EQT能源 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025 EQT CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes☐No☒ 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 preceding12 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 is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the ExchangeAct. Large accelerated filer☒Non-accelerated filer☐ 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 financialaccounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ The aggregate market value of common stock, no par value, held by non-affiliates of the registrant as of June 30, 2025:$34.7 billionThe number of shares of common stock, no par value, of the registrant outstanding (in thousands) as of February 11, 2026:624,274 DOCUMENTS INCORPORATED BY REFERENCE EQT Corporation's definitive proxy statement relating to its 2026 annual meeting of shareholders will be filed with the Securities and Exchange Commission within 120 daysafter the end of EQT Corporation's fiscal year ended December 31, 2025 and is incorporated by reference into Part III of this Annual Report on Form 10-K to the extentdescribed therein. TABLE OF CONTENTS GLOSSARY OF COMMONLY USED TERMS, ABBREVIATIONS AND MEASUREMENTS Unless the context otherwise indicates, all references in this report to "EQT" are to EQT Corporation, and all references in thisreport to the "Company," "we," "us," or "our" are to EQT Corporation and its consolidated subsidiaries, collectively. Commonly Used Terms Appalachian Basin– the area of the United States composed of those portions of West Virginia, Pennsylvania, Ohio,Maryland, Kentucky and Virginia that lie in the Appalachian Mountains. basis– when referring to commodity pricing, the difference between the futures price for a commodity and the correspondingsales price at various regional sales points. The differential commonly is related to factors such as product quality, location,transportation capacity availability and contract pricing. British thermal unit– a measure of the amount of energy required to raise the temperature of one pound of water by onedegree Fahrenheit. collar– a financial arrangement that effectively establishes a price range for the underlying commodity. The producer bears therisk and benefit of fluctuation between the minimum (floor) price and the maximum (ceiling) price. continuous accumulations– natural gas and oil resources that are pervasive throughout large areas, have ill-definedboundaries and typically lack, or are unaffected by, hydrocarbon-water contacts near the base of the accumulation. delivery point– the point where gas is delivered into a downstream gathering system or transmission pipeline. development well– a well drilled within the proved area of an oil or gas reservoir to the depth of a stratigraphic horizon knownto be productive. exploratory well– a well drilled to find a new field or new reservoir in a field previously found