EQT (EQT) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

Apr 29, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

1.85

Last Year’s EPS

1.18

Same Quarter Last Year

Analyst Consensus

Strong Buy

Based on 21 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 17, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call presented a strong, execution-driven performance narrative: material operational gains, significant free cash flow generation ($2.5B in 2025) and repeated consensus beats, a clear plan to rapidly deleverage and selectively deploy the first $600M of post‑dividend cash into high-return infrastructure (MVP upsizing, compression, water, Clarington Connector). Marketing and commercial execution during Winter Storm Fern showcased differentiated value capture. Key risks discussed were industry-level infrastructure constraints that drove extreme localized prices, inventory tightening and the fact that sustained upstream growth depends on timely midstream builds and demand realization. On balance, the company’s demonstrated operational outperformance, attractive projected returns on targeted infrastructure, and credible deleveraging roadmap outweigh the industry and timing risks called out on the call.

Company Guidance

EQT guided to 2026 production of 2.275–2.375 Tcfe and set maintenance capital at $2.07–$2.21 billion (includes Olympus), while allocating the first $600 million of post‑dividend free cash flow to high‑return growth projects; at recent strip pricing management expects 2026 adjusted EBITDA attributable to EQT of ≈$6.5 billion and 2026 free cash flow attributable to EQT of ≈$3.5 billion (would be >$4.0 billion prior to the $600M growth spend), with cumulative free cash flow attributable to EQT of >$16 billion over the next five years. Balance sheet targets include total debt “rapidly approaching” $5.0 billion and net debt exiting Q1 under $6.0 billion (year‑end net debt was just under $7.7B), and management said levered breakeven sits “around 220” on a levered basis. Recent execution metrics underpinning the plan: Q4 free cash flow ≈$750 million (≈$200M above consensus), 2025 free cash flow attributable to EQT ≈$2.5 billion with 2025 NYMEX ≈$3.40/MMBtu, marketing optimization added >$200 million of FCF versus guidance, and tactical hedges now ≈40% for Q1 (avg floor ≈$4.30 / ceiling ≈$6.30), ≈20% for Q2–Q3 (floors ~$3.50 / ceilings ≈$5) and ≈20% for Q4 (floors ~$3.75 / ceilings $5.15); management also noted nearly all February production (~98%) was sold first‑of‑month (M2 $7.22, Henry Hub $7.46) and February FCF could approach $1 billion.

Record Free Cash Flow and Consensus Beats

EQT generated $2.5 billion of free cash flow attributable to EQT in 2025. Q4 free cash flow was nearly $750 million (~$200 million above consensus). The company has exceeded consensus free cash flow estimates for six consecutive quarters with an average beat of ~40%. 2026 free cash flow is guided to ~$3.5 billion (includes ~$600 million of growth investments) and would be >$4.0 billion prior to those elective investments. Cumulative free cash flow over the next five years is projected to exceed $16 billion. Management stated January/February performance already exceeds consensus Q1 expectations by >30% and February alone could approach $1 billion.

Material Operational Outperformance and Cost Reductions

Compression projects produced a 15% greater-than-expected base production uplift. Average 2025 well cost per lateral foot was 13% lower year-over-year and 6% below internal forecast. Per-unit LOE came in nearly 15% below expectations and approximately 50% lower than the peer average. The company recorded its fastest quarterly completion pace and sector-leading drilling footage (24- and 48-hour records). Production consistently topped expectations in 2025.

Marketing Optimization & Commercial Execution

Marketing optimization delivered more than $200 million of incremental free cash flow vs guidance in 2025. EQT is the second-largest natural gas marketer in the U.S. and highlighted opportunistic commercial execution—selling ~98% of February production first-of-month (settling at $7.22 M2 and $7.46 Henry Hub) and capturing high cash pricing during Winter Storm Fern.

Hedging Posture Provides Downside Protection

Tactical hedging increased: ~40% hedged in Q1 (average floor ≈ $4.30/MMBtu, ceiling ≈ $6.30), ~20% hedged for Q2/Q3 (≈ $3.50 floors / ≈ $5 ceilings) and ~20% hedged for Q4 (≈ $3.75 floor / $5.15 ceiling). This hedge profile provides downside protection while retaining upside optionality.

Balance Sheet Progress and Rapid Deleveraging

Net debt exited the year just under $7.7 billion (inclusive of $425 million of working capital usage in the quarter). Management expects to exit Q1 with net debt < $6 billion and is rapidly approaching a long-term target of ~$5 billion, enabling greater capital allocation flexibility (growth projects, dividend growth, opportunistic buybacks).

Strategic Midstream Upsize—MVP Interest Acquisition

EQT elected to purchase additional interest in MVP Mainline and MVP Boost, funding ~ $115 million of the consideration and raising its ownership to ~53%. Management estimates the purchase price is roughly 9x adjusted EBITDA and delivers a low-risk ~12% IRR inclusive of MVP Boost growth CapEx underpinned by long-duration (20-year) contracts.

Targeted Growth Investments with Attractive Returns

2026 maintenance capital budget set at $2.07–$2.21 billion (includes full-year Olympus impact). Management will allocate the first ~$600 million of post-dividend free cash flow to elective high-return projects (compression, water infrastructure, Clarington Connector pipeline, strategic leasing). Management expects these infrastructure projects to deliver attractive free-cash-flow yields (guidance referenced ~20–30% FCF-yield range on such projects) and to structurally improve future economics (lower LOE, better differentials).

Operational Resilience During Winter Storm Fern

EQT demonstrated operational resiliency during Winter Storm Fern: Mountain Valley pipeline flowed ~6% above its 2 Bcf/day nameplate, uptime during the storm was ~97.2% (near 98% target) and the commercial team captured outsized pricing (Station 165 spiked to >$130/MMBtu). Management highlighted a 2x outperformance vs Appalachian peers on uptime benchmarking during the event.

2026 Volume and Earnings Outlook

Management initiated a 2026 production forecast of 2.275–2.375 Tcfe and expects 2026 adjusted EBITDA attributable to EQT of ~ $6.5 billion. Prior to elective growth investments, 2026 free cash flow would be > $4.0 billion (vs guided $3.5 billion including ~$600M of growth investments).

EQT (EQT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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EQT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2026	2026 (Q1)	1.84 / -	1.18	―	―	―
Feb 17, 2026	2025 (Q4)	0.76 / 0.90	0.69	30.43% (+0.21)
Oct 21, 2025	2025 (Q3)	0.36 / 0.52	0.12	333.33% (+0.40)
Jul 22, 2025	2025 (Q2)	0.42 / 0.45	-0.08	662.50% (+0.53)
Apr 22, 2025	2025 (Q1)	1.03 / 1.18	0.82	43.90% (+0.36)
Feb 18, 2025	2024 (Q4)	0.53 / 0.69	0.48	43.75% (+0.21)
Oct 29, 2024	2024 (Q3)	0.08 / 0.12	0.3	-60.00% (-0.18)
Jul 23, 2024	2024 (Q2)	-0.19 / -0.08	-0.17	52.94% (+0.09)
Apr 23, 2024	2024 (Q1)	0.65 / 0.82	1.7	-51.76% (-0.88)
Feb 13, 2024	2023 (Q4)	0.47 / 0.48	0.42	14.29% (+0.06)

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
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%
Apr 22, 2025	$48.00	$48.18	+0.37%

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 Apr 29, 2026, Before Open (Confirmed).

What is EQT (EQT) earnings time?

EQT (EQT) earnings time is at Apr 29, 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 (Q1) is 1.85.