EQT earnings date and guidance
EQT's next results are expected on October 27, 2026. Watch whether production against guidance and compression performance turn into spendable cash.
What has EQT guided for 2026?
The weighted forecast stays negative through October 2029 and hinges on realized gas prices, durable production, and cash remaining after investment and debt. Management’s July 2026 guidance calls for full-year sales volume of 2,375–2,450 Bcfe. It sets operating costs at $1.05–$1.20 per Mcfe. Management’s February forecast calls for $3.5 billion in free cash flow attributable to EQT and $4.7 billion of year-end net debt based on February strip pricing.
| Period guided | Low | High | Date given | |
|---|---|---|---|---|
| Total sales volume (Bcfe) | Year to Dec 2026 | 2,375 | 2,450 | Jul 21, 2026 |
| Total sales volume (Bcfe) | Quarter to Sep 2026 | 570 | 620 | Jul 21, 2026 |
| Operating costs ($/Mcfe) | Year to Dec 2026 | 1.05 | 1.20 | Jul 21, 2026 |
| Operating costs ($/Mcfe) | Quarter to Sep 2026 | 1.09 | 1.23 | Jul 21, 2026 |
| Free cash flow attributable to EQT at February strip ($ Millions) | Year to Dec 2026 | 3,500 | 3,500 | Feb 17, 2026 |
| Net debt at December 31, 2026 at February strip ($ Millions) | Year to Dec 2026 | 4,700 | 4,700 | Feb 17, 2026 |
What this means. The three cash tax rows are different price scenarios, so they forecast what taxes might be at different natural gas prices rather than three taxes added together.
Has EQT kept its promises?
The seven reported quarters suggest cautious promises: production consistently reached the upper part of guidance or exceeded it, while spending and costs stayed within or below their ranges. No adverse revision or withdrawal of the quarterly promises reviewed was found; annual capital budgets were reduced favorably and annual production guidance increased, including an acquisition-related increase for Olympus. There was no adverse miss requiring a one-off explanation, and Olympus was already included in Q3 2025 guidance, while lower-than-expected curtailments helped subsequent production beats.
| Metric | Record, last 8 quarters | Typical gap |
|---|---|---|
| production | 7 of 7 inside or above: 4 inside, including 1 at the upper boundary; 3 above; no misses. Q3 2026 pending. | Typically 4.3% above the midpoint; the three above-range results exceeded the upper boundary by 1.3%–2.3%. |
| capital spending | 7 of 7 inside or below: 1 inside; 6 below the lower boundary; no overspending misses. Q3 2026 pending. | Typically 14.3% below the midpoint, or 7.5% below the lower boundary. |
| unit costs | 7 of 7 inside or below: 3 inside, including 2 at the lower boundary; 4 below; no cost overruns. Q3 2026 pending. | Typically 7.4% below the midpoint; below-range results were approximately 1%–2% below the lower boundary. |
What this means. The report counts seven completed quarters, while the third quarter of 2026 is still waiting for results.
What is EQT's eight-quarter revenue and profit trend?
Revenue is volatile because EQT is a commodity producer. Growth reached 144.6% in 2022, then fell 7.9% in 2023 and 23.7% in 2024. Acquisition-pro-forma comparisons still declined in both later years, showing that the weakness was not only a change in consolidation.
Revenue, operating income, net income and diluted EPS all fell from June 2025. The decline does not by itself indicate weaker wells, because gas production per day increased. EQT attributed output above guidance to well performance, system-pressure optimization and fewer price-related curtailments.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,809,940 | 3,378,736 | 2,388,071 | 1,958,571 | 2,557,719 | 1,739,850 | 1,624,727 | 1,283,802 |
| Operating income | 394,038 | 2,035,960 | 1,016,121 | 603,210 | 1,134,038 | 496,250 | 781,445 | -281,840 |
| Net income | 211,425 | 1,487,229 | 677,099 | 335,862 | 784,147 | 242,139 | 418,395 | -300,823 |
| EPS, diluted | 0.34 | 2.36 | 1.08 | 0.53 | 1.30 | 0.40 | 0.69 | -0.54 |
What this means. These are amounts for each three-month quarter, not for the whole year, even though some row descriptions say “during the year.”
What should I watch in EQT's next release?
EQT is scheduled to release Q3 results on October 27 and hold its call on October 28. Production should be judged against the guided range, but also against compression performance and curtailments. Holding gas back can be sensible when prices are weak, provided management explains the volume withheld and the cash benefit.