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Ares Capital ( ARCC ) Q3 2026 Earnings Call October 27, 2026 12:00 PM EDT Company Participants John Stilmar - Partner & Co-Head of Public Markets Investor Relations Kort Schnabel - CEO & Co-Head of U.S. Direct Lending Scott Lem - CFO & Treasurer James Miller - President & Co-Head of U.S. Direct Lending Conference Call Participants Richard Shane - JPMorgan Chase & Co, Research Division Paul Johnson - Keefe, Bruyette, & Woods, Inc., Research Division Arren Cyganovich - Truist Securities, Inc., Research Division Kenneth Lee - RBC Capital Markets, Research Division Jason Stewart - Compass Point Research & Trading, LLC, Research Division Robert Dodd - Raymond James Ltd., Research Division Peter Troisi - Barclays Bank PLC, Research Division Melissa Wedel - UBS Investment Bank, Research Division Ethan Kaye - Lucid Capital Markets, LLC, Research Division Christopher Muller - Citizens JMP Securities, LLC, Research Division Presentation Operator Good afternoon, everyone.

Pentair plc (PNR) Q3 2026 Earnings Call October 27, 2026 9:00 AM EDT

Company Participants

Jeff Thompson - Vice President of Investor Relations
John Stauch - President, CEO & Director
Robert Fishman - Interim Executive VP & CFO
Robert Hau

Conference Call Participants

Bryan Blair - Oppenheimer & Co. Inc., Research Division
Brett Linzey - Mizuho Securities USA LLC, Research Division
Adam Farley - Stifel, Nicolaus & Company, Incorporated, Research Division
Robert Davies - Wolfe Research, LLC
Tyler Bisset - Goldman Sachs Group, Inc., Research Division
Andrew Kaplowitz - Citigroup Inc., Research Division
Michael Anastasiou - TD Cowen, Research Division
Jeffrey Reive - RBC Capital Markets, Research Division
Shaun Calnan - BofA Securities, Research Division

Presentation

Operator

Good day, and welcome to the Pentair Third Quarter 2026 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference call over to Mr. Jeff Thompson, Vice President of Investor Relations. Mr. Thompson, the floor is yours, sir.

Jeff Thompson
Vice President of Investor Relations

Thank you, operator, and welcome to Pentair's Third Quarter 2026 Earnings Conference Call. On the call with me are John Stauch, our President and Chief Executive Officer; Bob Fishman, our outgoing Interim Chief Financial Officer; and Bob Hau, our incoming Chief Financial Officer effective November 1.

On today's call, we will provide details on our third quarter performance as outlined in this morning's press release. On the Pentair Investor Relations website, you can find our earnings release and slide deck which provide a reconciliation of differences between GAAP and non-GAAP financial measures that we will reference.

Any statements made during our presentation today about Pentair's anticipated financial results are forward-looking statements subject to future risks and uncertainties, such as the risks outlined in today's earnings release and Pentair's filings with the Securities and Exchange Commission. Actual results could differ

Key Takeaways TROW is set to report Q3'26 earnings on Oct. 29, with EPS expected to be $2.58, down 8.2% year over year.TROW's AUM rose 5.4% year over year to $1.86 trillion as of Sept. 30, 2026, despite net outflows.TROW's planned F/m Investments buyout could boost fixed-income AUM by nearly 9%.
T. Rowe Price Group, Inc. (TROW - Free Report) is scheduled to report third-quarter 2026 results on Oct. 29, before the opening bell. The company’s quarterly earnings are expected to decline, while revenues are projected to increase year over year.

In the last reported quarter, TROW’s results benefited from higher investment advisory fees and record assets under management (AUM). Positive capital allocation-based income was also encouraging. However, higher expenses acted as a headwind.

T. Rowe Price’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters and missed once, with an average surprise of 4.3%.

T. Rowe Price’s Recent DevelopmentsIn August 2026, T. Rowe Price agreed to acquire F/m Investments, a fixed-income asset manager with $19 billion in AUM. The deal, expected to close in early 2027, is likely to strengthen TROW’s fixed-income platform, increase its fixed-income AUM by nearly 9% and more than double its fixed-income exchange-traded fund (ETF) AUM. The planned acquisition will support the company’s efforts to expand its ETF offerings and diversify beyond traditional actively managed mutual funds. Earlier, in July 2026, it also launched a private markets interval fund with Goldman Sachs Asset Management, expanding individual investors’ access to private markets and diversifying its offerings beyond traditional public-market strategies.

Key Factors & Estimates for TROW in Q3In the July-September quarter, the S&P 500 Index rose nearly 2%, driven by stable performance in U.S. equities, supported by continued gains in AI-related technology stocks and resilient global markets. As such, TROW’s AUM is likely to have witnessed decent growth in the quarter to be reported.

Investor flows remained uneven across asset classes during the third quarter of 2026, with continued strong demand for exchange-traded funds, private-market strategies and diversified investment solutions. However, persistent fee pressure and the ongoing shift toward lower-cost passive investment products likely constrained organic growth and fee-based revenues for traditional active asset managers. Per the company’s monthly metrics data, its net outflows were $6.5 billion for the quarter ended Sept. 30, 2026.

The company’s preliminary AUM of $1.86 trillion as of Sept. 30, 2026, rose 5.4% from the prior-year quarter.

The Zacks Consensus Estimate for total AUM is $1.86 trillion, indicating a 5.4% year-over-year increase.

The Zacks Consensus Estimate for investment advisory fees is pegged at $1.79 trillion, indicating a 5.8% year-over-year increase.

The Zacks Consensus Estimate for administrative, distribution and servicing fees is pegged at $149.6 million, indicating a 2.1% increase from the prior year’s quarter.

Coming to expenses, T. Rowe Price continues to incur significant expenditure to attract new investment advisory clients and additional investments from existing clients. The company is also investing heavily in technology, distribution and employee compensation to strengthen its platform and keep pace with evolving customer needs. These factors are likely to have increased expenses in the quarter to be reported. However, ongoing cost-management efforts are expected to have offset the rise to some extent.

What the Zacks Model Unveils for TROWOur proven model predicts an earnings beat for TROW this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is exactly the case here.

You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Earnings ESP: The company has an Earnings ESP of +0.36%.

Zacks Rank: T. Rowe Price currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for third-quarter earnings has been revised downward over the past seven days to $2.58 per share, indicating an 8.2% year-over-year decline.

The consensus estimate for revenues of $1.95 billion implies a 3.2% rise from the prior-year quarter’s actual.

Performance of Other Asset ManagersBlackRock’s (BLK - Free Report) third-quarter 2026 adjusted earnings of $15.93 per share surpassed the Zacks Consensus Estimate of $13.97. The figure reflects a 38% rise from the year-ago quarter.

BLK’s results benefited from record assets under management, higher revenues, robust asset inflows and improved operating performance. However, higher expenses weighed on results.

Blackstone’s (BX - Free Report) third-quarter 2026 distributable earnings of $1.32 per share outpaced the Zacks Consensus Estimate of $1.26. However, the bottom line declined 13% from the prior-year quarter.

Results benefited from a rise in the assets under management balance to record levels and higher fee-related earnings. However, a decline in segment revenues was the undermining factor.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

Shareholders should contact the firm immediately as there may be limited time to enforce your rights. 

, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating whether certain officers and directors of ZoomInfo Technologies Inc. (NASDAQ: GTM) breached their fiduciary duties to shareholders.

If you currently own ZoomInfo stock and are a long-term shareholder, you may be able to seek corporate governance reforms, the return of funds back to the company, a court-approved financial incentive award, or other relief and benefits. Please click here to learn more about your legal rights and options or contact Daniel Sadeh or Zachary Halper at (212) 763-0060 or [email protected] or [email protected].

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Shareholder involvement can help improve a company's policies, practices, and oversight mechanisms to create a more transparent, accountable, and effectively managed organization, which can enhance shareholder value.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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(212) 763-0060
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[email protected] 
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SOURCE Halper Sadeh LLP

Announcing third-quarter 2026 financial results before the market opened today, Corning (GLW -1.13%) provided investors with a lot to celebrate. With shares of the specialized glass manufacturer dipping lower this morning, though, it's clear that investors weren't impressed with the company's recent performance.

As of 1:08 p.m., ET, Corning shares are down 1%, paring back an earlier loss of 4.7%.

Image source: Getty Images.

Corning grows Q3 core sales 19% year over year, but investors are more focused on something elseCorning reported revenue of $436 million for its solar business in Q3 2026, a quarter-over-quarter decrease from the $438 million it reported in Q2 2026. In addition, Corning reported a $7 million net loss for its solar business, consistent with the $7 million net loss it incurred in Q2 2026 and a sharper loss from the same period in 2025, when it reported $30 million in net income for its solar business.

GLW Corning$126.30-$1.44 (-1.13%)

NYSE · As of 4:00 PM ET 10/27/26

In the Q2 2026 earnings presentation, management stated that the solar business's revenue and profitability would improve in Q3.

Reporting Q3 2026 core sales of $5.08 billion, Corning beat analysts' expectations of $5.03 billion. At the bottom of the income statement, the company reported Q3 core earnings per share (EPS) of $0.91 -- better than the $0.88 that analysts had anticipated.

Corning manufactures specialized glass, ceramics, and optical materials for numerous applications, including smartphone screens, televisions, telecommunications networks, automotive emissions systems, and laboratory equipment.

For the fourth quarter, Corning projects sales growth of about 19% year over year and EPS growth of 36% year over year.

Is Corning stock a buy today?Investors may find the drop in the solar business disconcerting, but given the company's otherwise strong quarter, it's certainly reasonable to consider picking up shares. With shares trading at 30.8 times forward earnings, investors may want to wait for a further pullback before clicking the buy button on this tech stock.

 | Source: Prospect Capital Corporation

NEW YORK, Oct. 27, 2026 (GLOBE NEWSWIRE) -- Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”), a leading business development company focused on investing in middle-market businesses, today announced the signing of a definitive agreement for the successful exit of Prospect's investment in RGIS Services, LLC (“RGIS”).

The closing of the transaction is expected to occur in November 2026 and Prospect expects to receive proceeds of approximately $22 million for its investment in RGIS. Over the life of the RGIS investment since 2017, Prospect will have achieved a 13.6% realized gross annualized internal rate of return and 1.6 times multiple of invested capital through a combination of interest income, equity distributions, and other cash flows.

RGIS (formerly known as Retail Grocery Inventory Services) is a global provider of inventory, supply chain and asset solutions. RGIS completes approximately 230,000 inventory counts around the world in 66 countries annually with a team of approximately 15,000 employees. RGIS utilizes proprietary scanning technology for speed and accuracy to reduce downtime and quickly resume operations for clients.

“Prospect’s successful investment in RGIS provides another example of Prospect’s experience successfully investing in leading companies that generate strong investment returns for our shareholders,” said David Moszer, Managing Director at Prospect. “Prospect is pleased to have worked with and supported RGIS for many years to result in a successful outcome, which will allow us to rotate from this non-income-producing equity investment into additional first lien senior secured income-producing corporate debt investments.”

About Prospect Capital Corporation

Prospect is a business development company that invests in middle market privately-held companies. Prospect’s investment objective is to generate both current income and long-term capital appreciation.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. Prospect has elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

Internal Rate of Return (“IRR”) is the discount rate that makes the net present value of all cash flows related to a particular investment equal to zero. IRR is gross of general expenses not related to specific investments as these expenses are not allocable to specific investments. Investments are considered to be exited when the original investment objective has been achieved through the receipt of cash and/or non-cash consideration upon the repayment of a debt investment or sale of an investment or through the determination that no further consideration was collectible and, thus, a loss may have been realized. Prospect’s gross IRR calculations are unaudited. Information regarding internal rates of return are historical results relating to Prospect’s past performance and are not necessarily indicative of future results, the achievement of which cannot be assured.

For additional information, contact:

Grier Eliasek, President and Chief Operating Officer
[email protected]
Telephone (212) 448-0702

5.51K Followers

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Interest rates and bond yields are rising, making dividend stocks less enticing, since investors can earn high returns without having to buy income-producing stocks. But the good news is that this has led to many dividend stocks trading lower lately, pushing their yields higher in the process and potentially setting them up for big gains later on.

Three excellent dividend stocks that are absurdly cheap right now and that are trading below $100 include AT&T (T +0.43%), Pfizer (PFE +0.03%), and Zoetis (ZTS -3.38%). Here's why they can be excellent options for income investors to consider for their portfolios right now.

Image source: Getty Images.

AT&TAT&T's business has been doing well this year, but there simply hasn't been a huge catalyst to make the telecom stock a hot buy. Investors are going elsewhere for high returns, and there are also concerns that Space Exploration Technologies Corp plans to turn Starlink into a major U.S. carrier, potentially disrupting the entire telecom industry.

