Equinor ASA
EQNR · NYSE
Next quarter
Expected to report Feb 3, 2027 — estimated from last year’s reporting date.
Consensus is $1.52 EPS for Dec 2026 across 2 estimates, ranging $1.49 to $1.56.
EQNR Sep 2026
- 13.04%
- -0.17%
- $1.38
- $1.20
- —
- —
Highlights
- EPS: Third-quarter EPS was 1.20, 13.04% below consensus of 1.38; the supplied material does not report year-ago or prior-quarter EPS.
- Fourth buy-back tranche: Equinor will start a tranche of up to USD 1.125 billion on 29 October, with market purchases capped at USD 371.3 million.
- Programme scale: The 2026 buy-back programme was increased from up to USD 1.5 billion to up to USD 3 billion at the June Capital Markets Day.
- Timing: The fourth tranche is scheduled to end no later than 1 February 2027; shares bought in the tranche are intended to be cancelled at the May 2027 AGM.
- State participation: The Norwegian State will redeem a proportionate number of shares alongside cancellation of market purchases, maintaining its 67% ownership.
- Market authorisation: Of the 78 million-share market-purchase limit authorised in May, 65,708,418 shares remained available at the start of the fourth tranche.
Analysis
Equinor’s third-quarter EPS of 1.20 missed consensus of 1.38 by 13.04%. The supplied materials do not give the year-ago or prior-quarter EPS, or the broader operating and financial results needed to compare the quarter with those periods. The accompanying announcement instead puts the emphasis on capital returns: Equinor will commence the fourth tranche of its 2026 share buy-back on 29 October, with a total value of up to USD 1.125 billion, including shares to be redeemed from the Norwegian State. Purchases in the market will be capped at USD 371.3 million, and the tranche is due to end by 1 February 2027.
The tranche sits within a programme increased to as much as USD 3 billion for 2026, from the USD 1.5 billion announced in February. All shares acquired in the fourth tranche are intended to be cancelled at the May 2027 annual general meeting, with the State redeeming a proportionate number of shares to preserve its 67% stake. The announcement describes the buy-back as subject to market outlook and balance-sheet strength; it does not provide further detail on quarterly operating drivers or the basis for the EPS miss.
EPS and quarterly context
EPS was 1.20 against consensus of 1.38, a 13.04% shortfall. The supplied material does not include year-ago or prior-quarter EPS, revenue, production, cash flow or other operating results, so it does not support a fuller comparison of the quarter or an explanation of the earnings miss.
Fourth buy-back tranche
- Size: The tranche is up to USD 1.125 billion in total, including the State’s participation; market purchases are capped at USD 371.3 million.
- Timing: Equinor plans to begin purchases on 29 October 2026 and complete the tranche no later than 1 February 2027.
- Cancellation: Shares purchased in the market are intended to be cancelled through a capital reduction at the May 2027 annual general meeting.
Programme and State participation
- Programme: Equinor announced a 2026 buy-back of up to USD 1.5 billion in February and increased it to up to USD 3 billion at its 16 June Capital Markets Day. Future tranches remain subject to market outlook, balance-sheet strength and quarterly board decisions.
- State ownership: The State is to redeem a proportionate number of shares so that its ownership remains at 67%. The redemption price is based on Equinor’s volume-weighted average market purchase price, plus interest compensation and adjusted for dividends.
- Authorisation: The May 2026 AGM authorised market purchases of up to 78 million shares. At the start of this tranche, 65,708,418 shares remained available under that limit; the authorisation runs to the May 2027 AGM, but no later than 30 June 2027.
