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EQT Corporation Business Segments

Business, geographic, and product segment breakdowns

EQT Corporation generates $10.3B in annual revenue across 3 key segments: Gathering ($17.1B), Transmission ($18.3B), and Upstream ($9.7M). The company-wide operating margin is 46.57%. Based on the Q1 2026 filing.

Gathering (TTM)$17.1BTransmission (TTM)$18.3BUpstream$9.7M
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$32.0B
P/E Ratio9.74
ROE14.33%

Products & Services

Sales of natural gas, natural gas liquids and oil

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenues from contracts with customers$1.8B$2.4B$1.8B$1.8B$2.3B$3.6B
Natural gas$1.4B$2B$1.5B$1.5B$1.9B$3.3B
NGLs$180.4M$173.8M$145.1M$139.3M$162.1M$157.1M
Oil$27.1M$21M$16.2M$24.1M$26.3M$28.5M

Pipeline and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other revenues$4.8M$3.5M$79K$2.4M$432K$4.8M

Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total other sources of revenue—-$675.4M$720M$138.1M$114.6M-$233.5M

Business Segments

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$22.5B$22.4B——$24.3B$23.7B
Gathering$8.3B$8.2B$8.3B$8.6B$8.7B$8.7B
Transmission$7.7B$7.6B$7.6B$7.6B$7.6B$7.9B

Depreciation, depletion and amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$504.2M$543.5M———$567.7M
Gathering$44.2M$49.4M$54M$53.6M$55.3M$55.8M
Transmission$22.3M$23.2M$22.7M$26.8M$29M$25M

Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$17M-$678.9M———-$238.3M
Gathering-$11.1M$0$0$0$0$0
Transmission$0$0$0$0$0$0

Exploration

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$683.8K$1.1M———$430K
Gathering$0$0$0$0$0$0
Transmission$0$0$0$0$0$0

Gain (Loss) on Disposition of Property Plant Equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$191.1M-$184K———$25K
Gathering$0$0$0$12K$17K$0
Transmission—-$47K-$302K$0$0$0

Gain (Loss) On Expiration And Impairment Of Lease

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream-$24.3M-$2.7M———-$3.8M
Gathering$0$0$0$0-$811K$0
Transmission$0$0$0$0$0$0

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transmission$1.2B$1.2B$1.2B$1.2B$1.2B$1.2B
Gathering$0$0$0$0$0$0
Upstream$0$0——$0$0

Interest costs capitalized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering$750K$2M$2M$2M$2M—

Investments in unconsolidated entities

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transmission$3.5B$3.5B$3.5B$3.5B$3.5B$3.8B
Gathering$0$0$0$0$0$0
Upstream$0$0——$0$0

Less: Accumulated depreciation and depletion

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering$131.5M———$337.9M—
Transmission$30M———$110.5M—

Oil and gas producing properties

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering$25M———$35M—
Transmission$4M———$15M—
Upstream$33.5B———$36.8B—

Operating and maintenance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering$33.9M$36.3M$40.6M$44.5M$45.6M$42.1M
Transmission$10.7M$11M$13.4M$15.8M$18M$12.8M
Upstream$0$0———$0

Other Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$22.5B$22.4B——$24.3B$23.7B
Gathering$8.3B$8.2B$8.3B$8.6B$8.7B$8.7B
Transmission$2.9B$2.9B$2.9B$2.9B$2.9B$2.9B

Other Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream-$3.2M-$4.4M———-$13.5M
Gathering$0-$3M-$7.3M-$4.6M-$3.1M-$35K
Transmission$0$536K$0$0$0$0

Production

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$94.3M$88.4M———$115.2M
Gathering$0$0$0$0$0$0
Transmission$0$0$0$0$0$0

Property, plant and equipment

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering$8.1B———$8.7B—
Transmission$2.7B———$2.8B—

Property, Plant and Equipment, Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gathering$7.9B———$8.3B—
Transmission$2.6B———$2.6B—
Upstream$21.1B———$22.5B—

Revenue, remaining performance obligation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transmission$4.9B$4.8B$4.7B$4.6B$4.5B$4.4B
Gathering$4.6B$4.5B$4.4B$4.3B$4.2B$4.1B
Upstream————$6.6M$9.7M

SG&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$61.1M$48.7M———$55M
Gathering$27.5M$15.4M$12.9M$15.8M$22.6M$18.7M
Transmission$11.7M$9.4M$8.1M$8.7M$11.1M$7.7M

Total capital expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$500.9M$408.8M———$499.3M
Gathering$90.6M$72.1M$86.1M$105M$104.5M$91.5M
Transmission$21.3M$12.6M$10.3M$13M$15.9M$11.1M

Total Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$1.2B$1.4B———$1.5B
Gathering$105.6M$104.1M$114.9M$118.5M$127.3M$116.7M
Transmission$44.7M$43.1M$44.5M$51.3M$58M$45.4M

Total operating revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$1.3B$1.6B———$3.2B
Gathering$351M$335.3M$320.3M$321.2M$324.7M$335M
Transmission$130.9M$146.3M$134.6M$136.7M$154.7M$161.5M

Total segment operating income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$100.9M$191.8M———$1.7B
Gathering$234.3M$231.2M$205.4M$202.6M$197.4M$218.3M
Transmission$86.2M$103.2M$90.1M$85.4M$96.6M$116M

Transportation and processing

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$654.9M$688.6M———$724.5M
Gathering$0$0$0$0$0$0
Transmission$0$0$0$0$0$0

Equity earnings from Company's investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transmission$43.2M$24.4M$41.6M$42.9M$45.4M$56.2M

Less: Accumulated depletion

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$12.5B———$14.3B—

Oil and Gas, Capitalized Cost, after Accumulated Depreciation, Depletion, Amortization, and Valuation Allowance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$21.1B———$22.4B—

Other property, plant and equipment, at cost less accumulated depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Upstream$20.4M———$27.1M—