Q2 26 EPS
$0.39
MISS 4.88%
Est. $0.41
Q2 26 Revenue
$1.81B
vs S&P Since Q2 26
+7.4%
BEATING MARKET
EQT +11.2% vs S&P +3.8%
Market Reaction
Did EQT Beat Earnings? Q2 2026 Results
EQT Corporation closed out Q2 2026 with a narrow earnings miss, posting adjusted EPS of $0.39 against the $0.41 consensus estimate, a shortfall of 4.88% that ended a five-quarter streak of beating Wall Street expectations. Revenue came in at $1.81 bi… Read more EQT Corporation closed out Q2 2026 with a narrow earnings miss, posting adjusted EPS of $0.39 against the $0.41 consensus estimate, a shortfall of 4.88% that ended a five-quarter streak of beating Wall Street expectations. Revenue came in at $1.81 billion, down 29.2% year over year, as weaker natural gas prices told much of the story; NYMEX gas averaged $2.89 per MMBtu compared to $3.43 in Q2 2025, squeezing the company's average realized price to $2.65 per Mcfe from $2.81 a year ago. Operational execution offered a partial offset, with production of 634 Bcfe exceeding the high end of guidance while capital expenditures ran 9% below the low end, reflecting efficiency gains across its Appalachian operations. EQT also trimmed total debt meaningfully to $5.66 billion from $7.80 billion at year-end 2025, a trajectory that analysts expect to continue as free cash flow is directed toward remaining maturities. Looking ahead, management raised full-year 2026 production guidance by roughly 90 Bcfe to a range of 2,375 to 2,450 Bcfe while trimming capital spending guidance by $25 million, signaling confidence in the durability of its compression-driven efficiency improvements.
Key Takeaways
- • Strong well performance and system pressure optimization drove production above high-end guidance
- • Operational efficiency gains and lower infrastructure spending reduced CapEx 9% below low-end guidance
- • Marketing optimization and curtailment strategy resulted in favorable realized pricing differential of $(0.67) vs. guidance
- • Lower SG&A, transmission and LOE expenses kept per unit operating costs at low end of guidance at $1.03/Mcfe
- • Compression investments improving existing and new well performance
EQT Forward Guidance & Outlook
EQT raised its full-year 2026 production guidance to 2,375–2,450 Bcfe (up ~90 Bcfe) due to better-than-expected compression investment benefits improving both existing and new wells and shallowing decline rates. Full-year capital spending guidance was reduced by $25 million, with total maintenance CapEx now expected at $2,040–$2,190 million and growth CapEx at $580–$640 million. For Q3 2026, the company expects total sales volume of 570–620 Bcfe, maintenance CapEx of $510–$580 million, and growth CapEx of $200–$240 million, with 34–50 net wells to be turned-in-line. The average differential is expected at ($0.75)–($0.65) per Mcf for Q3 and ($0.55)–($0.35) for the full year. EQT is accelerating $85 million of MVP Southgate capital contributions to complete construction by year-end 2026. A 5-year LNG offtake agreement beginning in 2028 is expected to increase 2028 free cash flow by approximately $45 million at recent strip pricing.
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 second quarter, driven by record-setting execution and strong well productivity that resulted in production well above the high end of guidance. Due to the sustained production outperformance resulting from our compression investments, we are raising 2026 production guidance by 90 Bcfe, while lowering our full-year CapEx guidance by $25 million. These results further demonstrate the strength of our low-cost operating model and our ability to consistently create value for shareholders.”
— 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 MISS | $0.41 | $0.39 | -4.88% | $1.81B | — |
| Q1 26 BEAT | $2.16 | $2.33 | +7.90% | $3.38B | +4.24% |
| Q4 25 BEAT FY | $0.76 | $0.90 | +18.51% | $2.39B | +10.41% |
| 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% |