EQT Corporation (EQT) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 16, 2027 — estimated from last year’s reporting date.

Consensus is $0.69 EPS for Dec 2026 across 7 estimates, ranging $0.54 to $0.77.

EQT Sep 2026

Reported Oct 27, 2026 · after the close

: 10.53%
: -0.09%

: $0.38
: $0.42
: —
: $1.77B

Reported results

: $1.77B; from $1.96B
: 79.06%; from 80.74%
: $459.46M; from $603.21M
: 25.95%; from 30.80%
: $278.69M; from $335.86M
: $0.44; from $0.53

Highlights

Adjusted EPS: EQT reported adjusted EPS of $0.42, 10.5% above the $0.38 consensus; GAAP diluted EPS was $0.44, versus $0.53 a year earlier and $0.34 in Q2.
Range acquisition: EQT agreed to acquire Range Resources in an all-stock transaction at 0.987 EQT shares per Range share; existing EQT shareholders are expected to own about 73% of the combined company, with closing expected in Q1 2027.
Quarterly earnings: Revenue was $1.77 billion, down 9.6% year over year and about 2% sequentially; net income attributable to EQT was $279 million, versus $336 million a year ago and $211 million in Q2.
Cash generation and spending: Operating cash flow was $1.08 billion and free cash flow attributable to EQT was $283 million, down from $484 million a year earlier; capital expenditures of $638 million were 10% below the low end of guidance.
Production and pricing: Sales volume was 583 Bcfe, including 21 Bcfe of strategic curtailments, versus 634 Bcfe a year ago. Realized pricing was $2.72/Mcfe, compared with $2.76/Mcfe, while the $0.64/Mcf average differential was favorable to guidance.
Operating costs: Total operating costs were $1.09/Mcfe, at the low end of guidance but above $1.00/Mcfe in Q3 2025; lower-than-expected lease operating expense and production taxes helped offset higher gathering, transmission and SG&A costs.
Balance sheet and dividend: Total debt was $5.6 billion and net debt $5.5 billion at quarter-end, down from $7.8 billion and $7.7 billion, respectively, at year-end 2025. EQT raised its annualized dividend 3% to $0.68 per share.
Demand and infrastructure: EQT signed a 10-year LNG sales agreement with Lithuania’s Ignitis Group, opened an open season for the 42-inch POWER Pipeline, and contracted 7 Bcf of new Gulf Coast storage capacity.

Analysis

EQT’s third-quarter print paired an adjusted EPS beat with lower year-over-year earnings and volumes. Adjusted EPS of $0.42 exceeded the $0.38 consensus by 10.5%, while GAAP diluted EPS was $0.44. Revenue of $1.77 billion fell 9.6% from $1.96 billion a year earlier and edged down from $1.81 billion in Q2. Net income attributable to EQT declined to $279 million from $336 million year over year, but increased from $211 million sequentially. The year-over-year pressure reflected lower sales volume, slightly lower realized pricing and smaller derivative gains; reduced interest and tax expense partly cushioned the decline.

Execution and the proposed Range combination were the defining themes. EQT generated $1.08 billion of operating cash flow and $283 million of free cash flow attributable to EQT, with capital spending 10% below the low end of guidance, although attributable free cash flow was down from $484 million a year ago. Production of 583 Bcfe included 21 Bcfe of strategic curtailments; realized pricing of $2.72/Mcfe was below $2.76/Mcfe a year earlier, but the differential was better than guidance and unit operating costs were at the low end of guidance. Separately, EQT agreed to acquire Range in an all-stock transaction expected to close in Q1 2027, a strategic move that dominated the release and led the company to cancel its earnings call. The company also continued debt reduction and raised its annualized dividend to $0.68 per share.

