EQT Corporation Net Income Surges to $1.49B in Q1 2026 on 94% Revenue Jump
EQT Corporation (NYSE: EQT), a natural gas producer, reported net income of $1.49 billion for the three months ending March 31, 2026, up from $242.1 million in the prior-year quarter. Total revenue climbed 94% to $3.38 billion.
EQT Corporation (NYSE: EQT), a natural gas producer, reported net income of $1.49 billion for the three months ending March 31, 2026, sharply higher than the $242.1 million recorded in the same quarter a year earlier. The company posted diluted earnings per share of $2.36, up from $0.40 in the first quarter of 2025. Read more earnings reports.
Total revenue for the quarter reached $3.38 billion, a 94% increase from the $1.74 billion reported in the year-ago period. Operating income jumped to $2.04 billion from $496.3 million, driven by higher natural gas sales and improved margins across the company's production operations.
Revenue and Operating Performance
Net revenue rose to $3.44 billion from $2.24 billion in the first quarter of 2025, reflecting stronger commodity prices and higher production volumes. Natural gas sales accounted for $3.25 billion of the total, up from $2.05 billion a year earlier. Natural gas liquids revenue contributed $157.1 million, down slightly from $173.8 million in the prior-year quarter.
Cost of goods sold increased to $400.3 million from $378.2 million, while selling, general and administrative expenses rose to $95.8 million from $91.5 million. Operating income for the quarter stood at $2.06 billion before inter-segment eliminations, compared to $526.1 million in the first quarter of 2025.
Cash Flow and Capital Deployment
Cash from operations totaled $3.06 billion for the three months ending March 31, 2026, up from $1.74 billion in the same period of 2025. The company deployed $842.4 million in capital expenditures and other investing activities, compared to $534.0 million a year earlier.
Cash used in financing activities reached $2.00 billion, including debt repayments and shareholder distributions, versus $1.13 billion in the first quarter of 2025. The company ended the quarter with $326.6 million in cash and cash equivalents, up from $281.8 million at March 31, 2025.
Balance Sheet and Debt
Total assets stood at $41.69 billion as of March 31, 2026, down from $41.79 billion at December 31, 2025. Long-term debt declined to $5.48 billion from $7.29 billion at year-end 2025, reflecting the company's debt reduction efforts during the quarter.
Total stockholders' equity increased to $25.12 billion from $23.75 billion at the end of 2025. Retained earnings rose to $5.62 billion from $4.24 billion, driven by the quarter's strong profitability. Common shares outstanding totaled 625.5 million as of March 31, 2026.
Tax and Other Items
Income tax expense for the quarter was $433.4 million, compared to $78.7 million in the first quarter of 2025. Other expense, primarily interest and derivatives, totaled $233.5 million versus $675.4 million in the year-ago period.
Financial Summary
| Metric ($ millions except per share) | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Total Revenue | $3,378.7 | $1,739.9 | +94% |
| Operating Income | $2,035.9 | $496.3 | +310% |
| Net Income | $1,487.2 | $242.1 | +514% |
| EPS (Diluted) | $2.36 | $0.40 | +490% |
| Cash from Operations | $3,055.0 | $1,741.2 | +75% |
| Long-Term Debt | $5,484.9 | $7,293.2* | -25% |
*As of December 31, 2025
EQT Corporation is incorporated in Pennsylvania and operates as a large accelerated filer with 625.5 million shares outstanding as of the end of the first quarter of 2026.