EQT Reports Third Quarter 2026 Results
EQT Corp (EQT) filed an SEC Form 8-K — Results of Operations and Financial Condition. EQT Reports Third Quarter 2026 Results CANONSBURG, October 27, 2026 -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter of 2026. Third Quarter 2026 Results: • Production : Sales volume of 583 Bcfe, inclusive of 21 Bcfe of strateg
How this was made
The 30-second read
Why it matters
The earnings beat on cash flow and lower capex may support the stock, while modest pricing shortfall could temper enthusiasm.
Market read
EQT's earnings and acquisition news provide fresh data for traders evaluating natural‑gas exposure.
What to watch
The announced Range Resources acquisition could introduce integration risk and dilute near‑term earnings.
EQT Reports Third Quarter 2026 Results
Third-quarter operating cash flow increased to $1,083,273 thousand from $1,017,699 thousand, while total sales volume, total operating revenues, operating income, net income attributable to EQT and free cash flow attributable to EQT were lower than the prior-year quarter. EQT reported capital expenditures of $638 million, 10 % below the low-end of guidance, and increased its annualized dividend by 3% to $0.68 per share.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q3 2026 total operating revenuesGAAP | $1.77B | – | – |
| Q3 2026 sales of natural gas, natural gas liquids and oilGAAP | $1.51B | – | – |
| Q3 2026 gain (loss) on derivativesGAAP | $100.3M | – | – |
| Q3 2026 pipeline and other revenueGAAP | $ 162,299 | – | – |
| Q3 2026 total operating expensesGAAP | $1.31B | – | – |
| Q3 2026 transportation and processing expenseGAAP | $ 370,791 | – | – |
| Q3 2026 production expenseGAAP | $ 92,079 | – | – |
| Q3 2026 operating and maintenance expenseGAAP | $ 60,376 | – | – |
| Q3 2026 selling, general and administrative expenseGAAP | $ 116,083 | – | – |
| Q3 2026 depreciation, depletion and amortizationGAAP | $639.8M | – | – |
| Q3 2026 operating incomeGAAP | $459.5M | – | – |
| Q3 2026 net incomeGAAP | $345.1M | – | – |
| Q3 2026 net income attributable to EQT CorporationGAAP | $278.7M | – | – |
| Q3 2026 diluted EPSGAAP | $ 0.44 | – | – |
| Q3 2026 adjusted net income attributable to EQTnon-GAAP | $261.4M | – | – |
| Q3 2026 adjusted EPSnon-GAAP | $ 0.42 | – | – |
| Q3 2026 adjusted EBITDAnon-GAAP | $1.14B | – | – |
| Q3 2026 adjusted EBITDA attributable to EQTnon-GAAP | $1.02B | – | – |
| Q3 2026 net cash provided by operating activitiesGAAP | $1.08B | – | – |
| Q3 2026 adjusted operating cash flownon-GAAP | $ 1,096,257 | – | – |
| Q3 2026 adjusted operating cash flow attributable to EQTnon-GAAP | $ 974,758 | – | – |
| Q3 2026 capital expendituresother | $637.8M | – | – |
| Q3 2026 capital contributions to equity method investmentsother | $60.92M | – | – |
| Q3 2026 free cash flownon-GAAP | $ 397,575 | – | – |
| Q3 2026 free cash flow attributable to EQTnon-GAAP | $282.6M | – | – |
| Q3 2026 total sales volumeother | 582,802 MMcfe | – | – |
| Q3 2026 average realized priceother | $ 2.72 | – | – |
| Q3 2026 total per unit operating costsother | $ 1.09 | – | – |
| Q3 2026 production depletion per Mcfeother | $ 0.94 | – | – |
| Nine Months 2026 total operating revenuesGAAP | $ 6,959,070 | – | – |
| Nine Months 2026 operating incomeGAAP | $ 2,889,459 | – | – |
