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Sentiment · FY2026 Q2
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.81B | +31.9% | $0.69 | -38.9% | 43.2% | 23.1% | $165M |
| FY2025 Q1 | $2.42B | +85.2% | $0.40 | +73.9% | 20.5% | 10.0% | $1.24B |
| FY2025 Q2 | $2.56B | +187.0% | $1.30 | +5974.8% | 44.3% | 30.7% | $692M |
| FY2025 Q3 | $1.82B | +49.8% | $0.53 | +198.1% | 33.1% | 18.4% | $391M |
| FY2025 Q4 | $2.27B | +25.8% | $1.08 | +56.5% | 40.2% | 29.8% | $521M |
| FY2026 Q1 | $3.38B | +39.7% | $2.49 | +522.5% | 60.3% | 46.0% | $2.46B |
| FY2026 Q2 | $1.81B | -29.2% | $0.44 | -66.2% | 21.8% | 11.7% | $398M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Neil Mehta | Goldman Sachs | 13 (0%) |
| Arun Jayaram | JPMorgan | 13 (0%) |
| Kalei Akamine | Bank of America | 11 (0%) |
| Doug Leggate | Wolfe Research | 10 (10%) |
| Phillip Jungwirth | BMO Capital Markets | 9 (0%) |
| Josh Silverstein | UBS | 9 (0%) |
| Jacob Roberts | Tudor, Pickering, Holt | 9 (0%) |
| Devin McDermott | Morgan Stanley | 6 (0%) |
| Roger Read | Wells Fargo | 6 (0%) |
| Betty Jiang | Barclays | 6 (17%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Goldman Sachs | 1 | 13 (0%) |
| JPMorgan | 1 | 13 (0%) |
| Wolfe Research | 2 | 12 (8%) |
| Bank of America | 1 |
| 11 (0%) |
| Wells Fargo | 2 | 10 (0%) |
| UBS | 1 | 9 (0%) |
| BMO Capital Markets | 1 | 9 (0%) |
| Tudor, Pickering, Holt | 1 | 9 (0%) |
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.
Demand | Capex Investment | Competitive Dynamics | Pricing | Cloud & AI | Supply Chain | Capital Allocation | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 5 | 10 | 4 | 1 | 2 | 3 | 2 | 3 |
| 2025Q1 | 6 | 4 | 2 | 4 | 4 | 1 | 3 | 3 |
| 2025Q2 | 13 | 6 | 3 | 4 | 3 | 3 | 3 | 3 |
| 2025Q3 | 12 | 6 | 7 | 8 | 5 | 3 | 4 | 1 |
| 2025Q4 | 8 | 6 | 3 | 2 | 1 | 4 | 4 | 4 |
| 2026Q1 | 10 | 6 | 5 | 4 | 4 | 4 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 6 | 13 | 12 | 8 | 10 |
| Capex Investment | 10 | 4 | 6 | 6 | 6 | 6 |
| Competitive Dynamics | 4 | 2 | 3 | 7 | 3 | 5 |
| Pricing | 1 | 4 | 4 | 8 | 2 | 4 |
| Cloud & AI | 2 | 4 | 3 | 5 | 1 | 4 |
| Supply Chain | 3 | 1 | 3 | 3 | 4 | 4 |
| Capital Allocation | 2 | 3 | 3 | 4 | 4 | 1 |
| Margin | 3 | 3 | 3 | 1 | 4 | 2 |
What EQT and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“there will be a ramp post that Southeast supply enhancement project on Transco coming online.”
The Southeast Supply Enhancement project on Williams' Transco pipeline is expected to debottleneck Appalachian markets and enable EQT's Southeast gas supply.
“This accelerated deleveraging has already been recognized by the credit rating agencies, with Fitch upgrading EQT to BBB during the quarter.”
Fitch upgraded EQT to BBB during the quarter, reflecting rapid deleveraging.
“GEV had some really strong orders though. I know they raised their expectations on inbound 110 gigawatts from 100, so obviously, some good things happening in power.”
An analyst cites GE Vernova's strong power-equipment orders (raised to 110 GW) as a read-through confirming accelerating gas-fired power demand relevant to EQT.
“I'm thinking Homer City shipping port and the Duke Energy and Southern Company deals, I think it's 2.6 Bcf a day of supply in total.”
Homer City (a Pennsylvania power redevelopment) is a named EQT gas-supply demand project moving forward with active construction.
“I'm thinking Homer City shipping port and the Duke Energy and Southern Company deals, I think it's 2.6 Bcf a day of supply in total.”
Southern Company is a counterparty on EQT's large-scale gas supply deals (~2.6 Bcf/day total across named projects); EQT confirmed progress.
“I'm thinking Homer City shipping port and the Duke Energy and Southern Company deals, I think it's 2.6 Bcf a day of supply in total.”
Duke Energy is a counterparty on EQT's large-scale gas supply deals (~2.6 Bcf/day total across named projects); EQT confirmed progress.
“NextEra has come out and said that they're going to look at putting 10 gigawatts.”
EQT cites NextEra's plan to add ~10 GW of power in Appalachia as evidence of gas-fired power/data-center demand growth in its backyard.
“Our vertical integration through the Equitrans acquisition and our low-cost operating model have fundamentally enhanced the earnings power of this company.”
EQT credits its Equitrans acquisition (midstream vertical integration) with transforming earnings power and enabling record free cash flow.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
EQT EQT Corporation | 9 | +39.7% | |
| APA APA Corporation | 5 | -11.7% | |
| COP ConocoPhillips | 6 | -2.5% | |
| CTRA Coterra | · | n/a | |
| DVN Devon Energy | 5 | -13.0% | |
| EOG EOG Resources | 9 | +15.7% | |
| EXE Expand Energy | 7 | +100.2% | |
| FANG Diamondback Energy | 6 | +5.2% | |
| OXY Occidental Petroleum | 6 | -23.1% | |
| TPL Texas Pacific Land Corporation | 8 | +20.8% |