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…
Earnings analysis · 10-Q
EQT earnings analysis
Filed July 22, 2026 · Our reading of the company's report
The latest report
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…
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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 earlier. Operational performance was constructive: upstream volumes rose 11.7%, while both Gathering and Transmission expanded revenue and operating income. First-half operating cash flow increased to $4.103 billion, supporting liquidity and planned investment, but profitability remains highly sensitive to natural-gas prices and derivatives.
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
- $0.34
What stood out
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Upstream volume rose 11.7%
Q2 sales volume increased 11.7% year over year to 634,474 MMcfe, or 6,972 MMcfe/d. Management attributed the increase principally to 48 Bcfe from Olympus Energy assets, new wells and well-performance optimization.
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Gathering delivered revenue growth
Gathering revenue grew 6.6% to $341.3 million and operating income rose 5.5% to $216.7 million. Total gathered volume increased 10.7% to 10,875 BBtu/d.
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Transmission growth remained positive
Transmission revenue increased 4.9% to $141.2 million and operating income grew 3.3% to $93.0 million. Firm throughput rose 11.1% to 4,700 BBtu/d.
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Strong first-half operating cash flow
Six-month operating cash flow rose to $4.103 billion from $2.983 billion, while cash capital expenditures were $1.249 billion versus $1.049 billion. This implies approximately $2.854 billion of pre-discretionary free cash generation for the first half.
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Liquidity outlook supports planned spending
Management expects Q3 sales volumes of 570-620 Bcfe and total capital expenditures of $710-$820 million. It states operating cash flow and revolver availability should cover planned spending, debt service and other requirements for at least the next 12 months.
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Capital-return capacity remains available
The Board declared a $0.165-per-share quarterly dividend, payable September 1, 2026. EQT also had $1.4 billion remaining under its share-repurchase authorization at June 30, 2026.
What to watch
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Year-over-year earnings contracted sharply
Net income attributable to EQT fell to $211 million, or $0.34 per diluted share, from $784 million, or $1.30 per diluted share, in Q2 2025. The company cited lower derivative gains and lower realized natural-gas prices as the primary drivers.
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Price and derivative gains pressured upstream
Upstream operating income declined 89.1% to $109.4 million as operating revenue fell 31.3% to $1.664 billion. The gain on derivatives dropped to $44.6 million from $720.0 million, while average sales price fell 15.1% to $2.54/Mcfe.
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Natural-gas price volatility remains material
Commodity-price exposure remains material: a hypothetical 10% increase in NYMEX gas prices would reduce the fair value of natural-gas derivatives by approximately $117 million at June 30, 2026. Management expects commodity-price volatility to continue through the remainder of 2026.
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No formal risk-factor update; new lease commitment
The filing states there were no material changes to risk factors previously disclosed in the 2025 Form 10-K. New commitments nevertheless include two 10-year LNG-vessel leases expected to commence in 2028, with approximately $295 million of undiscounted minimum payments per vessel.
Management's outlook
The 10-Q provides Q3 operational planning assumptions rather than revenue or EPS guidance: sales volume of 570-620 Bcfe, total capital expenditures of $710-$820 million, and equity-method-investment contributions of $60-$70 million. Previously announced full-year 2026 sales-volume guidance was raised to 2,375-2,450 Bcfe and maintenance CapEx was reduced to $2.040-$2.190 billion; no revenue or EPS outlook was provided.
Earlier filings 4
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…
10-Q · July 23, 2025
Q2 2025 results reflect a strong post‑merger operating performance driven by higher commodity realizations and inclusion of midstream operations from the Equitrans Midstream Merger. Total operating revenues rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.