| Nine Months 2026 net income attributable to EQT CorporationGAAP | $ 1,977,345 | – | – |
| Nine Months 2026 diluted EPSGAAP | $ 3.14 | – | – |
| Nine Months 2026 adjusted EBITDA attributable to EQTnon-GAAP | $ 4,635,077 | – | – |
| Nine Months 2026 net cash provided by operating activitiesGAAP | $ 5,186,332 | – | – |
| Nine Months 2026 free cash flow attributable to EQTnon-GAAP | $ 2,443,720 | – | – |
| September 30, 2026 total debtGAAP | $ 5,552,552 | – | – |
| September 30, 2026 net debtnon-GAAP | $ 5,473,837 | – | – |
| September 30, 2026 cash and cash equivalentsGAAP | $ 78,715 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| UpstreamTotal Upstream operating revenues for the three months ended September 30, 2026. | $ 1,630,178 | – | – |
| Pipeline and otherPipeline and other operating revenue for the three months ended September 30, 2026. | $ 162,299 | – | – |
Q4 2026 and Full Year 2026 outlook
- NoteQ4 2026 total sales volume: 550 – 600 Bcfe
- NoteFull Year 2026 total sales volume: 2,375 – 2,450 Bcfe
- NoteQ4 2026 liquids sales volume, excluding ethane: 3,150 – 3,450 Mbbl
- NoteFull Year 2026 liquids sales volume, excluding ethane: 14,700 – 15,000 Mbbl
- NoteQ4 2026 ethane sales volume: 1,900 – 2,050 Mbbl
- NoteFull Year 2026 ethane sales volume: 8,850 – 9,000 Mbbl
- NoteQ4 2026 total liquids sales volume: 5,050 – 5,500 Mbbl
- NoteFull Year 2026 total liquids sales volume: 23,550 – 24,000 Mbbl
- NoteQ4 2026 Btu uplift: 1.050 – 1.060 MMBtu/Mcf
- NoteFull Year 2026 Btu uplift: 1.050 – 1.060 MMBtu/Mcf
- NoteQ4 2026 average differential, including basis hedges: ($0.65) – ($0.55)
- NoteFull Year 2026 average differential, including basis hedges: ($0.55) – ($0.35)
- NoteQ4 2026 top-hole rigs: 2 – 3
- NoteQ4 2026 horizontal rigs: 3 – 4
- NoteQ4 2026 frac crews: 2 – 3
- NoteQ4 2026 third-party midstream revenue: $145 – $170
- NoteFull Year 2026 third-party midstream revenue: $600 – $700
- NoteQ4 2026 operating costs: $1.14 – $1.28
- NoteFull Year 2026 operating costs: $1.05 – $1.20
- NoteQ4 2026 distributions from equity method investments: $50 – $60
- NoteFull Year 2026 distributions from equity method investments: $240 – $250
- NoteQ4 2026 distributions to PipeBox LLC noncontrolling interest: $100 – $115
- NoteFull Year 2026 distributions to PipeBox LLC noncontrolling interest: $430 – $470
- NoteQ4 2026 upstream maintenance capital expenditures: $435 – $485
- NoteFull Year 2026 upstream maintenance capital expenditures: $1,590 – $1,640
- NoteQ4 2026 midstream maintenance capital expenditures: $50 – $60
- NoteFull Year 2026 midstream maintenance capital expenditures: $210 – $220
- NoteQ4 2026 corporate and capitalized costs: $55 – $65
- NoteFull Year 2026 corporate and capitalized costs: $220 – $240
- NoteQ4 2026 total maintenance capital expenditures: $540 – $610
- NoteFull Year 2026 total maintenance capital expenditures: $2,020 – $2,100
- NoteQ4 2026 growth capital expenditures: $185 – $225
- NoteFull Year 2026 growth capital expenditures: $580 – $640
- NoteQ4 2026 capital contributions to equity method investments: $30 – $40
- NoteFull Year 2026 capital contributions to equity method investments: $145 – $155
- NoteQ4 2026 turn-in-line wells: 16 – 26 net wells
- NoteQ4 2026 strategic curtailments included in total sales volume: 10 – 20 Bcfe
Capital returns
- Increased dividend by 3% to $0.68 per share annualized.
