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Equinor (EQNR) investor relations material
Equinor Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 adjusted operating income was $12.353bn, nearly double Q3 2025; oil and gas production rose 2% YoY and 2026 production growth guidance increased to ~4%.
Strategic progress included the Lackawanna power-plant agreement, Shell joining Bay du Nord, new exploration opportunities and expanded NCS collaboration.
Financial highlights
Adjusted operating income was $12.353bn versus $6.215bn in Q3 2025; net income was $2.545bn versus a $204m loss, and adjusted EPS was $1.20.
Cash flow from operations after tax was $8.142bn in Q3 and $21.838bn YTD; Q3 cash flow before tax was $14.7bn.
Q3 revenue was $32.94bn; organic capex was $3.28bn, and cash, cash equivalents and financial investments totaled $24bn.
Net operating income included $485m of net impairments, including Statfjord impairments partly offset by a Martin Linge reversal.
Outlook and guidance
2026 oil and gas production growth guidance rose from 3% to ~4%; YTD growth was almost 5%.
2026 organic capex guidance remains ~$13bn, based on USD/NOK of 10; FX pressure is partly offset by schedule shifts, including Empire Wind spending moving into 2027.
2026 cash flow from operations is estimated at ~$29bn on current forward prices; high-price earnings are expected to drive significant tax payments in H1 2027.
2027 production is expected above 2025 but below 2026; Bacalhau at plateau, Rosebank, Jackdaw and Yggdrasil are expected to contribute.
Empire Wind is ~80% complete, with first power expected in H1 2027; $2bn of investment tax credits are expected in 2027 and the remainder in 2028.
- Q3 earnings rose as production grew; 2026 production growth guidance increased to ~4%.EQNR
Q3 2026 (Media) - Record production and $9B distributions amid transition, geopolitical and safety risks.EQNR
AGM 2026 - Standardization and scale aim to unlock the NCS 1.3 million-barrel-per-day ambition by 2035.EQNR
Global Supplier Day 2026 - A broad NCS portfolio and faster, lower-cost execution underpin the 2035 production ambition.EQNR
Investor presentation - Adjusted operating income up 76% year-over-year, with 3% production growth and expanded buy-backs.EQNR
Q2 2026 - Adjusted operating income rose 76% year-over-year to $11.5B, with strong cash flow and higher production.EQNR
Q2 2026 (Media) - 7% production growth, $6.21B operating income, and $9B capital distribution despite impairments.EQNR
Q3 2025 - Adjusted operating income rose to USD 8.65B, supporting strong cash flow amid regulatory headwinds.EQNR
Q1 2025 (Media) - Strong Q1 2025 results, but US offshore wind project faces regulatory halt and risk.EQNR
Q1 2025
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