We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Equinor Q3 Earnings on Deck: Here's What Investors Should Know
Read MoreHide Full Article
Key Takeaways
Equinor's Q3 earnings are projected to surge 273%, with revenues expected to rise 37.4% year over year.
Higher crude prices and elevated European refining margins are expected to boost Equinor's Q3 profitability.
EQNR targets 3% production growth, while its 2.53X EV/EBITDA signals a discount to the industry average.
Equinor ASA (EQNR - Free Report) is set to report third-quarter 2026 results on Oct. 28, before market open.
The Zacks Consensus Estimate for third-quarter earnings is pegged at $1.38 per share, implying an increase of 273% from the year-ago reported number. EQNR has witnessed one upward and one downward earnings estimate revision over the past 30 days. The Zacks Consensus Estimate for third-quarter revenues is currently pegged at $35.8 billion, suggesting a 37.4% rise from the year-ago actuals.
EQNR beat the consensus estimate for earnings in two of the trailing four quarters and missed twice, delivering an average surprise of 10.5%. This is depicted in the graph below:
Image Source: Zacks Investment Research
Equinor’s Q3 Earnings Whispers
Our proven model predicts an earnings beat for EQNR this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Factors to Consider for EQNR
Equinor, the Norwegian integrated energy company, is expected to have benefited from strong oil and gas prices in the third quarter. Per data from the U.S. Energy Information Administration , the Brent spot crude averaged $83.76 per barrel in July and $91.08 per barrel in August, increasing further to $114.16 per barrel in September. Notably, these figures are significantly higher than those recorded in the corresponding period of 2025. High crude prices are anticipated to have supported its upstream business and profitability in the to-be-reported quarter.
In addition, the company’s downstream operations have gained from unusually high European refining margins in the third quarter. Refining margins are expected to have remained elevated in the third quarter due to continued tensions and supply disruptions in the Middle East. Moreover, low global light-product inventories and constrained refining capacity are expected to have supported refining fundamentals. These factors are likely to have improved Equinor’s downstream profitability in the quarter, potentially aiding its financial performance.
EQNR’s Price Performance & Valuation
EQNR’s stock has soared 108.4% over the past year compared with the 134.8% growth of the composite stocks belonging to the industry. BP plc (BP - Free Report) and Eni S.p.A. (E - Free Report) , two other leading integrated energy players, have gained 55% and 73.4%, respectively.
Image Source: Zacks Investment Research
EQNR appears to be relatively undervalued, at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 2.53X, below the broader industry average of 6.38X, implying that the stock is currently trading at a discount. BP plc and Eni are currently trading at a trailing 12-month EV/EBITDA of 3.26X and 7.44X, respectively.
Image Source: Zacks Investment Research
Investment Thesis of Equinor
Equinor is a leading natural gas supplier to Europe, and this offers the company a unique competitive advantage in the current energy market scenario. Several energy companies operating in the Middle East have suffered key infrastructure damage due to the war, causing them to reduce output. With the autumn and winter season approaching, LNG demand is expected to remain robust in Europe. Equinor is well-positioned to capitalize on the increasing demand and benefit from elevated gas prices in Europe.
In addition, EQNR’s strong upstream operations on the Norwegian Continental Shelf (“NCS”) are expected to aid production growth and improve its earnings outlook. The company is increasing upstream production on the NCS through the ramp-up of the Johan Castberg, Halten East and Verdande fields, alongside the start-up of new fields such as Eirin and Symra. EQNR is also expanding its international portfolio, with assets like Adura in the U.K. and Bacalhau in Brazil. Management stated that the company is well on track to deliver 3% year-over-year production growth. With oil prices expected to stay elevated in the near term, EQNR’s production growth is anticipated to enhance its earnings and cash flows.
Equinor also has a strong financial and liquidity position, with a net debt ratio of 10.4% at the end of the second quarter. The company’s cash and cash equivalents amounted to $8.1 billion at the end of the June quarter. EQNR’s strong balance sheet and financial position enable it to withstand commodity cycles and return capital to shareholders.
Are BP and Eni Poised to Gain From the Current Market Environment?
BP plc, the British integrated energy major, is involved in exploration and production activities, downstream operations and oil and gas trading. The companybenefits from a strong and diversified global asset portfolio and continues to advance a multi-year upstream project and resource pipeline. These developments enhance the company’s future earnings and cash flow outlook. The company’s upstream operations are expected to benefit from the strength in crude prices in recent quarters. Moreover, high refining margins driven by tightened refined product markets are expected to benefit the integrated energy giant’s financial results.
Eni is another integrated energy company with a geographically diverse portfolio of assets. The company has added more than 1 billion barrels of oil equivalent of newly discovered resources in 2026, along with a pipeline of 54 projects, providing long-term growth visibility. Eni has substantial exposure to rising oil and gas prices, which enhances the outlook for its upstream business. In addition, higher European margins are expected to have benefited its refining and chemicals businesses, thereby improving its financial performance.
Time to Bet on the Stock or Wait?
Equinor’s market position as a leading natural gas supplier to Europe is expected to support its performance amid robust seasonal gas demand and elevated prices. The production growth from its NCS assets and international projects is also anticipated to boost earnings and cash flows. The stock is also trading relatively cheaper to its peers.
