10-Q · July 22, 2026
EQT's Q2 GAAP diluted EPS was $0.34, with total operating revenue of $1.810 billion, as lower realized gas prices and a much smaller derivative gain drove net income down to $211 million from $784 million a year…
Earnings analysis · 10-Q
EQT earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Q3 results showed weaker operating momentum, with revenue of approximately $1.586 billion and diluted EPS of $0.44; revenue and EPS were down year over year, while Upstream operating income declined 40.7% because of…
Read full summary
Q3 results showed weaker operating momentum, with revenue of approximately $1.586 billion and diluted EPS of $0.44; revenue and EPS were down year over year, while Upstream operating income declined 40.7% because of lower volumes and 21 Bcfe of strategic curtailments. Gathering partly offset the weakness, and nine-month operating cash flow of $5.186 billion supported approximately $3.290 billion of implied free cash flow after cash capital expenditures. The pending Range Merger materially increases execution, integration and potential dilution risk, while Q4 guidance calls for 550–600 Bcfe of sales volume and $725–$835 million of capital expenditures.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.44
What stood out
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EPS improved sequentially, revenue declined
Revenue was approximately $1.586 billion, down about 12.4% from $1.81 billion in Q2 2026 and about 12.9% from $1.82 billion in Q3 2025. Diluted EPS was $0.44, up from $0.34 sequentially but down from $0.53 year over year.
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Upstream pressured by curtailments
Upstream operating income fell 40.7% year over year to $219.640 million as sales volume declined 8.1% to 582,802 MMcfe. Management attributed the volume decline partly to 21 Bcfe of strategic production curtailments and normal production declines.
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Gathering delivered modest growth
Gathering operating revenue increased 3.3% to $331.728 million and operating income increased 2.9% to $208.465 million, supported by a $35.465 million increase in firm reservation fees.
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Strong year-to-date cash generation
Nine-month operating cash flow increased to approximately $5.186 billion from $4.001 billion in the prior-year period. After $1.896 billion of cash capital expenditures, implied nine-month free cash flow was approximately $3.290 billion.
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Lower interest burden and covenant compliance
Net interest expense declined 34.4% year over year to $72.152 million in the quarter, primarily due to redemptions and repurchases of senior notes since Q3 2025. Management stated that the company was compliant with all debt covenants as of September 30, 2026, including the 65% debt-to-total-capitalization limit.
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Q4 operating and spending outlook
The company expects Q4 2026 sales volume of 550–600 Bcfe, including approximately 10–20 Bcfe of strategic curtailments, and total capital expenditures of $725–$835 million.
What to watch
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Range transaction execution risk
The newly announced Range Merger remains subject to shareholder and regulatory approvals, and the merger agreement provides for a termination fee of $1.148 billion under certain circumstances. Failure to complete the transaction could leave EQT with transaction costs without realizing the expected benefits.
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Range integration and dilution risk
If the Range Merger closes, EQT may not realize anticipated synergies and could experience EPS dilution, integration costs and operational disruption. The filing specifically warns that benefits may be delayed or not realized at all, while the transaction consideration is 0.987 EQT shares for each Range share.
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Natural gas price and volume volatility
Commodity-price and volume exposure remains material: Q3 strategic curtailments reduced sales volume by approximately 21 Bcfe, and management expects another 10–20 Bcfe of Q4 curtailments subject to market conditions. A 10% decrease in NYMEX natural gas prices would increase the fair value of derivatives by approximately $113 million, highlighting substantial price sensitivity.
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Capital spending and production execution
Q4 planned capital expenditures are $725–$835 million, with management noting that spending may be deferred depending on natural gas prices, equipment availability, infrastructure, capital and permitting. This creates execution risk for the 550–600 Bcfe Q4 sales-volume outlook.
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Long-term LNG lease commitments
EQT has committed to lease two LNG vessels for 10 years beginning in 2028, with undiscounted minimum payments of approximately $295 million per vessel, or approximately $590 million in aggregate.
Management's outlook
The filing provides Q4 2026 quantitative outlook of 550–600 Bcfe of sales volume and $725–$835 million of total capital expenditures, including $30–$40 million of capital contributions to equity-method investments. It does not state whether this outlook was raised, maintained or lowered versus prior guidance; the filing does not provide revenue or EPS guidance.
Earlier filings 4
10-Q · April 22, 2026
EQT reported strong Q1 2026 operational and cash results: total operating revenues of $3,378,736,000, operating income of $2,035,960,000 and diluted EPS of $2.36. Operating cash flow was $3,055,047,000 and implied free…
10-K · February 18, 2026
EQT's 2025 10-K emphasizes a low-cost, vertically integrated natural gas strategy anchored in 'combo-development' and midstream annuity-like cash flows. 2025 results show meaningful scale-up: total operating revenues of…
10-Q · October 22, 2025
EQT reported a strong quarter: total operating revenues of $1,958,571 (thousands) in Q3 2025, up from $1,283,802 (thousands) a year ago, driving operating income of $603,210 (thousands) versus an operating loss of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.