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EQT Q1 Earnings & Revenues Top Estimates on Higher Sales Volumes
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Key Takeaways
EQT Q1 earnings of $2.33 per share and revenues of $3.14B beat estimates on strong sales growth.
EQT sales volume rose to 618 Bcfe, driven by higher gas and liquids output versus last year.
EQT realized gas prices climbed, boosting cash flow to $2.58B and free cash flow to $1.94B.
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
Sales volume increased to 618 billion cubic feet equivalent (Bcfe) from the year-ago level of 571 Bcfe. The reported figure beat our estimate of 598 Bcfe.
Natural gas sales volume was 581 Bcf, up from 536 Bcf in the year-ago quarter. The figure came higher than our estimate of 565 Bcf.
The total liquid sales volume was 6,061 thousand barrels (MBbls), up from the year-ago level of 5,735 MBbls. The figure beat our projection of 5,497 MBbls.
Commodity Price Realizations
The average realized price was $5.08 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago figure of $3.77.
The average natural gas price, including cash-settled derivatives, was $5.27 per Mcf, which increased from $3.74 a year ago. Our estimate for the same was pinned at $5.12 per Mcf.
The natural gas sales price was $5.22 per Mcf, higher than the $3.83 recorded a year ago.
The oil price was $54.94 per barrel compared with the year-ago figure of $53.05. Our estimate for the same was pegged at $56.98 per barrel.
Expenses
Total operating expenses were $1,343 million, higher than the $1,244 million reported in the prior-year quarter.
Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 43 cents per Mcfe, down from 44 cents recorded a year ago. Lease operating expenses amounted to 9 cents per Mcfe, higher than 7 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 16 cents per Mcfe, flat year over year.
Cash Flows
EQT’s adjusted operating cash flow totaled $2.58 billion in the reported quarter, up from $1.67 billion a year ago. The free cash flow amounted to $1.94 billion, an increase from $1.15 billion in the corresponding period of 2025.
Capex & Balance Sheet
Total capital expenditure was $608 million, higher than $497 million reported a year ago.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
EQT’s Guidance
For the second quarter of 2026, EQT expects total sales volume to be between 570 Bcfe and 620 Bcfe. EQT’s total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026. Total maintenance capital expenditures are projected to be in the band of $525-$595 million, and growth capital expenditures are anticipated to be between $210 million and $235 million in the second quarter.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is also engaged in refining and marketing of oil products and natural gas marketing and sales.
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EQT Q1 Earnings & Revenues Top Estimates on Higher Sales Volumes
Key Takeaways
EQT Corporation (EQT - Free Report) reported first-quarter 2026 adjusted earnings from continuing operations of $2.33 per share, which beat the Zacks Consensus Estimate of $2.23. The bottom line increased from the year-ago quarter’s figure of $1.18.
Adjusted operating revenues increased to $3,136 million from $2,153 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $3,127 million.
Strong quarterly results were driven by the increase in total sales volumes and higher realized natural gas equivalent prices.
EQT Corporation Price, Consensus and EPS Surprise
EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote
Production
Sales volume increased to 618 billion cubic feet equivalent (Bcfe) from the year-ago level of 571 Bcfe. The reported figure beat our estimate of 598 Bcfe.
Natural gas sales volume was 581 Bcf, up from 536 Bcf in the year-ago quarter. The figure came higher than our estimate of 565 Bcf.
The total liquid sales volume was 6,061 thousand barrels (MBbls), up from the year-ago level of 5,735 MBbls. The figure beat our projection of 5,497 MBbls.
Commodity Price Realizations
The average realized price was $5.08 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago figure of $3.77.
The average natural gas price, including cash-settled derivatives, was $5.27 per Mcf, which increased from $3.74 a year ago. Our estimate for the same was pinned at $5.12 per Mcf.
The natural gas sales price was $5.22 per Mcf, higher than the $3.83 recorded a year ago.
The oil price was $54.94 per barrel compared with the year-ago figure of $53.05. Our estimate for the same was pegged at $56.98 per barrel.
Expenses
Total operating expenses were $1,343 million, higher than the $1,244 million reported in the prior-year quarter.
Gathering expenses totaled 9 cents per Mcfe, up from the year-ago level of 8 cents. Transmission expenses stood at 43 cents per Mcfe, down from 44 cents recorded a year ago. Lease operating expenses amounted to 9 cents per Mcfe, higher than 7 cents in the corresponding period of 2025. Selling, general and administrative expenses came in at 16 cents per Mcfe, flat year over year.
Cash Flows
EQT’s adjusted operating cash flow totaled $2.58 billion in the reported quarter, up from $1.67 billion a year ago. The free cash flow amounted to $1.94 billion, an increase from $1.15 billion in the corresponding period of 2025.
Capex & Balance Sheet
Total capital expenditure was $608 million, higher than $497 million reported a year ago.
As of March 31, 2026, the company had cash and cash equivalents of $326.6 million and net debt of $5.67 billion.
EQT’s Guidance
For the second quarter of 2026, EQT expects total sales volume to be between 570 Bcfe and 620 Bcfe. EQT’s total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026. Total maintenance capital expenditures are projected to be in the band of $525-$595 million, and growth capital expenditures are anticipated to be between $210 million and $235 million in the second quarter.
EQT’s Zacks Rank and Key Picks
EQT currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are Equinor ASA (EQNR - Free Report) , Subsea7 S.A. (SUBCY - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Equinor sports a Zacks Rank #1 (Strong Buy), Subsea7 and Galp Energia carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is also engaged in refining and marketing of oil products and natural gas marketing and sales.