Given the current business environment, investors should consider owning the EQNR stock at present.
View the Zacks #1 Rank List
Image: Bigstock
Equinor Q3 Earnings on Deck: Here's What Investors Should Know
Key Takeaways
Equinor ASA (EQNR - Free Report) is set to report third-quarter 2026 results on Oct. 28, before market open.
The Zacks Consensus Estimate for third-quarter earnings is pegged at $1.38 per share, implying an increase of 273% from the year-ago reported number. EQNR has witnessed one upward and one downward earnings estimate revision over the past 30 days. The Zacks Consensus Estimate for third-quarter revenues is currently pegged at $35.8 billion, suggesting a 37.4% rise from the year-ago actuals.
EQNR beat the consensus estimate for earnings in two of the trailing four quarters and missed twice, delivering an average surprise of 10.5%. This is depicted in the graph below:
Equinor’s Q3 Earnings Whispers
Our proven model predicts an earnings beat for EQNR this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.
The company has an Earnings ESP of +2.78% and it currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Factors to Consider for EQNR
Equinor, the Norwegian integrated energy company, is expected to have benefited from strong oil and gas prices in the third quarter. Per data from the U.S. Energy Information Administration , the Brent spot crude averaged $83.76 per barrel in July and $91.08 per barrel in August, increasing further to $114.16 per barrel in September. Notably, these figures are significantly higher than those recorded in the corresponding period of 2025. High crude prices are anticipated to have supported its upstream business and profitability in the to-be-reported quarter.
In addition, the company’s downstream operations have gained from unusually high European refining margins in the third quarter. Refining margins are expected to have remained elevated in the third quarter due to continued tensions and supply disruptions in the Middle East. Moreover, low global light-product inventories and constrained refining capacity are expected to have supported refining fundamentals. These factors are likely to have improved Equinor’s downstream profitability in the quarter, potentially aiding its financial performance.
EQNR’s Price Performance & Valuation
EQNR’s stock has soared 108.4% over the past year compared with the 134.8% growth of the composite stocks belonging to the industry. BP plc (BP - Free Report) and Eni S.p.A. (E - Free Report) , two other leading integrated energy players, have gained 55% and 73.4%, respectively.
Image Source: Zacks Investment Research
EQNR appears to be relatively undervalued, at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 2.53X, below the broader industry average of 6.38X, implying that the stock is currently trading at a discount. BP plc and Eni are currently trading at a trailing 12-month EV/EBITDA of 3.26X and 7.44X, respectively.
Image Source: Zacks Investment Research
Investment Thesis of Equinor
Equinor is a leading natural gas supplier to Europe, and this offers the company a unique competitive advantage in the current energy market scenario. Several energy companies operating in the Middle East have suffered key infrastructure damage due to the war, causing them to reduce output. With the autumn and winter season approaching, LNG demand is expected to remain robust in Europe. Equinor is well-positioned to capitalize on the increasing demand and benefit from elevated gas prices in Europe.
In addition, EQNR’s strong upstream operations on the Norwegian Continental Shelf (“NCS”) are expected to aid production growth and improve its earnings outlook. The company is increasing upstream production on the NCS through the ramp-up of the Johan Castberg, Halten East and Verdande fields, alongside the start-up of new fields such as Eirin and Symra. EQNR is also expanding its international portfolio, with assets like Adura in the U.K. and Bacalhau in Brazil. Management stated that the company is well on track to deliver 3% year-over-year production growth. With oil prices expected to stay elevated in the near term, EQNR’s production growth is anticipated to enhance its earnings and cash flows.
Equinor also has a strong financial and liquidity position, with a net debt ratio of 10.4% at the end of the second quarter. The company’s cash and cash equivalents amounted to $8.1 billion at the end of the June quarter. EQNR’s strong balance sheet and financial position enable it to withstand commodity cycles and return capital to shareholders.
Are BP and Eni Poised to Gain From the Current Market Environment?
BP plc, the British integrated energy major, is involved in exploration and production activities, downstream operations and oil and gas trading. The companybenefits from a strong and diversified global asset portfolio and continues to advance a multi-year upstream project and resource pipeline. These developments enhance the company’s future earnings and cash flow outlook. The company’s upstream operations are expected to benefit from the strength in crude prices in recent quarters. Moreover, high refining margins driven by tightened refined product markets are expected to benefit the integrated energy giant’s financial results.
Eni is another integrated energy company with a geographically diverse portfolio of assets. The company has added more than 1 billion barrels of oil equivalent of newly discovered resources in 2026, along with a pipeline of 54 projects, providing long-term growth visibility. Eni has substantial exposure to rising oil and gas prices, which enhances the outlook for its upstream business. In addition, higher European margins are expected to have benefited its refining and chemicals businesses, thereby improving its financial performance.
Time to Bet on the Stock or Wait?
Equinor’s market position as a leading natural gas supplier to Europe is expected to support its performance amid robust seasonal gas demand and elevated prices. The production growth from its NCS assets and international projects is also anticipated to boost earnings and cash flows. The stock is also trading relatively cheaper to its peers.
Given the current business environment, investors should consider owning the EQNR stock at present.