Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Income Statement
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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EQT Corp., consolidated income statement
US$ in thousands
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
- Sales of natural gas, natural gas liquids and oil
- Sales showed significant fluctuation over the five-year period, rising sharply from approximately $2.65 billion in 2017 to a peak of about $6.8 billion in 2021. The notable dip in 2020 to roughly $2.65 billion likely reflects market or operational challenges, followed by strong recovery in 2021.
- Gain (loss) on derivatives not designated as hedges
- This item exhibited high volatility, with gains in most years except for substantial losses in 2018 and a marked loss in 2021 of approximately $3.78 billion, indicating increased risk exposure or adverse market conditions affecting derivative positions.
- Net marketing services and other
- The amounts fluctuated moderately, with lower values during 2019-2020 relative to 2017-2018 and 2021, suggesting variability in ancillary revenue sources or service-related income streams.
- Operating revenues
- Operating revenues peaked in 2018 at about $4.56 billion, declined in subsequent years reaching approximately $3.05 billion in 2020 and 2021, representing a downward trend despite a strong sales surge in 2021, possibly due to other revenue component declines.
- Operating expenses
- Total operating expenses were highest in 2018 at roughly $7.34 billion, decreasing sharply thereafter but increased again slightly in 2021 to nearly $4.43 billion. This pattern indicates cost management challenges following 2018 with partial stabilization afterward.
- Transportation and processing; Production; Exploration; Selling, general and administrative
- All these expense categories generally increased over the period, with transportation and processing expenses rising steadily to about $1.94 billion by 2021. Production and exploration costs also increased, reflecting potentially higher operational activity or input costs. Selling, general and administrative expenses fluctuated but trended upward by 2021.
- Depreciation and depletion
- These non-cash charges increased substantially from under $1 billion in 2017 to about $1.68 billion in 2021, indicating expanded asset base or accelerated asset usage.
- Impairments and asset-related charges
- Significant impairments and losses on sale/exchange of assets were recorded, particularly a large goodwill impairment in 2018 and notable asset sales losses through 2019 that diminished by 2021. These charges contributed to elevated operating expenses during these years.
- Operating income (loss)
- Operating income swung widely, with a positive $382 million in 2017 turning into significant losses in subsequent years, reaching a low of approximately negative $2.78 billion in 2018, followed by smaller losses but no return to profitability over the period analyzed.
- Income (loss) from investments and other income/expense items
- Investment income was negative in most years except 2021, when positive income of $71.8 million was recognized. Interest expense increased over time, approaching $309 million in 2021, further pressuring profitability.
- Income (loss) from continuing operations before income taxes
- This figure mirrored operating income trends, with large losses each year post-2017, intensifying in 2018 and remaining negative through 2021, indicating persistent operational and financial challenges.
- Income tax benefit
- Income tax benefits were recorded consistently, increasing from about $1.19 billion in 2017 to $434 million in 2021, which partly offset losses and suggests carrybacks or deferred tax asset utilization.
- Net income (loss)
- Net income was positive only in 2017 at approximately $1.86 billion; the period afterward showed consecutive losses, with the largest negative net income in 2018 reaching about $2 billion. Losses persisted through 2021, reflecting overall unprofitable operations during these years.
- Net income (loss) attributable to EQT Corporation
- Ownership earnings reflected comparable trends, with a positive result in 2017 followed by substantial losses through 2021, consistent with the broader net income pattern and underlying operational difficulties.