Equinor ASA
EQNR · NYSE
EQNR · NYSE
Reports Nov 4, 2026.
Consensus is $1.42 EPS for Sep 2026 across 2 estimates, ranging $1.38 to $1.46.
Equinor’s second quarter produced EPS of 1.33, 3.62% below the 1.38 consensus estimate. The supplied materials do not provide year-ago EPS, prior-quarter EPS, revenue, cash flow or operating results, so the quarter cannot be compared on those measures from the available disclosure. The principal focus of the release was shareholder returns rather than operating performance.
Equinor is commencing the third tranche of its 2026 buy-back programme on 23 July, with purchases of up to USD 1.125 billion through no later than 26 October. Up to USD 371.3 million will be purchased in the market, while the Norwegian State will redeem a proportionate number of shares so that its ownership remains at 67%. The company’s full-year 2026 buy-back ambition now stands at up to USD 3 billion, double the USD 1.5 billion announced in February and increased at the 16 June Capital Markets Day. The shares acquired in this tranche are intended to be cancelled at the May 2027 annual general meeting. Future tranches remain subject to quarterly board decisions, market conditions, balance-sheet strength and the required authorisations.
Equinor reported second-quarter EPS of 1.33, compared with analyst consensus of 1.38, a negative surprise of 3.62%. The supplied earnings material does not include the year-ago or preceding-quarter EPS, nor the revenue, profit, production or cash-flow figures needed to assess the operating trajectory.
The main action highlighted was a larger return-of-capital programme. Equinor will commence the third tranche of 2026 buy-backs on 23 July, with the tranche ending no later than 26 October. The programme is subject to market outlook and balance-sheet strength.
The buy-back structure is designed to reduce issued share capital without changing the Norwegian State’s ownership percentage. At the May 2027 annual general meeting, Equinor plans to cancel the shares purchased in the market and redeem and cancel a proportionate number of State shares.
The third tranche is supported by the authorisation granted at Equinor’s 12 May 2026 annual general meeting. Future tranches are not automatic: the board will decide on them quarterly and they remain subject to shareholder and State-related approvals.
