EQT Q1 earnings top estimates with revenue up 57 percent

EQT Corporation (NYSE: EQT) reported first-quarter revenue of $3.38 billion, a 57 percent year-over-year increase that beat analyst estimates, as the natural gas producer benefited from higher prices and output. The company’s adjusted earnings per share of $2.33 also topped consensus expectations.

"EQT delivered outstanding operational and financial performance in the first quarter, generating record free cash flow while continuing to strengthen our balance sheet," President and CEO Toby Z. Rice said in a statement. "These results demonstrate the power of our low-cost, integrated platform and highlight how our peer-leading breakeven positions us to thrive across commodity cycles."

The largest natural gas producer in the U.S. posted strong results across the board, exceeding Wall Street forecasts for both revenue and profit. The stock remained flat at $56.86 in the session following the announcement.

Metric	Actual	Consensus	Beat/Miss
Revenue	$3.38B	$3.19B	+5.9%
Adj. EPS	$2.33	$2.16	+7.9%
Production	618 Bcfe	N/A	+8.2% YoY

EQT's performance was driven by a combination of higher production and stronger realized prices. Total sales volume for the quarter grew 8.2 percent from a year earlier to 618 billion cubic feet equivalent (Bcfe). The company’s average realized price, including hedges, was $5.08 per thousand cubic feet equivalent (Mcfe), a significant increase from $3.77 in the same period a year ago. U.S. natural gas futures averaged $9.54 per million British thermal units during the quarter, up 9.5 percent from last year, supported by a winter storm early in the period.

The company generated record quarterly free cash flow attributable to EQT of $1.83 billion. Adjusted EBITDA, a key measure of cash-generating power, rose to $2.69 billion, beating estimates of $2.50 billion. This robust cash generation allowed EQT to reduce its net debt to $5.7 billion, down from $7.7 billion at the end of 2025.

Looking ahead, EQT provided guidance for the second quarter, expecting total sales volume of 570 to 620 Bcfe. For the full year 2026, the company projects sales volume between 2,275 and 2,375 Bcfe.

The strong quarter highlights the company's ability to capitalize on favorable market conditions, including rising natural gas consumption driven by power demand from data centers and growing liquefied natural gas exports. Investors will watch the company's Q2 results, expected in July, for continued operational efficiency and progress on its debt reduction targets.

This article is for informational purposes only and does not constitute investment advice.