Equinor Asa (EQNR): price, analyst ratings, earnings and fundamentals
Updated 16 September 2026, 08:02 ET
Equinor Asa (EQNR) closed at $45.75 on 15 September 2026, up 2.7%. The stock is up 12.2% over one month and up 88.5% over one year. It trades 0.2% below its 52-week high of $45.84. Analysts recorded 1 action in the last 90 days; the median price target of $37 is 19.1% below the last close. The company last reported on 22 July 2026 for Q2 2026: EPS of $1.33 against an estimate of $1.49, a miss of 10.7%, on revenue of $34.0 billion.
Price and performance
Performance figures use dividend and split adjusted closes over trading sessions, so a one-year move compares the last close with the close 252 sessions earlier. The 52-week range uses the adjusted daily highs and lows of the same window. Read the guide: Momentum, trend and technical indicators.
The live chart with technical indicators is in the app: open EQNR in FundSpec.
Analyst ratings
Over the last 90 days FundSpec recorded 1 analyst action on EQNR from 1 firm: 1 maintained or reiterated a view. Price targets were 1 lowered. The most recent price target on file, from 1 firm, is $37, 19.1% below the last close.
| Date | Firm | Action | Price target |
|---|---|---|---|
| 29 Jun 2026 | TD Cowen | Maintains Hold | $42.00 to $37.00 |
| 5 Jun 2026 | TD Cowen | Maintains Hold | $40.00 to $42.00 |
| 7 May 2026 | TD Cowen | Maintains Hold | $38.00 to $40.00 |
| 20 Mar 2026 | TD Cowen | Maintains Hold | $25.00 to $37.00 |
| 8 Jan 2026 | Jefferies | Reinstates Hold | |
| 12 Aug 2025 | JP Morgan | Downgrades to Underweight from Neutral | |
| 22 May 2025 | Barclays | Downgrades to Equal-Weight from Overweight | |
| 7 May 2025 | JP Morgan | Downgrades to Neutral from Overweight | |
| 22 Apr 2025 | RBC Capital | Downgrades to Underperform from Sector Perform | |
| 17 Mar 2025 | Morgan Stanley | Maintains Overweight | $30.90 to $28.20 |
A price target is one firm's twelve-month view, and the median across firms is a steadier reading than any single call. Upgrades and downgrades matter more when they change a rating, not only a target. Read the guide: What analyst ratings and price targets actually tell you.
Every action with the firm's history is in Analyst Ratings.
Earnings
The next report is scheduled for 28 October 2026 before the open for Q3 2026, with EPS expected at $1.46 on revenue of $33.5 billion. Equinor Asa beat the EPS estimate in 5 of its last 8 reported quarters.
| Period | Reported | EPS estimate | EPS actual | Surprise | Revenue |
|---|---|---|---|---|---|
| Q2 2026 | 22 Jul 2026 | $1.49 | $1.33 | -10.74% | $34.0B |
| Q1 2026 | 6 May 2026 | $1.30 | $1.48 | +13.85% | $28.4B |
| Q4 2025 | 4 Feb 2026 | $0.64 | $0.81 | +26.56% | $25.3B |
| Q3 2025 | 29 Oct 2025 | $0.57 | $0.37 | -35.09% | $26.1B |
| Q2 2025 | 23 Jul 2025 | $0.26 | $0.64 | +146.15% | $25.1B |
| Q1 2025 | 30 Apr 2025 | $0.81 | $0.66 | -18.52% | $29.6B |
| Q4 2024 | 5 Feb 2025 | $0.62 | $0.63 | +1.61% | $26.4B |
| Q3 2024 | 24 Oct 2024 | $0.78 | $0.79 | +1.28% | $25.5B |
An earnings surprise is the reported EPS against the consensus estimate on the day. The price reaction depends as much on guidance and on what was already priced in as on the surprise itself. Read the guide: Earnings season: estimates, surprises and price reaction.
Estimates, confirmed dates and alerts for every company are in Earnings.
Fundamentals
For the period ended 31 December 2025, Equinor Asa reported revenue of $25.3 billion and net income of $1.3 billion. On a trailing twelve month basis the company shows revenue growth of 2.59%, a gross margin of 48.18%, an operating margin of 23.81% and a return on equity of 12.22%.