Those worries have been weighing on AT&T's stock, which is down about 16% this year. Even the company's recent earnings report, as strong as it was, wasn't enough to turn its fortunes around. AT&T posted more than 5% revenue growth in the September quarter, a far higher rate than usual, which should have given investors renewed confidence in the business. But that hasn't been the case, at least for now.

T AT&T$20.94+$0.09 (+0.43%)

NYSE · As of 4:00 PM ET 10/27/26

The stock is trading around $21 right now, and its price-to-earnings (P/E) multiple of 11 is incredibly low. The S&P 500 average is much higher at 23. AT&T's stock also yields 5.3%, providing investors with an extra incentive to buy it today, as it's not only cheap with significant upside potential but also offers high recurring income.

PfizerPfizer's stock has actually been doing well this year, a nice change from previous years when investors remained cautious despite its posting steady, strong results. But even at around $30, this is an undervalued stock.

The healthcare company has been investing in its growth over the years, and while it may take some time for those efforts to translate into stronger top-line growth, the market has been overly punitive, with Pfizer shares down more than 30% over five years.

PFE Pfizer$29.80+$0.01 (+0.03%)

NYSE · As of 4:00 PM ET 10/27/26

Its P/E multiple of 39 looks high, but Pfizer has also been incurring nonrecurring expenses as it restructures its operations and aims to get leaner and more efficient. Based on analyst expectations of future earnings, its forward P/E multiple is incredibly low, at just 10. And at 5.8%, it offers an even higher yield than AT&T.

ZoetisThe stock that's down the most on this list is Zoetis, a company that produces healthcare products for animals, including various medicines, vaccines, and diagnostic products. It has declined by 37% in value this year, which has pushed its yield up to around 2.6%. Although it's not as high as the other stocks on this list, the yield is still well above average.

Zoetis has fallen out of favor with the market due to its slowing growth. During the first six months of the year, the company's revenue totaled $4.7 billion, which was just a 1% increase from the same period a year ago.

ZTS Zoetis$78.23-$2.74 (-3.38%)

NYSE · As of 4:00 PM ET 10/27/26

The company, however, isn't necessarily running out of growth opportunities, as it has 12 potential blockbusters in its pipeline, targeting a variety of areas, including oncology, cardiology, obesity, and chronic kidney disease.

Meanwhile, the stock's dividend is well supported with strong financials, as Zoetis' payout ratio is modest at around just 34% of its earnings. The stock trades below $80 right now, and its P/E multiple is just 13. For long-term investors who are willing to be patient, this is another solid stock to buy right now.

Live 10 updates · Last at 4:39pm ET Updates appear automatically.

By Thomas Richmond · Updated Oct 27, 4:39pm ET · Published Oct 27, 2:08pm ET

Live UpdatesNewest first

That wraps up our initial coverage of Robinhood’s Q3 results. Thank you for stopping by!

Robinhood just reported Q3 earnings, with shares initially down 5% following the report. Both revenue and earnings missed Wall Street expectations.

Revenue: $1.424 billion vs. $1.43 billion expected Adjusted EPS: $0.51 vs. $0.55 expected Quick Read:

Double Miss: Revenue missed estimates slightly, while EPS fell approximately 7% short of expectations. Growth vs. Profitability: Revenue increased 12% year over year and 9% sequentially, but EPS declined 16% year over year and 18% quarter over quarter.

$17.34BNet debt

Cash $5.36B · Debt $22.71B · Equity $9.48B · Current ratio 1.22×

Robinhood's debt load climbed to $22.7 billion in Q2 2026 from $12.6 billion a year earlier, much of it the funding that supports margin books and customer balances, while equity inched up to $9.5 billion and the current ratio held near 1.22. That makes tonight's earnings report as much about whether balance sheet growth is translating into net interest revenue as it is about crypto softness.

Net cash by quarter

82.0%+0.2pp YoY

43.9%-0.5pp YoY

42.9%+3.9pp YoY

Robinhood's operating margin has swung between 38.5% and 50.7% over the past six quarters, tracking the revenue mix: the softest readings (Q1 2026 at 38.5%) came in the quarters with the lightest revenue. With crypto revenue expected to drop sharply this quarter, operating margin is the cleanest indicator of whether prediction markets and Gold are carrying the load tonight.

Operating margin by quarter

Support & resistance · chart through Tue, Oct 27 R2$124.37+29.6%R1$112.31+17.0%Now$95.98S1$92.12-4.0%S2$73.72-23.2% $108.80-11.8% below

$93.04+3.2% above

$63.52 – $150.47

Robinhood goes into tonight's report sitting right on its 200-day average at $93.04, with first support at $92.12 just below. That cluster is the line that matters: hold it and the $112.31 resistance, roughly where the 50-day sits at $108.80, becomes the upside target. Lose it and the next shelf is all the way down at $73.72.

$1.3Bacross 11 tracked filers

3 added · 5 trimmed · 1 new

ARK Investment Management LLC$525M-0.1%Marshall Wace LLP$344M—Renaissance Technologies LLC$220M-0.6%Altimeter Capital Management$90M—Brevan Howard$27M—Millennium Management LLC$14M-0.9%Two Sigma Investments LLC$13M-1.0%Balyasny Asset Management LP$12M+2.0% + 3 more tracked holders

As of Jun 30, 2026 quarter end · 13F disclosures lag ~45 days — long positions only, tracked filers only.

Among 11 institutional filers, five trimmed Robinhood and only three added as of the June 30 disclosures, with Renaissance Technologies, Millennium and Two Sigma all cutting sharply while ARK Invest stayed the anchor holder. Those filings are roughly 45 days stale and predate the quarter being reported tonight, so they say nothing about where these funds sit now, but the group went into the back half leaning lighter rather than heavier.

Will Robinhood (HOOD) beat quarterly earnings?

87%Yes

Polymarket · $2k traded · resolves Tue, Oct 27

Traders on Polymarket are pricing a Robinhood earnings beat at 87% ahead of tonight's earnings report, even with consensus EPS set at $0.55 and crypto revenue expected to fall sharply. Volume on the contract is thin, so the 87% reads as a sentiment gauge on the quarter.

Put/call 0.43Calls dominant

CallsPuts

114.7%

Fri, Oct 30chain as of Mon, Oct 26

A 0.43 put/call ratio into tonight's earnings says traders are leaning heavily toward calls, which reads as confidence, though extremes like this just as often mark the point where positioning gets caught offside. At-the-money implied volatility of 114.7% on the $94 strike expiring October 30 shows how wide the options market is drawing the range around this report.

Open interest near the money · puts / calls $911.5k / 206$922.7k / 299$93885 / 532$941.9k / 563$952.7k / 1.2k$961k / 667

$0.62vs $0.43 est +43.7%

$1.31Bvs $1.28B est +2.1%

Earnings-day move -3.6%Since report +6.7%

In Q2, Robinhood's revenue met expectations while profit exceeded them, a margin story built on scale. Crypto revenue is expected to shrink sharply this quarter, leaving the Gold, deposits and prediction-markets engine to carry it.

Price since the report

Reported Wed, Jul 29 · next print Tue, Oct 27

Robinhood reports Q3 earnings tonight, with analysts expecting $1.43 billion in revenue and $0.55 in EPS.

Shares have fallen 19.22% over the past month, despite record customer deposits, Gold subscribers, and platform assets.

Investors will be watching whether prediction markets, Agentic Trading, and Trump Accounts can offset an expected 38% decline in crypto revenue.

Strong results could reinforce management’s ambition to grow the business tenfold over the next decade.

This article is updated throughout the trading day. Check back for more.

Full CoverageThe story so far

Robinhood Markets (NASDAQ:HOOD | HOOD Price Prediction) is expected to report third-quarter results tonight at 4:05 PM ET. Shares are up 3.89% today to $96.45, but the stock is down 14.72% year to date, so this report needs to show that continued monetization efforts are driving earnings.

Record Quarter Meets a Sliding Stock Robinhood’s Q2 revenue rose 32% to $1.308 billion. EPS of $0.62 beat the $0.4314 estimate, but about $129 million of net income came from deconsolidating Robinhood Ventures Fund I. Net deposits hit a record $21.7 billion, and Gold subscribers grew 39% to 4.8 million.

The revenue mix is changing as event contracts revenue grew more than tenfold to $156 million, while crypto revenue fell to $100 million. Management also cut its 2026 adjusted operating expense and SBC outlook to $2.675-$2.775 billion.

Consensus Estimates Point to Slower Growth Metric Q3 2026 Estimate YoY Change FY 2026 Estimate FY 2027 Estimate Revenue $1.43B +12.4% $5.32B $6.88B EPS (Normalized) $0.55 -9.0% $2.17 $2.96 Consensus revenue growth of about 12% is well below the 32% rate in the second quarter. Analysts have continued to raise their estimates. The Q3 EPS average has risen from $0.49 90 days ago, with 8 upward revisions against 2 downward ones over the past 30 days.

What I’m Watching Tonight: Prediction Markets, Deposits and Crypto Here are some of the top items I’m watching in Robinhood’s Q3 earnings tonight:

Prediction markets: Users grew to close to 2 million, and Rothera became a top-three U.S. contract market after about a month. The key question is whether demand from top events like football season, the midterms, and macro events keeps volumes growing. Net deposits: July deposits were tracking toward the $4 billion area, and Trump Accounts drew nearly $1.5 billion. Whether growth holds well above the 20% annual target is worth monitoring. Crypto: Management said July crypto activity was somewhat slower than Q2. The question is how Robinhood Chain, Robinhood Earn, and today’s Ripple digital dollar deal fit into the story about how crypto makes money. AI and costs: Agentic Trading had more than 100,000 accounts. Credit loss provisions doubled to $56 million, and with the CFO transition still ongoing, expense discipline is a key area to watch. Earnings History Shows Volatile Reactions Quarter EPS Surprise 1-Day Move 7-Day Move 14-Day Move Q2 2026 +43.72% -0.05% +4.75% N/A Q1 2026 -1.99% +2.37% +11.03% N/A Q4 2025 +3.79% -8.79% -2.98% N/A Q3 2025 +12.07% +2.58% -4.37% N/A On average, shares have moved 2.11% within a week of earnings over the past year.

Contact [email protected] for any questions or corrections.

Thomas Richmond

Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 500 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.

Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.

Outside of work, Thomas enjoys weight lifting and soccer.

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Robinhood Markets (HOOD.O) reported a drop in third-quarter profit on ​Tuesday as slower cryptocurrency trading ‌weighed on growth, despite robust trading activity across other asset classes, sending its shares down ​3.4% after the bell.

Crypto markets ​have come under pressure this year ⁠amid heightened volatility and persistent ​outflows, as inflationary pressures and higher interest ​rates make bonds and other traditional investments more attractive than speculative assets.

Meanwhile, tensions in the Middle ​East tensions rattled global markets during ​the quarter, spurring trading activity on brokerage platforms ‌as ⁠investors adjusted portfolios and hedged against risks.

Robinhood's transaction-based revenue rose about 19% to $867 million, driven by strength in ​equities, options ​and ⁠prediction markets.

The Menlo Park, California-based company posted a profit ​of $476 million, or 51 cents ​per ⁠share, for the three months ended September 30, compared with $556 million, or ⁠61 ​cents per share, in ​the year-ago period.

Rocket Lab just posted a sharp single-day rebound, but a double-digit year-to-date loss, a pending megadeal, and a reusable rocket on the launchpad create a tangle of risks and catalysts that could push the stock in either direction before year-end.

A sharp rebound is reopening the debate over whether the launch and spacecraft maker behind the pending Iridium Communications acquisition has finally stopped sliding. Rocket Lab (NASDAQ:RKLB | RKLB Price Prediction) stock has risen 8% to $58.20. That bounce reduces a decline that still stands at 17% year to date (YTD).

Smaller space operators are carrying most of this year’s damage. Meanwhile, AST SpaceMobile (NASDAQ:ASTS) stock is down 42% YTD to $41.96, and Planet Labs (NYSE:PL) stock is down 26% YTD to $14.52, both larger slides than the decline in Rocket Lab stock.

Space-focused and broad-market funds have held up far better. The Procure Space ETF (NASDAQ:UFO) is up 7% YTD; this fund holds Rocket Lab alongside navigation, defense and satellite names. Over the same stretch, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 13% YTD, which places this year’s weakness directly in the smaller space operators.

Settled Deal Financing Anchors the Bottom Case
Rocket Lab agreed to acquire satellite operator Iridium Communications, adding subscription revenue to a business paid largely per launch and per spacecraft. In September, the Federal Communications Commission accepted the license-transfer applications for filing, and Rocket Lab completed an equity sale that let it terminate its bridge financing for the deal.

Today’s rebound puts that settled financing at the core of the argument that Rocket Lab stock has found a floor. CEO Peter Beck declared on the August 10 earnings call that “Rocket Lab will become a self-launching Tier 1 space power, delivering critical communications capability to millions of users worldwide.”

