Anticipate a significant earnings miss in EQT's upcoming Q1 report due to derivative losses; monitor final 10-Q for confirmation and any guidance adjustments. The large cash outflow from hedges could pressure free cash flow and dividend sustainability if repeated.
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Executive Summary
EQT pre-announced a $238 million loss on derivatives and $304 million in net cash settlements paid on derivatives for Q1 2026, signaling significant mark-to-market volatility and cash outflows from hedging activity. This early disclosure suggests upcoming earnings may miss expectations.
Key Facts
- EQT expects a $238 million loss on derivatives for Q1 2026
- $304 million in net cash settlements paid on derivatives: $114M on NYMEX gas hedges, $190M on basis and liquids hedges
- No premiums paid or received for derivatives that settled in the period
- Dollar amounts are preliminary and subject to change in the 10-Q
Financial Impact
Loss of $238 million on derivatives and $304 million in net cash outflows from hedge settlements will negatively impact Q1 2026 earnings and operating cash flow
Risk Factors
- Derivative losses indicate poor hedging outcomes or adverse market moves, potentially reducing distributable cash flow
- Preliminary nature of figures leaves room for further negative revisions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000033213-26-000022 |
| Document: 0000033213-26-000022-index-headers.html | 0000033213-26-000022 |
| Document: 0000033213-26-000022-index.html | 0000033213-26-000022 |
| Document: 0000033213-26-000022.txt | 0000033213-26-000022 |
| 8-K Data (Synthetic) | 0000033213-26-000022 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 21, 2026 10w ago | Press Release | $54.01 $53.64 | ▼ −0.69% | ▼ −3.58% | $50.03 (−7.38%) |
Jul 15, 2026 11w ago | Institutional Cluster | $49.25 $54.06 | ▲ +9.77% | ▲ +7.42% | $50.03 (+1.57%) |
Jun 12, 2026 16w ago | Institutional Cluster | $51.94 $48.85 | ▼ −5.95% | ▼ −7.73% | $50.03 (−3.69%) |
Apr 21, 2026 23w ago | 8-K | $58.72 $59.77 | ▲ +1.79% | ▼ −1.37% | $50.03 (−14.80%) |
Apr 14, 2026 24w ago | 8-K | $56.70 $55.78 | ▲ +1.62% | ▲ +7.66% | $50.03 (+11.77%) |
Mar 12, 2026 29w ago | Insider Cluster | $64.63 $58.65 | ▼ −9.25% | ▼ −11.23% | $50.03 (−22.59%) |
Feb 26, 2026 31w ago | DEFA14A | $59.69 $66.86 | ▲ +12.02% | ▲ +18.42% | $50.03 (−16.19%) |
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