EQT (EQT) investor relations material

Executive summary

• Q3 sales volume was 582.8 Bcfe, including 21 Bcfe of strategic curtailments; attributable free cash flow was $283 MM and 9M free cash flow reached $2,444 MM.

• Operating costs were at the low end of guidance and Q3 capital spending was 10% below the low end.

Financial highlights

• Q3 revenue was $1.770 B vs. $1.959 B YoY; operating income was $459 MM vs. $603 MM, attributable net income was $279 MM vs. $336 MM, and diluted EPS was $0.44 vs. $0.53.

• Q3 adjusted EBITDA was $1,143 MM vs. $1,328 MM; adjusted EBITDA attributable to EQT was $1,021 MM vs. $1,200 MM.

• 9M revenue was $6.959 B vs. $6.256 B, operating income was $2.889 B vs. $2.233 B, and attributable net income was $1.977 B vs. $1.362 B.

• 9M adjusted EBITDA attributable to EQT was $4,635 MM vs. $3,877 MM; operating cash flow rose to $5.186 B from $4.001 B.

• Q3 operating cash flow was $1.083 B vs. $1.018 B; attributable free cash flow was $283 MM vs. $484 MM YoY.

Outlook and guidance

• FY 2026 sales-volume guidance is 2,375–2,450 Bcfe; Q4 guidance is 550–600 Bcfe, including 10–20 Bcfe of planned strategic curtailments.

• FY maintenance capex guidance is $2.020–$2.100 B and growth capex is $580–$640 MM; Q4 maintenance capex is $540–$610 MM and growth capex is $185–$225 MM.

• Q4 capital spending is expected at $725–$835 MM, with $30–$40 MM of equity-method investment contributions; FY contributions are projected at $145–$155 MM.

• 2026 per-unit operating-cost guidance is $1.05–$1.20/Mcfe; Q4 plans call for turning in line 16–26 net wells.

• Full-year cash income taxes are expected to benefit from the One Big Beautiful Bill Act, which is expected to defer a significant portion of current federal tax payments.