Equinor ASA · EQNR · FY2025 Q4 · Calendar Q1 2026
Equinor pairs record production with lower CapEx and higher payouts
The current analysis supports a stronger operating and shareholder-return profile, led by record production, $18 billion of operating cash flow, and disciplined capital allocation. The main counterweight is a heavier oil-and-gas focus as renewable spending falls, alongside commodity, project, regulatory, and safety risks.
Earnings scorecard
Reported versus consensusMarket reaction
prior-close to event-session closeAsk FN2 about EQNR FY2025 Q4
Transcript, numbers and history already loadedFree account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the company now emphasizes record 2025 production and a $4 billion CapEx reduction, with capital shifting toward oil and gas and away from renewable and low-carbon spending. It also raised the quarterly dividend to $0.39 per share and announced a $1.5 billion buyback; Empire Wind remains on schedule after legal challenges.
Guidance delta
Guidance sentiment was maintained. Management's current plans include 3% production growth in 2026, 30 new exploration wells, continued on-time offshore-wind execution, a $1.5 billion buyback schedule, and a 10% reduction target for OpEx and SG&A in 2026.
Key takeaways
- Record-high production and $18 billion of cash flow from operations were reported despite market volatility.
- CapEx was reduced by $4 billion, with greater emphasis on oil and gas and less renewable spending.
- Empire Wind was described as on schedule after legal hurdles, with tax credits supporting its economics.
- The quarterly dividend increased to $0.39 per share and a $1.5 billion buyback was announced.
Management priorities
- Grow production through Johan Castberg, Bacalhau, and Johan Sverdrup Phase 3.
- Deliver offshore-wind projects and expand integrated power assets.
- Use AI and cost-reduction initiatives to improve exploration and operating efficiency.
- Maintain dividend growth and execute the announced buyback schedule.
- Pursue selective value-accretive acquisitions in gas and low-carbon sectors.
Follow EQNR with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeEarnings History
Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 1, 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 $48.75. 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 | +74.4% | Sep 25, 2026 |
| Redburn Partners | Analyst unavailable | $36.5 | $38.55 | -25.1% | Apr 9, 2026 |
| RBC Capital | Sector Perform | $82.5 | $31.6 | +69.2% | 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 |
| FSLR First Solar, Inc. | FY2026 Q3 · Calendar Q4 2026 | +13.5% | -1.4% | First Solar: Margin gains offset lower volume outlook |
Latest beats and misses
Who reports nextBeat on EPS
- CHDFY2026 Q3 · October 30, 2026+2.2% EPS+1.2% move
- AZNFY2026 Q3 · October 30, 2026+7.3% EPS+7.0% move
- FRTFY2026 Q3 · October 30, 2026+3.9% EPS-1.1% move
- CVXFY2026 Q3 · October 30, 2026+8.4% EPS+1.8% move
- BTSGFY2026 Q3 · October 30, 2026+14.2% EPS+11.1% move
- EXCFY2026 Q3 · October 30, 2026+10.4% EPS+0.5% move
Missed on EPS
- 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
- VALEFY2026 Q3 · October 29, 2026-24.6% EPS+1.9% move
- DLR-PLFY2026 Q3 · October 29, 2026-8.4% EPS— move
- DLR-PKFY2026 Q3 · October 29, 2026-8.4% EPS— 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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-11-01T03:10:43.787569+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-01T03:10:43.784632+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 2026-11-01. For educational purposes only; not investment advice.