The OECD Programme for International Student Assessment (PISA) measures competences in basic skills (mathematics, reading and science) of 15-year-olds across the world. PISA 2022 results are worrying for the EU. Socioeconomic background continues to be a strong predictor of student performance. Covid-19 has likely played a role in the performance drop observed between 2018 and 2022, but this is only part of the story. The present situation challenges both the equity and the excellence dimension of the EU education systems and may affect future EU competitiveness, as well as economic and social cohesion. The twin challenge of equity and excellence becomes even more pressing when comparing the EU results with those of other large advanced economies such as Canada, Japan, the UK and the US. In addition, PISA gathers data about the learning context, providing valuable information to complement the analysis of the test results. The European Commission has anticipated a possible decline in educational outcomes due to Covid-19 and has worked with Member States since the onset of the pandemic to tackle its negative effects on the EU education systems.