EQT 10-Q report for 2025-06-30

EQT 10-Q report for 2025-06-30 eqt-20250630 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM  10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM__________ TO__________ COMMISSION FILE NUMBER: 001-03551 EQT CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 25-0464690 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) 625 Liberty Avenue , Suite 1700 Pittsburgh , Pennsylvania 15222 (Address of principal executive offices) (Zip Code) ( 412 ) 553-5700 (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, no par value EQT New York Stock Exchange Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒   No   ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒   No   ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   ☐ No  ☒ The number of shares of common stock, no par value, of the registrant outstanding (in thousands) as of July 15, 2025: 624,057 Table of Contents TABLE OF CONTENTS Page PART I. FINANCIAL INFORMATION Item 1. Financial Statements (Unaudited) Statements of Condensed Consolidated Operations 3 Statements of Condensed Consolidated Comprehensive Income 4 Condensed Consolidated Balance Sheets 5 Statements of Condensed Consolidated Cash Flows 6 Statements of Condensed Consolidated Equity 7 Notes to the Condensed Consolidated Financial Statements 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 Item 4. Controls and Procedures 57 PART II. OTHER INFORMATION Item 1. Legal Proceedings 57 Item 1A. Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 5. Other Information 58 Item 6. Exhibits 59 Signatures 61 2 Table of Contents PART I.  FINANCIAL INFORMATION Item 1.    Financial Statements EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands, except per share amounts) Operating revenues: Sales of natural gas, natural gas liquids and oil $ 1,700,499 $ 889,517 $ 3,945,226 $ 2,193,422 Gain on derivatives 719,964 61,333 41,045 167,844 Pipeline and other 137,256 1,662 311,298 3,514 Total operating revenues 2,557,719 952,512 4,297,569 2,364,780 Operating expenses: Transportation and processing 389,116 543,067 767,325 1,088,248 Production 91,518 88,551 179,956 179,200 Operating and maintenance 53,983 13,636 101,280 25,306 Exploration 1,273 1,378 2,324 2,294 Selling, general and administrative 81,586 67,207 173,050 140,260 Depreciation, depletion and amortization 623,471 465,982 1,244,246 952,732 Loss (gain) on sale/exchange of long-lived assets 2,990 ( 320,129 ) 3,221 ( 319,982 ) Impairment and expiration of leases 3,254 37,659 5,915 46,868 Other operating expenses 176,490 52,190 189,964 64,163 Total operating expenses 1,423,681 949,541 2,667,281 2,179,089 Operating income 1,134,038 2,971 1,630,288 185,691 Income from investments ( 67,174 ) ( 172 ) ( 93,636 ) ( 2,432 ) Other income ( 2,616 ) ( 19,431 ) ( 3,239 ) ( 19,636 ) Loss on debt extinguishment 5,889 1,837 17,569 5,286 Interest expense, n Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 Item 4. Controls and Procedures 57 PART II. OTHER INFORMATION Item 1. Legal Proceedings 57 Item 1A. Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 5. Other Information 58 Item 6. Exhibits 59 Signatures 61 2 Table of Contents PART I.  FINANCIAL INFORMATION Item 1.    Financial Statements EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands, except per share amounts) Operating revenues: Sales of natural gas, natural gas liquids and oil $ 1,700,499 $ 889,517 $ 3,945,226 $ 2,193,422 Gain on derivatives 719,964 61,333 41,045 167,844 Pipeline and other 137,256 1,662 311,298 3,514 Total operating revenues 2,557,719 952,512 4,297,569 2,364,780 Operating expenses: Transportation and processing 389,116 543,067 767,325 1,088,248 Production 91,518 88,551 179,956 179,200 Operating and maintenance 53,983 13,636 101,280 25,306 Exploration 1,273 1,378 2,324 2,294 Selling, general and administrative 81,586 67,207 173,050 140,260 Depreciation, depletion