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Side-by-side financial comparison of EQT Corporation (EQT) and MPLX LP (MPLX). Click either name above to swap in a different company.
EQT Corporation is the larger business by last-quarter revenue ($3.4B vs $2.5B, roughly 1.4× MPLX LP). MPLX LP runs the higher net margin — 49.1% vs 44.0%, a 5.1% gap on every dollar of revenue. On growth, EQT Corporation posted the faster year-over-year revenue change (94.2% vs 1.4%). EQT Corporation produced more free cash flow last quarter ($1.9B vs $782.0M). Over the past eight quarters, EQT Corporation's revenue compounded faster (94.9% CAGR vs 6.2%).
EQT Corporation is a leading independent natural gas exploration and production company headquartered in Pittsburgh, Pennsylvania, U.S. It mainly operates in the Appalachian Basin, producing natural gas, natural gas liquids and crude oil to supply energy for residential, commercial, industrial and power generation needs across North American markets.
MarkWest Energy Partners, L.P., a subsidiary of MPLX LP, is a natural gas gathering, processing and transportation company master limited partnership of the United States. In 1988, the company was founded in Denver, Colorado and grew to be Colorado's 13th largest company. In 2015 it was acquired by MPLX, itself a subsidiary of Marathon Petroleum.
EQT vs MPLX — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $3.4B | $2.5B |
| Net Profit | $1.5B | $1.2B |
| Gross Margin | — | — |
| Operating Margin | 60.3% | 60.5% |
| Net Margin | 44.0% | 49.1% |
| Revenue YoY | 94.2% | 1.4% |
| Net Profit YoY | 392.7% | 8.5% |
| EPS (diluted) | $2.36 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $3.4B | — | ||
| Q4 25 | $2.4B | $2.5B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $2.6B | $2.4B | ||
| Q1 25 | $1.7B | $2.5B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.3B | $2.3B | ||
| Q2 24 | $889.5M | $2.3B |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $677.1M | $1.2B | ||
| Q3 25 | $335.9M | $1.6B | ||
| Q2 25 | $784.1M | $1.1B | ||
| Q1 25 | $242.1M | $1.1B | ||
| Q4 24 | $418.4M | $1.1B | ||
| Q3 24 | $-300.8M | $1.0B | ||
| Q2 24 | $9.5M | $1.2B |
| Q1 26 | — | — | ||
| Q4 25 | 83.8% | — | ||
| Q3 25 | 80.7% | — | ||
| Q2 25 | 84.8% | — | ||
| Q1 25 | 78.3% | — | ||
| Q4 24 | 76.2% | — | ||
| Q3 24 | 65.7% | — | ||
| Q2 24 | 38.9% | — |
| Q1 26 | 60.3% | — | ||
| Q4 25 | 42.5% | 60.5% | ||
| Q3 25 | 30.8% | 73.2% | ||
| Q2 25 | 44.3% | 54.9% | ||
| Q1 25 | 28.5% | 55.5% | ||
| Q4 24 | 48.1% | 55.6% | ||
| Q3 24 | -22.0% | 54.4% | ||
| Q2 24 | 0.3% | 62.9% |
| Q1 26 | 44.0% | — | ||
| Q4 25 | 28.4% | 49.1% | ||
| Q3 25 | 17.1% | 63.2% | ||
| Q2 25 | 30.7% | 44.9% | ||
| Q1 25 | 13.9% | 46.2% | ||
| Q4 24 | 25.8% | 45.9% | ||
| Q3 24 | -23.4% | 44.6% | ||
| Q2 24 | 1.1% | 52.6% |
| Q1 26 | $2.36 | — | ||
| Q4 25 | $1.08 | — | ||
| Q3 25 | $0.53 | — | ||
| Q2 25 | $1.30 | — | ||
| Q1 25 | $0.40 | — | ||
| Q4 24 | $0.74 | — | ||
| Q3 24 | $-0.54 | — | ||
