711,297 | |||||||||||||||||||||||||||||
EQT's 4.50% notes due January 15, 2029 | 734,583 | 710,802 | 736,603 | — | — | — | |||||||||||||||||||||||||||||
EQM's 6.375% notes due April 1, 2029 | — | — | — | 600,000 | 608,667 | 606,774 | |||||||||||||||||||||||||||||
EQT's 6.375% notes due April 1, 2029 | 596,725 | 602,840 | 618,076 | — | — | — | |||||||||||||||||||||||||||||
EQT's 7.000% notes due February 1, 2030 (c) | 674,800 | 672,263 | 733,676 | 674,800 | 671,641 | 718,358 | |||||||||||||||||||||||||||||
EQM's 7.500% notes due June 1, 2030 | — | — | — | 500,000 | 535,671 | 534,950 | |||||||||||||||||||||||||||||
EQT's 7.500% notes due June 1, 2030 | 494,086 | 522,749 | 544,162 | — | — | — | |||||||||||||||||||||||||||||
EQM's 4.75% notes due January 15, 2031 | — | — | — | 1,100,000 | 1,045,219 | 1,039,995 | |||||||||||||||||||||||||||||
EQT's 4.75% notes due January 15, 2031 | 1,090,218 | 1,044,098 | 1,098,329 | — | — | — | |||||||||||||||||||||||||||||
EQT's 3.625% notes due May 15, 2031 | 435,165 | 431,496 | 409,651 | 435,165 | 430,818 | 388,111 | |||||||||||||||||||||||||||||
EQT's 5.750% notes due February 1, 2034 | 750,000 | 743,589 | 784,500 | 750,000 | 742,796 | 744,743 | |||||||||||||||||||||||||||||
EQM's 6.500% notes due July 15, 2048 | — | — | — | 80,233 | 81,338 | 81,932 | |||||||||||||||||||||||||||||
EQT's 6.500% notes due July 15, 2048 | 67,196 | 68,064 | 68,722 | — | — | — | |||||||||||||||||||||||||||||
| Total debt | 7,855,486 | 7,800,328 | 8,032,291 | 9,368,516 | 9,324,177 | 9,299,525 | |||||||||||||||||||||||||||||
| Less: Current portion of debt (d) | 507,915 | 507,119 | 508,352 | 320,800 | 320,800 | 320,800 | |||||||||||||||||||||||||||||
| Long-term debt | $ | 7,347,571 | $ | 7,293,209 | $ | 7,523,939 | $ | 9,047,716 | $ | 9,003,377 | $ | 8,978,725 | |||||||||||||||||||||||
(a)For EQT's and Eureka's revolving credit facilities, the principal value represents carrying value. For all other debt, the principal value less unamortized debt issuance costs, debt discounts and fair value adjustments recorded with the Equitrans Midstream Merger purchase price accounting, as applicable, represents carrying value.
(b)For EQT's and Eureka's revolving credit facilities, the carrying value approximates fair value as their interest rates are based on prevailing market rates; therefore, the Company considers the fair value of EQT's and Eureka's revolving credit facilities to be Level 1 fair value measurements. For all other debt, fair value is measured using Level 2 inputs. See Note 5 for the fair value hierarchy.
(c)Interest rates for EQT's 7.000% senior notes fluctuate based on changes to the credit ratings assigned to EQT's senior notes by Moody's, S&P and Fitch. For all other senior notes, interest rates do not fluctuate.
(d)As of December 31, 2025, the current portion of debt included EQT's 3.125% senior notes and 7.75% debentures. As of December 31, 2024, the current portion of debt included borrowings outstanding under Eureka's revolving credit facility.
