EQT Posts Adjusted Earnings of $0.42 a Share, Beating Estimates Despite Annual Decline
Key Facts
EQT reported adjusted earnings of $0.42 a share in the third quarter of 2026, topping Zacks’ estimate of $0.38. But the result was below the profit in the same period a year earlier, when the company posted $0.52 a share. Net income attributable to the company was $278.691 million, compared with $335.862 million in the third quarter of 2025. Enphase Energy reported revenue of $293.329 million, up slightly from $291.854 million in the second quarter but down from $410.427 million a year earlier. In extended trading on October 27, Enphase shares fell 14.3% after the results were announced, according to Investing.com’s coverage attributed to Reuters.
EQT’s figures reflected a mix of earnings that beat estimates and declines in production and income measures year over year. Sales volume was 583 billion cubic feet equivalent, compared with 634 billion in the same period of 2025, and included 21 billion cubic feet of strategic curtailments. The average realized price was $2.72 per thousand cubic feet equivalent, compared with $2.76 a year earlier. The company said net cash provided by operating activities was $1.083 billion and free cash flow attributable to it was $283 million. Adjusted earnings per share thus topped Zacks’ estimate, while sales volume and net income were below year-earlier levels.
Cost figures pointed to disciplined capital and operating spending during the quarter. Capital expenditures were $638 million, 10% below the low end of the company’s guidance. Operating costs were $1.09 per thousand cubic feet equivalent, at the low end of guidance. EQT also said it raised its annual dividend 3% to $0.68 a share, and that its compound annual dividend growth rate was about 7% since 2022. The company also announced an agreement to acquire Range Resources, saying the deal would create the largest vertically integrated U.S. natural gas producer.
Enphase attributed weakness in the U.S. residential solar market to higher interest rates and the expiration of the federal tax credit under Section 25D. It said global sell-through rose about 1% quarter over quarter, below its previous forecast for 10% growth. In the United States, sell-through fell 35% year over year. The company shipped about 1.42 million IQ microinverters, with total capacity of 655.2 megawatts DC, as well as 129.9 megawatt-hours of batteries. It also said the impairment of investments reduced diluted earnings per share by $0.15 on a GAAP basis and $0.14 on its non-GAAP measure.
Enphase set a fourth-quarter revenue range of $225–255 million, including expected battery shipments of 100–120 megawatt-hours. The outlook assumes a 10% decline in sell-through compared with the third quarter and includes $51.2 million in safe-harbor revenue. Separately, the company said it demonstrated in its research and development lab in Austin the conversion of 13.8-kilovolt AC to 800-volt DC using IQSS technology. It added that the customer and partner pipeline for the technology exceeded 50 after more than doubling during the third quarter. Enphase is targeting customer trials in 2027 and the start of commercial shipments in 2028.
The outlook comes ahead of several dates markets may follow in the same week. Enphase is scheduled to hold a call to discuss its results and outlook on October 27 at 4:30 p.m. Eastern time. The Federal Open Market Committee meets on October 27 and 28, with its statement and press conference scheduled for October 28. The U.S. Bureau of Economic Analysis has also set October 29 for the next reading of the personal consumption expenditures price index. The company did not identify a direct link between these economic dates and its fourth-quarter operating outlook.