| Q2 24 | $0.02 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $326.6M | $2.1B |
| Total DebtLower is stronger | $507.5M | $24.2B |
| Stockholders' EquityBook value | $28.8B | — |
| Total Assets | $41.7B | $43.0B |
| Debt / EquityLower = less leverage | 0.02× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $326.6M | — | ||
| Q4 25 | $110.8M | $2.1B | ||
| Q3 25 | $235.7M | $1.8B | ||
| Q2 25 | $555.5M | $1.4B | ||
| Q1 25 | $281.8M | $2.5B | ||
| Q4 24 | $202.1M | $1.5B | ||
| Q3 24 | $89.0M | $2.4B | ||
| Q2 24 | $30.0M | $2.5B |
| Q1 26 | $507.5M | — | ||
| Q4 25 | $7.8B | $24.2B | ||
| Q3 25 | $8.2B | $24.1B | ||
| Q2 25 | $8.3B | $19.7B | ||
| Q1 25 | $8.4B | $19.7B | ||
| Q4 24 | $9.3B | $19.3B | ||
| Q3 24 | $13.8B | $19.3B | ||
| Q2 24 | $5.0B | $19.2B |
| Q1 26 | $28.8B | — | ||
| Q4 25 | $23.8B | — | ||
| Q3 25 | $23.2B | — | ||
| Q2 25 | $21.4B | — | ||
| Q1 25 | $20.7B | — | ||
| Q4 24 | $20.6B | — | ||
| Q3 24 | $20.3B | — | ||
| Q2 24 | $15.1B | — |
| Q1 26 | $41.7B | — | ||
| Q4 25 | $41.8B | $43.0B | ||
| Q3 25 | $41.2B | $43.2B | ||
| Q2 25 | $39.7B | $37.8B | ||
| Q1 25 | $39.7B | $39.0B | ||
| Q4 24 | $39.8B | $37.5B | ||
| Q3 24 | $39.9B | $38.5B | ||
| Q2 24 | $24.7B | $38.4B |
| Q1 26 | 0.02× | — | ||
| Q4 25 | 0.33× | — | ||
| Q3 25 | 0.35× | — | ||
| Q2 25 | 0.39× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.33× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $3.1B | $1.5B |
| Free Cash FlowOCF − Capex | $1.9B | $782.0M |
| FCF MarginFCF / Revenue | 57.6% | 31.9% |
| Capex IntensityCapex / Revenue | 18.0% | 29.1% |
| Cash ConversionOCF / Net Profit | 2.05× | 1.24× |
| TTM Free Cash FlowTrailing 4 quarters | $3.5B | $4.1B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.1B | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.0B | $1.4B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.7B | $1.2B | ||
| Q4 24 | $756.3M | $1.7B | ||
| Q3 24 | $593.0M | $1.4B | ||
| Q2 24 | $322.0M | $1.6B |
| Q1 26 | $1.9B | — | ||
| Q4 25 | $512.7M | $782.0M | ||
| Q3 25 | $391.3M | $905.0M | ||
| Q2 25 | $692.1M | $1.4B | ||
| Q1 25 | $1.2B | $979.0M | ||
| Q4 24 | $164.7M | $1.4B | ||
| Q3 24 | $23.5M | $1.1B | ||
| Q2 24 | $-236.1M | $1.4B |
| Q1 26 | 57.6% | — | ||
| Q4 25 | 21.5% | 31.9% | ||
| Q3 25 | 20.0% | 36.8% | ||
| Q2 25 | 27.1% | 60.9% | ||
| Q1 25 | 71.4% | 39.8% | ||
| Q4 24 | 10.1% | 56.6% | ||
| Q3 24 | 1.8% | 48.4% | ||
| Q2 24 | -26.5% | 60.0% |
| Q1 26 | 18.0% | — | ||
| Q4 25 | 25.7% | 29.1% | ||
| Q3 25 | 32.0% | 21.4% | ||
| Q2 25 | 21.5% | 12.8% | ||
| Q1 25 | 28.7% | 10.9% | ||
| Q4 24 | 36.4% | 12.7% | ||
| Q3 24 | 44.4% | 11.9% | ||
| Q2 24 | 62.7% | 9.4% |
| Q1 26 | 2.05× | — | ||
| Q4 25 | 1.66× | 1.24× | ||
| Q3 25 | 3.03× | 0.92× | ||
| Q2 25 | 1.58× | 1.64× | ||
| Q1 25 | 7.19× | 1.10× | ||
| Q4 24 | 1.81× | 1.51× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 33.84× | 1.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EQT
Segment breakdown not available.
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