and amortization 623,471 465,982 1,244,246 952,732 Loss (gain) on sale/exchange of long-lived assets 2,990 ( 320,129 ) 3,221 ( 319,982 ) Impairment and expiration of leases 3,254 37,659 5,915 46,868 Other operating expenses 176,490 52,190 189,964 64,163 Total operating expenses 1,423,681 949,541 2,667,281 2,179,089 Operating income 1,134,038 2,971 1,630,288 185,691 Income from investments ( 67,174 ) ( 172 ) ( 93,636 ) ( 2,432 ) Other income ( 2,616 ) ( 19,431 ) ( 3,239 ) ( 19,636 ) Loss on debt extinguishment 5,889 1,837 17,569 5,286 Interest expense, net 105,668 55,720 223,237 110,091 Income (loss) before income taxes 1,092,271 ( 34,983 ) 1,486,357 92,382 Income tax expense (benefit) 235,615 ( 44,222 ) 314,283 ( 19,920 ) Net income 856,656 9,239 1,172,074 112,302 Less: Net income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 ) Net income attributable to EQT Corporation $ 784,147 $ 9,517 $ 1,026,286 $ 113,005 Income per share of common stock attributable to EQT Corporation: Basic: Weighted average common stock outstanding 599,221 441,968 598,574 440,714 Net income attributable to EQT Corporation $ 1.31 $ 0.02 $ 1.71 $ 0.26 Diluted (Note 10): Weighted average common stock outstanding 602,924 444,921 602,896 444,893 Net income attributable to EQT Corporation $ 1.30 $ 0.02 $ 1.70 $ 0.25 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands) Net income $ 856,656 $ 9,239 $ 1,172,074 $ 112,302 Other comprehensive income, net of tax: Other postretirement benefits liability adjustment, net of tax: $ 53 , $ 13 , $ 82 and $ 26 54 43 91 86 Comprehensive income 856,710 9,282 1,172,165 112,388 Less: Comprehensive income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 ) Comprehensive income attributable to EQT Corporation $ 784,201 $ 9,560 $ 1,026,377 $ 113,091 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Table of Contents EQT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 555,492 $ 202,093 Accounts receivable (less allowance for credit losses: $ 444 and $ 12,529 ) 817,402 1,132,608 Derivative instruments, at fair value 118,934 143,581 Income tax receivable — 97,378 Prepaid expenses and other 139,508 139,019 Total current assets 1,631,336 1,714,679 Property, plant and equipment 45,260,546 44,505,504 Less: Accumulated depreciation and depletion 13,636,355 12,757,686 Net property, plant and equipment 31,624,191 31,747,818 Investments in unconsolidated entities 3,623,219 3,617,397 Net intangible assets 207,871 215,257 Goodwill 2,062,462 2,079,481 Other assets 517,669 455,623 Total assets $ 39,666,748 $ 39,830,255 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ 391,801 $ 320,800 Accounts payable 1,151,663 1,177,656 Derivative instruments, at fair value 194,823 446,519 Accrued interest 143,040 167,157 Other current liabilities 425,080 349,417 Total current liabilities 2,306,407 2,461,549 Revolving credit facility borrowings 282,000 150,000 Senior notes 7,641,236 8,853,377 Deferred income taxes 3,122,972 2,851,103 Asset retirement obligations and other liabilities 1,216,283 1,236,090 Total liabilities 14,568,898 15,552,119 Equity: Common stock, no par value, shares authorized: 1,280,000 , shares issued: 598,812 and 596,870 17,999,758 18,014,711 Retained earnings 3,425,732 2,585,238 Accumulated other comprehensive loss ( 2,230 ) ( 2,321 ) Total common shareholders' equity 21,423,260 20,597,628 Noncontrolling interest in consolidated subsidiaries 3,674,590 3,680,508 Total equity 25,097,850 24,278,136 Total liabilities and equity $ 39,666,748 $ 39,830,255 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 5 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2025 2024 (Thousands) Cash flows from operating activities: Net income $ 1,172,074 $ 112,302 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax expense (benefit) 304,878 ( 22,583 ) Depreciation, depletion and amortization 1,244,246 952,732 Loss (gain) on sale/exchange