Earnings and cash flow

Earnings: Revenue of $1.77 billion was 9.6% lower year over year and about 2% below Q2’s $1.81 billion. Operating income was $459 million, compared with $603 million in Q3 2025 and $394 million in Q2; net income attributable to EQT was $279 million, versus $336 million and $211 million, respectively.
EPS: Adjusted EPS of $0.42 beat the supplied $0.38 consensus by 10.5%. GAAP diluted EPS was $0.44, down from $0.53 a year ago but up from $0.34 in the prior quarter.
Cash conversion: Net cash from operating activities was $1.08 billion, versus $1.02 billion a year earlier. Free cash flow attributable to EQT was $283 million, down from $484 million, as capital expenditures rose to $638 million from $618 million and contributions to equity-method investments increased to $61 million from $2 million.

Range acquisition

The October 25 agreement to acquire Range Resources was the release’s principal strategic development. Each Range share will convert into 0.987 EQT shares; at closing, EQT shareholders are expected to own approximately 73% of the combined company and Range shareholders approximately 27% on a fully diluted basis. The transaction is expected to close in the first quarter of 2027, subject to shareholder, regulatory and other closing conditions. EQT framed the combination around complementary Appalachian assets, greater inventory depth and expanded natural-gas marketing reach; those anticipated benefits remain contingent on closing and execution. EQT canceled its earnings call following the announcement.

Production and pricing

Volume: EQT sold 583 Bcfe, down from 634 Bcfe in Q3 2025. Strategic curtailments accounted for 21 Bcfe; the company also cited normal production declines that exceeded volumes from recently turned-in-line wells.
Realized price: Average realized pricing was $2.72/Mcfe versus $2.76/Mcfe a year earlier. The average differential, including cash-settled basis swaps, was negative $0.64/Mcf, favorable to guidance despite widening basis during the quarter; EQT credited marketing optimization and its curtailment strategy.
Hedges and earnings mix: The quarter included a $105 million derivative gain, compared with $136 million in Q3 2025. Adjusted EBITDA attributable to EQT was $1.02 billion, down from $1.20 billion a year earlier.

Cost execution and outlook

Unit costs: Operating costs were $1.09/Mcfe, at the low end of guidance but up from $1.00/Mcfe in Q3 2025. Lease operating expense was $0.10/Mcfe and production taxes $0.05/Mcfe; higher gathering, transmission and SG&A costs contributed to the year-over-year increase.
Capital efficiency: Capital expenditures of $638 million were 10% below the low end of guidance, reflecting lower-than-expected upstream and midstream spending and efficiency gains. Q4 guidance calls for 550–600 Bcfe of sales, including 10–20 Bcfe of curtailments, and $540–$610 million of maintenance capex plus $185–$225 million of growth capex.
Full-year plan: EQT maintained a 2026 sales-volume range of 2,375–2,450 Bcfe and expects full-year maintenance capex of $2.02–$2.10 billion and growth capex of $580–$640 million.

Debt and shareholder returns

Leverage: Quarter-end total debt was $5.6 billion and net debt $5.5 billion, down from $7.8 billion and $7.7 billion, respectively, at December 31, 2025. EQT reported approximately $3.5 billion of liquidity, excluding available capacity under Eureka’s revolving facility.
Debt actions: EQT repaid, redeemed or repurchased $2.24 billion of principal during the first nine months of 2026, supporting lower interest expense compared with the year-ago quarter.
Dividend: EQT increased the annualized dividend 3% to $0.68 per share, continuing a dividend-growth program the company says has compounded at approximately 7% annually since 2022.

Commercial growth projects

LNG sales and storage: A 10-year LNG sales agreement with Ignitis Group adds a long-term sales relationship. EQT also contracted 7 Bcf of capacity at the Leaf River Energy Center expansion, taking Gulf Coast storage capacity to as much as 11 Bcf to support LNG-business flexibility.
POWER Pipeline: EQT launched an open season for a proposed 42-inch pipeline connecting its core Pennsylvania Marcellus assets to the Clarington hub in Ohio, targeting growing demand. The release did not provide a project cost or in-service date.

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