Jun 2026 (Q2 FY26) — Jul 22, 2026
EQT Q2 FY26 — Record Operational Performance and Strategic Demand Growth
Read the full callEQT (EQT) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
EQT earnings: last reported Wed, 22 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,810 | −29.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.8 | −22.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 211 | −73.0% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
1 of 3 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 growth capital investment (post-dividend free cash flow allocation) | $600 million | Dec 2025 | we have also decided to accelerate MVP Southgate construction timing and are thus pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026 | Revised Down |
| Long-term net debt target ($5 billion) | $5 billion (maximum / medium-term target) | Mar 2025 | We are on the doorstep of achieving our long-term net debt target of $5 billion, a milestone that represents the culmination of years of commitment towards bulletproofing our balance sheet. | On Track |
| Q1 FY26 exit net debt | less than $6 billion | Dec 2025 | We exited the quarter with net debt of just under $5.7 billion. | Achieved |
2 of EQT Corp's 15 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 12 more targets are in the full ledger.
Claimed
- Drilled the longest lateral in shale history at over 29,000 feet with 0 safety incidents.
- Production volumes exceeded high end of guidance, leading to a 90 Bcfe raise in 2026 production guidance.
- Generated $330 million of free cash flow in Q2 despite natural gas prices averaging $2.89 per MMBtu.
- Secured FERC authorization for MVP Southgate, accelerating construction and pulling forward $85 million of capital contributions to 2026.
- Signed a 10-year definitive agreement with CPV for 325 MMcf/d of natural gas, linked to PJM power pricing, enhancing price realizations.
- Acquired Blackline Midstream for $77 million, projecting a 20% free cash flow yield under base case underwriting.
- Executed a 5-year LNG offtake agreement for 0.5 mtpa beginning in 2028, expected to increase 2028 FCF by $45 million.
Qualified
- Near-term risks identified include Permian growth potential and super El Nino weather patterns, potentially leading to temporary gas price weakness.
- LNG market recovery delayed due to geopolitical conflict, deepening the supply hole, with Europe storage levels 10%+ below year-over-year and international spot prices north of $17/MMBtu.
Price
$54.42 +0.22% · +$0.12
Performance +0.6% 1Y
1Y: $54.08 on 17 Oct 2025 → $54.42. High $67.93 (25 Mar 2026), low $48.56 (30 Sept 2026).
- Previous close
- $54.3
- 52-week range
- $48.56 – $67.93
- One year
- −3.60%
Overview
- Symbol
- EQT
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
1 of 3 judged targets kept · 12 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 growth capital investment (post-dividend free cash flow allocation) | $600 million | Dec 2025 | we have also decided to accelerate MVP Southgate construction timing and are thus pulling forward $85 million of capital contributions to equity method investments from 2027 into 2026 | Revised Down |
| Long-term net debt target ($5 billion) | $5 billion (maximum / medium-term target) | Mar 2025 | We are on the doorstep of achieving our long-term net debt target of $5 billion, a milestone that represents the culmination of years of commitment towards bulletproofing our balance sheet. | On Track |
| Q1 FY26 exit net debt | less than $6 billion | Dec 2025 | We exited the quarter with net debt of just under $5.7 billion. | Achieved |
Claimed
- Drilled the longest lateral in shale history at over 29,000 feet with 0 safety incidents.
- Production volumes exceeded high end of guidance, leading to a 90 Bcfe raise in 2026 production guidance.
- Generated $330 million of free cash flow in Q2 despite natural gas prices averaging $2.89 per MMBtu.
- Secured FERC authorization for MVP Southgate, accelerating construction and pulling forward $85 million of capital contributions to 2026.
- Signed a 10-year definitive agreement with CPV for 325 MMcf/d of natural gas, linked to PJM power pricing, enhancing price realizations.
- Acquired Blackline Midstream for $77 million, projecting a 20% free cash flow yield under base case underwriting.
- Executed a 5-year LNG offtake agreement for 0.5 mtpa beginning in 2028, expected to increase 2028 FCF by $45 million.
Qualified
- Near-term risks identified include Permian growth potential and super El Nino weather patterns, potentially leading to temporary gas price weakness.
- LNG market recovery delayed due to geopolitical conflict, deepening the supply hole, with Europe storage levels 10%+ below year-over-year and international spot prices north of $17/MMBtu.
