EQT CorpEQT
EQT Corp Segments Disclosure
Financial Information by Business Segment
The Company has three reportable segments consisting of Upstream, Gathering and Transmission.
Effective as of December 31, 2025, the Company renamed its previously reported "Production" segment as the "Upstream" segment to better align with the nature of the Company’s operations and the Company's internal reporting framework. This change had no impact on the structure of the Company’s internal organization, including the composition of its reportable segments.
The Company's Upstream segment comprises the Company's natural gas, natural gas liquids (NGLs) and oil extraction, development and production business and supporting operations. The Company's Gathering segment owns and operates the Company's gathering system, which has extensive overlap with the Company's Upstream segment operations, and processing facility. The Company's Transmission segment operates the Company's FERC-regulated interstate transmission and storage system, which has multiple interconnect points to other interstate pipelines and local distribution companies. In addition, the Company's investment in the MVP Joint Venture (defined in Note 8) is reported in its Transmission segment.
The accounting policies of the Company's segments are the same as those described in Note 1.
Items that are managed on a consolidated basis, including cash and cash equivalents, debt, income taxes and amounts related to the Company's corporate function, and items related to the Company's energy transition initiatives have not been allocated to the Company's reportable segments and have been presented as "Other."
The Company's chief operating decision maker (the CODM), Toby Rice, President and Chief Executive Officer, evaluates performance of, and allocates resources to, the Company's reportable segments using a profitability metric of operating income. The CODM compares each segment's operating income and return on assets when evaluating performance of the Company's reportable segments and considers actual-to-forecast variances in operating income when allocating capital and personnel to the Company's reportable segments. For the Company's Transmission segment, the CODM also reviews equity earnings recognized from, and the carrying value of, the Company's investment in the MVP Joint Venture.
Substantially all of the Company's operating revenues and assets are generated and located in the United States.
Total segment operating income. The following tables present information about segment revenue, segment profit or loss and significant segment expenses and include a reconciliation of total segment amounts to the Company's consolidated totals.
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Upstream | Gathering | Transmission | Total Segment | Intersegment Eliminations and Other | EQT Corporation | ||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||||||||||||||||
| Sales of natural gas, natural gas liquids and oil | $ | 7,726,712 | $ | — | $ | — | $ | 7,726,712 | $ | — | $ | 7,726,712 | |||||||||||||||||||||||
| Gain on derivatives | 290,994 | — | — | 290,994 | — | 290,994 | |||||||||||||||||||||||||||||
| Pipeline and other | 6,351 | 1,301,434 | 572,252 | 1,880,037 | (1,253,532) | 626,505 | |||||||||||||||||||||||||||||
| Total operating revenues | 8,024,057 | 1,301,434 | 572,252 | 9,897,743 | (1,253,532) | 8,644,211 | |||||||||||||||||||||||||||||
| Operating expenses (a): | |||||||||||||||||||||||||||||||||||
| Transportation and processing | 2,783,455 | — | — | 2,783,455 | (1,251,365) | 1,532,090 | |||||||||||||||||||||||||||||
| Production | 388,696 | — | — | 388,696 | — | 388,696 | |||||||||||||||||||||||||||||
| Operating and maintenance | — | 166,990 | 58,141 | 225,131 | — | 225,131 | |||||||||||||||||||||||||||||
| Exploration | 3,601 | — | — | 3,601 | — | 3,601 | |||||||||||||||||||||||||||||
| Selling, general and administrative | 217,803 | 66,642 | 37,339 | 321,784 | 58,282 | 380,066 | |||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 2,263,105 | 212,353 | 101,718 | 2,577,176 | 23,214 | 2,600,390 | |||||||||||||||||||||||||||||
| (Gain) loss on sale/exchange of long-lived assets | (31,513) | (29) | 349 | (31,193) | (21) | (31,214) | |||||||||||||||||||||||||||||
| Impairment and expiration of leases | 50,341 | 811 | — | 51,152 | — | 51,152 | |||||||||||||||||||||||||||||
| Other operating expenses (b) | 30,438 | 18,013 | (527) | 47,924 | 196,756 | 244,680 | |||||||||||||||||||||||||||||
| Total operating expenses | 5,705,926 | 464,780 | 197,020 | 6,367,726 | (973,134) | 5,394,592 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 2,318,131 | $ | 836,654 | $ | 375,232 | $ | 3,530,017 | $ | (280,398) | $ | 3,249,619 | |||||||||||||||||||||||
(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
(b)Corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action (defined in Note 13) and transaction costs related to the Olympus Energy Acquisition (defined in Note 11). See Notes 13 and 11 for information on the Securities Class Action and Olympus Energy Acquisition, respectively. See Note 1 for a summary of the Company's consolidated other operating expenses.
