Equinor
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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.
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Q3 2026 earnings summary28 Oct, 2026

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.

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Frequently asked questions

Equinor ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy, as well as other businesses in Norway and internationally. The company operates through five segments: Development & Production Norway; Development & Production USA; Development & Production International; Marketing, Midstream & Processing; and New Energy Solutions. It produces oil, gas, wind, and solar power. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.