Analyst Consensus ?
ConsensusBuy45 ratings
Bullish3066.7%
Neutral1533.3%
Bearish00.0%
EQT Corporation · EQT · FY2026 Q1 · Calendar Q2 2026
EQT Q1 2026: record free cash flow, EPS beats by 12%
EQT's integrated platform produced a record Q1 2026 with over $1.8 billion of free cash flow, EPS of $2.33 beating consensus by ~12%, and leverage now below 1x net debt to EBITDA. Management is redirecting that cash toward LNG optionality (6 mtpa target), Appalachian data-center and power-generation gas supply, midstream growth projects, and continued dividend growth and buybacks, while using strategic curtailments as a hedged, synthetic-storage tool to lift price realizations.
Reported After market closeNYSEEnergy
$32.46B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$2.33
Consensus $2.08
EPS surprise
+12.0%
Reported versus consensus
Reported revenue
$3.38B
Consensus $3.22B
Revenue surprise
+5.1%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
+3.1%
Event window
SPY move
+1.0%
Same window
Abnormal move
+2.0%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
-1.5%
Up to 20 sessions
EQTSPY benchmark
Ask FN2 about EQT FY2026 Q1
Transcript, numbers and history already loaded
Why did EQT rise 3.1% after beating EPS estimates in FY2026 Q1?What changed in EQT's guidance and outlook in FY2026 Q1?Give me the bull and bear case for EQT after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior call, Q1 2026 showed leverage falling below 1x net debt/EBITDA (vs. the earlier sub-$5 billion net-debt trajectory) and production topping the high end of guidance despite Winter Storm Fern. The focus sharpened toward LNG optionality, data-center and power-generation demand in Appalachia, and strategic curtailments as a price-realization hedge, alongside reaffirmed dividend growth and buybacks.
Guidance delta
Management maintained guidance. Production topped the high end of the range despite Winter Storm Fern, and the capex outlook is increasing as EQT invests in midstream growth projects (compression, water infrastructure, Clarington Connector, MVP expansion), with peak capex in Q2 before spending tapers later in the year.
Key takeaways
- Record Q1 2026 free cash flow of over $1.8 billion reinforces the integrated upstream-midstream-marketing platform
- Leverage fell below 1x net debt/EBITDA, on track toward a $5 billion net-debt target by year-end
- Production topped the high end of guidance despite Winter Storm Fern disruptions
- LNG portfolio (6 mtpa target) flagged as high-optionality upside with multi-billion-dollar cash-flow potential
- Appalachian data-center and power-generation gas demand driving near-term sales growth
- Strategic curtailments of 10-15 Bcf act as synthetic storage to monetize seasonal price differentials
Management priorities
- Maintain aggressive deleveraging toward $5 billion net debt by year-end
- Develop LNG portfolio to a 6 mtpa target, focusing on contracts for 2028-2030
- Pursue additional data-center and power-generation gas supply agreements in Appalachia
- Invest in midstream growth projects (peak capex in Q2, then taper)
- Continue dividend growth and opportunistic share repurchases
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$51.48Current
$22Low
$44.19Average
$73High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Sep 23, 2026 |
| Stephens & Co. | Overweight | Overweight | Maintain | Sep 17, 2026 |
| UBS | Buy | Buy | Maintain | Sep 14, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 19, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 17, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 2, 2026 |
| Truist Securities | Buy | Buy | Maintain | Jun 24, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 23, 2026 |