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Upstream | Gathering | Transmission | Total Segment | Intersegment Eliminations and Other | EQT Corporation | ||||||||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||||||||||||||||
| Sales of natural gas, natural gas liquids and oil | $ | 4,934,366 | $ | — | $ | — | $ | 4,934,366 | $ | — | $ | 4,934,366 | |||||||||||||||||||||||
| Gain (loss) on derivatives | 67,880 | (16,763) | — | 51,117 | — | 51,117 | |||||||||||||||||||||||||||||
| Pipeline and other | 7,587 | 766,463 | 218,293 | 992,343 | (704,517) | 287,826 | |||||||||||||||||||||||||||||
| Total operating revenues | 5,009,833 | 749,700 | 218,293 | 5,977,826 | (704,517) | 5,273,309 | |||||||||||||||||||||||||||||
| Operating expenses (a): | |||||||||||||||||||||||||||||||||||
| Transportation and processing | 2,619,710 | — | — | 2,619,710 | (704,094) | 1,915,616 | |||||||||||||||||||||||||||||
| Production | 377,007 | — | — | 377,007 | — | 377,007 | |||||||||||||||||||||||||||||
| Operating and maintenance | — | 89,897 | 20,496 | 110,393 | — | 110,393 | |||||||||||||||||||||||||||||
| Exploration | 2,735 | — | — | 2,735 | — | 2,735 | |||||||||||||||||||||||||||||
| Selling, general and administrative (b) | 244,450 | 38,837 | 17,183 | 300,470 | 36,254 | 336,724 | |||||||||||||||||||||||||||||
| Depreciation, depletion and amortization | 2,016,670 | 89,513 | 39,406 | 2,145,589 | 16,761 | 2,162,350 | |||||||||||||||||||||||||||||
| (Gain) loss on sale/exchange of long-lived assets | (764,431) | (22) | 409 | (764,044) | — | (764,044) | |||||||||||||||||||||||||||||
| Impairment and expiration of leases | 97,368 | — | — | 97,368 | — | 97,368 | |||||||||||||||||||||||||||||
| Other operating expenses (c) | 12,696 | — | — | 12,696 | 337,168 | 349,864 | |||||||||||||||||||||||||||||
| Total operating expenses | 4,606,205 | 218,225 | 77,494 | 4,901,924 | (313,911) | 4,588,013 | |||||||||||||||||||||||||||||
| Operating income (loss) | $ | 403,628 | $ | 531,475 | $ | 140,799 | $ | 1,075,902 | $ | (390,606) | $ | 685,296 | |||||||||||||||||||||||
(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for the Company's change in reportable segments from one reportable segment to three reportable segments as the necessary information was not available and the cost to develop such information would be excessive.
(c)Corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger. See Note 11. See Note 1 for a summary of the Company's consolidated other operating expenses.