Operating results help too. Rocket Lab’s revenue rose 62% year over year to $234.07 million in Q2 2026, and backlog hit a record $2.36 billion. Iridium’s network serves more than 2.5 million subscribers, a recurring base Rocket Lab can’t match alone.

The case against a bottom starts with the share count. Rocket Lab raised $1.53 billion through its at-the-market program in the first half of the year, ahead of the September equity sale, and its Q3 2026 outlook assumes 641 million basic weighted average shares. Each new share dilutes existing holders’ claim on future earnings, and Rocket Lab still posted a $49.3 million net loss in Q2.

Regulatory and shareholder hurdles add a second layer of uncertainty. Closing on Iridium still requires a shareholder vote and regulatory approval, with the target set for the middle of next year, so the recurring revenue piece of the story remains on paper. Neutron adds execution risk on top of that, with Rocket Lab targeting Q4 2026 delivery of the reusable rocket to the launch pad.

Rocket Lab’s Iridium Deal Against a Year-Long Decline
Rocket Lab now faces the question of whether the Iridium deal passes its shareholder vote and the regulatory review now underway. Rocket Lab’s Q3 guidance calls for record revenue of $250 million to $265 million. Shareholders can watch for whether that report and the deal timeline support the bounce in Rocket Lab stock.

Neutron’s debut timing could also shape opinion, since a reusable medium-lift rocket would give Rocket Lab its own ride for future constellations. Beck stated on the same call, “Pre-test flight or post-test flight, Neutron demand is not a concern.” Any slip past Q4 would give the bearish side fresh material.

A year-long decline and a sharp rebound can coexist for some time before either side of the debate proves out. Holding Rocket Lab stock through that stretch means accepting both dilution risk and deal risk, the sort of asymmetric setup we built rules around in a free speculation playbook here. When all is said and done, RKLB share position sizes should stay modest until Rocket Lab’s Iridium review concludes.

Contact [email protected] for any questions or corrections.

FREMONT, Calif., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company, announced today financial results for the third quarter of 2026, which included the summary below from its President and CEO, Badri Kothandaraman.

We reported quarterly revenue of $293.3 million in the third quarter of 2026 and shipped approximately 1.42 million IQ® Microinverters, or 655.2 megawatts DC, and 129.9 megawatt hours (MWh) of IQ® Batteries.

Highlights for the third quarter of 2026 are listed below:        

Successfully demonstrated 13.8 kV AC to 800 VDC conversion using our IQ® SST technologyDeveloping IQ SST solutions for the AI data center needs of two global technology leadersRevenue of $293.3 millionGAAP gross margin of 43.3%; non-GAAP gross margin of 45.0%GAAP operating income of $6.5 million; non-GAAP operating income of $53.6 millionGAAP net income of $23.4 million; non-GAAP net income of $54.0 millionGAAP diluted earnings per share (EPS) of $0.17; non-GAAP diluted EPS of $0.41GAAP and non-GAAP diluted EPS reduced by $0.15 and $0.14, due to impairment in investmentsCash, cash equivalents and marketable securities of $931.8 million Our revenue and earnings for the third quarter of 2026 are provided below, compared with the prior quarter:

(In thousands, except per share and percentage data)
     GAAP Non-GAAP Q3 2026 Q2 2026 Q3 2025 Q3 2026 Q2 2026 Q3 2025Revenue$293,329  $291,854  $410,427  $293,329  $291,854  $410,427 Gross margin 43.3%  60.0%  47.8%  45.0%  46.8%  49.2%Operating expenses$120,652  $123,495  $130,080  $78,437  $79,820  $78,538 Operating income$6,466  $51,519  $66,159  $53,575  $56,697  $123,402 Net income$23,387  $36,079  $66,638  $54,000  $61,515  $117,300 Basic EPS$0.18  $0.27  $0.51  $0.41  $0.47  $0.90 Diluted EPS$0.17  $0.27  $0.50  $0.41  $0.46  $0.90 
Total revenue for the third quarter of 2026 was $293.3 million, compared to $291.9 million in the second quarter. Third-quarter revenue included $85.0 million of safe harbor revenue, compared to $84.3 million in the second quarter. Revenue in the United States increased approximately 3%, a smaller than anticipated increase due to soft residential solar demand. Revenue in Europe decreased approximately 11%, due to summer seasonality and continued weakness in certain solar markets.

Global sell-through increased approximately 1% sequentially in the third quarter of 2026, below our expectation of 10% growth, contributing to revenue at the low end of our guidance range. U.S. sell-through increased 5% sequentially, but declined 35% year-over-year, broadly in line with third-party reports of U.S. residential solar market trends. European sell-through declined 12% sequentially in the third quarter, reflecting seasonality and softer demand, particularly in France.

Non-GAAP gross margin was 45.0% in the third quarter, compared to 46.8% in the second quarter. The decrease in gross margin was driven by product mix. Reciprocal tariffs reduced gross margin by approximately 1.3 percentage points, down from approximately 2.0 percentage points in the second quarter.

Non-GAAP operating expenses were $78.4 million in the third quarter, compared to $79.8 million in the second quarter. Non-GAAP operating income decreased to $53.6 million, compared to $56.7 million in the second quarter.

We exited the third quarter of 2026 with $931.8 million in cash, cash equivalents and marketable securities, and generated approximately $0.1 million in cash flow from operations. Capital expenditures were $11.5 million, compared to $14.4 million in the second quarter.

We shipped 129.9 MWh of IQ Batteries in the third quarter, compared to 113.8 MWh in the second quarter. More than 26,000 installers worldwide are now certified to install IQ Batteries, up from more than 25,000 in the second quarter.

We announced a major milestone in the development of the IQ® Solid-State Transformer (IQ SST), successfully demonstrating 13.8 kV AC to 800 VDC conversion at our R&D lab in Austin, Texas. The demonstration brought together 132 power modules, with 44 connected in series on each of three phases, operating as a single integrated system. Importantly, IQ SST maintained a stable 800 VDC output during rapid load changes that simulate the dynamic power demands of AI compute racks.

By converting medium-voltage AC directly to 800 VDC, IQ SST is designed to eliminate multiple stages of conventional power conversion, reduce energy losses, and deliver more usable power to AI compute. Our next milestones are to validate operation at 34.5 kV and demonstrate a megawatt-scale system by the end of 2026.

During the third quarter of 2026, we more than doubled our IQ SST customer and partner pipeline to over 50. We are actively engaged with a leading hyperscaler and a global AI computing leader, whose technical requirements are helping shape our product architecture and roadmap. These engagements reinforce our confidence in the market opportunity. We remain on track for customer pilots in 2027, with commercial shipments expected to begin in 2028.

Our core U.S. residential solar market continues to face headwinds from higher interest rates and the expiration of the Section 25D federal tax credit. We are addressing these near-term challenges while positioning Enphase for a new phase of growth, driven by five key growth drivers heading into 2027: our fifth-generation IQ® Battery G5 for global residential storage markets; the Propel prepaid lease program to drive U.S. residential solar and battery adoption; commercial solar with our IQ9™ Commercial Microinverters and our upcoming IQ® Battery C80 in the United States; unidirectional and bidirectional EV chargers for global markets; and IQ SST for next-generation AI data centers. Together, we believe these opportunities expand our addressable market, leverage our power electronics expertise, and position Enphase for sustainable long-term growth.

BUSINESS HIGHLIGHTS

On Oct. 27, 2026, Enphase Energy announced that it successfully demonstrated 13.8 kV AC to 800 VDC conversion with IQ SST at its Austin, Texas R&D lab.On Oct. 26, 2026, Enphase Energy announced with Infineon Technologies that Enphase will deploy the world’s first 900 V GaN monolithic bidirectional switch devices in its IQ SST power modules.On Oct. 21, 2026, Enphase Energy announced ISO 15118-20 support for its IQ® EV Charger 2 starting in 2027, in compliance with the EU's Alternative Fuels Infrastructure Regulation (AFIR).On Oct. 14, 2026, Enphase Energy highlighted commercial and industrial (C&I) repowering projects across the United States that use Enphase IQ9 Commercial Microinverters.On Oct. 8, 2026, Enphase Energy announced that it began production shipments of its new IQ® Gateway Fusion in India.On Sept. 21, 2026, Enphase Energy announced that the Enphase IQ® Meter Collar is now approved for behind-the-meter installation by 80 utilities across the United States and Canada.On Sept. 14, 2026, Enphase Energy announced its participation in AI Infra Summit 2026, showcasing its approach to next-generation AI data center power infrastructure, including IQ SST.On Sept. 8, 2026, Enphase Energy announced that power modules for its IQ SST are now being built in the United States to assemble and validate full-scale IQ SST racks.On Sept. 3, 2026, Enphase Energy announced expanded metering compatibility for the Enphase IQ® EV Charger 2 across several European markets. On Sept. 1, 2026, Enphase Energy announced that more than 7,500 homeowners across the United States have enrolled in Enphase® Care, the company’s premium support offering for Enphase solar and battery systems.On Aug. 25, 2026, Enphase Energy announced an expanded homeowner outreach effort in the Netherlands to help solar-only customers prepare for the end of net metering on Jan. 1, 2027.On Aug. 20, 2026, Enphase Energy announced the availability of the Enphase® AI Assistant in the Enphase® App for homeowners.On Aug. 18, 2026, Enphase Energy announced that it opened U.S. pre-orders for the IQ Battery C80, its first commercial battery storage system. On Aug. 13, 2026, Enphase Energy announced that Italian homeowners can now build a complete home energy system with Enphase, combining solar, storage, backup, and EV charging on a single platform.On Aug. 10, 2026, Enphase Energy announced expanded support in the United States and Canada that allows homeowners with existing non-Enphase solar systems to add the IQ® Battery 10C and whole-home backup. FOURTH QUARTER 2026 FINANCIAL OUTLOOK

For the fourth quarter of 2026, Enphase Energy estimates both GAAP and non-GAAP financial results as follows:

Revenue to be within a range of $225.0 million to $255.0 million, which includes shipments of 100 to 120 MWh of IQ Batteries. This outlook includes approximately $51.2 million of safe harbor revenue and assumes sell-through will be down 10%, compared with the third quarter of 2026.GAAP gross margin to be within a range of 38.0% to 41.0%, including approximately 2.0 percentage points of reciprocal tariff impact.Non-GAAP gross margin to be within a range of 40.0% to 43.0%, including approximately 2.0 percentage points of reciprocal tariff impact. Non-GAAP gross margin excludes stock-based compensation expense and acquisition related amortization.GAAP operating expenses to be within a range of $119.0 million to $123.0 million.Non-GAAP operating expenses to be within a range of $76.0 million to $80.0 million, excluding $43.0 million estimated for stock-based compensation expense and acquisition related amortization. Follow Enphase Online

Read the Enphase blog.Follow @Enphase on X.Visit us on Facebook and LinkedIn.Watch Enphase videos on YouTube. Use of non-GAAP Financial Measures

Enphase Energy has presented certain non-GAAP financial measures in this press release. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (GAAP). Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this press release. Non-GAAP financial measures presented by Enphase Energy include non-GAAP gross profit, gross margin, operating expenses, income from operations, net income, net income per share (basic and diluted), and free cash flow.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. In addition, these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Enphase Energy’s results of operations as determined in accordance with GAAP. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Enphase Energy uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Enphase Energy believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

As presented in the “Reconciliation of Non-GAAP Financial Measures” tables below, each of the non-GAAP financial measures excludes one or more of the following items for purposes of calculating non-GAAP financial measures to facilitate an evaluation of Enphase Energy’s current operating performance and a comparison to its past operating performance:

Tariff refunds. This item represents refunds received for tariffs previously imposed under the International Emergency Economic Powers Act, which were invalidated following the United States Supreme Court ruling in Learning Resources, Inc. v. Trump. Enphase Energy received refunds and associated interest of approximately $52.0 million during the nine months ended September 30, 2026 from U.S. Customs and Border Protection related to tariffs paid during fiscal 2025 and the first quarter of fiscal 2026, of which approximately $1.6 million and $47.0 million was recognized as a reduction to cost of revenues during the three and nine months ended September 30, 2026, respectively; approximately $0.1 million and $1.7 million was recognized as interest income in the three and nine months ended September 30, 2026, respectively; and approximately $3.3 million was capitalized as a cost of inventory as of September 30, 2026. Of the $47.0 million refunds recognized as a reduction to cost of revenues, $43.3 million of the tariff costs incurred were previously recorded as a cost of revenues in prior periods and are excluded from non‑GAAP measures, along with the associated $1.7 million interest earned from those payments, as they are related to prior periods and not reflective of Enphase Energy’s ongoing financial performance.

AMPTC adjustment. In the first quarter of 2026, Enphase Energy decided to sell its Advanced Manufacturing Production Tax Credit (AMPTC) generated in 2025 and going forward in the tax credit transfer market. Enphase Energy sold $235.0 million of AMPTC generated in 2025 at 93% of face value, resulting in a discount of approximately $16.5 million. Enphase Energy also incurred approximately $2.5 million in transaction-related fees. Because these amounts relate to AMPTC generated in the prior fiscal year and do not reflect Enphase Energy’s ongoing operating performance, Enphase Energy excluded them from its non-GAAP financial measures for the first quarter of 2026.

