EQT earns $279 million in third quarter, keeps spending below guidance

EQT reported third-quarter net income attributable to the company of $279 million, or $0.44 per diluted share, as the natural gas producer kept capital spending below its guidance range, according to its earnings release filed with an 8-K.

Adjusted earnings per share were $0.42, compared with $0.52 a year earlier. Net income attributable to EQT was down from $336 million in the third quarter of 2025, and adjusted EBITDA was $1,143 million, compared with $1,328 million.

Volumes, costs and capital

Sales volume was 583 billion cubic feet equivalent, including 21 Bcfe of volumes the company curtailed, the release said. Capital spending was $638 million, 10% below the low end of the company's guidance. EQT's average price differential was negative $0.64 per thousand cubic feet, and total unit costs were $1.09 per Mcfe.

Cash provided by operating activities was $1,083 million and free cash flow was $283 million.

Balance sheet and deals

Total debt stood at $5.6 billion, with net debt just under $5.5 billion, according to the release. The company's pending acquisition of Range Resources is still awaiting completion.

EQT also highlighted commercial steps, including an open season for its POWER Pipeline project, a 10-year LNG agreement with Ignitis and 7 Bcf of storage at Leaf River.

Fourth-quarter outlook

For the fourth quarter, EQT expects sales volume of 550 to 600 Bcfe and an average differential of negative $0.65 to negative $0.55 per Mcf. For the full year, it projects 2,375 to 2,450 Bcfe.

Why it matters

As the largest U.S. natural gas producer, EQT is a key read on gas supply heading into winter. Spending below guidance while delivering volumes in line with plans shows efficiency gains, while the Range deal and the power and LNG agreements point to how the company is positioning for gas demand from data centers and exports.

Sources

1. EQT Corporation Form 8-K with third-quarter 2026 results, filed Oct. 27, 2026 (accession 0000033213-26-000054)

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