The full ledger
Open EQT Corp’s full ledger
A free account opens 5 company ledgers a month. All 15 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 22, 2026
EQT Corporation Q1 FY26 — Record $1.8B+ free cash flow completes the Equitrans transformation
Read the full callDec 2025 (Q4 FY25) — Feb 18, 2026
EQT Q4 FY25 — Strong Operational Performance and Strategic Growth Investments Drive FCF Outperformance
Read the full callEvery analysed call
EQT earnings calls (EQT)
Financials
What the filings say
Net profit, year on year: −73% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,284 | 1,625 | 1,740 | 2,558 | 1,959 | 2,388 | 3,379 | 1,810 |
| Expenses | 1,566 | 843 | 1,244 | 1,424 | 1,355 | 1,372 | 1,343 | 1,416 |
| Operating profit | -282 | 781 | 496 | 1,134 | 603 | 1,016 | 2,036 | 394 |
| Operating margin | −21.9% | 48.1% | 28.5% | 44.3% | 30.8% | 42.5% | 60.3% | 21.8% |
| Interest | 158 | 186 | 118 | 106 | 110 | 106 | 97 | 75 |
| Profit before tax | -402 | 574 | 394 | 1,092 | 536 | 955 | 1,987 | 366 |
| Tax rate | 26.1% | 25.6% | 20.0% | 21.6% | 24.1% | 21.8% | 21.8% | 23.2% |
| Net profit | -301 | 418 | 242 | 784 | 336 | 677 | 1,487 | 211 |
| EPS ($ per share) | -0.54 | — | 0.40 | 1.31 | 0.54 | — | 2.38 | 0.34 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Reserves | 3,184 | 2,023 | 1,048 | -94 | 1,284 | 2,682 | 2,585 | 4,237 |
| Total liabilities | 9,763 | 9,006 | 8,851 | 11,636 | 11,457 | 10,504 | 15,552 | 14,433 |
| Fixed assets | 17,393 | 16,155 | 16,054 | 18,419 | 18,167 | 22,950 | 31,748 | 33,558 |
| Total assets | 20,721 | 18,809 | 18,113 | 21,607 | 22,670 | 25,285 | 39,830 | 41,793 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,976 | 1,852 | 1,538 | 1,662 | 3,466 | 3,179 | 2,827 | 5,126 |
| Cash from investing | -3,979 | -1,601 | -1,556 | -2,073 | -1,422 | -4,314 | -1,580 | -2,845 |
| Cash from financing | 859 | -249 | 32 | 506 | -699 | -243 | -1,126 | -2,372 |
| Net cash flow | — | — | — | 96 | 1,345 | -1,378 | 121 | -91 |
| Capital expenditure | -2,999 | -1,602 | -1,042 | -1,055 | -1,400 | -2,019 | -2,254 | -2,288 |
| Free cash flow | -23 | 249 | 495 | 607 | 2,065 | 1,160 | 573 | 2,838 |
EQT revenue by segment
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|
| Upstream | — | — | — | — | — | 95% | 92% | — |
| Gathering | — | 19% | 13% | 16% | 14% | 10% | 19% | +6.6% |
| Transmission | — | 8% | 5% | 7% | 6% | 5% | 8% | +4.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
69 filings between Oct 28, 2025 and Aug 14, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$24.28M
13 sales by 8 insiders
31% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 16
- Award — granted as compensation
- 5
- Option exercise — converted options into shares
- 35
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Rice Toby Z. | — | $15.00M | Aug 14, 2026 |
| Jordan William E. | — | $3.49M | Nov 11, 2025 |
| James Todd | — | $1.99M | Feb 23, 2026 |
| Knop Jeremy | — | $1.23M | Feb 27, 2026 |
| Evancho Lesley | — | $1.21M | Mar 3, 2026 |
| Bolen J.E.B. | — | $566.3K | Mar 12, 2026 |
| Fenton Sarah | — | $541.9K | Mar 16, 2026 |
| BAILEY VICKY A | — | $246.1K | Apr 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 14, 2026 | Rice Toby Z. PRESIDENT & CEO | Sale 10b5-1 plan | 175,328 | $9.65M |
| Jul 27, 2026 | Bolen J.E.B. EVP OPERATIONS | Tax withheld | 3,904 | $203.0K |
| Jul 27, 2026 | Fenton Sarah EVP UPSTREAM | Tax withheld | 3,904 | $203.0K |
| Jul 24, 2026 | Knop Jeremy CHIEF FINANCIAL OFFICER | Tax withheld | 1,011 | $53.6K |
| Jun 8, 2026 | Rice Toby Z. PRESIDENT & CEO | Sale 10b5-1 plan | 1,731 | $92.5K |
| Jun 5, 2026 | Rice Toby Z. PRESIDENT & CEO | Sale 10b5-1 plan | 86,472 | $4.68M |
