Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
vs S&P Since Q2 26
+1.4%
BEATING MARKET
EQT +2.7% vs S&P +1.3%
Market Reaction
Did EQT Beat Earnings? Q2 2026 Results
EQT Corp posted a commanding first quarter for 2026, beating Wall Street's expectations on both the top and bottom lines and extending its consensus EPS beat streak to four consecutive quarters. The natural gas producer reported adjusted EPS of $2.33… Read more EQT Corp posted a commanding first quarter for 2026, beating Wall Street's expectations on both the top and bottom lines and extending its consensus EPS beat streak to four consecutive quarters. The natural gas producer reported adjusted EPS of $2.33, clearing the $2.16 consensus estimate by 7.90%, while revenue of $3.38 billion topped expectations by 4.24% and surged 39.7% from a year ago. The primary engine behind the quarter was a sharp jump in realized natural gas prices, which averaged $5.08 per Mcfe compared to $3.77 per Mcfe in Q1 2025, compounding the benefit of production volumes of 618 Bcfe that exceeded the high end of guidance. Free cash flow reached $1.83 billion, enabling EQT to repay $1.73 billion of debt and cut net debt to approximately $5.67 billion, a move that earned the company a credit upgrade to BBB from Fitch. Looking ahead, EQT guided Q2 sales volume at 570 to 620 Bcfe and reaffirmed full-year volume of 2,275 to 2,375 Bcfe, with capital spending expected to peak in the current quarter before declining in the second half.
Key Takeaways
- • Higher realized natural gas prices ($5.08/Mcfe vs $3.77/Mcfe YoY)
- • Production volumes of 618 Bcfe exceeded high end of guidance
- • Strong well performance and system pressure optimization
- • Exceptional execution during Winter Storm Fern
- • Capital expenditures 4% below low end of guidance due to operational efficiency gains
- • Total per unit operating costs of $1.09/Mcfe, 2% below low end of guidance
- • Significant debt reduction of approximately $1.8 billion during the quarter
EQT Forward Guidance & Outlook
For Q2 2026, EQT expects total sales volume of 570–620 Bcfe (including 10–15 Bcfe of strategic curtailments), maintenance capital expenditures of $525–$595 million, and growth capital expenditures of $210–$235 million. Q2 capex is expected to represent the peak for the year with capital levels anticipated to decline in the second half. The company plans to turn-in-line 30–45 net wells in Q2. Full-year 2026 guidance calls for total sales volume of 2,275–2,375 Bcfe, total maintenance capex of $2,070–$2,210 million, growth capex of $580–$640 million, and per unit operating costs of $1.07–$1.21/Mcfe. The company is quickly approaching its $5 billion maximum long-term debt target. Average differential including basis hedges is guided at ($0.55)–($0.35)/Mcf for the full year.
EQT YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
EQT Revenue by Segment
With YoY comparisons, source: SEC Filings
“EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet. These results demonstrate the power of our low-cost, integrated platform and highlight how our peer-leading breakeven positions us to thrive across commodity cycles.”
— Toby Z. Rice, Q2 2026 Earnings Press Release
EQT Earnings Trends
EQT vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
EQT EPS Trend
Earnings per share: estimate vs actual
EQT Revenue Trend
Quarterly revenue: estimate vs actual
EQT Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 | — | $2.33 | — | $3.38B | +4.24% |
| Q4 25 BEAT FY | $0.72 | $0.90 | +25.12% | $2.39B | +46.55% |
| FY Full Year | $2.91 | $3.05 | +4.93% | $8.64B | +2.56% |
| Q3 25 BEAT | $0.36 | $0.52 | +43.29% | $1.96B | +9.87% |
| Q2 25 BEAT | $0.42 | $0.45 | +6.61% | $2.56B | +43.92% |
| Q1 25 BEAT | $1.01 | $1.18 | +16.44% | $1.74B | -16.79% |