Debt Repayments. The Company repaid, redeemed or repurchased the following debt during the year ended December 31, 2025.
| Debt Tranche | Principal | Premiums Paid/(Discounts Received) | Accrued But Unpaid Interest | Total Cost | ||||||||||||||||||||||
| (Thousands) | ||||||||||||||||||||||||||
EQM's 6.500% notes due July 1, 2027 (a) (c) | $ | 555,077 | $ | 14,590 | $ | 6,754 | $ | 576,421 | ||||||||||||||||||
EQT's 3.900% notes due October 1, 2027 (a) | 233,345 | (2,842) | 4,070 | 234,573 | ||||||||||||||||||||||
EQM's 5.500% notes due July 15, 2028 (b) | 73,456 | 2,878 | 1,190 | 77,524 | ||||||||||||||||||||||
EQM's 7.500% notes due June 1, 2027 (c) | 4,069 | 76 | 51 | 4,196 | ||||||||||||||||||||||
EQM's 4.50% notes due January 15, 2029 (c) | 8,338 | 27 | 17 | 8,382 | ||||||||||||||||||||||
EQM's 6.375% notes due April 1, 2029 (c) | 3,265 | 135 | 70 | 3,470 | ||||||||||||||||||||||
EQM's 7.500% notes due June 1, 2030 (c) | 5,536 | 666 | 69 | 6,271 | ||||||||||||||||||||||
EQM's 4.75% notes due January 15, 2031 (c) | 9,616 | 117 | 20 | 9,753 | ||||||||||||||||||||||
EQM's 6.500% notes due July 15, 2048 (c) | 12,989 | 1,738 | 37 | 14,764 | ||||||||||||||||||||||
EQT's 7.500% notes due June 1, 2027 (d) | 495,925 | 9,299 | 2,996 | 508,220 | ||||||||||||||||||||||
| Total | $ | 1,401,616 | $ | 26,684 | $ | 15,274 | $ | 1,443,574 | ||||||||||||||||||
(a)On February 24, 2025, the Company announced the commencement of tender offers (the Tender Offers) to purchase all of EQM's outstanding 6.500% senior notes and a specified amount of EQT's outstanding 3.900% senior notes. On March 12, 2025, the Company settled the Tender Offers and repurchased $506.2 million aggregate principal amount of EQM's 6.500% senior notes and $233.3 million aggregate principal amount of EQT's 3.900% senior notes. In addition to call premiums paid (discounts received), the Company paid $2.7 million in fees to dealer managers and other non-lender parties in connection with the Tender Offers.
(b)On April 16, 2025, EQM issued a notice of full redemption to holders of its outstanding 5.500% senior notes, and, on May 1, 2025, EQM redeemed such notes in full.
(c)On July 16, 2025, EQM issued notices of full redemption to holders of each outstanding series of its senior notes, and, on July 31, 2025, EQM redeemed such notes in full. The redeemed notes had an aggregate principal amount of approximately $92.7 million, and, following these redemptions, EQM has no outstanding senior notes.
(d)On December 19, 2025, EQT issued a notice of full redemption to holders of its outstanding 7.500% senior notes, and, on December 30, 2025, EQT redeemed such notes in full.
EQT's Revolving Credit Facility. EQT has a $3.5 billion revolving credit facility governed by that certain Fourth Amended and Restated Credit Agreement, dated as of July 22, 2024 (as amended, the EQT Credit Agreement), among EQT, PNC Bank, National Association, as administrative agent, swing line lender and letter of credit issuer, and the other lenders party thereto. On June 30, 2025, EQT obtained the consent of each of the lenders party to the EQT Credit Agreement to extend the maturity date of the commitments and loans thereunder (the Stated Maturity Date) from July 23, 2029 to July 23, 2030, effective as of July 23, 2025 (the Extension). The terms of the EQT Credit Agreement otherwise remain unchanged. Pursuant to the terms of the EQT Credit Agreement, EQT may request two one-year extensions of the Stated Maturity Date, subject to satisfaction of certain conditions. The Extension is the first such extension.
EQT can obtain Base Rate Loans (as defined in the EQT Credit Agreement) or Term SOFR Rate Loans (as defined in the EQT Credit Agreement). Base Rate Loans are denominated in dollars and bear interest at a Base Rate (as defined in the EQT Credit Agreement) plus a margin ranging from 12.5 basis points to 100 basis points determined on the basis of EQT's credit ratings. Term SOFR Rate Loans bear interest at a Term SOFR Rate (as defined in the EQT Credit Agreement) plus an additional 10 basis point credit spread adjustment plus a margin ranging from 112.5 basis points to 200 basis points determined on the basis of EQT's credit ratings.