Stock-based compensation expense. Enphase Energy excludes stock-based compensation expense from its non-GAAP measures primarily because they are non-cash in nature. Moreover, the impact of this expense is significantly affected by Enphase Energy’s stock price at the time of an award over which management has limited to no control.

Acquisition related expenses and amortization. This item represents costs incurred in connection with acquisition-related activities, which are not indicative of normal, recurring operating expenses, and amortization of acquired intangible assets, which is a non-cash expense. Acquisition related expenses and amortization of acquired intangible assets are not reflective of Enphase Energy’s ongoing financial performance.

Restructuring and asset impairment. Enphase Energy excludes restructuring and asset impairment due to the nature of the expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of fees paid for cash-based severance costs, accelerated stock-based compensation expense and asset write-downs of property and equipment and acquired intangible assets, and other contract termination costs resulting from restructuring initiatives.

Non-cash interest expense. This item consists primarily of amortization of debt issuance costs and accretion of debt discount because these expenses do not represent a cash outflow for Enphase Energy except in the period the financing was secured and such amortization expense is not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP income tax adjustment. This item represents the amount adjusted to Enphase Energy’s GAAP tax provision or benefit to exclude the income tax effects of GAAP adjustments such as stock-based compensation, amortization of purchased intangibles, and other non-recurring items that are not reflective of Enphase Energy’s ongoing financial performance.

Non-GAAP net income per share, diluted. Enphase Energy excludes the dilutive effect of in-the-money portion of convertible senior notes as they are covered by convertible note hedge transactions that reduce potential dilution to our common stock upon conversion of the Notes due 2028, and includes the dilutive effect of employee’s stock-based awards and the dilutive effect of warrants. Enphase Energy believes these adjustments provide useful supplemental information to the ongoing financial performance.

Free cash flow. This item represents net cash flows from operating activities less purchases of property and equipment.

Conference Call Information

Enphase Energy will host a conference call for analysts and investors to discuss its third quarter 2026 results and fourth quarter 2026 business outlook today at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The call is open to the public by dialing (833) 634-5018. A live webcast of the conference call will also be accessible from the “Investor Relations” section of Enphase Energy’s website at https://investor.enphase.com. Following the webcast, an archived version will be available on the website for approximately one year. In addition, an audio replay of the conference call will be available by calling (855) 669-9658; replay access code 5536681, beginning approximately one hour after the call.

Forward-Looking Statements

This press release contains forward-looking statements, including statements related to Enphase Energy’s expectations as to its fourth quarter of 2026 financial performance and outlook, including revenue, shipments of IQ Batteries by MWh, gross margin, operating expenses, safe harbor revenue, reciprocal tariff impacts, and anticipated sell-through; anticipated demand for Enphase Energy’s microinverter, battery, energy management, and commercial products; the timing and availability of shipments of the IQ Battery C80; the capabilities, benefits, features, and performance of Enphase Energy’s technology and products, including the IQ Battery C80, IQ SST, and 900 V GaN monolithic BDS devices; the integration and production qualification of 900 V GaN monolithic BDS devices; Enphase Energy’s expectations regarding the development of its IQ SST, including the timing of future demonstrations, development milestones, customer pilot programs, and commercial shipments; Enphase Energy’s customer and partner engagements related to IQ SST and the potential market opportunity for IQ SST; and the expected benefits, market opportunities, and growth associated with Enphase Energy’s IQ Battery G5, Propel prepaid lease program, commercial solar and storage products, EV chargers, and IQ SST. These forward-looking statements are based on Enphase Energy’s current expectations and assumptions and inherently involve significant risks and uncertainties. Actual results may differ materially from those expressed or implied by these forward‑looking statements. Such risks include, but are not limited to, fluctuations in market demand; changes in installer and customer purchasing behavior; changes in tax credits, tariffs, incentive programs, and regulatory policies, including the expiration of existing tariffs and potential imposition of replacement tariffs; energy pricing volatility; supply chain and manufacturing constraints; product performance and reliability; technological development, testing, validation, and qualification risks; the ability to convert customer and partner engagements into commercial opportunities; the ability to successfully expand into data center, commercial solar and international markets; and other factors discussed in Enphase Energy’s filings with the Securities and Exchange Commission, including those risks described in more detail in Enphase Energy’s most recently filed Annual Report on Form 10‑K and Quarterly Report on Form 10-Q and other documents on file with the SEC from time to time and available on the SEC’s website at www.sec.gov. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

A copy of this press release can be found on the investor relations page of Enphase Energy’s website at https://investor.enphase.com.

About Enphase Energy, Inc.

Enphase Energy is a global energy technology company advancing intelligent power systems for homes, businesses, and next-generation AI data centers. The company designs semiconductor-based energy technologies spanning solar, batteries, EV charging, energy management, and virtual power plants, and is developing solid-state transformer technology to address the rapidly growing power demands of AI data centers. Based in Fremont, California, Enphase is the world’s leading supplier of microinverter-based solar and battery systems. The company revolutionized the solar industry with its microinverter technology and has shipped approximately 90.8 million microinverters, with over 5.3 million Enphase-based systems deployed in more than 165 countries. Enphase products enable people to harness the sun to make, use, save, and sell their own power, all controlled through the Enphase App. For more information, visit https://enphase.com/.

©2026 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. Other names are for informational purposes and may be trademarks of their respective owners.

Contact:
Zach Freedman
Enphase Energy, Inc.
Investor Relations
[email protected]

   ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
    Three Months EndedNine Months Ended September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025Net revenues$293,329  $291,854  $410,427  $868,083  $1,129,664 Cost of revenues 166,211   116,840   214,188   465,558   594,691 Gross profit 127,118   175,014   196,239   402,525   534,973 Operating expenses:         Research and development 45,199   45,658   47,266   135,724   142,861 Sales and marketing 45,110   45,545   48,429   138,742   148,085 General and administrative 30,395   31,334   33,098   94,984   101,168 Restructuring and asset impairment (52)  958   1,287   4,733   7,771 Total operating expenses 120,652   123,495   130,080   374,183   399,885 Income from operations 6,466   51,519   66,159   28,342   135,088 Other income, net         Interest income 16,912   12,154   15,429   41,691   47,372 Interest expense (327)  (327)  (830)  (1,287)  (3,692)Other expense, net (26,622)  (1,447)  (3,739)  (24,278)  (12,651)Total other income (expense), net (10,037)  10,380   10,860   16,126   31,029 Income (loss) before income taxes (3,571)  61,899   77,019   44,468   166,117 Income tax benefit (provision) 26,958   (25,820)  (10,381)  7,592   (32,697)Net income$23,387  $36,079  $66,638  $52,060  $133,420 Net income per share:         Basic$0.18  $0.27  $0.51  $0.39  $1.02 Diluted$0.17  $0.27  $0.50  $0.39  $1.01 Shares used in per share calculation:         Basic 132,222   131,963   130,797   131,844   131,228 Diluted 135,198   135,122   132,995   135,001   133,439      ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
     September 30,
2026 December 31,
2025ASSETS   Current assets:   Cash and cash equivalents$380,398 $474,318Marketable securities 551,448  1,038,536Accounts receivable, net 249,939  229,881Inventory 243,707  288,047Prepaid expenses and other current assets 457,335  576,078Total current assets 1,882,827  2,606,860Property and equipment, net 133,717  136,804Intangible assets, net 8,603  22,288Goodwill 213,087  214,760Other assets 317,185  222,677Deferred tax assets, net 321,619  306,403Total assets$2,877,038 $3,509,792LIABILITIES AND STOCKHOLDERS’ EQUITY   Current liabilities:   Accounts payable$100,613 $203,039Accrued liabilities 161,931  217,366Deferred revenues, current 170,565  180,524Warranty obligations, current 26,990  29,038Debt, current —  632,183Total current liabilities 460,099  1,262,150Long-term liabilities:   Deferred revenues, non-current 355,141  337,923Warranty obligations, non-current 177,021  185,005Other liabilities 69,578  65,497Debt, non-current 573,163  572,194Total liabilities 1,635,002  2,422,769Total stockholders’ equity 1,242,036  1,087,023Total liabilities and stockholders’ equity$2,877,038 $3,509,792     ENPHASE ENERGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
     Three Months Ended Nine Months Ended September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025Cash flows from operating activities:         Net income$23,387  $36,079  $66,638  $52,060  $133,420 Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization 20,105   20,196   20,218   61,116   60,218 Discount from sale of AMPTC generated —   —   —   16,450   — Amortization (accretion) of investments purchased at a premium (discount) (268)  184   (765)  5,024   1,513 Provision for credit losses 577   90   (30)  718   162 Asset impairment 43   —   —   122   1,565 Non-cash interest expense 327   327   829   1,287   3,336 Decrease in fair value of debt securities and tax equity fund 27,217   2,494   3,174   29,793   12,315 Stock-based compensation 43,043   43,554   51,469   135,588   160,998 Deferred income taxes (28,555)  21,203   (1,826)  (10,479)  7,137 Changes in operating assets and liabilities:         Accounts receivable 21,839   (77,229)  (57,980)  (13,835)  (47,539)Inventory 41,315   5,679   (15,636)  44,340   (23,648)Prepaid expenses and other assets (44,828)  (125,984)  (78,330)  (15,472)  (218,144)Accounts payable, accrued and other liabilities (48,811)  2,477   25,494   (164,460)  116,938 Warranty obligations 805   (1,001)  4,055   (10,032)  17,252 Deferred revenues (56,106)  112,254   (3,392)  11,064   (136,562)Net cash provided by operating activities 90   40,323   13,918   143,284   88,961 Cash flows from investing activities:         Purchases of property and equipment (11,460)  (14,394)  (8,032)  (45,752)  (30,899)Issuance of secured revolving credit facility (30,000)  (29,000)  —   (59,000)  — Receipts of secured revolving credit facility 34,604   —   —   34,604   — Issuance of loan receivable —   —   (48,500)  (1,000)  (48,500)Investment in debt securities —   —   (6,300)  —   (6,300)Investment in tax equity fund —   —   (1,408)  —   (9,752)Receipts of loan receivables 7,500   10,085   —   17,585   — Purchases of marketable securities (306,192)  (29,006)  (116,236)  (335,198)  (601,368)Maturities and sales of marketable securities 160,919   52,779   201,881   810,979   780,099 Net cash provided by (used in) investing activities (144,629)  (9,536)  21,405   422,218   83,280 Cash flows from financing activities:         Settlement of Notes due 2026 —   —   —   (632,500)  — Settlement of Notes due 2025 —   —   —   —   (102,168)Repurchases of common stock —   —   —   —   (129,957)Proceeds from issuances of common stock under employee equity plans —   4,171   —   4,171   5,369 Payments of withholding taxes related to net share settlement of equity awards (2,711)  (2,540)  (1,679)  (23,937)  (16,653)Net cash provided by (used in) financing activities (2,711)  1,631   (1,679)  (652,266)  (243,409)Effect of exchange rate changes on cash,     cash equivalents and restricted cash (1,696)  (620)  (2,300)  (7,156)  8,932 Net increase (decrease) in cash, cash equivalents and restricted cash (148,946)  31,798   31,344   (93,920)  (62,236)Cash, cash equivalents and restricted cash — Beginning of period 529,344   497,546   370,536   474,318   464,116 Cash and cash equivalents — End of period$380,398  $529,344  $401,880  $380,398  $401,880      ENPHASE ENERGY, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data and percentages)
(Unaudited)
  Three Months Ended Nine Months Ended September 30,
2026 June 30,
2026 September 30,
2025 September 30,
2026 September 30,
2025Gross profit (GAAP)$127,118  $175,014  $196,239  $402,525  $534,973 Tariff refunds 120   (43,411)  —   (43,291)  — AMPTC adjustment —   —   —   18,905   — Stock-based compensation 3,646   3,666   4,105   10,897   12,655 Acquisition related amortization 1,128   1,248   1,596   3,718   4,766 Gross profit (Non-GAAP)$132,012  $136,517  $201,940  $392,754  $552,394           Gross margin (GAAP) 43.3%  60.0%  47.8%  46.4%  47.4%Tariff refunds —   (14.9)  —   (5.0)  — AMPTC adjustment —   —   —   2.2   — Stock-based compensation 1.2   1.3   1.0   1.2   1.1 Acquisition related amortization 0.5   0.4   0.4   0.4   0.4 Gross margin (Non-GAAP) 45.0%  46.8%  49.2%  45.2%  48.9%          Operating expenses (GAAP)$120,652  $123,495  $130,080  $374,183  $399,885 Stock-based compensation(1) (39,397)  (39,714)  (47,364)  (124,539)  (147,755)Acquisition related expenses and amortization (2,870)  (3,003)  (2,891)  (9,699)  (8,617)Restructuring and asset impairment(1) 52   (958)  (1,287)  (4,733)  (7,771)Operating expenses (Non-GAAP)$78,437  $79,820  $78,538  $235,212  $235,742           (1)Includes stock-based compensation as follows:         Research and development$17,125  $17,569  $20,488  $53,528  $62,616 Sales and marketing 12,865   12,363   14,493   39,945   47,546 General and administrative 9,407   9,782   12,383   31,067   37,593 Restructuring and asset impairment —   174   —   152   588 Total$39,397  $39,888  $47,364  $124,692  $148,343           Income from operations (GAAP)$6,466  $51,519  $66,159  $28,342  $135,088 Tariff refunds 120   (43,411)  —   (43,291)  — AMPTC adjustment —   —   —   18,905   — Stock-based compensation 43,043   43,380   51,469   135,436   160,410 Acquisition related expenses and amortization 3,998   4,251   4,487   13,417   13,383 Restructuring and asset impairment (52)  958   1,287   4,733   7,771 Income from operations (Non-GAAP)$53,575  $56,697  $123,402  $157,542  $316,652           Net income (GAAP)$23,387  $36,079  $66,638  $52,060  $133,420 Tariff refunds 43   (45,029)  —   (44,986)  — AMPTC adjustment —   —   —   18,905   — Stock-based compensation 43,043   43,380   51,469   135,436   160,410 Acquisition related expenses and amortization 3,998   4,251   4,487   13,417   13,383 Restructuring and asset impairment (52)  958   1,287   4,733   7,771 Non-cash interest expense 327   327   829   1,286   3,336 Non-GAAP income tax adjustment (16,746)  21,549   (7,410)  (3,079)  (21,908)Net income (Non-GAAP)$54,000  $61,515  $117,300  $177,772  $296,412           Net income per share, basic (GAAP)$0.18  $0.27  $0.51  $0.39  $1.02 Tariff refunds —   (0.34)  —   (0.34)  — AMPTC adjustment —   —   —   0.14   — Stock-based compensation 0.33   0.33   0.39   1.03   1.20 Acquisition related expenses and amortization 0.03   0.03   0.03   0.10   0.10 Restructuring and asset impairment —   0.01   0.01   0.04   0.06 Non-cash interest expense —   —   0.01   0.01   0.03 Non-GAAP income tax adjustment (0.13)  0.17   (0.05)  (0.02)  (0.15)Net income per share, basic (Non-GAAP)$0.41  $0.47  $0.90  $1.35  $2.26           Shares used in basic per share calculation GAAP and Non-GAAP 132,222   131,963   130,797   131,844   131,228           Net income per share, diluted (GAAP)$0.17  $0.27  $0.50  $0.39  $1.01 Tariff refunds —   (0.34)  —   (0.34)  — AMPTC adjustment —   —   —   0.14   — Stock-based compensation 0.32   0.33   0.39   1.02   1.22 Acquisition related expenses and amortization 0.04   0.03   0.04   0.10   0.10 Restructuring and asset impairment —   0.01   0.01   0.04   0.06 Non-cash interest expense —   —   0.01   0.01   0.03 Non-GAAP income tax adjustment (0.12)  0.16   (0.05)  (0.02)  (0.16)Net income per share, diluted (Non-GAAP)$0.41  $0.46  $0.90  $1.34  $2.26           Shares used in diluted per share calculation GAAP 135,198   135,122   132,995   135,001   133,439 Shares used in diluted per share calculation Non-GAAP 133,180   133,104   130,977   132,983   131,421           Net cash provided by operating activities (GAAP)$90  $40,323  $13,918  $143,284  $88,961 Purchases of property and equipment (11,460)  (14,394)  (8,032)  (45,752)  (30,899)Free cash flow (Non-GAAP)$(11,370) $25,929  $5,886  $97,532  $58,062 