| RBC Capital | Sector Perform | Sector Perform | Maintain | Apr 15, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Apr 6, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Mar 27, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Mar 17, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Mar 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Feb 20, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Jan 5, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Dec 12, 2025 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | Nov 21, 2025 |
| B of A Securities | Buy | Buy | Maintain | Aug 22, 2025 |
| Roth Capital | Neutral | Buy | Downgrade | Aug 18, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 12, 2025 |
| Tudor Pickering | Buy | Hold | Upgrade | Jun 20, 2023 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Dec 14, 2022 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 28, 2022 |
| MKM Partners | Buy | Buy | Maintain | Oct 23, 2020 |
| TD Securities | Buy | Buy | Maintain | Jul 28, 2020 |
| CFRA | Hold | Hold | Maintain | May 8, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 24, 2020 |
| Stifel | Hold | Hold | Maintain | Apr 20, 2020 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jan 27, 2020 |
| Macquarie | Neutral | Neutral | Maintain | May 30, 2019 |
| Cowen & Co. | Perform | Market Perform | Maintain | Apr 9, 2019 |
| Drexel Hamilton | Buy | Buy | Maintain | Nov 17, 2016 |
| Scotia Howard Weil | Sector Perform | Outperform | Downgrade | Aug 11, 2016 |
| Deutsche Bank | Hold | Buy | Downgrade | Jun 14, 2016 |
| GMP Securities | Buy | Buy | Maintain | Feb 3, 2016 |
| Seaport Global | Accumulate | Buy | Maintain | Jan 13, 2016 |
| KLR Group | Hold | Buy | Downgrade | Apr 20, 2015 |
| ISI Group | Buy | Buy | Maintain | Sep 10, 2014 |
| Oppenheimer | Outperform | Outperform | Maintain | Apr 15, 2014 |
| Maxim Group | Buy | Buy | Maintain | Nov 13, 2013 |
| Societe Generale | Hold | Buy | Downgrade | May 22, 2013 |
| Canaccord Genuity | Hold | Hold | Maintain | Dec 20, 2012 |
| Brean Capital | Hold | Buy | Downgrade | May 2, 2012 |
| Pritchard Capital Partners | Buy | Neutral | Upgrade | Apr 30, 2012 |
| Ladenburg Thalmann | Hold | Buy | Downgrade | Dec 8, 2011 |
Named analyst price targets
Upside is calculated against the persisted current price $51.48. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Stifel Nicolaus | David Deckelbaum | $66 | $54.62 | +28.2% | Sep 9, 2026 |
| Stephens | Mike Scialla | $72 | $52.73 | +39.9% | Jul 22, 2026 |
| Stephens | Mike Scialla | $71 | $49.81 | +37.9% | Jul 15, 2026 |
| UBS | Josh Silverstein | $73 | $51.22 | +41.8% | Jul 8, 2026 |
| RBC Capital | Scott Hanold | $49 | $44.53 | -4.8% | Dec 3, 2024 |
| Stephens | Mike Scialla | $38 | $37.31 | -26.2% | Oct 30, 2024 |
| Mizuho Securities | Nitin Kumar | $41 | $36.94 | -20.3% | Oct 4, 2024 |
| Citigroup | Scott Gruber | $44 | $37.26 | -14.5% | Oct 3, 2024 |
| Mizuho Securities | Nitin Kumar | $43 | $33.19 | -16.5% | Sep 16, 2024 |
| Citigroup | Paul Diamond | $37 | $32.9 | -28.1% | Aug 22, 2024 |
| Piper Sandler | Mark Lear | $32 | $31.48 | -37.8% | Aug 15, 2024 |
| Wells Fargo | Roger Read | $42 | $31.15 | -18.4% | Aug 13, 2024 |
| Piper Sandler | Mark Lear | $43 | $34.38 | -16.5% | Jul 25, 2024 |
| Piper Sandler | Mark Lear | $47 | $35.6 | -8.7% | Jul 18, 2024 |
| Scotiabank | Cameron Bean | $55 | $37.11 | +6.8% | Jul 12, 2024 |
| Jefferies | Lloyd Byrne | $49 | $36.98 | -4.8% | Jun 30, 2024 |
| Jefferies | Lloyd Byrne | $48 | $40.98 | -6.8% | Jun 3, 2024 |
| Evercore ISI | Stephen Richardson | $50 | $39.91 | -2.9% | May 24, 2024 |
| BMO Capital | Phillip Jungwirth | $47 | $39.35 | -8.7% | May 13, 2024 |
| Piper Sandler | Mark Lear | $46 | $41.05 | -10.6% | Apr 30, 2024 |
