EQT

EQT · Energy · Market cap $32.4B

Q2 FY26 Jun 30, 2026 reported Jul 22, 2026

Revenue$1.8B −29% year over year

Gross profit$1.4B

Operating profit$0.4B

Net profit$0.2B 12% margin

Numbers and detail

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	1.8	100%	−29%
Sales of natural gas, natural gas…	1.6	89%
Pipeline and other	0.2	11%
Cost of revenue	−0.4	22%
Gross profit	1.4	79% margin	−6pp
SG&A	−0.1	6%	+3pp
Other	−0.9	51%	+0pp
Operating profit	0.4	22% margin	−23pp
Tax	−0.1
Interest & other costs	−0.1
Net profit	0.2	12%	−19pp

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.4	100%	+47%
Volumetric-based fee… Gathering	0.7	29%
Firm reservation fee… Gathering	0.6	25%
Firm reservation… Transmission	0.4	17%
Total other sources of	0.3	12%
Other	0.2	8%
Volumetric-based… Transmission	0.1	4%
Cost of revenue	−0.4	17%
Gross profit	2	84% margin	+8pp
SG&A	−0.1	5%	−2pp
Other	−0.9	37%	+0pp
Operating profit	1	43% margin	−6pp
Tax	−0.2
Interest & other costs	−0.1
Net profit	0.7	28%	+3pp

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2	100%	+53%
Sales of natural gas, NGLs and oil	1.7	85%
Gathering	0.3	15%
NGLs	0.1	5%
Transmission	0.1	5%
Cost of revenue	−0.4	20%
Gross profit	1.6	81% margin	+15pp
SG&A	−0.1	5%	−2pp
Other	−0.9	45%	+0pp
Operating profit	0.6	31% margin	+53pp
Tax	−0.2
Interest & other costs	−0.1
Net profit	0.3	17%	+41pp

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	2.6	100%	+169%
Sales of natural gas, NGLs and oil	1.7	65%
Gain on derivatives	0.7	27%
NGLs sales	0.1	4%
Cost of revenue	−0.4	15%
Gross profit	2.2	85% margin	+42pp
SG&A	−0.1	3%	−4pp
Other	−0.9	37%	+0pp
Operating profit	1.1	44% margin	+44pp
Tax	−0.2
Interest & other costs	−0.1
Net profit	0.8	31%	+30pp

Quarter by quarter

Pick a quarter and the diagram above changes. Bars compare revenue across the quarters we hold.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26	Jun 30, 2026	Jul 22, 2026	$1.8B	−29%	22%	$0.2B	12%
Q4 FY25	Oct 1 – Dec 31, 2025	Feb 18, 2026	$2.4B	+47%	42%	$0.7B	28%
Q3 FY25	Jul 1 – Sep 30, 2025	Oct 22, 2025	$2B	+53%	30%	$0.3B	17%
Q2 FY25	Apr 1 – Jun 30, 2025	Jul 23, 2025	$2.6B	+169%	42%	$0.8B	31%