of long-lived assets 3,221 ( 319,982 ) Impairments 5,915 46,868 Income from investments ( 93,636 ) ( 2,432 ) Loss on debt extinguishment 17,569 5,286 Share-based compensation expense 28,535 22,650 Distributions from equity method investments 132,881 8,975 Other 3,358 8,317 Gain on derivatives ( 41,045 ) ( 167,844 ) Net cash settlements (paid) received on derivatives ( 193,350 ) 749,185 Net premiums paid on derivatives — ( 37,893 ) Changes in other assets and liabilities: Accounts receivable 295,699 238,579 Accounts payable 10,253 ( 47,115 ) Income tax receivable and payable 97,378 1,724 Other current assets ( 1,459 ) ( 61,143 ) Other items, net ( 3,651 ) ( 9,918 ) Net cash provided by operating activities 2,982,866 1,477,708 Cash flows from investing activities: Capital expenditures ( 1,049,289 ) ( 1,092,633 ) Cash paid for acquisitions, net of cash acquired ( 100,167 ) ( 237,755 ) Net cash (paid) received for sale/exchange of assets ( 6,284 ) 453,864 Capital contributions to equity method investments ( 42,047 ) ( 2,608 ) Other investing activities ( 245 ) ( 80 ) Net cash used in investing activities ( 1,198,032 ) ( 879,212 ) Cash flows from financing activities: Proceeds from revolving credit facility borrowings 2,234,000 314,000 Repayment of revolving credit facility borrowings ( 2,422,800 ) ( 267,000 ) Proceeds from issuance of debt — 750,000 Proceeds from net settlement of Capped Call Transactions (Note 7) — 93,290 Debt issuance costs ( 7,238 ) ( 8,511 ) Repayment and retirement of debt ( 813,017 ) ( 1,355,183 ) Premiums paid on debt extinguishment ( 24,802 ) ( 1,178 ) Dividends paid ( 188,372 ) ( 138,963 ) Distributions to noncontrolling interest ( 151,954 ) — Cash paid for taxes to net settle share-based incentive awards ( 53,253 ) ( 34,413 ) Other financing activities ( 3,999 ) ( 1,541 ) Net cash used in financing activities ( 1,431,435 ) ( 649,499 ) Net change in cash and cash equivalents 353,399 ( 51,003 ) Cash and cash equivalents at beginning of period 202,093 80,977 Cash and cash equivalents at end of period $ 555,492 $ 29,974 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. See Note 1 for supplemental cash flow information. 6 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED) Common Stock Shares Amount Retained Earnings Accumulated Other Comprehensive Loss (a) Noncontrolling Interest in Consolidated Subsidiaries Total Equity (Thousands, except per share amounts) Balance at April 1, 2024 441,558 $ 12,450,876 $ 2,715,974 $ ( 2,641 ) $ 7,192 $ 15,171,401 Comprehensive income, net of tax: Net income (loss) 9,517 ( 278 ) 9,239 Other postretirement benefits liability adjustment, net of tax: $ 13 43 43 Dividends ($ 0.1575 per share) ( 69,551 ) ( 69,551 ) Share-based compensation plans 39 13,616 13,616 Balance at June 30, 2024 441,597 $ 12,464,492 $ 2,655,940 $ ( 2,598 ) $ 6,914 $ 15,124,748 Balance at April 1, 2025 598,586 $ 17,984,118 $ 2,736,046 $ ( 2,284 ) $ 3,685,389 $ 24,403,269 Comprehensive income, net of tax: Net income 784,147 72,509 856,656 Other postretirement benefits liability adjustment, net of tax: $ 53 54 54 Dividends ($ 0.1575 per share) ( 94,461 ) ( 94,461 ) Share-based compensation plans 226 15,640 15,640 Distribution to noncontrolling interest ( 83,308 ) ( 83,308 ) Balance at June 30, 2025 598,812 $ 17,999,758 $ 3,425,732 $ ( 2,230 ) $ 3,674,590 $ 25,097,850 Common shares authorized (in thousands): 640,000 and 1,280,000 . Preferred shares authorized (in thousands): 3,000 . There were no preferred shares issued or outstanding.  (a) Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs. The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 7 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED EQUITY (UNAUDITED) Common Stock Shares Amount Retained Earnings Accumulated Other Comprehensive Loss (a) Noncontrolling Interest in Consolidated Subsidiaries Total Equity (Thousands, except per share amounts) Balance at January 1, 2024 419,896 $ 12,093,986 $ 2,681,898 $ ( 2,684 ) $ 7,617 $ 14,780,817 Comprehensive income, net of tax: Net income (loss) 113,005 ( 703 ) 112,302 Other postretirement benefits liability adjustment, net of tax: $ 26 86 86 Dividends ($ 0.315 per share) ( 138,963 ) ( 138,963 ) Share-based compensation plans 1,709 ( 8,392 ) ( 8,392 ) Convertible Notes settlements (Note 7) 19,992 285,608 285,608 Net settlement of Capped Call Transactions (Note 7) 93,290 93,290 Balance at June 30, 2024 441,597 $ 12,464,492 $ 2,655,940 $ ( 2,598 ) $ 6,914 $ 15,124,748 Balance at January 1, 2025 596,870 $ 18,014,711 $ 2,585,238 $ ( 2,321 ) $ 3,680,508 $ 24,278,136 Comprehensive income, net of tax: Net income 1,026,286 145,788 1,172,074 Other postretirement benefits liability adjustment, net of tax: $ 82 91 91 Dividends ($ 0.315 per share) ( 185,792 ) ( 185,792 ) Share-based compensation plans 1,942 ( 15,328 ) ( 15,328 ) Equitrans Midstream Merger (Note 11) 248 248 Change in ownership of consolidated subsidiary 375 375 Distributions to noncontrolling interest ( 151,954 ) ( 151,954 ) Balance at June 30, 2025 598,812 $ 17,999,758 $ 3,425,732 $ ( 2,230 ) $ 3,674,590 $ 25,097,850 Common shares authorized (in thousands): 640,000 and 1,280,000 . Preferred shares authorized (in thousands): 3,000 . There were no preferred shares issued or outstanding.  (a) Amounts included in accumulated other comprehensive loss are related to other postretirement benefits liability adjustments, net of tax, which are attributable to net actuarial losses and net prior service costs. The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 8 Table of Contents EQT CORPORATION AND SUBSIDIARIES Notes to the Condensed Consolidated Financial Statements (Unaudited)  1.     Financial Statements Nature of Operations. EQT Corporation is an integrated natural gas company with production, gathering and transmission operations focused in the Appalachian Basin. In this Quarterly Report on Form 10-Q, references to "EQT" refer to EQT Corporation and references to the "Company" refer to EQT Corporation and its consolidated subsidiaries, collectively, in each case unless otherwise noted or indicated. Basis of Presentation. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) for interim financial information and with the requirements of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and notes required by GAAP for complete financial statements. In the opinion of management, these statements include all adjustments (consisting of only normal recurring accruals unless otherwise disclosed in this Quarterly Report on Form 10-Q) necessary for a fair presentation of the Company's financial position as of June 30, 2025 and December 31, 2024, results of operations and changes in equity for the three and six months ended June 30, 2025 and 2024 and cash flows for the six months ended June 30, 2025 and 2024. Certain previously reported amounts have been reclassified to conform to the current period's presentation. In addition, as discussed further in Note 2, certain prior period amounts have been recast to reflect the Company's change in reportable segments from one reportable segment to three reportable segments consisting of Production, Gathering and Transmission. The Condensed Consolidated Balance Sheet at December 31, 2024 has been derived fro Item 1A. Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 5. Other Information 58 Item 6. Exhibits 59 Signatures 61 2 Table of Contents PART I.  FINANCIAL INFORMATION Item 1.    