$EQT · EQT Corp
EQT Corporation filed its Q3 2026 10-Q, reporting net income attributable to EQT of $278.7M ($0.44 diluted EPS) on total operating revenues of $1.77B, down 9.6% year-over-year. Upstream operating income fell 40.7% to $219.6M as sales volumes dropped 8.1% and average realized prices weakened. For the nine months, operating cash flow reached $5.19B and the company reduced senior notes by $1.71B from year-end 2025 levels.
- Q3 revenue fell 9.6% YoY to $1.77B; GAAP EPS of $0.44 vs $0.53 in Q3 2025.
- Upstream operating income plunged 40.7% YoY to $219.6M on lower sales volumes (-8.1%) and weaker realized prices.
- Natural gas realized price including hedges slipped to $2.60/Mcf from $2.66/Mcf a year ago.
- Nine-month operating cash flow surged to $5.19B from $4.00B, driven by higher YTD volumes and prices.
- Debt reduction continued: senior notes fell to $5.22B from $6.93B at year-end 2025; $2.24B repaid/retired in 9 months.
Extended-hours trading shows EQT at $56.45, up 0.40% from the regular close of $56.23, suggesting the market is taking the Q3 earnings decline in stride given strong nine-month cash flow and aggressive debt paydown.
The largest U.S. gas producer saw Q3 profits nearly halve year-over-year, but aggressive debt reduction and strong YTD cash flow signal balance-sheet resilience.
EQT, the largest U.S. natural gas producer, is navigating a sub-$3.00 NYMEX environment. The 8.1% volume decline contrasts with 3.5% YTD volume growth, reflecting the timing of turn-in-lines and maintenance. Peer Appalachian producers face similar basis differential headwinds.
Q3 natural gas price realizations declined to $2.60/Mcf (from $2.66) and basis differentials remain wide at -$0.64/Mcf. Other operating expenses spiked due to increased legal and environmental reserves, including settlements. A sustained low-price environment would pressure Upstream margins further.