Equinor (EQNR) Q3 2026 (Media) earnings summary

Executive summary

• Equity production was 2,166 mboe/day, up 2% YoY; 2026 production growth guidance rose to ~4%.

• Adjusted operating income was $12.353bn, net income was $2.545bn and adjusted net income was $2.857bn.

• Higher commodity prices and refining margins supported Q3 results.

Financial highlights

• Q3 revenue was $33.19bn, up 27% YoY; reported operating income was $11.96bn versus $5.27bn.

• Net operating income was $11.96bn; $398m of adjustments brought adjusted operating income to $12.353bn, versus $6.215bn in 3Q25.

• Net income was $2.545bn versus a $204m loss in 3Q25; adjusted net income was $2.857bn versus $932m.

• Cash flow from operations after tax was $8.142bn in Q3 and $21.838bn YTD; organic capex was $3.3bn in Q3.

• Q3 basic EPS was $1.07 and adjusted EPS was $1.20, versus a loss of $0.08 and adjusted EPS of $0.37 a year earlier.

Outlook and guidance

• 2026 oil and gas production growth guidance increased to ~4% YoY; scheduled maintenance is expected to reduce full-year equity production by ~35 mboe/day.

• 2026 organic capex guidance is ~$13bn, based on USD/NOK of 10.

• Production guidance is exposed to operational regularity, project start-up timing, gas offtake, commodity prices, demand and geopolitical and macroeconomic conditions.