Financial Statements EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands, except per share amounts) Operating revenues: Sales of natural gas, natural gas liquids and oil $ 1,700,499 $ 889,517 $ 3,945,226 $ 2,193,422 Gain on derivatives 719,964 61,333 41,045 167,844 Pipeline and other 137,256 1,662 311,298 3,514 Total operating revenues 2,557,719 952,512 4,297,569 2,364,780 Operating expenses: Transportation and processing 389,116 543,067 767,325 1,088,248 Production 91,518 88,551 179,956 179,200 Operating and maintenance 53,983 13,636 101,280 25,306 Exploration 1,273 1,378 2,324 2,294 Selling, general and administrative 81,586 67,207 173,050 140,260 Depreciation, depletion and amortization 623,471 465,982 1,244,246 952,732 Loss (gain) on sale/exchange of long-lived assets 2,990 ( 320,129 ) 3,221 ( 319,982 ) Impairment and expiration of leases 3,254 37,659 5,915 46,868 Other operating expenses 176,490 52,190 189,964 64,163 Total operating expenses 1,423,681 949,541 2,667,281 2,179,089 Operating income 1,134,038 2,971 1,630,288 185,691 Income from investments ( 67,174 ) ( 172 ) ( 93,636 ) ( 2,432 ) Other income ( 2,616 ) ( 19,431 ) ( 3,239 ) ( 19,636 ) Loss on debt extinguishment 5,889 1,837 17,569 5,286 Interest expense, net 105,668 55,720 223,237 110,091 Income (loss) before income taxes 1,092,271 ( 34,983 ) 1,486,357 92,382 Income tax expense (benefit) 235,615 ( 44,222 ) 314,283 ( 19,920 ) Net income 856,656 9,239 1,172,074 112,302 Less: Net income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 ) Net income attributable to EQT Corporation $ 784,147 $ 9,517 $ 1,026,286 $ 113,005 Income per share of common stock attributable to EQT Corporation: Basic: Weighted average common stock outstanding 599,221 441,968 598,574 440,714 Net income attributable to EQT Corporation $ 1.31 $ 0.02 $ 1.71 $ 0.26 Diluted (Note 10): Weighted average common stock outstanding 602,924 444,921 602,896 444,893 Net income attributable to EQT Corporation $ 1.30 $ 0.02 $ 1.70 $ 0.25 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands) Net income $ 856,656 $ 9,239 $ 1,172,074 $ 112,302 Other comprehensive income, net of tax: Other postretirement benefits liability adjustment, net of tax: $ 53 , $ 13 , $ 82 and $ 26 54 43 91 86 Comprehensive income 856,710 9,282 1,172,165 112,388 Less: Comprehensive income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 ) Comprehensive income attributable to EQT Corporation $ 784,201 $ 9,560 $ 1,026,377 $ 113,091 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Table of Contents EQT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 555,492 $ 202,093 Accounts receivable (less allowance for credit losses: $ 444 and $ 12,529 ) 817,402 1,132,608 Derivative instruments, at fair value 118,934 143,581 Income tax receivable — 97,378 Prepaid expenses and other 139,508 139,019 Total current assets 1,631,336 1,714,679 Property, plant and equipment 45,260,546 44,505,504 Less: Accumulated depreciation and depletion 13,636,355 12,757,686 Net property, plant and equipment 31,624,191 31,747,818 Investments in unconsolidated entities 3,623,219 3,617,397 Net intangible assets 207,871 215,257 Goodwill 2,062,462 2,079,481 Other assets 517,669 455,623 Total assets $ 39,666,748 $ 39,830,255 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ 391,801 $ 320,800 Accounts payable 1,151,663 1,177,656 Derivative instruments, at fair value 194,823 446,519 Accrued interest 143,040 167,157 Other current liabilities 425,080 349,417 Total current liabilities 2,306,407 2,461,549 Revolving credit facility borrowings 282,000 150,000 Senior notes 7,641,236 8,853,377 Deferred income taxes 3,122,972 2,851,103 Asset retirement obligations and other liabilities 1,216,283 1,236,090 Total liabilities 14,568,898 15,552,119 Equity: Common stock, no par value, shares authorized: 1,280,000 , shares issued: 598,812 and 596,870 17,999,758 18,014,711 Retained earnings 3,425,732 2,585,238 Accumulated other comprehensive loss ( 2,230 ) ( 2,321 ) Total common shareholders' equity 21,423,260 20,597,628 Noncontrolling interest in consolidated subsidiaries 3,674,590 3,680,508 Total equity 25,097,850 24,278,136 Total liabilities and equity $ 39,666,748 $ 39,830,255 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 5 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED) Six Months Ended June 30, 2025 2024 (Thousands) Cash flows from operating activities: Net income $ 1,172,074 $ 112,302 Adjustments to reconcile net income to net cash provided by operating activities: Deferred income tax expense (benefit) 304,878 ( 22,583 ) Depreciation, depletion and amortization 1,244,246 952,732 Loss (gain) on sale/exchange of long-lived assets 3,221 ( 319,982 ) Impairments 5,915 46,868 Income from investments ( 93,636 ) ( 2,432 ) Loss on debt extinguishment 17,569 5,286 Share-based compensation expense 28,535 22,650 Distributions from equity method investments 132,881 8,975 Other 3,358 8,317 Gain on derivatives ( 41,045 ) ( 167,844 ) Net cash settlements (paid) received on derivatives ( 193,350 ) 749,185 Net premiums paid on derivatives — ( 37,893 ) Changes in other assets and liabilities: Accounts receivable 295,699 238,579 Accounts payable 10,253 ( 47,115 ) Income tax receivable and payable 97,378 1,724 Other current assets ( 1,459 ) ( 61,143 ) Other items, net ( 3,651 ) ( 9,918 ) Net cash provided by operating activities 2,982,866 1,477,708 Cash flows from investing activities: Capital expenditures ( 1,049,289 ) ( 1,092,633 ) Cash paid for acquisitions, net of cash acquired ( 100,167 ) ( 237,755 ) Net cash (paid) received for sale/exchange of assets ( 6,284 ) 453,864 Capital contributions to equity method investments ( 42,047 ) ( 2,608 ) Other investing activities ( 245 ) ( 80 ) Net cash used in investing activities ( 1,198,032 ) ( 879,212 ) Cash flows from financing activities: Proceeds from revolving credit facility borrowings 2,234,000 314,000 Repayment of revolving credit facility borrowings ( 2,422,800 ) ( 267,000 ) Proceeds from issuance of debt — 750,000 Proceeds from net settlement of Capped Call Transactions (Note 7) — 93,290 Debt issuance costs ( 7,238 ) ( 8,511 ) Repayment and retirement of debt ( 813,017 ) ( 1,355,183 ) Premiums paid on debt extinguishment ( 24,802 ) ( 1,178 ) Dividends paid ( 188,372 ) ( 138,963 ) Distributions to noncontrolling interest ( 151,954 ) — Cash paid for taxes to net settle share-based incentive awards ( 53,253 ) ( 34,413 ) Other financing activities ( 3,999 ) ( 1,541 ) Net cash used in financing activities ( 1,431,435 ) ( 649,499 ) Net change in cash and cash equivalents 353,399 ( 51,003 ) Cash and cash equivalents at beginning of period 202,093 80,977 Cash and cash equivalents at end of period $ 555,492 $ 29,974 The accompanying notes are an integral part of these Condensed Consolidated Financ Results of Operations 34 Item 3. Quantitative and Qualitative Disclosures About Market Risk 55 Item 4. Controls and Procedures 57 PART II. OTHER INFORMATION Item 1. Legal Proceedings 57 Item 1A. Risk Factors 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 5. Other Information 58 Item 6. Exhibits 59 Signatures 61 2 Table of Contents PART I.  FINANCIAL INFORMATION Item 1.    Financial Statements EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands, except per share amounts) Operating revenues: Sales of natural gas, natural gas liquids and oil $ 1,700,499 $ 889,517 $ 3,945,226 $ 2,193,422 Gain on derivatives 719,964 61,333 41,045 167,844 Pipeline and other 137,256 1,662 311,298 3,514 Total operating revenues 2,557,719 952,512 4,297,569 2,364,780 Operating expenses: Transportation and processing 389,116 543,067 767,325 1,088,248 Production 91,518 88,551 179,956 179,200 Operating and maintenance 53,983 13,636 101,280 25,306 Exploration 1,273 1,378 2,324 2,294 Selling, general and administrative 81,586 67,207 173,050 140,260 Depreciation, depletion and amortization 623,471 465,982 1,244,246 952,732 Loss (gain) on sale/exchange of long-lived assets 2,990 ( 320,129 ) 3,221 ( 319,982 ) Impairment and expiration of leases 3,254 37,659 5,915 46,868 Other operating expenses 176,490 52,190 189,964 64,163 Total operating expenses 1,423,681 949,541 2,667,281 2,179,089 Operating income 1,134,038 2,971 1,630,288 185,691 Income from investments ( 67,174 ) ( 172 ) ( 93,636 ) ( 2,432 ) Other income ( 2,616 ) ( 19,431 ) ( 3,239 ) ( 19,636 ) Loss on debt extinguishment 5,889 1,837 17,569 5,286 Interest expense, net 105,668 55,720 223,237 110,091 Income (loss) before income taxes 1,092,271 ( 34,983 ) 1,486,357 92,382 Income tax expense (benefit) 235,615 ( 44,222 ) 314,283 ( 19,920 ) Net income 856,656 9,239 1,172,074 112,302 Less: Net income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 ) Net income attributable to EQT Corporation $ 784,147 $ 9,517 $ 1,026,286 $ 113,005 Income per share of common stock attributable to EQT Corporation: Basic: Weighted average common stock outstanding 599,221 441,968 598,574 440,714 Net income attributable to EQT Corporation $ 1.31 $ 0.02 $ 1.71 $ 0.26 Diluted (Note 10): Weighted average common stock outstanding 602,924 444,921 602,896 444,893 Net income attributable to EQT Corporation $ 1.30 $ 0.02 $ 1.70 $ 0.25 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 Table of Contents EQT CORPORATION AND SUBSIDIARIES STATEMENTS OF CONDENSED CONSOLIDATED COMPREHENSIVE INCOME (UNAUDITED) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Thousands) Net income $ 856,656 $ 9,239 $ 1,172,074 $ 112,302 Other comprehensive income, net of tax: Other postretirement benefits liability adjustment, net of tax: $ 53 , $ 13 , $ 82 and $ 26 54 43 91 86 Comprehensive income 856,710 9,282 1,172,165 112,388 Less: Comprehensive income (loss) attributable to noncontrolling interests 72,509 ( 278 ) 145,788 ( 703 ) Comprehensive income attributable to EQT Corporation $ 784,201 $ 9,560 $ 1,026,377 $ 113,091 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 4 Table of Contents EQT CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 (Thousands) ASSETS Current assets: Cash and cash equivalents $ 555,492 $ 202,093 Accounts receivable (less allowance for credit losses: $ 444 and $ 12,529 ) 817,402 1,132,608 Derivative instruments, at fair value 118,934 143,581 Income tax receivable — 97,378 Prepaid expenses and other 139,508 139,019 Total current assets 1,631,336 1,714,679 Property, plant and equipment 45,260,546 44,505,504 Less: Accumulated depreciation and depletion 13,636,355 12,757,686 Net property, plant and equipment 31,624,191 31,747,818 Investments in unconsolidated entities 3,623,219 3,617,397 Net intangible assets 207,871 215,257 Goodwill 2,062,462 2,079,481 Other assets 517,669 455,623 Total assets $ 39,666,748 $ 39,830,255 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ 391,801 $ 320,800 Accounts payable 1,151,663 1,177,656 Derivative instruments, at fair value 194,823 446,519 Accrued interest 143,040 167,157 Other current liabilities 425,080 349,417 Total current liabilities 2,306,407 2,461,549 Revolving credit facility borrowings 282,000 150,000 Senior notes 7,641,236 8,853,377 Deferred income taxes 3,122,972 2,851,103 Asset retirement obligations and other liabilities 1,216,283 1,236,090 Total liabilities 14,568,898 15,552,119 Equity: Common stock,

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The provided excerpt is only the cover/filing header of SoundHound AI, Inc.’s 10‑Q for the quarter ended 2026‑03‑31. It contains listing/security identifiers (SOUN, SOUNW) but no financial statements, MD&A, guidance, risk updates, liquidity details, or material events. As a result, there is insufficient information to form high-confidence, actionable bullish/bearish theses beyond generic “company filed its 10‑Q” metadata.

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This excerpt only includes the cover page of Super Micro Computer, Inc.’s Form 10‑Q for the quarter ended March 31, 2026. It confirms the filing, issuer identity, listing (Nasdaq), and ticker (SMCI), but contains no financial results, guidance, risks, or MD&A content to support a directional investment view.