Analyst Consensus ?
ConsensusHold23 ratings
Bullish730.4%
Neutral1356.5%
Bearish313.1%
Equinor ASA · EQNR · FY2025 Q2 · Calendar Q3 2025
Equinor pairs production growth with offshore-wind and balance-sheet risks
The supplied call analysis offers mixed but constructive evidence for a growth-and-resilience case: production growth, expanding U.S. gas activity and cash generation are supportive, while offshore-wind impairments, higher gearing and cost uncertainty constrain the case. Sustained delivery and disciplined capital spending remain key tests.
Reported Before market openNYSEEnergy
$108.54B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.64
Consensus $0.66
EPS surprise
-3.0%
Reported versus consensus
Reported revenue
$25.29B
Consensus $23.26B
Revenue surprise
+8.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.4%
Event window
SPY move
+0.9%
Same window
Abnormal move
+0.5%
Stock minus SPY
Volume
2.6×
Versus trailing sessions
Subsequent drift
-6.1%
Up to 20 sessions
EQNRSPY benchmark
Ask FN2 about EQNR FY2025 Q2
Transcript, numbers and history already loaded
Why did EQNR rise 1.4% after missing EPS estimates in FY2025 Q2?What changed in EQNR's guidance and outlook in FY2025 Q2?Give me the bull and bear case for EQNR after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management maintained full-year capital expenditure guidance and its production-growth trajectory. The quarter’s analysis also highlighted offshore-wind impairment exposure, Peregrino divestment plans and longer-term gas supply contracts.
Guidance delta
Guidance was described as maintained. Capital expenditure guidance remains unchanged in the supplied analysis; no new change to the outlook was identified.
Key takeaways
- Production growth and the Johan Castberg ramp-up underpin the operating-growth narrative.
- U.S. onshore gas expansion and long-term European supply contracts are identified demand supports.
- Cash generation was described as supporting shareholder distributions.
- U.S. offshore-wind impairment and higher gearing temper the otherwise constructive operating picture.
Management priorities
- Deliver production growth and develop the U.S. onshore gas portfolio.
- Advance offshore-wind projects while addressing regulatory and project-economic challenges.
- Maintain capital discipline and execute the stated capital expenditure plan.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$44.95Current
$36.5Low
$68Average
$85High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| TD Cowen | Hold | Hold | Maintain | Sep 28, 2026 |
| JP Morgan | Underweight | Neutral | Downgrade | Aug 12, 2025 |
| Barclays | Equal Weight | Overweight | Downgrade | May 22, 2025 |
| RBC Capital | Underperform | Sector Perform | Downgrade | Apr 22, 2025 |
| Morgan Stanley | Overweight | Overweight | Maintain | Mar 17, 2025 |
| Redburn Atlantic | Buy | Neutral | Upgrade | Nov 20, 2024 |
| UBS | Neutral | Sell | Upgrade | Aug 8, 2024 |
| B of A Securities | Buy | Neutral | Upgrade | Dec 7, 2023 |
| Bernstein | Outperform | Market Perform | Upgrade | Jan 3, 2023 |
| Jefferies | Hold | Buy | Downgrade | May 13, 2022 |
| HSBC | Buy | Hold | Upgrade | Feb 17, 2022 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Jan 7, 2022 |
| Deutsche Bank | Hold | Buy | Downgrade | Sep 16, 2021 |
| MKM Partners | Buy | Buy | Maintain | Aug 25, 2021 |
| Kepler Cheuvreux | Hold | Buy | Downgrade | Apr 30, 2021 |
| Societe Generale | Buy | Hold | Upgrade | Mar 12, 2021 |
| DNB Markets | Hold | Buy | Downgrade | Sep 27, 2019 |
| Goldman Sachs | Neutral | Sell | Upgrade | Aug 2, 2019 |
| Macquarie | Neutral | Outperform | Downgrade | Feb 14, 2019 |
| PiperJaffray | Neutral | Overweight | Downgrade | Feb 11, 2019 |
| Piper Sandler | Neutral | Overweight | Downgrade | Feb 11, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Dec 11, 2018 |
| Berenberg | Hold | Hold | Maintain | Sep 11, 2018 |
Named analyst price targets
Upside is calculated against the persisted current price $44.94. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| HSBC | Analyst unavailable | $85 | $43.17 | +89.1% | Sep 25, 2026 |
| Redburn Partners | Analyst unavailable | $36.5 | $38.55 | -18.8% | Apr 9, 2026 |
| RBC Capital | Sector Perform | $82.5 | $31.6 | +83.6% | Dec 19, 2023 |
Track every rating change on EQNR the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEquinor ASA operates as an energy company in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; and Renewables segments. The company engages in the discovery and appraisal of new resources, as well as commercial development and operation of the oil and gas portfolios; oil and gas field development, well deliveries, and sourcing; research, technology development, specialist advisory services, digitalization, IT, improvement, innovation, and ventures and future business; and developing, exploring, investing in, and operating areas…
Historical context
All EQNR earningsEnergy peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| CVX Chevron Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.4% | +1.8% | Chevron posts strong Q3 as production, cash flow and AI value rise |
| XOM Exxonmobil Holdings Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.7% | +2.2% | ExxonMobil Highlights Refining, LNG and Cash Returns in Q3 |
| IMO Imperial Oil Limited | FY2026 Q3 · Calendar Q4 2026 | +6.4% | +5.5% | Imperial Oil: downstream strength and low-carbon growth lead Q3 |
| CCJ Cameco Corporation | FY2026 Q3 · Calendar Q4 2026 | -101.4% | -7.9% | Cameco keeps nuclear-growth thesis intact as Key Lake outage weighs |
| BP BP p.l.c. | FY2026 Q3 · Calendar Q4 2026 | +22.6% | +0.1% | BP Q3: Strong profit, lower debt, safety risks persist |
Latest beats and misses
Who reports nextBeat on EPS
- TSEMFY2026 Q3 · November 2, 2026+7.5% EPS-6.7% move
- CLXFY2027 Q1 · November 2, 2026+44.9% EPS+2.2% move
- AAPLFY2026 Q4 · November 2, 2026+3.0% EPS-1.8% move
- PLTRFY2026 Q3 · November 2, 2026+8.3% EPS-3.1% move
- ETRFY2026 Q3 · November 2, 2026+14.5% EPS-0.2% move
- OFY2026 Q3 · November 2, 2026+5.7% EPS+1.1% move
Missed on EPS
- VRTXFY2026 Q3 · November 2, 2026-1.2% EPS-1.0% move
- PEGFY2026 Q3 · November 2, 2026-3.4% EPS+0.1% move
- RYAAYFY2027 Q2 · November 2, 2026-0.3% EPS+2.9% move
- GLPIFY2026 Q3 · October 29, 2026-11.5% EPS-1.3% move
- LYBFY2026 Q3 · October 30, 2026-1.2% EPS+5.0% move
- CCJFY2026 Q3 · October 30, 2026-101.4% EPS-7.9% move
Get the EQNR recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:55.686058+00:00
- Polygon adjusted daily market bars · 2026-11-03T13:00:47.626061+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T13:00:47.623175+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-03. For educational purposes only; not investment advice.