Fiscal year ends DecLast earnings: Apr 22, 2026Est. next earnings: Jul 22, 2026
Latest Score
9.0/ 10
+2.0vs prior
4-Period Change
±0.0
vs Q1 '25
Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
2%
All quarters
9.0out of 10Positive
Sentiment · FY2026 Q1
Q4 '24Q1 '26
Top Analysts & Firms
Most Active Analysts
Analyst
Firm
Questions
ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base8Base 8GAAP revenue YoY +39.7% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue +39.69% driven by strong gas prices (Winter Storm Fern uplift) and operational outperformance. Equitrans fully anniversaried (acquired July 2024). Energy sector — management does not state any adjusted revenue figure. GAAP stands. transcript_adjustment = 0.+EPS+1EPS +1GAAP EPS YoY +522.50% vs revenue YoY +39.69%, GAAP spread = +482.81 percentage points (outside +5 percentage points, positive direction). Operating income cross-check: operating income YoY +310.27%, operating income spread = 310.27 - 39.69 = +270.58 percentage points (outside +5 percentage points, same positive direction). Both outside, same direction → GAAP adjustment stands. Massive margin expansion driven by pricing leverage on low-cost structure and marketing optimization.+Guidance0Guidance 0Full year 2026 production guidance of 2.275-2.375 Tcfe maintained from Q4 initiation (volume target = not scored per Energy sector rules). Q2 guidance includes 10-15 Bcfe curtailments (volume). No financial metric guidance introduced or raised.=Final9
How this score was built
Base8Base 8GAAP revenue YoY +39.7% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue +39.69% driven by strong gas prices (Winter Storm Fern uplift) and operational outperformance. Equitrans fully anniversaried (acquired July 2024). Energy sector — management does not state any adjusted revenue figure. GAAP stands. transcript_adjustment = 0.+
Macro Signals
↑Oil Energy↑AI & Tech↓Trade & Tariffs
EQT reported a record $1.8B in single-quarter free cash flow in Q1 2026, driven by Winter Storm Fern which saw the company achieve 2x peer uptime outperformance. Net debt was slashed to just under $5.7B with more than $1.3B in gross debt retired in Q1 alone, meeting the full-year target. The LNG portfolio positioned EQT for $6B in annual FCF at current spreads, while data center demand bull case became the new base case as structural U.S. gas market tightening accelerated.
Key Themes7
positive📊 company
Record $1.8 Billion Free Cash Flow In Single Quarter
Generated more than $1.8 billion of free cash flow in the first quarter, roughly as much as the entirety of 2022 when gas prices were over $6, marking another record-high for EQT.
MarginRevenue Growth
positive📊 company
Winter Storm Fern Captured With 2x Peer Uptime Outperformance
Production came in above the high end of guidance despite Winter Storm Fern, with uptime that outperformed peers by a factor of more than 2x and marketing team capturing peak pricing.
I was wondering if you could update us on the progress on some of your large-scale supply deals. I'm thinking Homer City shipping port and the Duke Energy and Southern Company deals
How would you characterize the nature of those discussions post the war in Iran? And would it be your expectation that you could sign some offtake in this calendar year
EPS +1GAAP EPS YoY +522.50% vs revenue YoY +39.69%, GAAP spread = +482.81 percentage points (outside +5 percentage points, positive direction). Operating income cross-check: operating income YoY +310.27%, operating income spread = 310.27 - 39.69 = +270.58 percentage points (outside +5 percentage points, same positive direction). Both outside, same direction → GAAP adjustment stands. Massive margin expansion driven by pricing leverage on low-cost structure and marketing optimization.
+
Guidance0Guidance 0Full year 2026 production guidance of 2.275-2.375 Tcfe maintained from Q4 initiation (volume target = not scored per Energy sector rules). Q2 guidance includes 10-15 Bcfe curtailments (volume). No financial metric guidance introduced or raised.
=
Final9
Accelerated Deleveraging To $5.7 Billion Net Debt
Retired more than $1.7 billion of senior notes during the quarter, exiting with net debt of just under $5.7 billion, with Fitch upgrading EQT to BBB.
Capital Allocation
positive📊 company
LNG Portfolio Positions EQT For $6 Billion FCF At Current Spreads
If LNG portfolio was fully online today with current TTF and JKM spreads, projected 2026 free cash flow would be approximately $6 billion, underscoring significant upside optionality.
DemandGeographic Expansion
positive🏢 sector
Data Center Demand Bull Case Becoming New Base Case
Initial bull case of 10 Bcf per day of power demand growth now looks like the new base case, with notable pickup in large-scale power, midstream and data center projects in Appalachia.
Cloud & AIDemand
mixed🌍 macro
Middle East Conflict Reinforces U.S. Energy Security Premium
European natural gas prices nearly doubled following disruption of Qatari LNG supply and closure of the Strait of Hormuz, while U.S. natural gas prices remained stable at $16 per barrel oil equivalent.
MacroeconomicTrade Tariffs
positive🌍 macro
Global LNG Glut Risk Effectively Eliminated
Middle East infrastructure damage reduced near-term LNG supply and delayed Qatar expansions; risk of LNG glut backing into U.S. market is effectively gone.
MacroeconomicSupply Chain
what can you do to improve your realizations? And more specifically, can you accelerate your access to LNG on international markets given your current plan is post 2030
if you give me an update on the regulatory standpoint with U.S. infrastructure, whether electricity pricing is finally going to get us over the home there
I'm curious if those conversations are happening now. And potentially, if you could opine on whether or not you think the cost of those types could be borne by the end user
are you planning more of these curtailments? And this is kind of the game plan going forward where first half volumes might be higher than second half volumes
certainly it seems like you guys are trending pretty well versus the guide at this point. So should people think that you might be a little towards the higher end of the range
now with the clarity of the numbers and how robust the trading and marketing effort was, maybe, Toby and Jeremy, you could just talk about lessons learned and confidence about the ability to replic...
Are there going to be any immediate returns with the start-up of those projects, whether it's in sales mix and realizations or costs that we can expect
Coterra posted Q4 revenue of $1,959 million, up 40% YoY on a GAAP basis, with income from operations surging as Delaware Basin acquisition volumes and natural gas price recovery drove strong top-line growth despite oil prices declining to $58