Equinor Past Earnings Performance
Past criteria checks 2/6
Equinor's earnings have been declining at an average annual rate of -2.8%, while the Oil and Gas industry saw earnings growing at 12.1% annually. Revenues have been growing at an average rate of 4.4% per year. Equinor's return on equity is 12.7%, and it has net margins of 5.3%.
Key information
-2.75%
Earnings growth rate
0.21%
EPS growth rate
| Oil and Gas Industry Growth | 39.67% |
| Revenue growth rate | 4.39% |
| Return on equity | 12.68% |
| Net Margin | 5.30% |
| Next Earnings Update | 22 Jul 2026 |
Recent past performance updates
Recent updates
Narrative Update • May 29
EQNR: Higher P/E Assumptions Will Increase Sensitivity To Softer Revenue Expectations
Equinor's analyst price target has been revised to NOK 281.29 from NOK 280.69, with analysts pointing to slightly softer revenue expectations, a modestly higher assumed P/E, and a small improvement in profit margin assumptions as key drivers of the change. Analyst Commentary Recent Street research on Equinor has been mixed, with several institutions adjusting ratings and price targets in different directions.Narrative Update • May 08
EQNR: Higher Discount-Rate Assumptions Will Increase Sensitivity To Commodity Price Volatility
Equinor's updated analyst price target has been raised by about NOK 41 to NOK 280.69, as analysts balance a mix of recent target hikes from banks such as JPMorgan, Berenberg, Citi, HSBC and BofA, along with a wider range of upgrades and downgrades across the stock. Analyst Commentary Recent research on Equinor shows a split view, with several banks lifting price targets while others pull back or turn more cautious.Narrative Update • Apr 21
EQNR: Higher Discount-Rate Assumptions Will Pressure Future Project Returns
Equinor's updated fair value estimate has increased to roughly NOK 240 from about NOK 186, as analysts adjust their price targets across a wide NOK range and factor in revised assumptions on discount rates, revenue trends, margins, and future P/E levels. Analyst Commentary Recent Street research on Equinor highlights a mixed backdrop, with some firms lifting targets and ratings while others turn more cautious.
Narrative Update • Apr 07
EQNR: Offshore Wind Progress And Mixed Ratings Will Shape Measured Long-Term Case
Analysts have raised Equinor’s fair value estimate from NOK 307.98 to approximately NOK 416.72. They cite a series of recent price target increases and upgrades that reflect updated views on margins, valuation multiples and the broader oil and gas backdrop.
Narrative Update • Mar 23
EQNR: Higher Commodity Assumptions And Renewables Execution Will Likely Restrain Future Returns
Equinor's updated analyst price target has moved higher by NOK 49 to NOK 287. Analysts point to revised oil and gas price assumptions, slightly less severe expected revenue declines, a modestly stronger profit margin outlook, and a higher assumed future P/E multiple as key drivers of the change.Narrative Update • Mar 09
EQNR: Offshore Wind Execution And Mixed Ratings Will Shape Measured Long-Term Upside
Analysts have lifted their implied fair value for Equinor from about NOK 298 to around NOK 308, aligning with a series of recent price target moves that now span roughly NOK 214 to NOK 285 as views evolve on its revenue, margin profile, and future P/E. Analyst Commentary Recent Street research on Equinor points to a split view, with some high profile houses tightening their targets at the upper end of the current range while others hold more conservative stances.Narrative Update • Feb 22
EQNR: Renewables Execution And Margin Pressures Will Likely Restrain Future Capital Returns
Narrative Update on Equinor Our updated analyst price target for Equinor edges down from NOK 240.28 to NOK 237.91, reflecting a slightly lower fair value and profit margin outlook as analysts weigh mixed recent rating actions. These include upgrades at some firms, alongside a lower NOK 214 target and Underweight stance from Morgan Stanley, and a Hold rating with a NOK 220 target from Jefferies.Narrative Update • Feb 08
EQNR: Capital Returns Will Face Renewables Execution Test At Current Pricing
Analysts have nudged their fair value estimate for Equinor higher to about NOK 240. This reflects recent shifts in their price targets and a mix of upgrade and downgrade commentary on earnings quality, growth expectations and valuation, including references to an updated forward P/E framework.Narrative Update • Jan 25
EQNR: Renewables Execution And Capital Returns Will Shape Balanced Future Cash Generation
