EQT Corp tops Q3 profit estimates but misses on revenue

EQT Corporation (EQT) said in a regulatory filing on Oct. 27 that its adjusted earnings for the third quarter of 2026 were 42 cents per share, topping the 38-cent consensus estimate compiled by Finnhub. Revenue of $1.77 billion missed the $1.83 billion estimate.

Shares were little changed in after-hours trading as of 5:34 p.m. ET, from a regular-session close of $56.19.

The natural gas producer, which runs upstream and midstream operations in the Appalachian Basin, reported the results in a news release furnished with the filing. The company canceled its third-quarter earnings call after it announced its acquisition of Range Resources Corporation.

Here's how the company did:

• Adjusted EPS: 42 cents vs. 52 cents a year earlier, against 38 cents expected, according to Finnhub
• Diluted EPS: 44 cents vs. 53 cents a year earlier
• Revenue: $1.77 billion vs. $1.96 billion a year earlier, against $1.83 billion expected, according to Finnhub
• Sales volume: 583 Bcfe vs. 634 Bcfe a year earlier, including 21 Bcfe of strategic curtailments
• Adjusted EBITDA: $1,143 million vs. $1,328 million a year earlier

Net income attributable to EQT was $279 million, down from $336 million a year earlier, according to the release.

Range acquisition

EQT announced its acquisition of Range Resources Corporation. The release did not include the price or other terms of the transaction.

Rice said, "We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come."

Production and costs

Average realized price was $2.72 per Mcfe, compared with $2.76 a year earlier. Total per unit operating costs were $1.09 per Mcfe, against $1.00 a year earlier.

Capital expenditures were $638 million, 10% below the low end of guidance, the release said, driven by lower-than-expected upstream and midstream spending.

Rice said, "Operating expenses came in at the low end of guidance and capital spending was well below expectations as efficiencies continue to accrue."

Guidance

The company expects fourth-quarter 2026 sales volume of 550 to 600 Bcfe, including 10 to 20 Bcfe of strategic curtailments. It expects $540 million to $610 million of maintenance capital expenditures and $185 million to $225 million of growth capital expenditures in the quarter.

For full-year 2026, the company expects total sales volume of 2,375 to 2,450 Bcfe, total maintenance capital expenditures of $2.02 billion to $2.10 billion, and growth capital expenditures of $580 million to $640 million. The release does not compare these ranges with earlier guidance.

Cash flow and debt

Net cash provided by operating activities was $1,083 million, up from $1,018 million a year earlier. Free cash flow attributable to EQT was $283 million, compared with $484 million a year earlier.

As of Sept. 30, 2026, total debt was $5.6 billion and net debt was just under $5.5 billion. Those figures compare with $7.8 billion and $7.7 billion, respectively, at Dec. 31, 2025.

The company also increased its dividend by 3% to 68 cents per share annualized. It said the dividend has grown at a compounded annual rate of about 7% since 2022.

Other items in the release include an open season for a new 42-inch POWER Pipeline, which would connect EQT's core Marcellus assets in Pennsylvania to the Clarington hub in Ohio. The company also signed a 10-year LNG sales agreement with Ignitis Group, the largest supplier of electricity and natural gas in Lithuania. It contracted for 7 Bcf of storage capacity at the Leaf River Energy Center salt dome expansion along the Gulf Coast.