EQT EQT · USD

Revenue from Contracts with CustomersSales of natural gas, NGLs and oil. Under the Company's natural gas, NGLs and oil sales contracts, the Company generally considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery. These contracts typically require payment within 25 days of the end of the calendar month in which the commodity is delivered. A significant number of these contracts contain variable consideration because the payment terms refer to market prices at future delivery dates. In these situations, the Company has not identified a standalone selling price because the terms of the variable payments relate specifically to the Company's efforts to satisfy the performance obligations. Other contracts, such as fixed price contracts or contracts with a fixed differential to New York Mercantile Exchange (NYMEX) or index prices, contain fixed consideration. The Company allocates the fixed consideration to each performance obligation on a relative standalone selling price basis, which requires judgment from management. For these contracts, the Company generally concludes that the fixed price or fixed differentials in the contracts are representative of the standalone selling price.Based on management's judgment, the performance obligations for the sale of natural gas, NGLs and oil are satisfied at a point in time because the customer obtains control and legal title of the asset when the natural gas, NGLs or oil is delivered to the designated sales point.The sales of natural gas, NGLs and oil presented in the Statements of Consolidated Operations represent the Company's share of revenues net of royalties and exclude revenue interests owned by others. When selling natural gas, NGLs and oil on behalf of royalty or working interest owners, the Company acts as an agent and, thus, reports the revenue on a net basis.Pipeline revenue. The Company provides gathering, transmission and storage services under firm and interruptible service contracts.Firm service contracts generally require the customer to pay a firm reservation fee, which is a fixed, monthly fee to reserve an agreed upon amount of pipeline or storage capacity regardless of whether the customer uses the capacity. Under its firm service contracts, the Company has a stand-ready obligation to provide the firm service over the life of the contract.

Commitments and Contingencies Contractual CommitmentsThe Company has commitments to pay demand charges under long-term contracts and binding precedent agreements with various pipelines as well as charges for processing capacity to extract heavier liquid hydrocarbons from the natural gas stream. Aggregate future payments for such commitments as of December 31, 2025 were $13.2 billion, composed of $1.1 billion in 2026, $1.1 billion in 2027, $1.0 billion in 2028, $0.9 billion in 2029, $0.9 billion in 2030 and $8.2 billion thereafter.In addition, the Company has commitments to pay for services related to its operations, including electric hydraulic fracturing services, and purchase equipment, materials and sand. Aggregate future payments for such commitments as of December 31, 2025 were $389.3 million, composed of $230.5 million in 2026, $116.6 million in 2027, $41.1 million in 2028, $0.6 million in 2029, $0.4 million in 2030 and $0.1 million thereafter.See Note 15 for a summary of undiscounted future minimum lease payments owed to lessors by the Company as lessee pursuant to contractual agreements in effect as of December 31, 2025.Legal and Regulatory ProceedingsIn the ordinary course of business, various legal and regulatory claims and proceedings are pending or threatened against the Company. While the amounts claimed may be substantial, the Company is unable to predict with certainty the ultimate outcome of such claims and proceedings.The Company evaluates its legal proceedings, including litigation and regulatory and governmental investigations and inquiries, on a regular basis and accrues a liability when it determines, based on historical experience and matter-specific facts, that a loss is probable and the amount of the loss can be reasonably estimated. Any such accruals are adjusted thereafter as appropriate to reflect changed circumstances. In the event the Company determines that (i) a loss to the Company is probable but the amount of the loss cannot be reasonably estimated, or (ii) a loss to the Company is less likely than probable but is reasonably possible, then the Company is required to disclose the matter herein, although the Company is not required to accrue such loss.When able, the Company determines an estimate of reasonably possible losses or ranges of reasonably possible losses, whether in excess of any related accrued liability or where there is no accrued liability, for legal proceedings.

