Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

EQT common stock is traded on the New York Stock Exchange under the symbol "EQT."

As of February 11, 2026, there were 2,914 shareholders of record of EQT common stock.

On February 5, 2026, our Board of Directors declared a quarterly cash dividend of $0.165 per share of EQT common stock, payable on March 2, 2026, to shareholders of record at the close of business on February 17, 2026.

The amount and timing of dividends declared and paid by us, if any, are subject to the discretion of our Board of Directors and depends on business conditions, such as our results of operations and financial condition, strategic direction and other factors. Our Board of Directors has the discretion to change the dividend rate at any time for any reason.

Recent Sales of Unregistered Equity Securities

None.

Issuer Purchases of Equity Securities

We did not repurchase any equity securities registered under Section 12 of the Exchange Act during the fourth quarter of 2025.

On December 13, 2021, we announced that our Board of Directors approved a share repurchase program (the Share Repurchase Program) authorizing us to repurchase shares of EQT's outstanding common stock for an aggregate purchase price of up to $1 billion, excluding fees, commissions and expenses. On September 6, 2022, we announced that our Board of Directors approved a $1 billion increase to the Share Repurchase Program, pursuant to which approval we are authorized to repurchase shares of EQT's outstanding common stock for an aggregate purchase price of up to $2 billion, excluding fees, commissions and expenses. Repurchases under the Share Repurchase Program may be made from time to time in amounts and at prices we deem appropriate and will be subject to a variety of factors, including the market price of EQT's common stock, general market and economic conditions, applicable legal requirements and other considerations. The Share Repurchase Program was originally scheduled to expire on December 31, 2023; however, on April 26, 2023, we announced that our Board of Directors approved a one-year extension of the Share Repurchase Program. Further, on December 18, 2024, we announced that our Board of Directors approved an additional two-year extension of the Share Repurchase Program. As a result of the most recent extension, the Share Repurchase Program will expire on December 31, 2026, but it may be suspended, modified or discontinued at any time without prior notice. Repurchases under the Share Repurchase Program may be made from time to time in amounts at prices we deem appropriate and will be subject to a variety of factors, including the market price of EQT's common stock, general market and economic conditions, applicable legal requirements and other considerations. As of December 31, 2025, we had purchased shares for an aggregate purchase price of $622.1 million, excluding fees, commissions and expenses, under the Share Repurchase Program since its inception, and the approximate dollar value of shares that may yet be purchased under the Share Repurchase Program is $1.4 billion.

Stock Performance Graph

The following graph compares the most recent cumulative five-year total return provided to shareholders of EQT common stock relative to the cumulative five-year total returns of the S&P 500 Index, the S&P MidCap 400 Index and two customized peer groups, the 2024 Self-Constructed Peer Group and the 2025 Self-Constructed Peer Group, whose company composition is discussed in footnotes (a) and (b), respectively, below. EQT common stock was included in the S&P MidCap 400 Index until October 2022, at which time EQT common stock was added to the S&P 500 Index. Accordingly, we have presented both indices for comparison in the following graph. An investment of $100, with reinvestment of all dividends, is assumed to have been made in EQT common stock, in the S&P 500 Index, the S&P MidCap 400 Index and in each of the peer groups on December 31, 2020 and its relative performance is tracked through December 31, 2025. The stock price performance shown in the graph below is not necessarily indicative of future stock price performance.

*$100 invested on 12/31/2020 in stock, index or peer group, including reinvestment of dividends. Fiscal year ended December 31.

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(a)The 2024 Self-Constructed Peer Group includes the following eleven companies: Antero Resources Corp., APA Corp. (US), CNX Resources Corp., Comstock Resources Inc., Coterra Energy Inc., Devon Energy Corp., Diamondback Energy Inc., Matador Resources Co., Murphy Oil Corp., Ovintiv Inc. and Range Resources Corp. The 2024 Self-Constructed Peer Group is comprised of the companies included in our 2024 performance peer group (with the exception of (i) Chesapeake Energy Corp., which was excluded for purposes of the stock performance graph because it merged with Southwestern Energy Co. in October 2024, and (ii) Marathon Oil Corp., which was excluded for purposes of the stock performance graph because it was acquired by ConocoPhillips in November 2024), as selected by the Management Development and Compensation Committee of our Board of Directors for purposes of evaluating our relative total shareholder return under the 2024 Incentive Performance Share Unit Program.

(b)The 2025 Self-Constructed Peer Group includes the following fifteen companies: Antero Resources Corp., Antero Midstream Corp., APA Corp. (US), Coterra Energy Inc., Devon Energy Corp., Diamondback Energy Inc., EOG Resources Inc., Expand Energy Corp., Occidental Petroleum Corp., ONEOK Inc., Ovintiv Inc., Permian Resources Corp., Range Resources Corp., Targa Resources Corp. and Williams Companies Inc. The 2025 Self-Constructed Peer Group is comprised of the companies included in our 2025 performance peer group, as selected by the Management Development and Compensation Committee of our Board of Directors for purposes of evaluating our relative total shareholder return under the 2025 Incentive Performance Share Unit Program.