Analysts have trimmed their fair value estimate for Equinor to NOK 229.79 from NOK 238.78, aligning with recent price target reductions and concerns around execution risk in renewables and capital distribution capacity. Analyst Commentary Recent research updates cluster around a tighter valuation range for Equinor, with price targets between NOK 214 and NOK 230 and ratings skewed toward neutral to cautious.Narrative Update • Jan 11
EQNR: Renewables Execution Risks And Capital Returns Will Guide Future Cash Generation
Narrative Update on Equinor Our analyst price target for Equinor has been reduced by NOK 3.51 to NOK 238.78, as analysts factor in lower Street targets and concerns around renewables execution risk and capital distribution capacity highlighted in recent research updates. Analyst Commentary Recent Street research on Equinor leans cautious overall, with several firms trimming price targets and questioning the balance between growth plans and capital returns.Narrative Update • Dec 26
EQNR: Renewables Execution Will Drive Long-Term Upside Despite Recent Downgrade
Analysts have lowered their price target on Equinor from NOK 325 to NOK 230, citing concerns about elevated execution risk in renewables, stretched distribution capacity, and a less favorable medium term capital framework relative to peers. Analyst Commentary While the latest revision in price target reflects a more cautious stance on Equinor's near to medium term outlook, some market participants still highlight elements of the story that could support upside over a longer horizon.Narrative Update • Dec 12
EQNR: Renewables Execution And Capital Returns Will Shape Future Cash Generation
Analysts have trimmed their fair value estimate for Equinor by about NOK 4 to roughly NOK 242 per share, reflecting slightly weaker long term revenue and margin expectations and growing concerns about execution risk in renewables and the company’s capacity to sustain capital returns. Analyst Commentary Recent Street commentary highlights a clear tilt toward caution on Equinor, with multiple valuation cuts centered on concerns about long term growth visibility, capital allocation, and execution in low carbon projects.Narrative Update • Nov 27
EQNR: Renewables Execution Risks and Capital Distribution Will Shape Future Performance
Equinor's fair value target was modestly increased to NOK 246.41 from NOK 245.80, as analysts cite persistent execution risks and subdued operational outlooks for the company, despite minor adjustments to financial assumptions. Analyst Commentary Recent street research highlights a cautious shift in sentiment toward Equinor, as several analysts have lowered their outlook and price targets.Narrative Update • Nov 08
EQNR: Renewables Execution Risks and Capital Distribution Will Determine Performance
Equinor’s analyst price target has decreased significantly, dropping from approximately NOK 325 to NOK 230. Analysts point to rising execution risks in renewables, as well as concerns over the company’s future capital framework and distribution capacity.Narrative Update • Oct 25
Lower Cash Returns And Sector Downgrades Will Pressure Oil And Gas Margins
Equinor's analyst price target has decreased from NOK 253.18 to NOK 245.79. Analysts cite sector downgrades and concerns over future cash returns, which support a more cautious outlook.Narrative Update • Oct 10
Accelerated Decarbonization Will Undermine Oil Revenues And Gas Cash Flows
Equinor’s analyst price target has increased slightly, rising from NOK 250.44 to NOK 253.18 as analysts factor in modest improvements in revenue growth and a lower discount rate. This comes despite recent cautious sector sentiment.Narrative Update • Sep 17
Accelerated Decarbonization Will Undermine Oil Revenues And Gas Cash Flows
The consensus price target for Equinor has been revised down to NOK250.44 as analysts express concern over weaker commodity prices, disappointing near-term earnings, limited growth prospects, and declining cash returns, with prior bullish views turning more cautious amid deteriorating market conditions. Analyst Commentary Bearish analysts cite expectations of lower commodity prices and disappointing near-term earnings, particularly in oil & gas and low carbon segments.Narrative Update • Sep 02
Accelerated Decarbonization Will Undermine Oil Revenues And Gas Cash Flows
Equinor’s consensus price target was revised downward to NOK257.48 amid analyst concerns over weaker commodity prices, constrained growth, rising gearing, and increased valuation risks. Analyst Commentary Bearish analysts point to expectations of lower commodity prices and disappointing earnings for Equinor over the next few years.