| Jun 5, 2026 | Rice Toby Z. PRESIDENT & CEO | Sale 10b5-1 plan | 10,511 | $579.9K |
| Apr 27, 2026 | BAILEY VICKY A Director | Sale | 4,116 | $246.1K |
| Apr 14, 2026 | Vanderhider Hallie A. Director | Option exercise | 4,116 | $0 |
| Apr 14, 2026 | BAILEY VICKY A Director | Option exercise | 4,116 | $0 |
| Apr 14, 2026 | MCCARTNEY JOHN Director | Option exercise | 4,116 | $0 |
| Apr 14, 2026 | KARAM THOMAS F Director | Option exercise | 4,116 | $0 |
| Apr 14, 2026 | Jackson Kathryn Jean Director | Option exercise | 4,116 | $0 |
| Mar 16, 2026 | Fenton Sarah EVP UPSTREAM | Sale | 4,876 | $314.5K |
| Mar 12, 2026 | Bolen J.E.B. EVP OPERATIONS | Sale | 7,634 | $491.2K |
| Mar 9, 2026 | Bolen J.E.B. EVP OPERATIONS | Award | 8,630 | $0 |
| Mar 9, 2026 | Fenton Sarah EVP UPSTREAM | Tax withheld | 3,754 | $233.6K |
| Mar 9, 2026 | Fenton Sarah EVP UPSTREAM | Award | 8,630 | $0 |
| Mar 9, 2026 | Knop Jeremy CHIEF FINANCIAL OFFICER | Award | 32,857 | $0 |
| Mar 9, 2026 | Evancho Lesley CHIEF HUMAN RESOURCES OFFICER | Award | 31,147 | $0 |
| Mar 9, 2026 | Evancho Lesley CHIEF HUMAN RESOURCES OFFICER | Tax withheld | 13,546 | $843.0K |
| Mar 9, 2026 | Duran Richard A CHIEF INFORMATION OFFICER | Tax withheld | 12,735 | $792.5K |
| Mar 9, 2026 | Duran Richard A CHIEF INFORMATION OFFICER | Award | 32,361 | $0 |
| Mar 9, 2026 | James Todd CHIEF ACCOUNTING OFFICER | Tax withheld | 8,445 | $525.5K |
| Mar 9, 2026 | James Todd CHIEF ACCOUNTING OFFICER | Award | 19,417 | $0 |
| Mar 9, 2026 | Knop Jeremy CHIEF FINANCIAL OFFICER | Tax withheld | 12,930 | $804.6K |
| Mar 9, 2026 | Rice Toby Z. PRESIDENT & CEO | Tax withheld | 126,611 | $7.88M |
| Mar 9, 2026 | Jordan William E. CHIEF LEGAL & POLICY OFFICER | Award | 64,705 | $0 |
| Mar 9, 2026 | Rice Toby Z. PRESIDENT & CEO | Award | 291,125 | $0 |
| Mar 9, 2026 | Bolen J.E.B. EVP OPERATIONS | Tax withheld | 3,754 | $233.6K |
| Mar 9, 2026 | Jordan William E. CHIEF LEGAL & POLICY OFFICER | Tax withheld | 25,462 | $1.58M |
| Mar 3, 2026 | Evancho Lesley CHIEF HUMAN RESOURCES OFFICER | Sale | 20,000 | $1.21M |
| Feb 27, 2026 | Knop Jeremy CHIEF FINANCIAL OFFICER | Sale | 20,000 | $1.23M |
| Feb 23, 2026 | James Todd CHIEF ACCOUNTING OFFICER | Sale | 32,514 | $1.99M |
| Feb 20, 2026 | Fenton Sarah EVP UPSTREAM | Sale | 3,768 | $227.5K |
| Feb 17, 2026 | Rice Toby Z. PRESIDENT & CEO | Tax withheld | 15,419 | $890.4K |
| Feb 17, 2026 | Jordan William E. CHIEF LEGAL & POLICY OFFICER | Tax withheld | 2,938 | $169.7K |
| Feb 17, 2026 | Evancho Lesley CHIEF HUMAN RESOURCES OFFICER | Tax withheld | 1,565 | $90.4K |
| Feb 17, 2026 | Bolen J.E.B. EVP OPERATIONS | Tax withheld | 931 | $53.8K |
| Feb 17, 2026 | Fenton Sarah EVP UPSTREAM | Tax withheld | 976 | $56.4K |
| Feb 17, 2026 | Knop Jeremy CHIEF FINANCIAL OFFICER | Tax withheld | 3,818 | $220.5K |
| Feb 17, 2026 | Duran Richard A CHIEF INFORMATION OFFICER | Tax withheld | 1,470 | $84.9K |
| Feb 17, 2026 | James Todd CHIEF ACCOUNTING OFFICER | Tax withheld | 1,191 | $68.8K |
| Feb 13, 2026 | Duran Richard A CHIEF INFORMATION OFFICER | Tax withheld | 1,796 | $105.4K |
| Feb 13, 2026 | James Todd CHIEF ACCOUNTING OFFICER | Tax withheld | 988 | $58.0K |
| Feb 13, 2026 | James Todd CHIEF ACCOUNTING OFFICER | Tax withheld | 1,210 | $71.0K |
| Feb 13, 2026 | Rice Toby Z. PRESIDENT & CEO | Tax withheld | 12,152 | $713.3K |
| Feb 13, 2026 | Rice Toby Z. PRESIDENT & CEO | Tax withheld | 13,829 | $811.8K |
| Feb 13, 2026 | Jordan William E. CHIEF LEGAL & POLICY OFFICER | Tax withheld | 2,095 | $123.0K |
| Feb 13, 2026 | Jordan William E. CHIEF LEGAL & POLICY OFFICER | Tax withheld | 3,366 | $197.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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