Income statement
| Line | Amount |
|---|---|
| Revenue | $25,347,000,000 |
| Gross Profit | $12,283,000,000 |
| Selling, General & Administrative Expenses | $297,000,000 |
| Depreciation & Amortization | $2,664,000,000 |
| Total Operating Expenses | $19,861,000,000 |
| Operating Profit | $5,486,000,000 |
| Pre-tax Income | $5,770,000,000 |
| Income Tax Expense | $4,456,000,000 |
| Net Income | $1,314,000,000 |
Cash flow
| Line | Amount |
|---|---|
| Cash from Operating Activities | $2,106,000,000 |
| Cash from Investing Activities | -$3,722,000,000 |
| Capital Expenditures | $4,146,000,000 |
| Cash from Financing Activities | -$1,434,000,000 |
| Dividends Paid | $918,000,000 |
| Free Cash Flow | -$2,040,000,000 |
Assets
| Line | Amount |
|---|---|
| Cash & Cash Equivalents | $5,036,000,000 |
| Inventory | $3,330,000,000 |
| Deferred Tax Asset | $16,621,000,000 |
| Total Assets | $131,727,000,000 |
Liabilities and equity
| Line | Amount |
|---|---|
| Total Short-term Debt | $2,336,000,000 |
| Long-term Debt | $21,536,000,000 |
| Minority Interest | $74,000,000 |
| Total Liabilities | $91,230,000,000 |
| Total Stockholders Equity | $40,424,000,000 |
| Total Liability & Stockholders Equity | $131,727,000,000 |
Figures as filed with the SEC for the period ended 31 December 2025, in US dollars.
FundSpec fundamental metrics
Each metric is computed from the company's filings and ranked against every company FundSpec covers; the percentile is the share of covered companies with a lower value.
Leverage
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Debt/Assets | 0.18 | 64th | Calculated as the ratio of Short-Term Debt + Long-Term Debt / Total Assets. The higher the ratio, the higher the degree of leverage, and consequently, financial risk |
| Debt/Equity | 0.59 | 65th | Calculated as the ratio of Total Liabilities / Shareholders' Equity. The ratio indicates how much debt a company is using to finance its assets relative to the amount of value represented in shareholders’ equity |
| Degree of Operational Leverage | -6.96 | 11th | Calculated as the ratio of Percentage change in EBIT / Percentage change in revenue. It is a measure of how earnings for the company is impacted by its sales activity. |
| Long Term Debt/Long Term Capital | 0.35 | 45th | Calculated as Long-Term Debt / (Long-Term Debt + Shareholders' Equity). The ratio is an indicator of the company's leverage |
| Long Term Debt/Total Capital | 0.33 | 46th | Calculated as (Short-Term Debt + Long-Term Debt / (Short-Term Debt + Long-Term Debt + Shareholders' Equity). The ratio is an indicator of the company's leverage |
Earnings Growth (EBIT)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| EBIT Pct Growth | -18.0% | 98th | The EBIT growth rate over the trailing twelve months (TTM) |
Earnings Growth (EBITDA)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| EBITDA Pct Growth | -13.3% | 98th | The EBITDA growth rate over the trailing twelve months (TTM) |
Profitability
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Free Cashflow Margin Pct | 5.6% | 56th | Calculated as the ratio of Free Cashflow from Operating Activities / Net Sales. It measures how much per dollar of revenue the company is able to convert into free cash flow. |
| Gross Margin Pct | 48.2% | 61st | Calculated as the ratio of Revenue - Cost of Goods Sold (COGS) / Revenue. The gross margin represents the percent of total sales revenue that the company retains after incurring the direct costs associated with producing the goods and services sold by a company. |
| Operating Margin Pct | 23.8% | 84th | Calculated as the ratio of (Revenue - (Cost of Goods Sold + Labour + Sales, General & Administrative)) / Revenue. Operating margins are important because they measure efficiency. The higher the operating margin, the more profitable a company's core business is. |
| Operating Profit Pct Growth | -18.0% | 30th | The Operating Profit growth rate over the trailing twelve months (TTM) |
| Operating Profit Pct Growth 3 year CAGR (FY) | -31.5% | 17th | The Operating Profit compound annual growth rate (CAGR) over the past 3 years |
| PreTax Margin Pct | 23.6% | 82nd | Calculated as the ratio of (Gross profit - (Operating Expense + Interest Expense)) / Revenue. The pretax profit margin enables profitability to be compared across companies with significant differences in size, scale, capital structure and tax rates. |
| Return on Assets Pct | 3.8% | 75th | Calculated as the ratio of Net Income / Total Assets. It is an indicator of how efficient the company is at using its assets to generate earnings. |