Tariffs Are Back in Focus: 3 Stocks With a Home-Field AdvantagePACCAR NASDAQ: PCAR reported third-quarter 2026 revenue of $7.94 billion and net income of $847.5 million, representing year-over-year increases of 19% and 44%, respectively, as the truck maker cited strong customer demand, improved pricing and record parts revenue.

Chief Executive Officer Preston Feight said the company delivered 40,100 trucks in the quarter, though supply constraints modestly affected production. PACCAR expects suppliers to improve their ability to support higher industry build rates in the fourth quarter and projected deliveries of 41,000 to 43,000 trucks.

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The USMCA Review Is Coming: 3 Border-Sensitive Stocks to Watch“All you have to do is miss a single part on a truck and it becomes impactful,” Feight said, adding that the company is working closely with suppliers and has made progress toward supporting higher fourth-quarter output.

Margins Remain High Despite Production Costs
PACCAR’s third-quarter trucks, parts and other gross margin was 14.5%. The company expects fourth-quarter gross margins to remain in a range of 14% to 15%.

3 Big-Name Stocks Just Announced Big-Time Dividend IncreasesFeight said fourth-quarter margins will reflect higher production costs and inefficiencies associated with supply availability, even as truck pricing remains strong. He said price-cost remained favorable during the quarter, primarily because of favorable truck price realization.

The company said tariffs were not material to its quarterly financial performance. Feight said PACCAR continued to incur certain tariff costs on imports while also receiving some benefits, but characterized the overall impact as part of the normal business mix rather than a one-time gain.

Truck Market Outlook Points to 2027 Growth
PACCAR estimates the U.S. and Canadian Class 8 market will total 240,000 to 260,000 trucks in 2026 and expand to a range of 240,000 to 280,000 trucks in 2027. The company cited economic growth, infrastructure investment and an improving freight market as drivers of demand.

For Europe, PACCAR forecasts the above-16-ton market at 300,000 to 320,000 units in both 2026 and 2027. The South American above-16-ton market is expected to reach 100,000 to 105,000 vehicles this year and increase to 105,000 to 115,000 next year.

Feight said customer discussions indicate fleets prefer proven 200-milligram engine technology as they assess the cost of future lower-NOx platforms. Customers are beginning to place orders for 2027, though order activity could increase once nonconformance penalty, or NCP, levels associated with emissions regulations are finalized.

“Every customer we meet with is much more interested in proven, stable technology that they’ve had time to vet in their operations,” Feight said.

The company expects uncertainty surrounding NCP levels to be most relevant early in 2027, with greater clarity potentially supporting demand later in the year. Feight said PACCAR expects a decision within four to eight weeks, though the timing remains uncertain.

Parts Business Posts Record Revenue
PACCAR Parts generated record quarterly revenue of $1.78 billion. President Kevin Baney attributed the result to investments in parts distribution, growth in the TRP all-makes brand, transportation solutions and additional dealer retail locations.

The company expects continued parts growth in the fourth quarter and said it remains on track for its previously forecast 3% to 5% full-year growth range. Baney said the parts business has increased market share and grown its share of wallet with customers despite a constrained parts market.

Management said customers have faced elevated operating costs, including higher diesel prices, while some trucks have been sidelined by CDL enforcement activity. Those dynamics have deferred certain maintenance purchases and affected the product mix, rather than reflecting heightened pricing competition, according to Baney.

PACCAR Financial Services reported pretax income of $138 million, up 9.4% from a year earlier, supported by stable finance margins and higher used-truck pricing.
The company generated $2.5 billion in cash from operations through the first nine months of 2026, Chief Financial Officer Brice Poplawski said.
Capital expenditures are projected at $650 million to $700 million in both 2026 and 2027.
Research and development expense is expected to be $440 million to $460 million in 2026 and $460 million to $500 million in 2027.

Connected Vehicle and Autonomous Initiatives
PACCAR recently introduced PACCAR Connect, a transportation technology platform designed to integrate fleet telematics, truck data, customer productivity applications, Apple CarPlay and electronic driver logs into a single vehicle display system.

Feight said the platform could reduce the need for customers to install third-party telematics hardware, while creating opportunities for PACCAR to offer applications, predictive maintenance capabilities and dealership-connected service solutions. Baney said the system can help PACCAR remain connected with customers throughout the operating cycle of their vehicles.

On autonomous trucking, Feight said PACCAR is developing a proprietary autonomous vehicle platform intended to facilitate factory integration of autonomous systems. He said the company’s approach prioritizes safety, validation and gradual deployment in specific lanes and operating conditions, working with partners including Stack AV and Aurora.

“It’s got to be a win for our customers, it’s got to be a win for the developers, and it’s got to be a win for PACCAR,” Feight said.

About PACCAR (NASDAQ:PCAR)PACCAR Inc NASDAQ: PCAR is a global manufacturer of heavy- and medium-duty trucks. Through its Kenworth, Peterbilt and DAF brands, the company produces vehicles used for long-haul transportation, construction, distribution and other commercial applications. PACCAR also manufactures PACCAR-branded engines and provides related parts and aftermarket support.

The company's operations extend across North America, Europe, South America, Australia and other international markets. In addition to truck manufacturing, PACCAR operates a worldwide parts distribution network and offers financial services, including retail financing and leasing for trucks and related equipment.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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, /PRNewswire/ -- EQT Corporation (NYSE: EQT) today announced financial and operational results for the third quarter of 2026.

Third Quarter 2026 Results:

Production: Sales volume of 583 Bcfe, inclusive of 21 Bcfe of strategic curtailmentsCapital Expenditures: $638 million, 10% below the low-end of guidance, driven by lower-than-expected upstream and midstream spending and continued benefit from operational efficiency gainsRealized Pricing: Differential of $(0.64) favorable to guidance despite widening basis during the quarter due to benefits from marketing optimization and curtailment strategyOperating Costs: Total per unit operating costs of $1.09 per Mcfe, at the low end of guidance driven by lower-than-expected LOE and production taxCash Flow: Net cash provided by operating activities of $1,083 million; generated free cash flow attributable to EQT(1) of $283 millionBalance Sheet: Exited the quarter with $5.6 billion total debt and just under $5.5 billion net debt(1)Third Quarter 2026 and Recent Highlights:

Range Acquisition: Announced strategic acquisition of Range Resources Corporation, which will create America's largest and only vertically integrated natural gas producer with leading inventory depth, lowest cost structure, a fortress balance sheet and the largest natural gas marketing platform in the countryPOWER Pipeline: Launched open season for new 42-inch POWER Pipeline project connecting EQT's core Marcellus assets in Pennsylvania to growing demand at the Clarington hub in OhioLNG Sales Contract: Signed 10-year LNG sales agreement with Ignitis Group, the largest supplier of electricity and natural gas in LithuaniaGulf Coast Storage: Contracted for 7 Bcf of storage capacity at Leaf River Energy Center's salt dome expansion project along the Gulf Coast; increases EQT's Gulf Coast storage capacity up to 11 Bcf and provides optimization flexibility to support the LNG businessDividend Increase: Increased dividend by 3% to $0.68 per share annualized; compounded annual dividend growth rate of ~7% since 2022 with durability underpinned by material cost structure improvements and synergy capture over this periodPresident and CEO Toby Z. Rice stated, "Third quarter results built on what has been an exceptional year of execution at EQT. Despite downward pressure on natural gas prices during the quarter, our marketing efforts drove stronger realized pricing, operating expenses came in at the low end of guidance and capital spending was well below expectations as efficiencies continue to accrue. This resulted in yet another quarter of greater-than-expected free cash flow generation."

Rice added, "We also announced our strategic combination with Range Resources, pairing two of the highest-quality, longest-duration asset bases in North America and creating a company uniquely positioned for the next era of natural gas. Our expanded resource base solidifies EQT as the operator of choice for premium, long-term supply arrangements and provides unique growth optionality underpinned by contractual demand. We believe this combination creates a must-own energy company capable of generating durable, through-cycle free cash flow while compounding value for shareholders for decades to come."

(1)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Third Quarter 2026 Financial and Operational Performance

Three Months Ended 

 September 30,

2026

2025

Change

(Millions, unless otherwise noted)

Total sales volume (Bcfe)

583

634

(51)

Average realized price ($/Mcfe)

$              2.72

$              2.76

$             (0.04)

Net income attributable to EQT

$               279

$               336

$               (57)

Adjusted net income attributable to EQT (a)

$               261

$               329

$               (68)

Diluted income per share (EPS)

$              0.44

$              0.53

$             (0.09)

Adjusted EPS (a)

$              0.42

$              0.52

$             (0.10)

Net income

$               345

$               407

$               (62)

Adjusted EBITDA (a)

$            1,143

$            1,328

$              (185)

Adjusted EBITDA attributable to EQT (a)

$            1,021

$            1,200

$              (179)

Net cash provided by operating activities

$            1,083

$            1,018

$                 65

Adjusted operating cash flow (a)

$            1,096

$            1,221

$              (125)

Adjusted operating cash flow attributable to EQT (a)

$               975

$            1,094

$              (119)

Capital expenditures

$               638

$               618

$                 20

Capital contributions to equity method investments

$                 61

$                  2

$                 59

Free cash flow (a)

$               398

$               601

$              (203)

Free cash flow attributable to EQT (a)

$               283

$               484

$              (201)

(a)

A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Per Unit Operating Costs
The following table presents certain of the Company's consolidated operating costs on a per unit basis.(a)

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Per Mcfe)

Gathering

$          0.09

$          0.06

$          0.09

$          0.07

Transmission

0.43

0.40

0.42

0.43

Processing

0.12

0.13

0.12

0.14

Lease operating expense (LOE)

0.10

0.09

0.10

0.09

Production taxes

0.05

0.06

0.07

0.07

Operating and maintenance (O&M)

0.10

0.10

0.10

0.09

Selling, general and administrative (SG&A)

0.20

0.16

0.17

0.15

Operating costs

$          1.09

$          1.00

$          1.07

$          1.04

Production depletion

$          0.94

$          0.95

$          0.94

$          0.95

(a)

References in this news release to the "Company" refer to EQT Corporation together with its consolidated subsidiaries. As used throughout this news release, per unit operating costs reflect, for each period presented, the consolidated amount of such operating cost for the Company (aggregated irrespective of business segment) divided by total sales volume (Mcfe).

