Equinor (EQNR) Q2 2026 (Media) earnings summary

Executive summary

• Adjusted operating income reached $11.5 billion (up 76% year-over-year), with net income at $4.84 billion in Q2 2026, reflecting strong production and financial results.

• Production grew by 3% year-over-year to 2,165 mboe/d, driven by new fields and asset-backed trading.

• Cash flow from operations after tax was $7.7 billion for the quarter, supported by higher commodity prices and production.

• Strategic milestones included contracts for NCS tie-back projects, FID for Greater PAJ in Angola, and asset transactions to harmonize ownership.

Financial highlights

• Adjusted operating income rose to $11.5 billion from $6.5 billion in Q2 2025; net income increased to $4.8 billion from $1.3 billion year-over-year.

• Adjusted earnings per share reached $1.33, more than double the prior year.

• Cash flow from operations after tax was $7.7 billion for Q2 and $13.7 billion year-to-date.

• Net debt to capital employed adjusted fell to 10.4% from 17.8% at year-end 2025.

• Organic capital expenditure was $3.4 billion for Q2.

Outlook and guidance

• Organic capital expenditures for 2026 are estimated at around $13 billion.

• Targeting 3% oil and gas production growth for 2026.

• Annual share buy-back range of $2–4 billion from 2027; annual dividend growth per share expected to exceed 5%.

• Free cash flow projected to exceed $40 billion for 2026–2030.

• Scheduled maintenance estimated to reduce equity production by 35 mboe/d for the full year.