EQT · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue fell 29.2% y/y to $1.81B, operating margin 21.8% vs 44.3%, net income $211M (−73.0% y/y).
Net income attributable to EQT Corporation
$211M
down 73.0% y/y
Total operating revenues
$1,810M
down 29.2% y/y
Operating income
$394M
down 65.3% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Sales of natural gas, natural gas liquids and oil | $1,610 · −5.3% |
| Gain (loss) on derivatives | $44.6 · −93.8% |
| Pipeline and other | $155 · +13.1% |
| Total operating revenues | $1,810 · −29.2% |
| Transportation and processing | $385 · −1.1% |
| Production | $100 · +9.6% |
| Operating and maintenance | $60.2 · +11.6% |
| Selling, general and administrative | $106 · +30.5% |
| Depreciation, depletion and amortization | $690 · +10.6% |
| Loss on sale/exchange of long-lived assets | $3.6 · +19.6% |
| Impairment and expiration of leases | $6.2 · +91.5% |
| Other operating expenses | $64.5 · −63.7% |
| Operating income | $394 · −65.3% · 21.8% margin |
| Income from investments | $44.7 · −33.4% |
| Other income | $3.4 · +30.1% |
| Loss on debt extinguishment | $0.3 · −94.2% |
| Interest expense, net | $75.5 · −28.6% |
| Income before income taxes | $366 · −66.5% |
| Income tax expense | $84.9 · −64.0% · 23.2% effective rate |
| Less: Net income attributable to noncontrolling interests | $70 · −3.4% |
| Net income attributable to EQT Corporation | $211 · −73.0% · $0.34/sh · 11.7% margin |
Verdict: revenue fell 29.2% y/y to $1.81B, operating margin 21.8% vs 44.3%, net income $211M (−73.0% y/y).
Source and notation
Source: EQT press release, 8-K EX-99.1 of 07/21/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
Open as an image: EQT, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “EQT Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/eqt/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/eqt/q2-2026"><img src="https://whoreportstoday.com/t/eqt/q2-2026/sankey.png" alt="EQT Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/eqt/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/eqt/q2-2026">EQT Q2 2026 earnings chart (Who Reports Today)</a>
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- Operating income was $394M, a 21.8% margin vs 44.3% a year earlier.
- The effective tax rate was 23.2% vs 21.6% a year earlier.
- Diluted EPS was $0.34 vs $1.30 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
EQT — a vertically integrated natural gas company in the Appalachian Basin that produces and sells natural gas, NGLs and oil and owns pipelines that gather and transport gas, including an interest in the Mountain Valley Pipeline.
It reports three segments: Upstream, Gathering and Transmission. · Source: annual report (Form 10-K, SEC)
Heads-up
- net income fell 73% y/y in Q2 2026
- revenue fell 29% y/y in Q2 2026
Net income for Q2 2026: $211M, −73% y/y. In the report's figures: revenue −29% y/y; costs grew faster than revenue: depreciation, depletion and amortization +11% y/y, selling, general and administrative +31% y/y, operating and maintenance +12% y/y. Based on the Q2 2026 report.
The company's report ↗Revenue for Q2 2026: $1,810M, −29% y/y. In the report's figures: segments down: Sales of natural gas, natural gas liquids and oil −5% y/y, Gain (loss) on derivatives −94% y/y. Based on the Q2 2026 report.
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