DebtThe table below summarizes the Company's outstanding debt.December 31, 2025December 31, 2024 Principal ValueCarrying Value (a)Fair Value (b)Principal ValueCarrying 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, 2027285,000 285,000 285,000 320,800 320,800 320,800 Senior notes and debentures:EQT's 3.125% notes due May 15, 2026392,915 392,409 391,037 392,915 391,193 382,994 EQT's 7.75% debentures due July 15, 2026115,000 114,710 117,315 115,000 114,213 119,590 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, 2027344,921 346,255 352,902 — — — EQT's 3.900% notes due October 1, 2027936,158 934,640 932,282 1,169,503 1,166,523 1,137,248 EQT's 5.700% notes due April 1, 2028500,000 494,905 516,035 500,000 492,640 508,695 EQM's 5.500% notes due July 15, 2028— — — 118,683 118,204 117,382 EQT's 5.500% notes due July 15, 202845,225 45,060 46,099 — — — EQT's 5.00% notes due January 15, 2029318,494 316,448 322,902 318,494 315,785 314,357 EQM's 4.50% notes due January 15, 2029— — — 742,923 711,754 711,297 EQT's 4.50% notes due January 15, 2029734,583 710,802 736,603 — — — EQM's 6.375% notes due April 1, 2029— — — 600,000 608,667 606,774 EQT's 6.375% notes due April 1, 2029596,725 602,840 618,076 — — — 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, 2030494,086 522,749 544,162 — — — 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, 20311,090,218 1,044,098 1,098,329 — — — EQT's 3.625% notes due May 15, 2031435,165 431,496 409,651 435,165 430,818 388,111 EQT's 5.750% notes due February 1, 2034750,000 743,589 784,500 750,000 742,796 744,743 EQM's 6.500% notes due July 15, 2048— — — 80,233 81,338 81,932 EQT's 6.500% notes due July 15, 204867,196 68,064 68,722 — — — Total debt7,855,486 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.

Income Taxes The following table summarizes the Company's income tax expense. Years Ended December 31, 202520242023 (Thousands)Current: Federal$(7,296)$1,222 $(10,894)State1,344 6,125 (4,818)Current income tax (benefit) expense(5,952)7,347 (15,712)Deferred:Federal551,000 (21,463)450,091 State106,836 36,195 (65,425)Deferred income tax expense657,836 14,732 384,666 Total income tax expense$651,884 $22,079 $368,954 For the year ended December 31, 2025, current income tax benefit is primarily composed of a reduction in prior year income tax liabilities and interest. For the year ended December 31, 2024, current income tax expense is composed of state and federal income tax liabilities. For the year ended December 31, 2023, current income tax benefit related primarily to 2014 through 2017 audit settlement interest and reduction in prior year state income tax liabilities.On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (the OBBBA) into law. Significant provisions affecting the Company include (i) the reinstatement of 100% bonus depreciation for qualifying property, (ii) the allowance for immediate and full expensing of domestic research and experimentation expenditures and (iii) the use of earnings before interest, taxes, depreciation and amortization, or EBITDA, rather than earnings before interest and taxes, or EBIT, in determining adjusted taxable income for purposes of any interest deduction limitation. The enactment of the OBBBA did not have a material impact on the Company's effective tax rate for the year ended December 31, 2025.The table below summarizes income tax payments, net of refunds. Years Ended December 31, 202520242023 (Thousands)Federal$(81,195)$12,149 $12,876 State:Mississippi**670 Pennsylvania*(4,114)*Other U.S. states2,173 (75)(196)Total taxes paid, net of refunds$(79,022)$7,960 $13,350 *Indicates that the amount paid or refunded did not exceed the applicable disclosure threshold for the periods presented and is included in other U.S. states.The table below summarizes the reasons for income tax expense differences from amounts computed at the federal statutory rate of 21% on pre-tax income. Years Ended December 31, 202520242023Amount RateAmountRateAmountRate (Thousands)(Thousands)(Thousands)Income before income taxes$2,977,542 $264,194 $2,103,498 U.S. federal statutory tax rate$625,284 21.0 %$55,481 21.0 %$441,735 21.0 %State and local income taxes, net of federal benefit (a)95,217 3.2 %35,115 13.3 %(55,993)(2.

