EQT Corporation: Beat — EPS $0.42
Earnings BeatQ3 2026 · After-market
Did EQT Corporation (EQT) beat earnings today?
Yes, EQT Corporation (EQT) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS.
Earnings Per Share+16.67% surprise
$0.42Actual
Expected: $0.36
vs. year ago -19.2%
Released Oct 27 · 4:30 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Net Income | $345.08M | $407.22M | -15.3% |
| GAAP Diluted EPS | $0.44 | $0.53 | -17.0% |
| Adjusted EPS | $0.42 | $0.52 | -19.2% |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | FY 2026 Outlook |
|---|---|---|
| Total sales volume | 550-600 Bcfe | 2,375-2,450 Bcfe |
| Liquids sales volume | 3,150-3,450 Mbbl | 14,700-15,000 Mbbl |
| Ethane sales volume | 1,900-2,050 Mbbl | 8,850-9,000 Mbbl |
| Total liquids sales volume | 5,050-5,500 Mbbl | 23,550-24,000 Mbbl |
| Btu uplift | 1.050-1.060 MMBtu/Mcf | 1.050-1.060 MMBtu/Mcf |
| Average Differential | ($0.65)-($0.55)/Mcf | ($0.55)-($0.35)/Mcf |
| Top-hole rigs | 2-3 | 2-3 |
| Horizontal rigs | 3-4 | 3-4 |
| Frac crews | 2-3 | 2-3 |
| Third-party Midstream Revenue | $145M-$170M | $600M-$700M |
| Gathering | $0.08-$0.10/Mcfe | $0.09-$0.11/Mcfe |
| Transmission | $0.43-$0.45/Mcfe | $0.41-$0.44/Mcfe |
| Processing | $0.11-$0.13/Mcfe | $0.11-$0.13/Mcfe |
| LOE | $0.11-$0.13/Mcfe | $0.10-$0.12/Mcfe |
| Production taxes | $0.06-$0.08/Mcfe | $0.07-$0.09/Mcfe |
| O&M | $0.12-$0.14/Mcfe | $0.09-$0.11/Mcfe |
| SG&A | $0.23-$0.25/Mcfe | $0.18-$0.20/Mcfe |
| Operating costs | $1.14-$1.28/Mcfe | $1.05-$1.20/Mcfe |
| Distributions from equity method investments | $50M-$60M | $240M-$250M |
| Distributions to PipeBox LLC | $100M-$115M | $430M-$470M |
| Upstream maintenance | $435M-$485M | $1,590M-$1,640M |
| Midstream maintenance | $50M-$60M | $210M-$220M |
| Corporate and capitalized costs | $55M-$65M | $220M-$240M |
| Total maintenance capital expenditures | $540M-$610M | $2,020M-$2,100M |
| Growth capital expenditures | $185M-$225M | $580M-$640M |
| Capital contributions to equity method investments | $30M-$40M | $145M-$155M |
| Net wells turned-in-line | 16-26 | — |
Business Highlights
- ➤Announced Range Resources acquisition to create a vertically integrated natural gas producer.
- ➤Launched open season for the 42-inch POWER Pipeline linking Marcellus assets to Clarington hub.
- ➤Signed a 10-year LNG sales agreement with Lithuania's Ignitis Group.
- ➤Contracted 7 Bcf at Leaf River Energy Center's Gulf Coast salt-dome expansion.
- ➤Expanded Gulf Coast storage capacity to up to 11 Bcf.
- ➤Increased the annualized dividend 3% to $0.68 per share.
Management Commentary
Toby Z. Rice, President and CEO
“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.”