EQT (EQT) Q2 2026 earnings summary

Executive summary

• Achieved record operational performance, including the longest shale lateral drilled, with Q2 2026 sales volume of 634 Bcfe exceeding guidance due to strong well productivity and system optimization.

• Generated $330 million in free cash flow for Q2 and $2.16 billion year-to-date, with capital expenditures 9% below guidance and opex at the low end.

• Strategic initiatives included a 10-year gas supply deal with CPV, a 5-year LNG offtake agreement, and the $77 million Blackline Midstream acquisition, expanding propane storage and vertical integration.

• Net income attributable to shareholders was $211 million for Q2 2026, down from $784 million in Q2 2025, mainly due to lower derivative gains and realized prices.

• Maintained net-zero Scope 1 & 2 GHG emissions for the second consecutive year and continued strong community engagement.

Financial highlights

• Q2 2026 free cash flow attributable to the company was $330 million; year-to-date free cash flow reached $2.16 billion.

• Net income attributable to shareholders was $211 million for Q2 2026; six-month net income was $1,699 million, up from $1,026 million year-over-year.

• Adjusted EBITDA for Q2 was $1.07 billion; adjusted net income was $244 million.

• Paid $103 million in dividends and reduced net debt by $0.2 billion to $5.5 billion.

• Capital expenditures for the six months ended June 30, 2026 were $1.27 billion, up from $1.05 billion in 2025.

Outlook and guidance

• Raised 2026 production guidance by ~90 Bcfe to 2,375–2,450 Bcfe, reflecting strong well performance and compression investments.

• Reduced full-year CapEx guidance by $25 million; Q3 2026 CapEx expected at $710–$820 million.

• Q3 2026 sales volume guidance is 570–620 Bcfe; full-year maintenance CapEx now $2.04–$2.19 billion.

• 2026E unlevered FCF breakeven remains ~$2/MMBtu.

• Focused on disciplined, demand-driven growth tied to durable contractual agreements.