EarningsQ2 2026 Earnings Report

Equinor ASA (DNQA) Q2 2026 Earnings Report

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Previous Report: Q1 2026

DE:DNQA Q2 2026 EPS Results

Actual EPS€1.18

Consensus EPS€1.23

Beat/MissMissed by -€0.05

One Year Ago EPS€0.57

DE:DNQA Q2 2026 Revenue Results

Actual Revenue€30.56B

Expected Revenue€30.22B

Beat/MissBeat by +€340.63M

YoY Revenue Growth+36.01%

Earnings Announcement Details

QuarterQ2 2026

Date07/22/2026

TimeBefore Open

Conference CallWednesday, July 22, 2026

DE:DNQA Upcoming Earnings

Equinor ASA's next earnings date is estimated for October 28, 2026, based on past reporting schedules.

Q2 2026 Earnings Call Audio

DE:DNQA Q2 2026 Earnings Call

0:00 / 0:00

Q2 2026 Earnings Slide Deck

Q2 2026 Earnings Call Summary

Q2 2026

Earnings Call Date:Jul 22, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational and financial performance: production growth (3% in Q2, 6% H1), very strong cash flows, robust adjusted operating income, solid balance sheet with ~ $24bn cash, and enhanced shareholder returns (doubled buybacks, dividend). Management reiterated ambitious medium-term targets (production +150,000 bpd to 2030, +30% cash flow, 15% ROCE) and announced concrete project progress (Greater PAJ FID, NCS 2035 tiebacks). Notable negatives included a Johan Castberg outage (impacting Q3 ~14,000 bpd), slight deterioration in safety metrics, regional gas-price volatility and European gas tightness risks, U.S. gas price weakness and some partner-operated field issues (Roncador). Overall, the positive financial and operational execution and strengthened balance sheet materially outweigh the operational and market risks highlighted, supporting a positive sentiment.

Company Guidance

Equinor left its guidance unchanged and said progress is on track: Q2 production was 2,165,000 bpd (up 3% y/y) and H1 production is up 6%, supporting the unchanged full‑year 3% production growth guidance; the company reiterated its 2030 targets of +150,000 bpd production, >30% growth in cash flow from operations, ~15% return on capital employed and >$40bn free cash flow to 2030, a post‑dividend breakeven of $50/bbl (down $10) and new‑development breakeven below $40/bbl; financial context for the guidance included adjusted operating income $11.5bn pre‑tax, IFRS net income $4.8bn, YTD cash flow from operations after tax $13.7bn (Q2 cash flow from operations $14.8bn pre‑tax), organic CapEx $3.4bn, net cash flow before distribution +$5.5bn, Q2 distributions $1.1bn, cash ≈$24bn, working capital down $1.8bn to $3.6bn, net debt ratio 10.4% (expected below 10% at year‑end), a doubled 2026 buyback program to $3bn (from $1.5bn), a Q2 buyback tranche up to $1.125bn and an ordinary dividend of $0.39/share.

Strong production growth and operational delivery

Q2 production of 2,165,000 bpd, up 3% year-on-year; first half 2026 production growth of 6% year-to-date. NCS production up 4%, supported by new fields (Eirin, Symra) and strong performance from Johan Sverdrup (now expected to be at the low end of previously guided 10%-20% decline). Bacalhau and Adura also contributed to international growth.

Robust financial results and cash generation

Adjusted operating income of $11.5 billion before tax (E&P Norway $9.2 billion pre-tax, $2.1 billion after tax). IFRS net income $4.8 billion. Adjusted EPS $1.33. Cash flow from operations this quarter $14.8 billion before tax; year-to-date cash flow from operations after tax $13.7 billion. Net cash flow before distribution +$5.5 billion.

Strong downstream, trading and MMP outperformance

MMP delivered $777 million pre-tax in Q2 versus a normal guidance of $400 million per quarter (approx. +94% vs guidance); strong crude trading and Mongstad refinery performance captured elevated refinery margins (FCC margin ~ $25/bbl in Q2). Power trading contributed strongly and power production at 1.2 TWh increased from Dogger Bank and new onshore assets.

Capital discipline and shareholder returns

Board approved ordinary cash dividend of $0.39 per share and a third share buyback tranche up to $1.125 billion; company doubled 2026 buyback program from $1.5 billion to $3 billion at CMD. Distributed $1.1 billion this quarter to shareholders.

Balance sheet strength and liquidity

Cash and cash equivalents around $24 billion. Net debt ratio decreased to 10.4% this quarter and is expected to be somewhat below 10% by year-end at current forward prices. Sale proceeds and divestments contributed cash (Argentina onshore proceeds $558 million in Q2 + $88 million earlier; Scatec partial divestment $171 million).

Project sanctioning and portfolio developments

Final investment decision taken for Greater PAJ in Angola; expected to generate more than $50 per bbl in cash flow from operations. NCS tieback contract awards under NCS 2035 model aim to double development speed and halve costs. Company reiterated targets from CMD: +150,000 bpd to 2030, +30% cash flow from operations, industry-leading ~15% ROCE, and >$40 billion free cash flow to 2030.

Adura JV cash returns

Adura distributed $150 million in the quarter (also $150 million in Q1); management expects more than $1 billion in capital distributions from Adura across 2026–2027.

DE:DNQA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change
Oct 28, 2026	2026 (Q3)	1.23 / -	0.329	―
Jul 22, 2026	2026 (Q2)	1.23 / 1.18	0.568	107.81% (+0.61)
May 06, 2026	2026 (Q1)	0.90 / 1.31	0.586	124.24% (+0.73)
Feb 04, 2026	2025 (Q4)	0.54 / 0.72	0.56	28.57% (+0.16)
Oct 29, 2025	2025 (Q3)	0.54 / 0.33	0.702	-53.16% (-0.37)
Jul 23, 2025	2025 (Q2)	0.58 / 0.57	0.746	-23.81% (-0.18)
Apr 30, 2025	2025 (Q1)	0.74 / 0.59	0.853	-31.25% (-0.27)
Feb 05, 2025	2024 (Q4)	0.66 / 0.56	0.564	-0.79% (>-0.01)
Oct 24, 2024	2024 (Q3)	0.66 / 0.70	0.814	-13.85% (-0.11)
Jul 24, 2024	2024 (Q2)	0.65 / 0.75	0.657	13.51% (+0.09)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed