Direct Answer
EQT Corporation reports revenue across 3 business segments in its fiscal 2025 Form 10-K. Upstream is the largest, with $8.0 billion of revenue (93% of the total), followed by Gathering at $1.3 billion (15%).
How Does EQT Corporation Make Money?
Upstream supplies 93% of revenue, so EQT Corporation's results move mostly with that one business; the others matter more for diversification than for the headline number. Between fiscal 2024 and 2025, Transmission grew fastest (+162.1%) and Upstream slowest (+60.2%), so the revenue mix tilts toward Transmission while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Upstream | $8.0 billion | $5.0 billion | 92.8% | 60.2% |
| Gathering | $1.3 billion | $750 million | 15.1% | 73.6% |
| Transmission | $572 million | $218 million | 6.6% | 162.1% |
Which EQT Corporation Segments Earn the Most?
| Segment | FY2025 segment operating income | Segment margin |
|---|---|---|
| Upstream | $2.3 billion | 28.9% |
| Gathering | $837 million | 64.3% |
| Transmission | $375 million | 65.6% |
Segment operating income is the profit measure EQT Corporation reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within EQT Corporation more safely than against another company.
What the Segment Figures Do Not Show
The rows above add up to 115% of EQT Corporation's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value EQT Corporation reported in the segment note and revenue disclosures of its Form 10-K filed February 18, 2026 (accession 0000033213-26-000018), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are EQT Corporation's business segments?
In its fiscal 2025 Form 10-K, EQT Corporation reports revenue for Upstream, Gathering and Transmission.
Which part of EQT Corporation brings in the most revenue?
Upstream, with $8.0 billion of revenue in fiscal 2025, or 93% of the total.
Where does EQT Corporation report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 18, 2026, alongside management's discussion of each segment's results.