Gathering expense per Mcfe increased for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to higher volumes gathered by third parties from wells turned-in-line in the first quarter of 2026.

Transmission expense per Mcfe increased for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to lower sales volume.

Selling, general and administrative expense increased for the three months ended September 30, 2026 compared to the same period in 2025 due primarily to higher long-term incentive compensation costs and higher professional service costs.

Liquidity
As of September 30, 2026, the Company had $63 million of borrowings outstanding under EQT Corporation's $3.5 billion revolving credit facility. Total liquidity, excluding available capacity under Eureka Midstream, LLC's (Eureka) revolving credit facility, as of September 30, 2026 was approximately $3.5 billion.

As of September 30, 2026, total debt and net debt(1) were $5.6 billion and $5.5 billion, respectively, compared to $7.8 billion and $7.7 billion, respectively, as of December 31, 2025.

(1) A non-GAAP financial measure. See the Non-GAAP Disclosures section of this news release for the definition of, and other important information regarding, this non-GAAP financial measure.

Fourth Quarter 2026 Outlook
The Company expects total sales volume of 550 – 600 Bcfe in the fourth quarter of 2026, which includes the impact of 10 – 20 Bcfe of strategic curtailments. The Company expects $540 – $610 million of maintenance capital expenditures in the fourth quarter of 2026. Strategic growth capital expenditures in the fourth quarter of 2026 are expected to total $185 – $225 million. The Company plans to turn-in-line (TIL) 16 – 26 net wells in the fourth quarter of 2026.

2026 Guidance

Production

Q4 2026

Full Year 2026

Total sales volume (Bcfe)

550 – 600

2,375 – 2,450

Liquids sales volume, excluding ethane (Mbbl)

3,150 – 3,450

14,700 – 15,000

Ethane sales volume (Mbbl)

1,900 – 2,050

8,850 – 9,000

Total liquids sales volume (Mbbl)

5,050 – 5,500

23,550 – 24,000

Btu uplift (MMBtu/Mcf)

1.050 – 1.060

1.050 – 1.060

Average Differential ($/Mcf, including basis hedges)

($0.65) – ($0.55)

($0.55) – ($0.35)

Resource Counts

Top-hole rigs

2 – 3

2 – 3

Horizontal rigs

3 – 4

3 – 4

Frac crews

2 – 3

2 – 3

Third-party Midstream Revenue ($ Millions)

$145 – $170

$600 – $700

Per Unit Operating Costs ($/Mcfe)

Gathering

$0.08 – $0.10

$0.09 – $0.11

Transmission

$0.43 – $0.45

$0.41 – $0.44

Processing

$0.11 – $0.13

$0.11 – $0.13

LOE

$0.11 – $0.13

$0.10 – $0.12

Production taxes

$0.06 – $0.08

$0.07 – $0.09

O&M

$0.12 – $0.14

$0.09 – $0.11

SG&A

$0.23 – $0.25

$0.18 – $0.20

Operating costs

$1.14 – $1.28

$1.05 – $1.20

Equity Method Investments and Midstream JV Noncontrolling Interest ($ Millions)

Distributions from equity method investments (a)

$50 – $60

$240 – $250

Distributions to PipeBox LLC (the Midstream JV) noncontrolling interest (b)

$100 – $115

$430 – $470

Capital Expenditures and Capital Contributions ($ Millions)

Upstream maintenance

$435 – $485

$1,590 – $1,640

Midstream maintenance

$50 – $60

$210 – $220

Corporate and capitalized costs

$55 – $65

$220 – $240

Total maintenance capital expenditures

$540 – $610

$2,020 – $2,100

Growth capital expenditures

$185 – $225

$580 – $640

Capital contributions to equity method investments (c)

$30 – $40

$145 – $155

(a)

Includes distributions from Series A of Mountain Valley Pipeline, LLC for MVP Mainline and Laurel Mountain Midstream, LLC (LMM).

(b)

Assumes Midstream JV cash distributions of 60% to third-party noncontrolling interest.

(c)

Includes capital contributions to Mountain Valley Pipeline, LLC (the MVP Joint Venture), including to Series A of Mountain Valley Pipeline, LLC for MVP Mainline, Series B of Mountain Valley Pipeline, LLC for MVP Southgate and Series C of Mountain Valley Pipeline, LLC for MVP Boost, and LMM.

Third Quarter 2026 Earnings Webcast Information
The Company has canceled its third quarter 2026 earnings conference call following the announcement of EQT's acquisition of Range. A presentation accompanying third quarter 2026 results is available on the Company's investor relations website, ir.eqt.com, under "Events & Presentations."

Hedging (as of October 20, 2026)
The following table summarizes the approximate volume and prices of the Company's NYMEX hedge positions. The difference between the fixed price and NYMEX price is included in average differential presented in the Company's price reconciliation.

Q4 2026 (a)

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Hedged Volume (MMDth)

108

62

156

174

70

Hedged Volume (MMDth/d)

1.2

0.7

1.7

1.9

0.8

Swaps – Short

Volume (MMDth)

—

—

83

100

45

Avg. Price ($/Dth)

$             —

$             —

$         3.13

$         3.14

$         3.16

Calls – Short

Volume (MMDth)

108

62

73

74

25

Avg. Strike ($/Dth)

$         5.13

$         5.77

$         4.51

$         4.51

$         4.51

Puts – Long

Volume (MMDth)

108

62

73

74

25

Avg. Strike ($/Dth)

$         3.72

$         3.65

$         3.00

$         3.00

$         3.00

Puts – Short

Volume (MMDth)

—

25

73

74

25

Avg. Strike ($/Dth)

$             —

$         2.50

$         2.50

$         2.50

$         2.50

(a) October 1 through December 31.

The Company also entered into derivative instruments to hedge basis. The Company may use other contractual agreements to implement its commodity hedging strategy from time to time.

Non-GAAP Disclosures
This news release includes the non-GAAP financial measures described below. These non-GAAP measures are defined and reconciled to the most directly comparable GAAP measure. These non-GAAP measures are intended to provide additional information only and should not be considered as alternatives to, or more meaningful than, net income attributable to EQT Corporation, diluted EPS, net income, net cash provided by operating activities, total Upstream operating revenues, total debt or any other measure calculated in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital, tax structure and historic costs of depreciable assets.

Adjusted Net Income Attributable to EQT and Adjusted EPS
Adjusted net income attributable to EQT is defined as net income attributable to EQT Corporation, excluding (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EPS is defined as adjusted net income attributable to EQT divided by diluted weighted average common shares outstanding.

The Company's management believes that adjusted net income attributable to EQT and adjusted EPS provide useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted net income attributable to EQT and adjusted EPS reflect only the impact of settled derivative contracts; thus, the measures exclude the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement.

The table below reconciles adjusted net income attributable to EQT and adjusted EPS with net income attributable to EQT Corporation and diluted EPS, respectively, the most comparable financial measures calculated in accordance with GAAP, each as derived from the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Net income attributable to EQT Corporation

$      278,691

$      335,862

$   1,977,345

$   1,362,148

(Deduct) add:

(Gain) loss on sale/exchange of long-lived assets

(2,893)

(5,623)

659

(2,402)

Impairment and expiration of leases

6,007

3,476

16,062

9,391

(Gain) loss on derivatives

(100,287)

(135,784)

93,342

(176,829)

Net cash settlements received (paid) on derivatives

70,521

74,960

(160,527)

(118,390)

Other expenses (a)

3,802

28,962

10,422

182,693

Loss on debt extinguishment

18

1,909

29,887

19,478

Tax impact of non-GAAP items (b)

5,557

24,818

2,570

38,774

Adjusted net income attributable to EQT

$      261,416

$      328,580

$   1,969,760

$   1,314,863

Diluted weighted average common shares outstanding

629,172

628,324

628,992

611,427

Diluted EPS

$          0.44

$          0.53

$          3.14

$          2.23

Adjusted EPS

$          0.42

$          0.52

$          3.13

$          2.15

(a)

Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. Other expenses for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Company's acquisition of Olympus Energy (the Olympus Energy Acquisition), and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

The tax impact of non-GAAP items represents the incremental tax expense/benefit that would have been incurred by the Company had these items been excluded from net income attributable to EQT Corporation. This approach resulted in a blended tax rate of 24.3% and 24.7% for the three months ended September 30, 2026 and 2025, respectively, and 25.3% and 25.1% for the nine months ended September 30, 2026 and 2025, respectively. The blended tax rates differ from the Company's statutory tax rate due primarily to state taxes, including valuation allowances limiting certain state tax benefits.

Adjusted EBITDA, Adjusted EBITDA Attributable to Noncontrolling Interests and Adjusted EBITDA Attributable to EQT
Adjusted EBITDA is defined as net income excluding net interest expense, income tax expense, depreciation, depletion and amortization, (gain) loss on sale/exchange of long-lived assets, impairments, the revenue impact of changes in the fair value of derivative instruments prior to settlement and certain other items that the Company's management believes do not reflect the Company's core operating performance. Adjusted EBITDA attributable to EQT is defined as adjusted EBITDA less adjusted EBITDA attributable to noncontrolling interests. Adjusted EBITDA attributable to noncontrolling interests is defined as the proportionate share of adjusted EBITDA attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries (defined below).

The Company's management believes that these measures provide useful information to investors regarding the Company's financial condition and results of operations because they help facilitate comparisons of operating performance and earnings trends across periods by excluding the impact of items that, in their opinion, do not reflect the Company's core operating performance. For example, adjusted EBITDA reflects only the impact of settled derivative instruments and excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. In addition, adjusted EBITDA includes the impact of distributions received from equity method investments, which excludes the impact of depreciation included within equity earnings from equity method investments and helps facilitate comparisons of the core operating performance of the Company's equity method investments.

The table below reconciles adjusted EBITDA and adjusted EBITDA attributable to EQT with net income, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands)

Net income

$      345,077

$      407,216

$   2,180,455

$   1,579,290

Add (deduct):

Interest expense, net

72,152

109,929

244,381

333,166

Income tax expense

86,682

129,266

604,967

443,549

Depreciation, depletion and amortization

639,783

688,382

1,984,167

1,932,628

(Gain) loss on sale/exchange of long-lived assets

(2,893)

(5,623)

659

(2,402)

Impairment and expiration of leases

6,007

3,476

16,062

9,391

(Gain) loss on derivatives

(100,287)

(135,784)

93,342

(176,829)

Net cash settlements received (paid) on derivatives

70,521

74,960

(160,527)

(118,390)

Other expenses (a)

3,802

28,962

10,422

182,693

Income from investments

(43,688)

(44,638)

(165,929)

(138,274)

Distributions from equity method investments

65,760

69,679

187,083

202,560

Loss on debt extinguishment

18

1,909

29,887

19,478

Adjusted EBITDA

1,142,934

1,327,734

5,024,969

4,266,860

Deduct: Adjusted EBITDA attributable to noncontrolling interests (b)

(121,851)

(128,230)

(389,892)

(390,194)

Adjusted EBITDA attributable to EQT

$   1,021,083

$   1,199,504

$   4,635,077

$   3,876,666

(a)

Consists primarily of transaction costs associated with acquisitions and other strategic transactions as well as costs related to exploring new venture opportunities. Other expenses for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition, and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See below for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

The Company consolidates its controlling equity interests in the Midstream JV and Eureka Midstream Holdings, LLC (Eureka Holdings and, together with the Midstream JV, the Non-Wholly Owned Consolidated Subsidiaries). The table below reconciles adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries and adjusted EBITDA attributable to noncontrolling interests with net income of the Non-Wholly Owned Consolidated Subsidiaries, the most comparable financial measure as calculated in accordance with GAAP. The Company's management believes that adjusted EBITDA attributable to noncontrolling interests provides useful information to investors regarding the impact of the third-party ownership interest in the Non-Wholly Owned Consolidated Subsidiaries on the Company's financial condition and results of operations.