| Return on Equity Pct | 12.2% | 73rd | Calculated as the ratio of Net Income / Shareholders' equity. It is a measure of how much profit a company generates with the money shareholders have invested. |
| Return on Invested Capital Pct | 21.4% | 90th | Calculated as the ratio of (Net Income - Dividends) / (Debt + Equity). It is a measure of how efficient the company is at allocating the capital under its control to profitable investments. |
Cashflow
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| FCF Pct Growth | -18.0% | 30th | The Free Cash Flow growth rate over the trailing twelve months (TTM) |
| FCF Pct Growth 3 year CAGR | -77.3% | 7th | The Free Cash Flow compound annual growth rate (CAGR) over the past 3 years |
| FCF Pct Growth 5 year CAGR | 212.9% | 81st | The Free Cash Flow compound annual growth rate (CAGR) over the past 5 years |
| FCF Return on Assets Pct | 4.5% | 67th | Calculated as the ratio of Cashflow from Operations / Total Assets. A high cash return on assets means a company is generating more cash flow from every asset dollar |
| Operating Cashflow Pct Growth | 2.6% | 46th | The Operating Cashflow growth rate over the trailing twelve months (TTM) |
| Operating Cashflow Pct Growth 3 year CAGR (FY) | -17.2% | 22nd | The Operating Cashflow compound annual growth rate (CAGR) over the past 3 years |
| Operating Cashflow Pct Growth 5 year CAGR (FY) | 14.0% | 74th | The Operating Cashflow compound annual growth rate (CAGR) over the past 5 years |
Earnings Growth (Net Income)
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Net Income Pct Growth | -42.7% | 19th | The Net Income growth rate over the trailing twelve months (TTM) |
| Net Income Pct Growth 3 year CAGR | -44.0% | 13th | The Net Income compound annual growth rate (CAGR) over the past 3 years |
Top Line Growth
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Revenue Pct Growth | 2.6% | 39th | The Revenue (Sales) growth rate over the trailing twelve months (TTM) |
| Revenue Pct Growth 3 year CAGR | -11.0% | 15th | The Revenue (Sales) compound annual growth rate (CAGR) over the past 3 years |
| Revenue Pct Growth 5 year CAGR | 18.4% | 80th | The Revenue (Sales) compound annual growth rate (CAGR) over the past 5 years |
Taxes
| Metric | Value | Percentile | What it measures |
|---|---|---|---|
| Effective Tax Rate Pct | 79.8% | 98th | The effective tax rate of the company over the trailing twelve months (TTM). |
Margins and returns say how much of each dollar of sales becomes profit and how hard the balance sheet is working; leverage and liquidity say how much room the company has when conditions turn. Read the guide: A practical guide to discounted cash flow valuation.
Fair value, peer multiples and the full statement history are in the app: open EQNR in FundSpec.
SEC filings
The latest filing is a 20-F from 19 March 2026.
| Filed | Form | Document |
|---|---|---|
| 19 Mar 2026 | 20-F | View on sec.gov |
| 20 Mar 2025 | 20-F | View on sec.gov |
| 21 Mar 2024 | 20-F | View on sec.gov |
| 21 Mar 2024 | 20-F/A | View on sec.gov |
| 23 Mar 2023 | 20-F | View on sec.gov |
| 18 Mar 2022 | 20-F | View on sec.gov |
| 18 Mar 2022 | 20-F/A | View on sec.gov |
| 19 Mar 2021 | 20-F | View on sec.gov |
| 20 Mar 2020 | 20-F | View on sec.gov |
| 15 Mar 2019 | 20-F | View on sec.gov |
Company profile
- Exchange
- NYSE
- Sector
- Petroleum Refining
- Industry
- Petroleum And Natural Gas
- Headquarters
- Stavanger, Norway
- Chief executive
- Anders Opedal
- Employees
- 21,100
- Website
- equinor.com
- SEC CIK
- 0001140625
Equinor ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products. The company also transports, processes, manufactures, markets, and trades in crude and condensate products, gas liquids, natural gas, and liquefied natural gas. As of December 31, 2021, the company had proved oil and gas reserves of 5,356 million barrels of oil equivalent.
Sector and peers
Equinor Asa is part of the Petroleum Refining sector, which FundSpec tracks across 19 companies.
Companies in the same industry by market capitalization:
XOM ExxonMobil Holdings CorpCVX Chevron Corp.COP ConocophillipsBP Bp plcMPC Marathon Petroleum CorpVLO Valero Energy Corp/TxPSX Phillips 66SU Suncor Energy Inc.
Put two of them side by side in Compare.
In FundSpec: the fair value estimate, the momentum reading, relative valuation against sector and industry peers, unusual options activity and AI model signals for EQNR are available to subscribers, with the same screen in the iOS and Android apps.
Open EQNR in FundSpec