A month has gone by since the last earnings report for EQT Corporation (EQT). Shares have added about 8.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is EQT due for a pullback? Well, first let's take a quick look at the latest earnings report in order to get a better handle on the recent catalysts for EQT Corporation before we dive into how investors and analysts have reacted as of late.
EQT's Q4 Earnings Top Estimates, Revenues Increase Y/Y
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.
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.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
The consensus estimate has shifted 58.83% due to these changes.
VGM Scores
Currently, EQT has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock was allocated a grade of B on the value side, putting it in the second quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, EQT has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
EQT is part of the Zacks Oil and Gas - Exploration and Production - United States industry. Over the past month, Magnolia Oil & Gas Corp (MGY), a stock from the same industry, has gained 14.2%. The company reported its results for the quarter ended December 2025 more than a month ago.
Magnolia Oil & Gas Corp reported revenues of $317.63 million in the last reported quarter, representing a year-over-year change of -2.7%. EPS of $0.37 for the same period compares with $0.49 a year ago.
For the current quarter, Magnolia Oil & Gas Corp is expected to post earnings of $0.43 per share, indicating a change of -21.8% from the year-ago quarter. The Zacks Consensus Estimate has changed +9.1% over the last 30 days.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Magnolia Oil & Gas Corp. Also, the stock has a VGM Score of B.
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This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