Share-Based Compensation PlansThe following table summarizes the Company's share-based compensation expense. Years Ended December 31, 202520242023 (Thousands)Incentive Performance Share Unit Programs$14,505 $20,919 $23,915 Restricted stock awards41,310 25,473 20,119 Stock appreciation rights— — 4,056 Other programs, including non-employee director awards3,784 3,596 3,110 Total share-based compensation expense (a)$59,599 $49,988 $51,200 (a)For the years ended December 31, 2025, 2024 and 2023, share-based compensation expense of $2.7 million, $105.4 million and $3.6 million, respectively, was included in other operating expenses. Share-based compensation expense for 2024 related primarily to the Equitrans Midstream Merger.The Company typically elects to fund awards paid in stock through stock acquired by the Company in the open market or from any other person, issued directly by the Company or any combination of the foregoing.There was no cash received from exercises under all share-based payment arrangements for employees and directors for the years ended December 31, 2025 and 2023. Cash received from exercises under all share-based payment arrangements for employees and directors for the year ended December 31, 2024 was $5.1 million. During the years ended December 31, 2025, 2024 and 2023, share-based payment arrangements paid in stock generated tax benefits of $12.3 million, $7.7 million and $16.5 million, respectively. Cash paid for taxes related to net settlement of share-based incentive awards for the years ended December 31, 2025, 2024 and 2023 were $54.2 million, $102.9 million and $41.8 million, respectively.Incentive Performance Share Unit ProgramsThe Management Development and Compensation Committee of the Company's Board of Directors (the Compensation Committee) has adopted the following programs under each respective Long-Term Incentive Plan (LTIP):•2021 Incentive Performance Share Unit Program (2021 Incentive PSU Program) under the 2020 LTIP;•2022 Incentive Performance Share Unit Program (2022 Incentive PSU Program) under the 2020 LTIP;•2023 Incentive Performance Share Unit Program (2023 Incentive PSU Program) under the 2020 LTIP; •2024 Incentive Performance Share Unit Program (2024 Incentive PSU Program) under the 2020 LTIP; and•2025 Incentive Performance Share Unit Program (2025 Incentive PSU Program) under the 2020 LTIP.The programs noted above are collectively referred to as the Incentive PSU Programs and all granted equity awards.

The following table summarizes restricted stock unit equity award activity as of December 31, 2025.Restricted Stock – Equity SettledNonvested SharesWeighted AverageFair ValueAggregate Fair ValueOutstanding at January 1, 20232,926,945 $16.67 $48,792,574 Granted953,270 31.88 30,389,954 Vested(1,544,968)15.20 (23,482,927)Forfeited(117,445)24.52 (2,879,751)Outstanding at December 31, 20232,217,802 23.82 52,819,850 Granted982,990 34.54 33,950,507 Vested(4,861,796)31.98 (155,480,899)Conversion of Equitrans Midstream awards (a)5,175,814 35.88 185,708,206 Forfeited(90,641)31.92 (2,893,279)Outstanding at December 31, 20243,424,169 33.32 114,104,385 Granted1,720,700 52.80 90,858,021 Vested(1,458,200)31.22 (45,519,859)Forfeited(140,937)35.00 (4,933,212)Outstanding at December 31, 20253,545,732 $43.58 $154,509,335 (a)In conjunction with the Equitrans Midstream Merger, the Company assumed all outstanding and unvested share-based compensation awards of Equitrans Midstream and converted those awards into restricted stock equity awards.

