EQT Corporation (EQT) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and EQT published the results on October 27, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. EQT reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• EQT's total operating revenues include gains and losses on commodity derivatives ($100.3 million in Q3 2026), so the GAAP top line moves with hedge values as well as gas sales.
• On October 25, 2026 EQT agreed to acquire Range Resources in an all-stock deal: each Range share converts into 0.987 EQT shares, and EQT holders would own about 73% of the combined company. The deal had not closed when EQT reported.
• Segment revenues are shown before intersegment eliminations: Gathering and Transmission earn most of their revenue moving EQT's own gas, which is eliminated in the consolidated total.

Source: EQT Q3 2026 results, October 27, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How EQT splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• EQT's Upstream revenue was $1.6 billion in Q3 2026, down 10% from $1.8 billion in Q3 2025, 92% of total revenue.
• EQT's Gathering revenue was $332 million in Q3 2026, up 3% from $321 million in Q3 2025, 19% of total revenue.
• EQT's Transmission revenue was $130 million in Q3 2026, down 5% from $137 million in Q3 2025, 7% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

EQT guides on sales volume, pricing differentials, unit costs and capital spending. It gives no revenue or EPS outlook.

In its Q3 2026 release, EQT said:

“The Company expects total sales volume of 550-600 Bcfe in the fourth quarter of 2026, which includes the impact of 10-20 Bcfe of strategic curtailments.”

“The Company expects $540-$610 million of maintenance capital expenditures in the fourth quarter of 2026.”

“Strategic growth capital expenditures in the fourth quarter of 2026 are expected to total $185-$225 million.”

“The Company plans to turn-in-line (TIL) 16-26 net wells in the fourth quarter of 2026.”

Source: EQT Q3 2026 release, Oct 27, 2026.

This is the company's own guidance as of Oct 27, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the EQT forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP total operating revenues and diluted EPS, each as first reported in that quarter's release. Both swing with natural gas prices and with derivative gains and losses.

We do not hold a confirmed date for EQT's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 27, 2026

EQT is a vertically integrated natural gas company in the Appalachian Basin, with upstream, gathering and transmission operations. At December 31, 2025 it had 28.0 Tcfe of proved reserves across about 2.3 million gross acres and about 2,945 miles of pipeline. (EQT Form 10-K, 2025, Feb 18, 2026)

Most of EQT's revenue is the sale of the gas it produces. In Q3 2026 sales of natural gas, natural gas liquids and oil were $1,507.8 million of $1,770.4 million in total operating revenues; gains on derivatives added $100.3 million and pipeline and other $162.3 million. By segment, Upstream had operating revenues of $1,630.2 million, Gathering $331.7 million and Transmission $130.0 million before $321.6 million of intersegment eliminations and other. (EQT Q3 2026 release, Oct 27, 2026; EQT Form 10-Q, Q3 2026, Oct 28, 2026)

EQT's 10-Q says sales of natural gas, NGLs and oil fell by about $161 million: about $136 million from lower sales volumes and about $25 million from a lower average price. Sales volume was 583 Bcfe, against 634 Bcfe, because of strategic production curtailments of 21 Bcfe and normal production declines that outpaced new wells turned in line. (EQT Form 10-Q, Q3 2026, Oct 28, 2026; EQT Q3 2026 release, Oct 27, 2026)

Pricing moved against EQT in the quarter. The NYMEX price averaged $2.96 per MMBtu, against $3.07, and EQT's average realized price was $2.72 per Mcfe, against $2.76. The average differential, including cash settled basis swaps, narrowed to $(0.64) per Mcf from $(0.68). (EQT Q3 2026 release, Oct 27, 2026)

EQT says it does not depend on any single customer. At December 31, 2025 about 49% of its sales volume reached markets outside Appalachia, through access to about 4.3 Bcf per day of firm pipeline takeaway capacity. (EQT Form 10-K, 2025, Feb 18, 2026)

EQT's diluted EPS fell to $0.44 from $0.53, and Adjusted EPS to $0.42 from $0.52. Adjusted EPS removes the revenue impact of changes in the fair value of derivatives before settlement: it deducts the $100.3 million GAAP gain on derivatives and adds back $70.5 million of net cash settlements received. It also excludes impairment and expiration of leases, gains on asset sales and other transaction-related expenses. (EQT Q3 2026 release, Oct 27, 2026)

Per unit operating costs rose to $1.09 per Mcfe from $1.00. EQT said transmission expense per Mcfe rose because of lower sales volume, gathering expense per Mcfe rose on higher volumes gathered by third parties, and SG&A rose on higher long-term incentive compensation and professional service costs. Net income attributable to EQT was $278.7 million on 629,172 thousand diluted weighted average shares, against 628,324 thousand a year earlier. (EQT Q3 2026 release, Oct 27, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

EQT gives operating guidance in its release and no revenue or EPS targets. For Q4 2026 it expects total sales volume of 550 to 600 Bcfe, including 10 to 20 Bcfe of strategic curtailments, maintenance capital expenditures of $540 to $610 million and growth capital expenditures of $185 to $225 million. For full year 2026 it guides to 2,375 to 2,450 Bcfe of sales volume. (EQT Q3 2026 release, Oct 27, 2026)

EQT canceled its Q3 2026 earnings conference call after announcing the Range acquisition, and published a presentation instead. (EQT Q3 2026 release, Oct 27, 2026)

A consensus figure is the average of the models published by the analysts who cover EQT, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones EQT's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning EQT is on is EQT a buy or a sell?, what analysts expect next is on the EQT forecast, and what the company does is on the EQT Corporation (EQT) stock page.

Every number on this page can be traced to a document EQT published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.