EarningsQ2 2026 Earnings Report
MX:EQT Q2 2026 EPS Results
Actual EPS$7.06
Consensus EPS$7.46
Beat/MissMissed by -$0.40
One Year Ago EPS$8.14
MX:EQT Q2 2026 Revenue Results
Actual Revenue$31.94B
Expected Revenue$31.91B
Beat/MissBeat by +$35.29M
YoY Revenue Growth-3.94%
Earnings Announcement Details
QuarterQ2 2026
Date07/21/2026
TimeAfter Close
Conference CallTuesday, July 21, 2026
MX:EQT Upcoming Earnings
EQT's next earnings date is estimated for October 28, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:EQT Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was largely positive: EQT reported strong operational execution (record drilling results, zero safety incidents), meaningful production outperformance and a mid-year increase to 2026 production guidance (+90 Bcfe), and generated $330 million of Q2 free cash flow despite ~$2.89/MMBtu gas. Management is executing strategic transactions (CPV power deal, BlackLine acquisition, LNG offtake) that expand contracted demand exposure and international access while accelerating the MVP Southgate project after receiving FERC approval. Balance sheet progress toward a $5 billion net debt target and a disciplined capital allocation framework (capex reduction, opportunistic buybacks) support shareholder returns. Key risks include short-term market headwinds (low gas prices, Permian growth and weather), timing/execution risk on future demand projects and LNG project slippage, and near-term pull-forward of capital ($85M). Overall, the favorable operational and commercial momentum and multiple value-accretive transactions materially outweigh the execution and market-timing risks discussed on the call.Company Guidance
Operational Records and Safety
Drilled the longest lateral in shale history at >29,000 ft, set a new basin 24-hour drilling record and an EQT 48-hour drilling record, while remaining 100% in zone 1 with zero safety incidents.
Production Outperformance and Guidance Raise
Q2 volumes came in well above the high end of guidance; company raised 2026 production guidance by roughly 90 Bcfe at the midpoint.
Strong Free Cash Flow at Low Prices
Generated $330 million of free cash flow attributable to EQT in Q2 despite average natural gas prices of $2.89/MMBtu during the quarter, underscoring low-cost position.
Lowered Capital and Improved Capital Efficiency
Lowered full-year 2026 CapEx by $25 million and noted continued capital efficiency gains driven by operational execution and compression projects.
Compression Program and Well Performance
Midstream compression projects improving base production and extending flat times on new wells; first-half 2026 TIL performance beat type curve by ~8%, leading to shallower base declines and potential further sustaining-capex reductions.
MVP Southgate - Regulatory Approval and Acceleration
Received FERC authorization to begin construction on MVP Southgate; EQT elected to accelerate construction timing and pull forward $85 million of capital contributions into 2026 to de-risk execution and connect Appalachia supply to The Carolinas.
Power Contract with CPV (325 MMcf/d)
Signed a 10-year definitive agreement to supply 325 MMcf/d to a new 2 GW Doddridge County power plant (expected ~2031) with pricing linked to PJM power pricing; at a hypothetical full-year flow the structure could improve free cash flow by ~ $100 million/year and corporate differentials by ~ $0.05/Mcf.
BlackLine Midstream Acquisition
Acquired BlackLine Midstream for approximately $77 million; assets include two New England propane terminals (46 million gallons capacity) with rail and water access; EQT currently supplies ~60% of BlackLine's volumes. Projected ~20% free cash flow yield in base case with upside roughly doubling under upside scenarios.
LNG Offtake to Advance International Exposure
Executed a 5-year LNG offtake (~0.5 mtpa) beginning in 2028 sourced from near-complete Gulf Coast facilities; deal is expected to increase EQT's 2028 free cash flow by roughly $45 million and accelerates LNG-market access while limiting execution risk.
Balance Sheet Progress and Capital Allocation Path
Nearing long-term net debt target of $5 billion; plan to accumulate cash and deploy aggressively into opportunistic share buybacks during market weakness, positioning buybacks and disciplined midstream investments as primary drivers of value creation.
MX: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