LeasesThe Company leases drilling rigs, facilities (including a water storage facility), vehicles and drilling and compression equipment.To determine the present value of its right-of-use assets and lease liabilities, the Company calculates a discount rate per lease contract based on an estimate of the rate of interest that the Company would pay to borrow (on a collateralized basis, over a similar term) an amount equal to the lease payment obligation.The Company has elected a practical expedient to forgo application of the recognition requirements under ASU 2016-02, Leases, to short-term leases; as such, short-term leases are not recorded in the Consolidated Balance Sheets. In addition, the Company has elected a practical expedient to account for lease and nonlease components together as a lease.Certain of the Company's lease contracts include variable lease payments, such as payments for property taxes and other operating and maintenance expenses and payments based on asset use, which are not included in the lease cost or the present value of the right-of-use asset or lease liability. Certain of the Company's lease contracts provide renewal periods at the Company's option; if a renewal period option is reasonably assured to be exercised, the associated lease payment obligation is included in the present value of the right-of-use asset and lease liability. As of December 31, 2025 and 2024, the Company was not a lessor.The following table summarizes the Company's lease costs.Years Ended December 31,202520242023(Thousands)Operating lease costs$43,002 $41,991 $26,755 Finance lease costs9,585 5,546 2,414 Variable and short-term lease costs38,935 33,475 24,151 Total lease costs (a)$91,522 $81,012 $53,320 (a)Includes drilling rig lease costs capitalized to property, plant and equipment of $47.9 million, $50.5 million and $40.8 million, respectively, of which $30.8 million, $33.1 million and $24.5 million, respectively, were operating lease costs for the years ended December 31, 2025, 2024 and 2023.The following table summarizes the cash paid for operating and financing lease liabilities reported in the Statements of Consolidated Cash Flows. Cash paid for operating lease liabilities is presented in other items, net as a cash flow from operating activity, and cash paid for finance lease liabilities is presented in other financing activities as a cash flow from financing activity.

AcquisitionsOlympus Energy AcquisitionOn July 1, 2025, the Company completed its acquisition (the Olympus Energy Acquisition) of certain oil and gas properties and related upstream and midstream assets, including approximately 90,000 net acres with approximately 500 million cubic feet (MMcf) per day of net production, from Olympus Energy LLC, Hyperion Midstream LLC and Bow & Arrow Land Company LLC (collectively, Olympus Energy) pursuant to a purchase and sale agreement dated April 22, 2025, by and among EQT, a wholly owned subsidiary of EQT and Olympus Energy.The purchase price for the Olympus Energy Acquisition consisted of 25,229,166 shares of EQT common stock, with an aggregate value of approximately $1,471 million based on an EQT common stock share price of $58.32 (the last reported per share sale price of EQT common stock on the day prior to the completion of the Olympus Energy Acquisition), and approximately $473 million in cash, each as adjusted pursuant to customary purchase price adjustments and subject to final post-closing purchase price adjustments. The Company funded the cash consideration with cash on hand and borrowings under EQT's revolving credit facility.Allocation of Purchase Price. The Olympus Energy Acquisition was accounted for as a business combination using the acquisition method. The Company completed the purchase price allocation for the Olympus Energy Acquisition during the fourth quarter of 2025. The table below summarizes the final purchase price and estimated fair values of the assets acquired and liabilities assumed as of July 1, 2025. No goodwill was recognized for the transaction.Purchase Price Allocation(Thousands)Consideration:Equity$1,471,365 Cash473,360 Total consideration$1,944,725 Fair value of assets acquired:Derivative instruments, at fair value$13,188 Prepaid expenses and other18 Property, plant and equipment2,019,892 Amount attributable to assets acquired$2,033,098 Fair value of liabilities assumed:Accounts payable$3,082 Derivative instruments, at fair value66,711 Other current liabilities3,657 Asset retirement obligations and other liabilities14,923 Amount attributable to liabilities assumed$88,373 The fair values of the developed and undeveloped natural gas properties acquired in the Olympus Energy Acquisition were measured using discounted cash flow valuation techniques based on inputs that are not observable in the market and, as such, are Level 3 fair value measurements.