New Narrative • Mar 14
Offshore Wind Investments May Influence Future Prospects Despite Expected Revenue Drop
Strategic offshore wind investments and acquisition strategies aim to capture market recovery and enhance long-term equity returns and renewable portfolio growth.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How Equinor makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 104,260 | 5,522 | 2,060 | 0 |
| 31 Dec 25 | 105,828 | 5,043 | 2,059 | 0 |
| 30 Sep 25 | 107,066 | 5,725 | 2,188 | 0 |
| 30 Jun 25 | 106,465 | 8,217 | 2,341 | 0 |
| 31 Mar 25 | 106,797 | 8,765 | 2,464 | 0 |
| 31 Dec 24 | 102,502 | 8,806 | 2,541 | 0 |
| 30 Sep 24 | 104,810 | 9,413 | 2,653 | 0 |
| 30 Jun 24 | 105,318 | 9,628 | 2,521 | 0 |
| 31 Mar 24 | 102,726 | 9,591 | 2,260 | 0 |
| 01 Jan 24 | 106,848 | 11,885 | 2,066 | 0 |
| 30 Sep 23 | 111,846 | 17,177 | 1,768 | 0 |
| 30 Jun 23 | 128,649 | 24,064 | 1,807 | 0 |
| 31 Mar 23 | 142,165 | 28,998 | 1,885 | 0 |
| 31 Dec 22 | 149,004 | 28,746 | 1,849 | 0 |
| 30 Sep 22 | 147,288 | 24,219 | 1,916 | 0 |
| 30 Jun 22 | 127,672 | 16,241 | 1,709 | 0 |
| 31 Mar 22 | 108,665 | 11,422 | 1,758 | 0 |
| 31 Dec 21 | 90,665 | 8,563 | 1,613 | 0 |
| 30 Sep 21 | 68,494 | 2,773 | 1,709 | 0 |
| 30 Jun 21 | 56,634 | -760 | 1,546 | 0 |
| 31 Mar 21 | 46,817 | -2,951 | 1,772 | 0 |
| 31 Dec 20 | 45,765 | -5,510 | 1,683 | 0 |
| 30 Sep 20 | 48,777 | -3,324 | 1,908 | 0 |
| 30 Jun 20 | 52,231 | -2,305 | 2,192 | 0 |
| 31 Mar 20 | 61,566 | -576 | 1,921 | 0 |
| 01 Jan 20 | 62,911 | 1,843 | 1,886 | 0 |
| 30 Sep 19 | 69,735 | 5,445 | 1,963 | 0 |
| 30 Jun 19 | 74,019 | 8,218 | 1,953 | 0 |
| 31 Mar 19 | 75,190 | 7,961 | 1,907 | 0 |
| 31 Dec 18 | 78,556 | 7,535 | 1,806 | 0 |
| 30 Sep 18 | 73,943 | 6,744 | 1,684 | 0 |
| 30 Jun 18 | 68,485 | 4,599 | 1,835 | 0 |
| 31 Mar 18 | 65,280 | 4,813 | 1,812 | 0 |
| 31 Dec 17 | 60,972 | 4,590 | 1,805 | 0 |
| 30 Sep 17 | 56,557 | -775 | 1,944 | 0 |
| 30 Jun 17 | 55,118 | -727 | 1,780 | 0 |
| 31 Mar 17 | 51,069 | -2,467 | 1,870 | 0 |
| 31 Dec 16 | 45,688 | -2,922 | 1,914 | 0 |
| 30 Sep 16 | 45,803 | -1,258 | 2,174 | 0 |
| 30 Jun 16 | 47,357 | -1,175 | 2,303 | 0 |
| 31 Mar 16 | 52,584 | -7 | 2,543 | 0 |
| 31 Dec 15 | 57,901 | -5,192 | 2,629 | 0 |
| 30 Sep 15 | 62,317 | -5,109 | 2,979 | 0 |
| 30 Jun 15 | 68,804 | -5,443 | 3,222 | 0 |
Quality Earnings: EQNR has high quality earnings.
Growing Profit Margin: EQNR's current net profit margins (5.3%) are lower than last year (8.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: EQNR has become profitable over the past 5 years, growing earnings by -2.8% per year.
Accelerating Growth: EQNR's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: EQNR had negative earnings growth (-37%) over the past year, making it difficult to compare to the Oil and Gas industry average (-46.5%).
Return on Equity
High ROE: EQNR's Return on Equity (12.7%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/09 09:57 |
| End of Day Share Price | 2026/06/09 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Equinor ASA is covered by 37 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Alejandro Vigil | Banco Santander |
| Lydia Rainforth | Barclays |
| Lucy Haskins | Barclays |