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands)

Non-Wholly Owned Consolidated Subsidiaries:

Net income

$      146,630

$      158,088

$      516,420

$      500,966

Add (deduct):

Interest expense, net

3,575

3,742

10,356

11,014

Depreciation and amortization

34,420

34,879

99,495

96,723

Loss on sale/exchange of long-lived assets

—

—

724

349

Income from investments

(41,824)

(42,078)

(139,810)

(125,652)

Distributions from equity method investments

64,984

66,579

179,171

191,090

Adjusted EBITDA

207,785

221,210

666,356

674,490

Deduct: Adjusted EBITDA of the Non-Wholly Owned
Consolidated Subsidiaries attributable to EQT (a)

(85,934)

(92,980)

(276,464)

(284,296)

Adjusted EBITDA attributable to noncontrolling interests

$      121,851

$      128,230

$      389,892

$      390,194

(a)

Adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT is calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of adjusted EBITDA of the Non-Wholly Owned Consolidated Subsidiaries attributable to EQT best reflects the economic impact of the Company's investment in the Midstream JV on adjusted EBITDA and earnings trends.

Adjusted Operating Cash Flow, Adjusted Operating Cash Flow Attributable to EQT, Free Cash Flow and Free Cash Flow Attributable to EQT
Adjusted operating cash flow is defined as net cash provided by operating activities less changes in other assets and liabilities. Adjusted operating cash flow attributable to EQT is defined as adjusted operating cash flow less adjusted EBITDA attributable to noncontrolling interests excluding net interest expense attributable to noncontrolling interests. Free cash flow is defined as adjusted operating cash flow less accrual-based capital expenditures and capital contributions to equity method investments. Free cash flow attributable to EQT is defined as adjusted operating cash flow attributable to EQT less accrual-based capital expenditures and capital contributions to equity method investments excluding the proportionate share of accrual-based capital expenditures and capital contributions to equity method investments attributable to the third-party ownership interests in the Non-Wholly Owned Consolidated Subsidiaries.

The Company's management believes that these measures provide useful information to investors regarding the Company's liquidity, including the Company's ability to generate cash flow in excess of its capital requirements and return cash to shareholders.

The tables below reconcile adjusted operating cash flow, adjusted operating cash flow attributable to EQT, free cash flow and free cash flow attributable to EQT with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,083,273

$   1,017,699

$   5,186,332

$   4,000,565

Decrease (increase) in changes in other assets and liabilities

12,984

203,441

(360,667)

(194,779)

Adjusted operating cash flow (a)

1,096,257

1,221,140

4,825,665

3,805,786

Deduct:

Capital expenditures

(637,764)

(617,893)

(1,911,858)

(1,668,896)

Capital contributions to equity method investments

(60,918)

(2,359)

(117,438)

(44,406)

Free cash flow (a)

$      397,575

$     600,888

$   2,796,369

$   2,092,484

(a)

Adjusted operating cash flow and free cash flow for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition, and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands)

Net cash provided by operating activities

$   1,083,273

$   1,017,699

$   5,186,332

$   4,000,565

Decrease (increase) in changes in other assets and liabilities

12,984

203,441

(360,667)

(194,779)

Adjusted operating cash flow (a)

1,096,257

1,221,140

4,825,665

3,805,786

(Deduct) add:

Adjusted EBITDA attributable to noncontrolling interests (b)

(121,851)

(128,230)

(389,892)

(390,194)

Net interest expense and other attributable to noncontrolling interests

352

1,190

2,557

3,470

Adjusted operating cash flow attributable to EQT (a) (c)

974,758

1,094,100

4,438,330

3,419,062

(Deduct) add:

Capital expenditures

(637,764)

(617,893)

(1,911,858)

(1,668,896)

Capital contributions to equity method investments

(60,918)

(2,359)

(117,438)

(44,406)

Capital expenditures attributable to noncontrolling interests

6,477

9,962

30,414

30,051

Capital contributions to equity method investments attributable to noncontrolling interests

—

—

4,272

23,123

Free cash flow attributable to EQT (a) (c)

$      282,553

$      483,810

$   2,443,720

$   1,758,934

(a)

Adjusted operating cash flow, adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT for the three and nine months ended September 30, 2025 included the impact of $21.0 million and $24.5 million, respectively, of cash transaction costs related to the Olympus Energy Acquisition, and, for the nine months ended September 30, 2025 included the impact of $133.7 million of net expense related to a securities class action settlement.

(b)

A non-GAAP financial measure. See above for a reconciliation of this non-GAAP financial measure to the most comparable financial measure as calculated in accordance with GAAP.

(c)

Adjusted operating cash flow attributable to EQT and free cash flow attributable to EQT are calculated based on EQT Corporation's current 40% Class A Unitholder share of available cash flow distributions from the Midstream JV and 60% ownership interest in Eureka Holdings. The Company believes that using its distribution share from the Midstream JV in the calculation of these measures best reflects the economic impact of the Company's investment in the Midstream JV on adjusted operating cash flow, free cash flow and earnings trends.

Upstream Adjusted Operating Revenues
Upstream adjusted operating revenues (also referred to as total natural gas and liquids sales, including cash settled derivatives and previously referred to as Production adjusted operating revenues) is defined as total Upstream operating revenues, less the revenue impact of changes in the fair value of Upstream derivative instruments prior to settlement and Upstream other revenues. The Company's management believes that this measure provides useful information to investors regarding the Company's financial condition and results of operations because it helps facilitate comparisons of operating performance and earnings trends across periods. Upstream adjusted operating revenues reflects only the impact of settled Upstream derivative contracts; thus, the measure excludes the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement. The measure also excludes Upstream other revenues because it is unrelated to the revenue from the Company's natural gas and liquids production.

The table below reconciles Upstream adjusted operating revenues with total Upstream operating revenues, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

Total Upstream operating revenues

$   1,630,178

$   1,815,766

$   6,500,250

$   5,805,591

(Deduct) add:

Upstream (gain) loss on derivatives

(104,913)

(135,784)

88,716

(176,829)

Upstream net cash settlements received (paid) on derivatives

70,119

74,960

(160,929)

(118,390)

Upstream other revenues

(8,998)

(2,365)

(22,750)

(5,919)

Upstream adjusted operating revenues

$   1,586,386

$   1,752,577

$   6,405,287

$   5,504,453

Total sales volume (MMcfe)

582,802

634,395

1,834,975

1,773,373

Average sales price ($/Mcfe)

$          2.60

$          2.64

$          3.58

$          3.17

Average realized price ($/Mcfe)

$          2.72

$          2.76

$          3.49

$          3.10

Net Debt
Net debt is defined as total debt less cash and cash equivalents. Total debt includes the Company's current portion of debt, revolving credit facility borrowings and senior notes. The Company's management believes that net debt provides useful information to investors regarding the Company's financial condition and assists them in evaluating the Company's leverage since the Company could choose to use its cash and cash equivalents to retire debt.

The table below reconciles net debt with total debt, the most comparable financial measure calculated in accordance with GAAP, as derived from the Condensed Consolidated Balance Sheets to be included in EQT Corporation's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026.

September 30, 2026

December 31, 2025

(Thousands)

Current portion of debt (a)

$                   —

$           507,119

Revolving credit facility borrowings (b)

333,000

360,000

Senior notes

5,219,552

6,933,209

Total debt

5,552,552

7,800,328

Deduct: Cash and cash equivalents

(78,715)

(110,795)

Net debt

$         5,473,837

$         7,689,533

(a)

As of December 31, 2025, the current portion of debt included EQT Corporation's 3.125% senior notes and 7.75% debentures.

(b)

As of September 30, 2026 and December 31, 2025, revolving credit facility borrowings included $270 million and $285 million, respectively, of borrowings outstanding under Eureka's revolving credit facility.

Investor Contact
Cameron Horwitz
Managing Director, Investor Relations & Strategy
412.445.8454
[email protected]

About EQT Corporation
EQT Corporation is a premier, vertically integrated American natural gas company with upstream and midstream operations focused in the Appalachian Basin. We are dedicated to responsibly developing our world-class asset base and being the operator of choice for our stakeholders. By leveraging a culture that prioritizes operational efficiency, technology and sustainability, we seek to continuously improve the way we produce environmentally responsible, reliable and low-cost energy. We have a longstanding commitment to the safety of our employees, contractors, and communities, and to the reduction of our overall environmental footprint. Our values are evident in the way we operate and in how we interact each day – trust, teamwork, heart, and evolution are at the center of all we do.

EQT management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via EQT's investor relations website at ir.eqt.com.

Cautionary Statements Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release or made during the above referenced conference call specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of EQT Corporation (EQT) and its consolidated subsidiaries (collectively, the Company), including guidance regarding the Company's strategy to develop its reserves; drilling plans and programs (including the number and type of drilling rigs and the number of frac crews to be utilized by the Company, the projected amount of wells to be turned-in-line and the timing thereof); projected natural gas prices, basis and average differential; the impact of commodity prices on the Company's business; total resource potential; projected production and sales volumes, including projected strategic curtailments and the timing, duration and volume thereof; projected capital expenditures and per unit operating costs; the amount and timing of distributions to and from the Company's joint venture arrangements; the Company's ability to successfully implement and execute its operational and organizational initiatives, the timing thereof and the Company's ability to achieve the anticipated results of such initiatives; the Company's plans, objectives, expectations, goals and projections relating to the Company's LNG offtake and tolling agreements and growth projects, including statements relating to the anticipated in-service dates, volume, duration, cost, anticipated impacts to free cash flow and investment returns thereof; the Company's ability to achieve the intended operational, financial and strategic benefits from any proposed and recently completed strategic transactions, including the proposed transaction (the proposed transaction) between EQT and Range Resources Corporation (Range), and the timing thereof; other statements regarding the proposed transaction, including the expected closing and the timing thereof, and the pro forma combined company and its operations, strategies and plans, integration, debt levels and leverage ratio, capital expenditures, enterprise value, cash flows and anticipated uses thereof, synergies, opportunities and anticipated future performance, expected accretion to earnings and free cash flow and anticipated dividends; the amount and timing of any redemptions, repayments or repurchases of EQT's common stock, the Company's outstanding debt securities or other debt instruments; the Company's ability to reduce its debt and the timing of such reductions, if any; projected free cash flow; liquidity and financing requirements, including funding sources and availability; the Company's hedging strategy and projected margin posting obligations; the Company's tax position and projected effective tax rate; and the expected impact of changes in laws.

The forward-looking statements included in this news release or made during the above referenced conference call involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently known by the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company's control. These risks and uncertainties include, but are not limited to, volatility of commodity prices; the costs and results of drilling and operations; uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future; the assumptions underlying production forecasts; the quality of technical data; the Company's ability to appropriately allocate capital and other resources among its strategic opportunities; access to and cost of capital; the Company's hedging and other financial contracts; inherent hazards and risks normally incidental to drilling for, producing, transporting, storing and processing natural gas, natural gas liquids (NGLs) and oil; operational risks and hazards incidental to the gathering, transmission and storage of natural gas as well as unforeseen interruptions; cyber security risks and acts of sabotage; availability and cost of drilling rigs, completion services, equipment, supplies, personnel, oilfield services and pipe, sand and water required to execute the Company's exploration and development plans, including as a result of inflationary pressures or tariffs; risks associated with operating primarily in the Appalachian Basin; the ability to obtain environmental and other permits and the timing thereof; construction, business, economic, competitive, regulatory, judicial, environmental, political and legal uncertainties related to the development and construction by the Company or its joint ventures of pipeline and storage facilities and transmission assets and the optimization of such assets; the Company's ability to renew or replace expiring gathering, transmission or storage contracts at favorable rates, on a long-term basis or at all; risks relating to the Company's joint venture arrangements; government regulation or action, including regulations pertaining to methane and other greenhouse gas emissions; negative public perception of the fossil fuels industry; increased consumer demand for alternatives to natural gas; environmental and weather risks, including the possible impacts of climate change; and disruptions to the Company's business due to recently completed or pending divestitures, acquisitions and other significant strategic transactions, including the proposed transaction between EQT and Range; and other risks related to the proposed transaction between EQT and Range, including potential delays in consummation, including as a result of regulatory proceedings, the risk that EQT's shareholders or Range's shareholders do not approve the transaction, the risk that regulatory approvals are not obtained or are obtained subject to conditions that are not anticipated, EQT's ability to integrate the acquired operations and assets in a successful manner and in the expected time period and the possibility that any of the anticipated benefits and projected synergies of such transaction will not be realized or will not be realized within the expected time period. These and other risks and uncertainties are described under the "Risk Factors" section and elsewhere in EQT's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q and other documents EQT subsequently files from time to time with the Securities and Exchange Commission. In addition, the Company may be subject to currently unforeseen risks that may have a materially adverse impact on it.

Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, EQT does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important Information for Investors and Shareholders; Additional Information and Where to Find It
In connection with the proposed transaction, EQT intends to file with the U.S. Securities and Exchange Commission (the SEC) a registration statement on Form S-4 (the registration statement) that will include a joint proxy statement of EQT and Range and that will also constitute a prospectus of EQT (the joint proxy statement/prospectus). EQT and Range also intend to file other relevant documents regarding the proposed transaction with the SEC. This new release is not a substitute for the joint proxy statement/prospectus or the registration statement. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF EQT AND RANGE ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT MAY BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT EQT, RANGE, THE PROPOSED TRANSACTION, THE RISKS THERETO AND RELATED MATTERS. After the registration statement has been declared effective, a definitive joint proxy statement/prospectus will be mailed to the shareholders of EQT and the shareholders of Range. Investors and security holders will be able to obtain free copies of the registration statement and joint proxy statement/prospectus and other relevant documents filed or that will be filed with the SEC by EQT or Range through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by EQT may be obtained free of charge on EQT's website at ir.eqt.com. Copies of the documents filed with the SEC by Range may be obtained free of charge on Range's website at ir.rangeresources.com. The information included on, or accessible through, EQT's or Range's website is not incorporated by reference into this news release.

Participants in the Solicitation
EQT and Range and their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction contemplated by the joint proxy statement/prospectus. Information regarding EQT's directors and executive officers and their ownership of EQT's securities is set forth in EQT's filings with the SEC, including EQT's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that was filed with the SEC on February 18, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000003321326000018/eqt-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on February 26, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000110465926020027/tm2613831_def14a.htm). To the extent such person's ownership of EQT's securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Information regarding Range's directors and executive officers and their ownership of Range's securities is set forth in Range's filings with the SEC, including Range's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 that was filed with the SEC on February 24, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000315852/000119312526067292/rrc-20251231.htm) and its Definitive Proxy Statement on Schedule 14A that was filed with the SEC on March 31, 2026 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000033213/000110465926020027/tm261383-1_def14a.htm). To the extent such person's ownership of Range's securities has changed since the filing of such proxy statement, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the joint proxy statement/prospectus and other relevant materials that will be filed with the SEC regarding the proposed transaction when such documents become available. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation
This news release relates to the proposed transaction. This news release is for informational purposes only and is not intended to and shall not constitute an offer to buy, sell or exchange, or the solicitation of an offer to buy, sell or exchange, any securities or a solicitation of any vote or approval, in any jurisdiction, pursuant to the proposed transaction or otherwise, nor shall there be any sale, issuance, exchange or transfer of the securities referred to in this news release in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED OPERATIONS (UNAUDITED)

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands, except per share amounts)

Operating revenues:

Sales of natural gas, natural gas liquids and oil

$   1,507,808

$   1,677,617

$   6,557,757

$   5,622,843

Gain (loss) on derivatives

100,287

135,784

(93,342)

176,829

Pipeline and other

162,299

145,170

494,655

456,468

Total operating revenues

1,770,394

1,958,571

6,959,070

6,256,140

Operating expenses:

Transportation and processing

370,791

377,133

1,156,147

1,144,458

Production

92,079

98,302

307,573

278,258

Operating and maintenance

60,376

60,302

175,464

161,582

Purchased commodities

8,183

—

8,183

—

Selling, general and administrative

116,083

98,720

318,272

271,770

Depreciation, depletion and amortization

639,783

688,382

1,984,167

1,932,628

(Gain) loss on sale/exchange of long-lived assets

(2,893)

(5,623)

659

(2,402)

Impairment and expiration of leases

6,007

3,476

16,062

9,391

Other operating expenses

20,524

34,669

103,084

226,957

Total operating expenses

1,310,933

1,355,361

4,069,611

4,022,642

Operating income

459,461

603,210

2,889,459

2,233,498

Income from investments

(43,688)

(44,638)

(165,929)

(138,274)

Other income

(780)

(472)

(4,302)

(3,711)

Loss on debt extinguishment

18

1,909

29,887

19,478

Interest expense, net

72,152

109,929

244,381

333,166

Income before income taxes

431,759

536,482

2,785,422

2,022,839

Income tax expense

86,682

129,266

604,967

443,549

Net income

345,077

407,216

2,180,455

1,579,290

Less: Net income attributable to noncontrolling interests

66,386

71,354

203,110

217,142

Net income attributable to EQT Corporation

$      278,691

$      335,862

$   1,977,345

$   1,362,148

Income per share of common stock attributable to EQT Corporation:

Basic:

Weighted average common stock outstanding

625,991

624,532

625,696

607,245

Net income attributable to EQT Corporation

$          0.45

$          0.54

$          3.16

$          2.24

Diluted:

Weighted average common stock outstanding

629,172

628,324

628,992

611,427

Net income attributable to EQT Corporation

$          0.44

$          0.53

$          3.14

$          2.23

EQT CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2026

December 31, 2025

(Thousands)

ASSETS

Current assets:

Cash and cash equivalents

$             78,715

$               110,795

Accounts receivable (less allowance for credit losses: $5,830 and $3,088)

725,938

1,457,959

Derivative instruments, at fair value

185,211

202,390

Prepaid expenses and other

120,636

124,007

Total current assets

1,110,500

1,895,151

Property, plant and equipment

50,113,651

48,472,497

Less: Accumulated depreciation and depletion

16,446,632

14,914,689

Net property, plant and equipment

33,667,019

33,557,808

Investments in unconsolidated entities

3,960,861

3,630,577

Net intangible assets

189,407

200,486

Goodwill

2,062,462

2,062,462

Other assets

451,610

446,390

Total assets

$       41,441,859

$           41,792,874

LIABILITIES AND EQUITY

Current liabilities:

Current portion of debt

$                   —

$               507,119

Accounts payable

1,138,859

1,367,431

Derivative instruments, at fair value

62,860

137,299

Accrued interest

82,657

137,505

Other current liabilities

285,515

335,487

Total current liabilities

1,569,891

2,484,841

Revolving credit facility borrowings

333,000

360,000

Senior notes

5,219,552

6,933,209

Deferred income taxes

4,048,587

3,472,010

Asset retirement obligations and other liabilities

1,251,527

1,182,666

Total liabilities

12,422,557

14,432,726

Equity:

Common stock, no par value,

shares authorized: 1,280,000, shares issued: 625,547 and 624,076

19,560,596

19,517,761

Retained earnings

5,906,699

4,237,089

Accumulated other comprehensive loss

(1,789)

(2,173)

Total common shareholders' equity

25,465,506

23,752,677

Noncontrolling interests in consolidated subsidiaries

3,553,796

3,607,471

Total equity

29,019,302

27,360,148

Total liabilities and equity

$       41,441,859

$           41,792,874

EQT CORPORATION AND SUBSIDIARIES

STATEMENTS OF CONDENSED CONSOLIDATED CASH FLOWS (UNAUDITED)

Nine Months Ended 
 September 30,

2026

2025

(Thousands)

Cash flows from operating activities:

Net income

$          2,180,455

$          1,579,290

Adjustments to reconcile net income to net cash provided by operating activities:

Deferred income tax expense

576,339

446,674

Depreciation, depletion and amortization

1,984,167

1,932,628

Loss (gain) on sale/exchange of long-lived assets

659

(2,402)

Impairment and expiration of leases

16,062

9,391

Income from investments

(165,929)

(138,274)

Loss on debt extinguishment

29,887

19,478

Share-based compensation expense

67,659

43,824

Distributions from equity method investments

187,083

202,560

Other

16,468

7,836

Loss (gain) on derivatives

93,342

(176,829)

Net cash settlements paid on derivatives

(160,527)

(118,390)

Changes in other assets and liabilities:

Accounts receivable

732,853

296,345

Accounts payable

(238,941)

(4,487)

Income tax receivable and payable

16,050

97,378

Other current assets

6,534

42,697

Other items, net

(155,829)

(237,154)

Net cash provided by operating activities

5,186,332

4,000,565

Cash flows from investing activities:

Capital expenditures

(1,896,087)

(1,675,691)

Cash paid for acquisitions, net of cash acquired

(79,560)

(484,807)

Net cash received (paid) for sale/exchange of assets

450

(8,603)

Cash paid for acquisitions of additional interests in equity method investments

(216,209)

—

Capital contributions to equity method investments

(117,438)

(44,406)

Other investing activities

(2,221)

(10,388)

Net cash used in investing activities

(2,311,065)

(2,223,895)

Cash flows from financing activities:

Proceeds from revolving credit facility borrowings

4,518,500

3,018,000

Repayment of revolving credit facility borrowings

(4,545,500)

(3,210,800)

Debt issuance costs

—

(9,623)

Repayment and retirement of debt

(2,237,944)

(905,698)

Net premiums paid on debt extinguishment

(22,649)

(29,507)

Dividends paid

(309,490)

(286,662)

Contribution from noncontrolling interests

98,357

—

Distributions to noncontrolling interests

(355,142)

(259,217)

Cash paid for taxes to net settle share-based incentive awards

(47,398)

(53,830)

Other financing activities

(6,081)

(5,690)

Net cash used in financing activities

(2,907,347)

(1,743,027)

Net change in cash and cash equivalents

(32,080)

33,643

Cash and cash equivalents at beginning of period

110,795

202,093

Cash and cash equivalents at end of period

$              78,715

$            235,736

EQT CORPORATION AND SUBSIDIARIES

PRICE RECONCILIATION

Three Months Ended 

 September 30,

Nine Months Ended 

 September 30,

2026

2025

2026

2025

(Thousands, unless otherwise noted)

NATURAL GAS

Sales volume (MMcf)

544,536

595,642

1,722,847

1,666,421

NYMEX price ($/MMBtu)

$           2.96

$           3.07

$       3.60

$       3.37

Btu uplift

0.16

0.17

0.20

0.19

Natural gas price ($/Mcf)

$           3.12

$           3.24

$       3.80

$       3.56

Basis ($/Mcf) (a)

$          (0.65)

$          (0.70)

$      (0.31)

$      (0.50)

Cash settled basis swaps ($/Mcf)

0.01

0.02

(0.11)

(0.02)

Average differential, including cash settled basis swaps ($/Mcf)

(0.64)

(0.68)

(0.42)

(0.52)

Average adjusted price ($/Mcf)

2.48

2.56

3.38

3.04

Cash settled derivatives ($/Mcf)

0.12

0.10

0.02

(0.05)

Average natural gas price, including cash settled derivatives ($/Mcf)

$           2.60

$           2.66

$       3.40

$       2.99

Natural gas sales, including cash settled derivatives

$    1,417,219

$    1,586,374

$ 5,865,609

$ 4,987,247

LIQUIDS

NGLs, excluding ethane:

Sales volume (MMcfe) (b)

21,025

23,650

62,334

66,997

Sales volume (Mbbl)

3,504

3,942

10,389

11,166

NGL price ($/Bbl)

$         36.73

$         31.82

$      38.08

$      37.12

Cash settled derivatives ($/Bbl)

(0.31)

0.70

(0.18)

(0.21)

Average NGL price, including cash settled derivatives ($/Bbl)

$         36.42

$         32.52

$      37.90

$      36.91

NGL sales, including cash settled derivatives

$      127,636

$      128,183

$   393,789

$   412,206

Ethane:

Sales volume (MMcfe) (b)

14,923

12,157

41,561

32,759

Sales volume (Mbbl)

2,488

2,026

6,927

5,460

Ethane price ($/Bbl)

$           6.52

$           6.86

$       8.56

$       8.01

Ethane sales

$        16,223

$        13,901

$    59,312

$    43,730

Oil:

Sales volume (MMcfe) (b)

2,318

2,946

8,233

7,196

Sales volume (Mbbl)

386

491

1,372

1,199

Oil price ($/Bbl)

$         65.51

$         49.12

$      63.09

$      51.09

Oil sales

$        25,308

$        24,119

$    86,577

$    61,270

Total liquids sales volume (MMcfe) (b)

38,266

38,753

112,128

106,952

Total liquids sales volume (Mbbl)

6,378

6,459

18,688

17,825

Total liquids sales

$      169,167

$      166,203

$   539,678

$   517,206

TOTAL

Total natural gas and liquids sales, including cash settled derivatives (c)

$    1,586,386

$    1,752,577

$ 6,405,287

$ 5,504,453

Total sales volume (MMcfe)

582,802

634,395

1,834,975

1,773,373

Average realized price ($/Mcfe)

$           2.72

$           2.76

$       3.49

$       3.10

(a)

Basis represents the difference between the ultimate sales price for natural gas, including the effects of delivered price benefit or deficit associated with the Company's firm transportation agreements, and the NYMEX natural gas price.

(b)

NGLs, ethane and oil were converted to Mcfe at a rate of six Mcfe per barrel.

(c)

Also referred to herein as Upstream adjusted operating revenues, a non-GAAP supplemental financial measure.

SOURCE EQT Corporation (EQT-IR)