EarningsQ3 2026 Earnings Report
MX:EQNRN Q3 2026 EPS Results
Actual EPS$22.54
Consensus EPS$25.44
Beat/MissMissed by -$2.89
One Year Ago EPS$6.95
MX:EQNRN Q3 2026 Revenue Results
Actual Revenue$621.40B
Expected Revenue$625.65B
Beat/MissMissed by -$4.25B
YoY Revenue Growth+27.22%
Earnings Announcement Details
QuarterQ3 2026
Date10/28/2026
TimeBefore Open
Conference CallWednesday, October 28, 2026
MX:EQNRN Upcoming Earnings
Equinor ASA's next earnings date is estimated for February 4, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:EQNRN Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by nearly doubled adjusted operating income, strong cash flow, production growth, increased production guidance, a higher cash flow outlook, a record Mongstad result, improved balance sheet metrics and continued project and exploration progress. The main challenges were increased safety incidents, cost reductions running behind plan, impairments, tax payment timing, shipping derivative impacts, an Empire Wind schedule delay, expected higher Johan Sverdrup decline in 2027 and vulnerability in the European gas market. Highlights significantly outweighed the lowlights.Company Guidance
Record Mongstad Refinery Result
Mongstad delivered a record result in the quarter, driven by excellent operational performance and very strong refining margins.
Portfolio Progress and Strategic Expansion
Equinor signed an agreement to acquire a stake in the Lackawanna Energy Center in the U.S., strengthening its position in an attractive U.S. power market and complementing its gas position. Bay du Nord in Canada is progressing toward a final investment decision early next year with Shell joining as a partner.
Expanded Exploration Portfolio
Equinor participated in two discoveries in Angola, was awarded new acreage in Angola and Brazil, entered Namibia with plans to start drilling during the fourth quarter, and formed a strategic exploration collaboration with Aker BP and Vår Energi targeting up to 25 prospects with standalone potential over the next years.
Production Growth and Increased 2026 Guidance
Third-quarter production grew 2%, while year-to-date production growth was almost 5%. Based on strong operations, Equinor increased its 2026 production growth guidance from 3% to around 4%.
Strong Third-Quarter Financial Results
Higher production, higher prices and an exceptional refining contribution supported adjusted operating income of $12.4 billion before tax, almost twice the level from the same quarter last year. Cash flow from operations after tax was $8.1 billion in the quarter and $21.8 billion year to date. Adjusted earnings per share were $1.20.
Shareholder Distributions
The Board approved a quarterly cash dividend of $0.39 per share and a fourth share-buyback tranche of up to $1.13 billion. Total 2026 share buybacks are expected to reach $3 billion.
Strong International Production Performance
Equity production increased 2% year over year. Norwegian Continental Shelf production was stable as natural decline was offset by new fields delivering around 70 thousand barrels per day. Combined international production increased 5%, driven by Oduro and Bacalhao, with Bacalhao now producing at plateau.
Renewables Production Growth
Renewable power production increased 26%, driven by Dogger Bank.
Empire Wind Progress and Tax Credit Position
Empire Wind was around 80% complete. The remaining scope primarily relates to offshore turbine installation, with installation expected to start next year and first power during the first half of 2027. Total CapEx is unchanged, and Equinor expects approximately $2 billion of investment tax credits in 2027 and the remaining amount in 2028, out of approximately $2.5 billion.
Strong MMP and LNG Contribution
MMP delivered well above guidance, supported by strong refining performance. Strong LNG results also contributed positively.
Improved Cash Position and Balance Sheet
Cash flow from operations was $14.7 billion in the quarter. Equinor ended the quarter with cash and cash equivalents of $24 billion, while its net debt ratio decreased to 3.8%. Based on current forward prices, the company expects the net debt ratio to be around zero at year-end before adjusting for the six-month Norwegian tax lag.
Higher Full-Year Cash Flow Outlook
Based on current forward prices, Equinor expects approximately $29 billion of 2026 cash flow from operations, compared with the approximately $25 billion guidance provided at Capital Markets Day based on an $80 Brent and $15 gas price deck.
Norwegian Production Execution
Production for 2026 has been stronger than expected due to strong operations and high regularity across the portfolio. Johan Sverdrup's decline was at the lower end of the guided range, and Bacalhao was contributing well toward the end of the year.
Johan Sverdrup Operational Performance
Johan Sverdrup has consistently delivered better than expected since startup, including plateau production, water management and drilling performance. Year-to-date decline was 11%, within the previously guided 10% to 20% range and expected to remain at the lower end of that range by year-end.
Future Production Contributors
Equinor expects 2027 production to be higher than 2025 and to continue building toward its 2030 production target. Bacalhao will contribute at plateau, while Rosebank, Jackdaw and Yggdrasil are expected to contribute production in 2027.
Strong Norwegian Crude Realizations
Equinor receives premiums for several Norwegian Continental Shelf crude qualities, including an average $2 premium to Brent for Johan Sverdrup and an $8 premium for Johan Castberg.
European Gas Market Positioning
Equinor noted European gas prices above $30 per MMBtu and above $90 per megawatt hour, with 70% of its gas exposure on a day-ahead basis and 30% on a month-ahead basis to retain flexibility and exposure to volatility. The company said it would do its utmost to deliver as much gas as possible.
M&A and Integrated Gas-to-Power Strategy
Equinor expects to remain active in M&A, including acquisitions and divestments aligned with its strategy. The Lackawanna acquisition is intended to connect Equinor's U.S. gas position with the power market, supported by its gas portfolio, trading and marketing operation, balance sheet and long-term partnership capabilities.
Bay du Nord Development Progress
Equinor said Bay du Nord remains on track for a final investment decision in the early part of next year. The project is expected to be a significant investment and an important contributor to Equinor's cash flow in the 2020s, with additional discoveries and tie-in opportunities in the surrounding licenses.
Rosebank and Jackdaw Outlook
Equinor expects a positive government decision on Rosebank and said the field remains on schedule to start production in the first half of next year. Rosebank is expected to represent 4% of U.K. gas production when in production.
NCS 2035 Investment Program
Equinor is increasing underlying investments in Norway through its NCS 2035 program, which aims to reduce the time from discovery to production by 50% and development costs by 50%. The company expects more projects and production through 2030 and intends to maintain steady, predictable investment.
Capital Allocation Framework
Equinor's stated capital allocation priorities are cash dividends, reinvestment in the business of around $12 billion, maintaining a strong balance sheet, and using share buybacks as the flexible component. It expects to increase the quarterly cash dividend by more than 5% annually and introduced a $2 billion to $4 billion annual buyback framework when oil prices are between $60 and $80 and European gas prices are between $7 and $11 per MMBtu.
Long-Term Safety Improvement
Although Equinor reported a negative safety trend this year, serious incident frequency declined from 6 in 2001 to 0.25 currently. The company said there were no incidents with major accident potential in the quarter and that it continues to use weak signals to improve operations.
MX:EQNRN Earnings History
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