- Dividends paid for the nine months ended September 30, 2026: $ 309,490.
- Compounded annual dividend growth rate of ~7% since 2022.
What drove it
- Sales volume of 583 Bcfe was inclusive of 21 Bcfe of strategic curtailments.
- Capital expenditures of $638 million were driven by lower-than-expected upstream and midstream spending and continued benefit from operational efficiency gains.
- The realized differential was $(0.64), favorable to guidance despite widening basis during the quarter due to marketing optimization and the curtailment strategy.
- Gathering expense per Mcfe increased primarily due to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.
- Transmission expense per Mcfe increased primarily due to lower sales volume.
- Selling, general and administrative expense increased primarily due to higher long-term incentive compensation costs and higher professional service costs.
- EQT announced a strategic acquisition of Range Resources Corporation.
- EQT signed a 10-year LNG sales agreement with Ignitis Group and contracted for 7 Bcf of storage capacity at Leaf River Energy Center's salt dome expansion project.
Concerns
- Q3 2026 total sales volume was 582,802 MMcfe, compared with 634,395 MMcfe in Q3 2025.
- Q3 2026 average realized price was $ 2.72 per Mcfe, compared with $ 2.76 per Mcfe in Q3 2025.
- Q3 2026 operating income was $ 459,461, compared with $ 603,210 in Q3 2025.
- Q3 2026 free cash flow attributable to EQT was $ 282,553, compared with $ 483,810 in Q3 2025.
- Q4 2026 guidance includes the impact of 10 – 20 Bcfe of strategic curtailments.
- The Range transaction remains subject to risks including shareholder approvals, regulatory approvals, integration and realization of anticipated benefits and projected synergies.
What to watch
- Execution against Q4 2026 total sales volume guidance of 550 – 600 Bcfe, including 10 – 20 Bcfe of strategic curtailments.
- Q4 2026 total maintenance capital expenditure guidance of $540 – $610 and growth capital expenditure guidance of $185 – $225.
- Q4 2026 total per unit operating cost guidance of $1.14 – $1.28 per Mcfe versus $ 1.09 per Mcfe in Q3 2026.
- Q4 2026 average differential guidance of ($0.65) – ($0.55), including basis hedges.
- Progress of the proposed Range Resources Corporation acquisition and the POWER Pipeline open season.
- Delivery of the 10-year LNG sales agreement with Ignitis Group and expansion of Gulf Coast storage capacity up to 11 Bcf.
Balance sheet and cash flow
- As of September 30, 2026, total liquidity, excluding available capacity under Eureka Midstream, LLC's revolving credit facility, was approximately $3.5 billion.
- As of September 30, 2026, the Company had $63 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility.
- September 30, 2026 cash and cash equivalents: $ 78,715.
- September 30, 2026 revolving credit facility borrowings: $ 333,000.
- September 30, 2026 senior notes: $ 5,219,552.
- September 30, 2026 total debt: $ 5,552,552.
- September 30, 2026 net debt: $ 5,473,837.
- Nine Months 2026 net cash provided by operating activities: $ 5,186,332.
- Nine Months 2026 net cash used in investing activities: $ 2,311,065.
- Nine Months 2026 net cash used in financing activities: $ 2,907,347.
Analysis
EQT reported lower third-quarter production and pricing than in the prior-year period. Total sales volume was 582,802 MMcfe versus 634,395 MMcfe, and average realized price was $ 2.72 per Mcfe versus $ 2.76 per Mcfe. Total operating revenues were $ 1,770,394 thousand versus $ 1,958,571 thousand, while operating income was $ 459,461 thousand versus $ 603,210 thousand. Net income attributable to EQT Corporation was $ 278,691 thousand and diluted EPS was $ 0.44, compared with $ 335,862 thousand and $ 0.53, respectively.
The release attributes the quarter's realized differential of $(0.64) to benefits from marketing optimization and the curtailment strategy despite widening basis. EQT reported 583 Bcfe of sales volume in its highlights, inclusive of 21 Bcfe of strategic curtailments. Per-unit operating costs were $ 1.09 per Mcfe, at the low end of guidance. Gathering expense per Mcfe was $ 0.09 versus $ 0.06, transmission was $ 0.43 versus $ 0.40, and SG&A was $ 0.20 versus $ 0.16.
Cash generation was stronger on a GAAP operating-cash-flow basis but lower on the release's adjusted measures. Net cash provided by operating activities was $ 1,083,273 thousand, compared with $ 1,017,699 thousand. Adjusted operating cash flow attributable to EQT was $ 974,758 thousand versus $ 1,094,100 thousand, and free cash flow attributable to EQT was $ 282,553 thousand versus $ 483,810 thousand. Capital expenditures were $ 637,764 thousand, and the company stated $638 million of capital expenditures was 10 % below the low-end of guidance.
The balance sheet showed $ 5,552,552 thousand of total debt and $ 5,473,837 thousand of net debt as of September 30, 2026, versus $ 7,800,328 thousand and $ 7,689,533 thousand as of December 31, 2025. EQT increased its annualized dividend by 3% to $0.68 per share. The Q4 plan calls for 550 – 600 Bcfe of total sales volume, $540 – $610 of maintenance capital expenditures, $185 – $225 of growth capital expenditures and $1.14 – $1.28 per Mcfe of operating costs. Strategic focus is also shifting to the announced Range acquisition, the POWER Pipeline open season, the Ignitis Group LNG agreement and expanded Gulf Coast storage capacity.
Management, verbatim
Third quarter results built on what has been an exceptional year of execution at EQT. Despite downward pressure on natural gas prices during the quarter, our marketing efforts drove stronger realized pricing, operating expenses came in at the low end of guidance and capital spending was well below expectations as efficiencies continue to accrue. This resulted in yet another quarter of greater-than-expected free cash flow generation.
Toby Z. Rice, President and CEO
We also announced our strategic combination with Range Resources, pairing two of the highest-quality, longest-duration asset bases in North America and creating a company uniquely positioned for the next era of natural gas. Our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come.
Toby Z. Rice, President and CEO
Not in the filing
stated, not guessed- Prior-quarter comparisons were not reported for the financial and operating metrics.
- Gross margin was not reported.
- Q4 2026 revenue guidance was not reported.
- Q4 2026 gross margin guidance was not reported.
- Q4 2026 tax-rate guidance was not reported.
- A prior earnings-release outlook was not provided, so comparisons of Q3 2026 actual results with prior guidance are unavailable.
- Segment revenue and segment profitability were not presented in a formal segment reporting table.
- Share repurchase activity was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
EQT Corp filed a Form 8‑K reporting its third‑quarter 2026 financial and operational results, including a strategic acquisition announcement.
Ticker impact
EQT Corp reported Q3 2026 results with $1.08B operating cash flow, $283M free cash flow, and provided guidance for Q4 sales volume of 550‑600 Bcfe.
potential modest upside as investors price in strong cash generation and lower capex.
The earnings release is the first disclosure of these numbers; the scale is material for a large‑cap energy producer, suggesting traders may take a short‑term long position.
Market effects
May reinforce bullish sentiment for natural‑gas producers as cash flow and capex discipline improve.
Positive for U.S. energy markets, especially Marcellus‑region operators.
Limited; primarily affects U.S. gas supply outlook.
Counterpoint
If realized pricing weakness persists, the stock could face pressure despite cash flow strength.
Key entities
- companyEQT Corp
U.S. natural‑gas producer reporting Q3 2026 results.
- companyRange Resources Corp
Target of strategic acquisition announced by EQT.
