EQT Q2 2026: record volumes, EPS down to $0.34 on hedge swing
EQT's second quarter looks weak at the top and bottom lines, but most of that is hedge accounting: revenue fell to $1.81 billion and GAAP EPS dropped to $0.34 while production hit a record 634 Bcfe and management raised full-year volume guidance. Read the volume, cost and debt lines as the real story, and treat the revenue and EPS comparisons as derivative noise. View: Bullish on operations, tempered by pricing.
1 · Expected vs. Actual
Free preview belowGAAP EPS fell to $0.34 from $1.30, and adjusted EPS, which ignores unsettled hedges, came in at $0.39 against a consensus estimate of $0.4041 — a miss of about $0.01. Adjusted net income of $243.53 million was down 10.8% from $273.07 million, so the hedge adjustment does not rescue the number. Note the filing carries two net income figures, $211.43 million attributable to EQT and $281.45 million consolidated; the $70.02 million gap belongs to the midstream partners.
Revenue of $1.81 billion is down 29.2% from $2.56 billion a year ago, but $675.32 million of that $747.78 million decline is just the swing in derivative gains, from $719.96 million to $44.64 million. The gas, liquids and oil line fell only $90.49 million even though volumes rose 11.7% to 634 Bcfe, because the average realized price dropped 5.7% to $2.65 per Mcfe. The top-line collapse is mostly mark-to-market, not a demand problem.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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