EQT Q4 Earnings Top Estimates on Higher Realized Gas-Equivalent Prices

EQT Corporation EQT reported fourth-quarter 2025 adjusted earnings from continuing operations of 90 cents per share, which beat the Zacks Consensus Estimate of 73 cents. The bottom line increased from the year-ago quarter’s figure of 67 cents.

Adjusted operating revenues increased to $2,094 million from $1,821 million in the prior-year quarter. The top line beat the Zacks Consensus Estimate of $2,064 million.

The strong quarterly results were driven by growth in total sales volumes and higher realized natural gas equivalent prices.

EQT Corporation Price, Consensus and EPS Surprise

EQT Corporation price-consensus-eps-surprise-chart | EQT Corporation Quote

Production

Sales volume increased to 609 billion cubic feet equivalent (Bcfe) from the year-ago level of 605 Bcfe. The reported figure beat our estimate of 598 Bcfe.

Natural gas sales volume was 572 Bcf, up from 566 Bcf in the year-ago quarter. The figure came in higher than our estimate of 561 Bcf.

The total liquid sales volume was 6,127 thousand barrels (MBbls), down from the year-ago level of 6,552 MBbls. The figure missed our projection of 6,145 MBbls.

Commodity Price Realizations

The average realized price was $3.44 per thousand cubic feet of natural gas equivalent (Mcfe), up from the year-ago figure of $3.01.

The average natural gas price, including cash-settled derivatives, was $3.32 per Mcf, which increased year over year from $2.86. Our estimate for the same was pinned at $3.31 per Mcf.

The natural gas sales price was $3.76 per Mcf, higher than $2.97 recorded a year ago.

The oil price was $44.98 per barrel compared with the year-ago figure of $54.75. Our estimate for the same was pegged at $48.37 per barrel.

Expenses

Total operating expenses were $1,372 million, higher than $843 million reported in the prior-year quarter.

Gathering expenses totaled 10 cents per Mcfe, up from the year-ago level of 9 cents. Transmission expenses stood at 40 cents per Mcfe, down from 41 cents recorded a year ago. Lease operating expenses amounted to 11 cents per Mcfe, higher than 9 cents in the corresponding period of 2024. Selling, general and administrative expenses came in at 18 cents per Mcfe, flat year over year.

Cash Flows

EQT’s adjusted operating cash flow totaled $1.55 billion in the reported quarter, up from $1.23 billion a year ago. The free cash flow amounted to $857 million, an increase from $588 million in the corresponding period of 2024.

Capex & Balance Sheet

Total capital expenditure was $655 million, higher than $583 million reported a year ago.

As of Dec. 31, 2025, the company had cash and cash equivalents of $111 million and net debt worth $7.69 billion.

Guidance

For the first quarter of 2026, EQT expects total sales volume to be between 560 Bcfe and 610 Bcfe. EQT’s total sales volume is forecasted to be in the range of 2,275-2,375 Bcfe for 2026. Total maintenance capital expenditures are projected to be in the band of $515-$590 million, and growth capital expenditures are anticipated to be between $120 million and $145 million in the first quarter.

EQT’s Zacks Rank and Key Picks

EQT currently has a Zacks Rank #4 (Sell).

Some top-ranked stocks from the energy sector are Archrock Inc. AROC, Oceaneering International OII and W&T Offshore WTI. While Archrock sports a Zacks Rank #1 (Strong Buy), Oceaneering and W&T Offshore carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

W&T Offshore benefits from its prolific Gulf of America assets, which offer low decline rates, strong permeability, and significant untapped reserves. The company’s recent acquisition of six shallow-water fields in the Gulf of America boosts its production prospects in the future, which is expected to enhance its revenues. 

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This article originally published on Zacks Investment Research (zacks.com).

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