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
| Upstream | Gathering | Total Segment | Intersegment Eliminations and Other | EQT Corporation | |||||||||||||||||||||||||
| (Thousands) | |||||||||||||||||||||||||||||
| Operating revenues: | |||||||||||||||||||||||||||||
| Sales of natural gas, natural gas liquids and oil | $ | 5,044,768 | $ | — | $ | 5,044,768 | $ | — | $ | 5,044,768 | |||||||||||||||||||
| Gain on derivatives | 1,838,941 | — | 1,838,941 | — | 1,838,941 | ||||||||||||||||||||||||
| Pipeline and other | 12,649 | 161,395 | 174,044 | (148,830) | 25,214 | ||||||||||||||||||||||||
| Total operating revenues | 6,896,358 | 161,395 | 7,057,753 | (148,830) | 6,908,923 | ||||||||||||||||||||||||
| Operating expenses (a): | |||||||||||||||||||||||||||||
| Transportation and processing | 2,306,090 | — | 2,306,090 | (148,830) | 2,157,260 | ||||||||||||||||||||||||
| Production | 239,001 | — | 239,001 | — | 239,001 | ||||||||||||||||||||||||
| Operating and maintenance | — | 15,699 | 15,699 | — | 15,699 | ||||||||||||||||||||||||
| Exploration | 3,330 | — | 3,330 | — | 3,330 | ||||||||||||||||||||||||
| Selling, general and administrative (b) | 236,171 | — | 236,171 | — | 236,171 | ||||||||||||||||||||||||
| Depreciation, depletion and amortization | 1,705,311 | 17,066 | 1,722,377 | 9,765 | 1,732,142 | ||||||||||||||||||||||||
| Loss on sale/exchange of long-lived assets | 17,445 | — | 17,445 | — | 17,445 | ||||||||||||||||||||||||
| Impairment and expiration of leases | 109,421 | — | 109,421 | — | 109,421 | ||||||||||||||||||||||||
| Other operating expenses (c) | 9,177 | — | 9,177 | 74,866 | 84,043 | ||||||||||||||||||||||||
| Total operating expenses | 4,625,946 | 32,765 | 4,658,711 | (64,199) | 4,594,512 | ||||||||||||||||||||||||
| Operating income (loss) | $ | 2,270,412 | $ | 128,630 | $ | 2,399,042 | $ | (84,631) | $ | 2,314,411 | |||||||||||||||||||
(a)The significant expense categories and amounts presented align with information that is regularly provided to the CODM.
(b)Selling, general and administrative expense incurred prior to the Equitrans Midstream Merger closing date was not recast for the Company's change in reportable segments from one reportable segment to three reportable segments as the necessary information was not available and the cost to develop such information would be excessive.
(c)Corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition (defined in Note 11). See Note 1 for a summary of the Company's consolidated other operating expenses.
Reconciliation of total segment operating income to consolidated income before income taxes
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Thousands) | |||||||||||||||||
| Total segment operating income | $ | 3,530,017 | $ | 1,075,902 | $ | 2,399,042 | |||||||||||
| Less: | |||||||||||||||||
| Intersegment eliminations | 2,303 | 457 | — | ||||||||||||||
| Unallocated amounts: | |||||||||||||||||
| Unallocated other revenues | (136) | (34) | — | ||||||||||||||
| Corporate selling, general and administrative | 58,282 | 36,254 | — | ||||||||||||||
| Corporate depreciation and amortization | 23,214 | 16,761 | 9,765 | ||||||||||||||
| Corporate gain on sale/exchange of long-lived assets | (21) | — | — | ||||||||||||||
| Corporate other operating expenses (a) | 196,756 | 337,168 | 74,866 | ||||||||||||||
| Income from investments (b) | (184,444) | (76,039) | (7,596) | ||||||||||||||
| Other income | (4,826) | (25,983) | (1,231) | ||||||||||||||
| Loss on debt extinguishment | 22,652 | 68,299 | 80 | ||||||||||||||
| Interest expense, net | 438,695 | 454,825 | 219,660 | ||||||||||||||
| Income before income taxes | $ | 2,977,542 | $ | 264,194 | $ | 2,103,498 | |||||||||||
(a)For the year ended December 31, 2025, corporate other operating expenses consisted primarily of legal reserves related to the Securities Class Action and transaction costs related to the Olympus Energy Acquisition. For the year ended December 31, 2024, corporate other operating expenses consisted primarily of transaction costs related to the Equitrans Midstream Merger. For the year ended December 31, 2023, corporate other operating expenses consisted primarily of transaction costs related to the Tug Hill and XcL Midstream Acquisition.
