Equinor (EQNR) Q3 2026 earnings summary

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.