EQT's revolving credit facility may be used for working capital, capital expenditures, share repurchases and any other lawful corporate purposes. EQT's revolving credit facility is underwritten by a syndicate of a large group of financial institutions, each of which is obligated to fund its pro-rata portion of any borrowings by EQT. As of December 31, 2025, no single lender in the syndicate for EQT's revolving credit facility held more than 10% of the financial commitments under such facility. The large syndicate group and relatively low percentage of participation by each lender are expected to limit the Company's exposure to disruption or consolidation in the banking industry.
EQT is not required to maintain compensating bank balances. EQT's debt issuer credit ratings, as determined by Moody's, S&P or Fitch on its non-credit-enhanced, senior unsecured long-term debt, determine the level of fees associated with EQT's revolving credit facility in addition to the interest rate charged by the lenders on any amounts borrowed against EQT's revolving credit facility; the lower EQT's debt credit rating, the higher the level of fees and borrowing rate.
EQT's revolving credit facility contains various provisions that, if not complied with, could result in termination of EQT's revolving credit facility, require early payment of amounts outstanding or similar actions. The most significant covenants and events of default under EQT's revolving credit facility are the maintenance of a debt-to-total capitalization ratio and limitations on transactions with affiliates. EQT's revolving credit facility contains financial covenants that require a total debt-to-total capitalization ratio of no greater than 65%. As of December 31, 2025, EQT was in compliance with all provisions and covenants of the EQT Credit Agreement.
As of December 31, 2025 and 2024, the Company had approximately $2 million and $1 million, respectively, of letters of credit outstanding under EQT's revolving credit facility.
During the years ended December 31, 2025, 2024 and 2023, under EQT's revolving credit facility, the maximum amount of outstanding borrowings was $566 million, $2,357 million and $269 million, respectively, the average daily balance was approximately $98 million, $936 million and $40 million, respectively, and interest was incurred at a weighted average annual interest rate of 5.9%, 6.6% and 6.9%, respectively. For all years ended December 31, 2025, 2024 and 2023, EQT incurred commitment fees of 20 basis points on the undrawn portion of its revolving credit facility.
Eureka's Revolving Credit Facility. Through its controlling interest in Eureka Holdings, the Company consolidates Eureka's $400 million senior secured revolving credit facility pursuant to that certain Credit Agreement, dated May 13, 2021, among Eureka, Sumitomo Mitsui Banking Corporation, as administrative agent, the lenders party thereto from time to time and any other persons party thereto from time to time (as amended, the Eureka Credit Agreement). On June 30, 2025, Eureka entered into that certain Third Amendment and Master Assignment to Credit Agreement to, among other things, extend the maturity date of the commitments and loans under the Eureka Credit Agreement from November 13, 2025 to November 13, 2027 and reduce the commitment fee spread (calculated based on Eureka's consolidated leverage ratio) from a range of 37.5 to 50 basis points to a range of 32.5 to 45 basis points.
Eureka can obtain Base Rate Loans (as defined in the Eureka Credit Agreement) or Term SOFR Rate Loans (as defined in the Eureka Credit Agreement), each plus a margin based on Eureka's consolidated leverage ratio. Base Rate Loans are denominated in dollars and bear interest at a Base Rate (as defined in Eureka Credit Agreement) plus a margin ranging from 100 basis points to 225 basis points determined on the basis of Eureka's consolidated leverage ratio. Term SOFR Rate Loans bear interest at a Term SOFR Rate (as defined in the Eureka Credit Agreement) plus an additional 10 basis point credit spread adjustment plus a margin ranging from 200 basis points to 325 basis points determined on the basis of Eureka's consolidated leverage ratio.
Eureka's revolving credit facility contains negative covenants that, among other things, limit restricted payments, incurrence of debt, dispositions, mergers and other fundamental changes and transactions with affiliates, in each case and as applicable, subject to certain specified exceptions. In addition, Eureka's revolving credit facility contains certain specified events of default, including insolvency, nonpayment of scheduled principal or interest obligations, loss and failure to replace certain material contracts, change of control and cross-default provisions related to the acceleration or default of certain other financial obligations. As of December 31, 2025, Eureka was in compliance with all provisions and covenants of the Eureka Credit Agreement.
As of both December 31, 2025 and 2024, Eureka had no letters of credit outstanding under its revolving credit facility.
During the year ended December 31, 2025, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was approximately $321 million, the average daily balance was approximately $288 million and interest was incurred at a weighted average annual interest rate of 7.0%. During the period beginning on July 22, 2024 and ending on December 31, 2024, under Eureka's revolving credit facility, the maximum amount of outstanding borrowings was approximately $330 million, the average daily balance was approximately $328 million and interest was incurred at a weighted average annual interest rate of 7.8%. For the year ended December 31, 2025, Eureka incurred commitment fees ranging from 32.5 to 50 basis points on the undrawn portion of its revolving credit facility. For the period beginning on July 22, 2024 and ending on December 31, 2024, Eureka incurred commitment fees of 50 basis points on the undrawn portion of its revolving credit facility.
EQM Exchange Offers. On February 24, 2025, the Company commenced private offers (the EQM Exchange Offers) to certain eligible holders of EQM's senior notes to exchange any and all outstanding notes issued by EQM (the Existing EQM Notes), including outstanding principal of EQM's 6.500% senior notes due 2027 that remained outstanding following settlement of the Tender Offers, for up to $4,541.8 million aggregate principal amount of new notes issued by EQT (the New EQT Notes) and cash consideration equal to $1.00 per $1,000 principal amount of Existing EQM Notes exchanged. Pursuant to the EQM Exchange Offers, for each $1,000 principal amount of Existing EQM Notes validly tendered on or prior to 5:00 p.m., New York City time, on March 7, 2025 (the Early Tender Date), the holder thereof received $1,000 principal amount of New EQT Notes of the applicable series; for each $1,000 principal amount of Existing EQM Notes validly tendered after the Early Tender Date but on or prior to 5:00 p.m., New York City time, on March 28, 2025 (the Expiration Date), the holder thereof received $950 principal of New EQT Notes of the applicable series.
On April 2, 2025, the Company issued approximately $3,868.9 million of New EQT Notes in exchange for the tender of approximately $3,869.5 million of Existing EQM Notes and paid to holders of the New EQT Notes cash consideration of approximately $3.9 million, which was capitalized as additional debt premium. In addition, the discount received by EQT from holders who validly tendered their Existing EQM Notes after the Early Tender Date but on or prior to the Expiration Date of approximately $0.6 million was capitalized as additional debt discount. In connection with the EQM Exchange Offers, the Company incurred non-lender expenses of approximately $9.6 million in loss on debt extinguishment in the Statement of Consolidated Operations during the year ended December 31, 2025. The maturity date, interest rate and covenants of each New EQT Note are consistent with those of the corresponding Existing EQM Note exchanged.
Consent Solicitation. In conjunction with the Tender Offers and EQM Exchange Offers, the Company solicited and obtained consents with respect to certain proposed amendments to each of the indentures governing the Existing EQM Notes that, upon adoption (which occurred on April 2, 2025), eliminated substantially all of the restrictive covenants, certain events of default and certain other provisions previously contained in such indentures.
EQT's Senior Notes. The indentures governing EQT's long-term indebtedness contain certain restrictive financial and operating covenants, including covenants that restrict, among other things, EQT's ability to incur, as applicable, indebtedness, incur liens, enter into sale and leaseback transactions, complete acquisitions, merge, sell assets and perform certain other corporate actions. Certain of EQT's senior notes also include an offer to repurchase provision applicable upon the occurrence of certain change of control events specified in the applicable indentures.
As of December 31, 2025, aggregate maturities for EQT's senior notes were approximately $508 million in 2026, $1,281 million in 2027, $545 million in 2028, $1,650 million in 2029, $1,169 million in 2030 and $2,343 million thereafter.
EQT's 1.75% Convertible Notes and Capped Call Transactions. In April 2020, EQT issued $500 million aggregate principal amount of 1.75% convertible senior notes (the Convertible Notes). The Convertible Notes were fully redeemed in January 2024.
In connection with, but separate from, the issuance of the Convertible Notes, EQT entered into capped call transactions (the Capped Call Transactions) with certain financial institutions (the Capped Call Counterparties) to reduce the potential dilution to EQT common stock upon any conversion of Convertible Notes at maturity and/or offset any cash payments that the Company is required to make in excess of the principal amount of such converted notes. In January 2024, EQT entered into separate termination agreements with each of the Capped Call Counterparties, pursuant to which the Capped Call Counterparties paid EQT an aggregate $93.3 million and the Capped Call Transactions were terminated.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 10, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 11, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.