(b)For the years ended December 31, 2025 and 2024, income from investments included $154.3 million and $78.8 million, respectively, of equity earnings from the Company's investment in the MVP Joint Venture.
Total segment assets. The following table presents information about segment assets. The Company's investment in the MVP Joint Venture is presented in investments in unconsolidated entities in the Consolidated Balance Sheets.
| Upstream | Gathering | Transmission | Total Segment | ||||||||||||||||||||
| December 31, 2025 | (Thousands) | ||||||||||||||||||||||
| Investment in the MVP Joint Venture | $ | — | $ | — | $ | 3,514,803 | $ | 3,514,803 | |||||||||||||||
| Goodwill (a) | — | — | 1,231,783 | 1,231,783 | |||||||||||||||||||
| Other segment assets | 24,295,091 | 8,676,118 | 2,891,096 | 35,862,305 | |||||||||||||||||||
| Total assets | $ | 24,295,091 | $ | 8,676,118 | $ | 7,637,682 | $ | 40,608,891 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Investment in the MVP Joint Venture | $ | — | $ | — | $ | 3,534,730 | $ | 3,534,730 | |||||||||||||||
| Goodwill | — | — | 1,217,742 | 1,217,742 | |||||||||||||||||||
| Other segment assets | 22,546,098 | 8,295,625 | 2,919,532 | 33,761,255 | |||||||||||||||||||
| Total assets | $ | 22,546,098 | $ | 8,295,625 | $ | 7,672,004 | $ | 38,513,727 | |||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Total assets | $ | 23,803,913 | $ | 1,215,627 | $ | — | $ | 25,019,540 | |||||||||||||||
(a)Changes in goodwill during the year ended December 31, 2025 reflect measurement-period adjustments resulting from the finalization of the purchase price allocation for the Equitrans Midstream Merger.
Reconciliation of total segment assets to consolidated total assets
| December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Thousands) | |||||||||||||||||
| Total segment assets | $ | 40,608,891 | $ | 38,513,727 | $ | 25,019,540 | |||||||||||
| Intersegment eliminations | (204,403) | (318,835) | (47,471) | ||||||||||||||
| Unallocated amounts: | |||||||||||||||||
| Cash and cash equivalents | 110,795 | 202,093 | 80,977 | ||||||||||||||
| Income tax receivable | 27,756 | 97,378 | 91,414 | ||||||||||||||
| Other property, plant and equipment, at cost less accumulated depreciation | 109,401 | 93,453 | 40,739 | ||||||||||||||
| Goodwill (a) | 830,679 | 861,739 | — | ||||||||||||||
| Regulatory asset from deferred taxes | 139,221 | 142,757 | — | ||||||||||||||
| Other | 170,534 | 237,943 | 99,899 | ||||||||||||||
| Total assets | $ | 41,792,874 | $ | 39,830,255 | $ | 25,285,098 | |||||||||||
(a)Represents unallocated goodwill attributable to additional deferred tax liabilities recognized in connection with the Equitrans Midstream Merger. Changes in goodwill during the year ended December 31, 2025 reflect measurement-period adjustments resulting from the finalization of the purchase price allocation for the Equitrans Midstream Merger.
Total segment capital expenditures. The following table presents information about segment capital expenditures.
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (Thousands) | |||||||||||||||||
Upstream | $ | 1,878,052 | $ | 2,003,635 | $ | 1,878,417 | |||||||||||
| Gathering | 367,697 | 202,264 | 31,701 | ||||||||||||||
| Transmission | 51,769 | 31,446 | — | ||||||||||||||
| Total segment capital expenditures | 2,297,518 | 2,237,345 | 1,910,118 | ||||||||||||||
| Other corporate items | 26,119 | 28,603 | 15,125 | ||||||||||||||
| Total capital expenditures | $ | 2,323,637 | $ | 2,265,948 | $ | 1,925,243 | |||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.