EQT (EQT)
NYSE:EQT
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Earnings Data
Report Date
Jul 28, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.56Last Year’s EPS
0.45Same Quarter Last Year
Moderate Buy
Based on 23 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple concrete financial and operational wins: record Q1 free cash flow (> $1.8B), sub‑1x leverage with rapid deleveraging (net debt ~ $5.7B and > $1.7B of notes retired), a Fitch upgrade to BBB, strong operational resiliency through Winter Storm Fern, hedging effectiveness (nearly 100% capture and $180M in‑the‑money hedge book), and significant long‑term upside from LNG optionality (projected ~$6B 2026 FCF if fully online). Offsetting these positives are structural and timing headwinds: global geopolitical risk, domestic realization limits until LNG exposure is realized (post‑2030 unless paid for earlier), planned production curtailments that reduce near‑term volumes (10–15 Bcf in Q2 with potential for more), a thinner set of attractive M&A targets, and regulatory/infrastructure risk that could slow projects. On balance, the highlights — strong cash generation, improved balance sheet, operational outperformance, and sizable demand optionality — materially outweigh the lowlights, which are principally timing and market structure risks.Company Guidance
Record First-Quarter Free Cash Flow
Generated more than $1.8 billion of free cash flow in Q1 — a record high for EQT and roughly equivalent to the company's total free cash flow for all of 2022 achieved in just 90 days.
Rapid Deleveraging and Balance Sheet Progress
Retired over $1.7 billion of senior notes during the quarter and exited with net debt just under $5.7 billion, with leverage now below 1.0x net debt to EBITDA and a $5.0 billion net debt target within reach by year-end.
Credit Rating Upgrade
Fitch upgraded EQT to BBB during the quarter, reflecting reduced financial risk and improved credit profile following accelerated deleveraging.
Operational Outperformance During Winter Storm Fern
Production finished above the high end of guidance despite Winter Storm Fern; production uptime outperformed peers by more than 2x (roughly half the downtime of peers), demonstrating operational resilience and strong coordination across upstream, midstream and marketing.
Cost and Capital Efficiency
Cash operating expenses and capital costs came in below the low end of guidance due to improved efficiencies, supporting stronger free cash flow conversion; Q2 is the peak CapEx quarter with meaningful declines expected into Q3/Q4 to further support back‑half free cash flow.
Hedging and Commodity Realization Success
Opportunistic hedging captured nearly 100% of the Q1 natural gas price surge via collars; the balance-of-year hedge book is in the money by $180 million, enhancing realized price capture.
LNG Portfolio Optionality and Potential Upside
Management highlighted substantial LNG upside: if the LNG portfolio were fully online today (using current TTF/JKM spreads vs. Henry Hub), projected 2026 free cash flow would be approximately $6.0 billion. Contracts forecast to add ~$500 million of annual free cash flow when they begin in 2030 at current strip, with upside to ~$2.5 billion under repeat 2026-like volatility.
Large Data Center and Power Demand Pipeline
Company has a robust demand pipeline: 2–3 Bcf/day of projects already partnered (depending on utilization) and discussions that could add another ~8–10 Bcf/day of potential egress and demand, strengthening Appalachian fundamentals and creating midstream/upstream growth optionality.
EQT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
EQT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 21, 2026 | $56.98 | $58.72 | +3.05% |
Feb 17, 2026 | $57.75 | $58.63 | +1.52% |
Oct 21, 2025 | $55.39 | $53.18 | -3.98% |
Jul 22, 2025 | $53.86 | $51.50 | -4.38% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does EQT (EQT) report earnings?
EQT (EQT) is schdueled to report earning on Jul 28, 2026, Before Open (Confirmed).
What is EQT (EQT) earnings time?
EQT (EQT) earnings time is at Jul 28, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is EQT EPS forecast?
EQT EPS forecast for the fiscal quarter 2026 (Q2) is 0.56.