EQT Corp (EQT) Earnings History

EQT Corp - Q1 2026 EarningsBeat

Filed at: Apr 21, 2026, 4:31 PM EDT|Read from source

EXECUTIVE SUMMARY

EQT Corporation reported a strong first quarter of 2026, characterized by record free cash flow generation and significant balance sheet strengthening, driven by operational efficiency and favorable market dynamics. The company is well-positioned to capitalize on increasing energy reliability demands and domestic power demand growth.

POSITIVE HIGHLIGHTS

  • •

    Generated record quarterly free cash flow attributable to EQT of $1,832 million, a significant increase from $1,036 million in the prior year.

    positive
  • •

    Production sales volume of 618 Bcfe exceeded guidance, driven by strong well performance and system optimization.

    positive
  • •

    Capital expenditures of $608 million were 4% below the low-end of guidance, reflecting operational efficiency gains.

    positive
  • •

    Total debt reduced to $6.0 billion and net debt to $5.7 billion, approaching the $5 billion target.

    positive
  • •

    Credit rating upgraded to BBB at Fitch, reflecting strong financial performance and de-levering.

    positive

CONCERNS & RISKS

  • •

    Total per unit operating costs increased to $1.09 per Mcfe from $1.05 per Mcfe in the prior year, driven by higher gathering, LOE, and production tax expenses.

    attention
  • •

    Second quarter 2026 outlook includes strategic curtailments of 10-15 Bcfe, indicating potential supply management adjustments.

    attention
  • •

    SG&A per unit operating costs increased to $0.19-$0.21 for FY2026 guidance, up from $0.16 in Q1 2026.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$3378.74B
N/A
Net Income
Quarterly
$1553.93B
N/A
EPS (Diluted)
Quarterly
$2.36
+490.0%
Prior year: $0.40
Operating Income
Quarterly
$2035.96B
N/A
EPS (Basic)
Quarterly
$2.38
+495.0%
Prior year: $0.40

MARGIN ANALYSIS

Operating Margin
Current Quarter
60.3%
Prior Year
28.5%
YoY Change
+3172 bps
Net Margin
Current Quarter
46.0%
Prior Year
18.1%
YoY Change
+2786 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

MANAGEMENT GUIDANCE

FY 2026

Total sales volume (Bcfe)
$2275000000.0B—$2375000000.0B
Mid-point: $2325000000.0B

Q2 2026

Total sales volume (Bcfe)
$570000000.0B—$620000000.0B
Mid-point: $595000000.0B
"Includes the impact of 10 – 15 Bcfe of strategic curtailments."
Maintenance capital expenditures ($ Millions)
525—595
Mid-point: 560
"Expected to be the peak for the year."
Growth capital expenditures ($ Millions)
210—235
Mid-point: 222.5

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

EARNINGS CALL —

Call date
2026-04-21
Tone
cautious
Hedge density
N/A
Deflection rate
0.0%
View transcript Source Accession: 0000033213-26-000028

CALL GUIDANCE — Q1 2026 2026

MetricValuePeriodSpecificityvs Prior
free_cash_flow$6 billionFY2026pointNew
free_cash_flow$2.5 billionFY2026pointNew
production10 to 15 BCFQ2 2026tight_rangeNew
productionmid to low single-digit levelFY2027 onwardsdirectionalNew
demand_growth2 to 3 BCF per daynext 2-3 yearstight_rangeNew
demand_growth8-10 BCF a daynext 2-3 yearstight_rangeNew
LNG offtake6 BCF a daypost 2030pointNew
LNG offtake28-29 time frame2028-2029tight_rangeNew
midstream growth projectsvisibility through 27-28through 2027-2028tight_rangeNew
midstream growth projectsextend runway in 28 through 302028-2030tight_rangeNew

CAPITAL ALLOCATION — Q1 2026 2026

  • deleveragingaccelerate

    below one times net debt to IBIDA · funded by free cash flow generation · Net Debt to Adjusted EBITDA: below one times

  • deleveragingtarget

    $5 billion · by year end · funded by free cash flow generation · target: net debt

  • deleveragingaccelerate

    more than $1.7 billion · during the quarter · funded by post dividend free cash flow

  • capex_policycontinue

    second quarter

  • capex_policyreduce

    into the third and fourth quarters

  • buybacknew

    funded by opportunistic cash flow

  • dividendcontinue

    annually

  • buybackcontinue

    along the way · funded by growing topline and production growth

  • m_and_a_fundingnew

    funded by organic reinvestment

  • capex_policycontinue

    funded by existing asset base

MACRO STANCE — Q1 2026 2026

  • demand_environmentneutralunknown
  • demand_environmenttailwindunknown
  • supply_chainheadwindunknown

Q&A SIGNALS — Q1 2026 2026

Hedge rate
N/A
Concerns retained
0
Forward commits
2

MANAGEMENT COMMENTARY

EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet.

— EQT Corp, Q1 2026 2026 Earnings Call

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.

— EQT Corp, Q1 2026 2026 Earnings Call

Recent geopolitical developments underscore the importance of energy reliability, as global markets increasingly prioritize dependable supply.

— EQT Corp, Q1 2026 2026 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Average realized price ($/Mcfe)
5.1
+34.7% YoY
Prior year: 3.8
Total per unit operating costs ($/Mcfe)
1.1
+3.8% YoY
Prior year: 1.1
Total sales volume (Bcfe)
618
+8.2% YoY
Prior year: 571

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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