| Wolfe Research | Josh Silverstein | $46 | $39.43 | -10.6% | Apr 24, 2024 |
| Piper Sandler | Mark Lear | $41 | $36.22 | -20.3% | Apr 19, 2024 |
| Wells Fargo | Roger Read | $37 | $36.2 | -28.1% | Apr 17, 2024 |
| Mizuho Securities | Nitin Kumar | $40 | $36.52 | -22.3% | Apr 16, 2024 |
| Scotiabank | Cameron Bean | $52 | $37.71 | +1.0% | Apr 11, 2024 |
| Bernstein | Jean Ann Salisbury | $34 | $37.95 | -33.9% | Apr 10, 2024 |
| Jefferies | Lloyd Byrne | $43 | $36.76 | -16.5% | Apr 5, 2024 |
| Stephens | Mike Scialla | $36 | $39.66 | -30.1% | Jul 13, 2023 |
| Truist Financial | Neal Dingmann | $28 | $32.65 | -45.6% | Apr 11, 2023 |
| Goldman Sachs | Analyst unavailable | $49 | $33.87 | -4.8% | Dec 29, 2022 |
| Citigroup | Analyst unavailable | $40 | $36.91 | -22.3% | Dec 7, 2022 |
| Piper Sandler | Analyst unavailable | $63 | $41.49 | +22.4% | Nov 17, 2022 |
| Citigroup | Analyst unavailable | $60 | $46.56 | +16.6% | Sep 21, 2022 |
| BMO Capital | Phillip Jungwirth | $65 | $46.56 | +26.3% | Sep 20, 2022 |
| RBC Capital | Analyst unavailable | $57 | $47.89 | +10.7% | Sep 9, 2022 |
| Goldman Sachs | Analyst unavailable | $53 | $47.7 | +3.0% | Aug 22, 2022 |
| Mizuho Securities | Analyst unavailable | $59 | $47.72 | +14.6% | Aug 18, 2022 |
| Piper Sandler | Mark Lear | $59 | $42.31 | +14.6% | Aug 2, 2022 |
| Credit Suisse | Analyst unavailable | $52 | $45.44 | +1.0% | Jul 28, 2022 |
| Morgan Stanley | Analyst unavailable | $48 | $38.48 | -6.8% | Jul 19, 2022 |
| Mizuho Securities | Analyst unavailable | $55 | $38.7 | +6.8% | Jul 19, 2022 |
| Wells Fargo | Analyst unavailable | $62 | $34.2 | +20.4% | Jul 11, 2022 |
| Credit Suisse | Analyst unavailable | $50 | $46.71 | -2.9% | Jun 13, 2022 |
| Morgan Stanley | Analyst unavailable | $50 | $47.99 | -2.9% | Jun 6, 2022 |
| Mizuho Securities | Analyst unavailable | $65 | $48.32 | +26.3% | May 31, 2022 |
| Wells Fargo | Analyst unavailable | $51 | $39.45 | -0.9% | May 3, 2022 |
| Credit Suisse | Analyst unavailable | $41 | $40.97 | -20.3% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $47 | $42.32 | -8.7% | Apr 22, 2022 |
| Cowen & Co. | David Deckelbaum | $23 | $19.74 | -55.3% | Oct 13, 2021 |
| Piper Sandler | Kashy Harrison | $27 | $20.76 | -47.5% | Oct 8, 2021 |
| Citigroup | Kevin Cunane | $23 | $18 | -55.3% | Aug 30, 2021 |
| Tudor Pickering | Sameer Panjwani | $27 | $18.28 | -47.5% | Jul 30, 2021 |
| Credit Suisse | William Janela | $26 | $18.58 | -49.5% | Jul 29, 2021 |
| TD Securities | Aaron Bilkoski | $27 | $21.04 | -47.5% | Jun 29, 2021 |
| Goldman Sachs | Neil Mehta | $22 | $17.28 | -57.3% | Apr 20, 2021 |
Track every rating change on EQT the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEQT Corporation primarily functions as an extractor of natural gas within the United States. In addition to natural gas, the firm also obtains various natural gas liquids (NGLs), specifically ethane, propane, isobutane, butane, and natural gasoline. By the end of 2021, EQT possessed certified reserves amounting to 25.0 trillion cubic feet of natural gas, NGLs, and crude oil. These reserves are situated across roughly 2.0 million gross acres, with a significant 1.7 million gross acres located within the Marcellus shale formation. The company, which dates back to its founding in 1878, has its principal offices in Pittsburgh, Pennsylvania.
Historical context
All EQT earningsLatest beats and misses
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Get the EQT recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-25T12:01:03.485855+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T12:01:03.482946+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-25. For educational purposes only; not investment advice.