The general answer is to compress first.
Compression brings the bass & treble energies closer together, EQing prior compression is not as affective.
While there isn't really right and wrong, I'm quite certain that the general answer is EQ first. Assuming that you use a hi- and lo-pass on every track (which is what everyone should do), you're always gonna EQ first and compress after that (even if it's only the hi- and lo-pass). Why would you want to boost frequencies that you don't want in the mix? Whenever you have your unedited track and you need to cut frequencies, you really should do it before compressing it. However, you can still use a EQ after the compression, if you need to correct the effect of the compression.
So, the scenario described above (EQ - Compress - EQ...) is quite a normal scenario.
But if you use subtractive EQ do it before compressing.
Also, a handy quote from "Guide to Mixing" by Nick Thomas:
"The first thing you need to know when setting up a compressor is that, if you are also using EQ in your signal chain, the compressor typically comes after the EQ. This is because EQ, particularly extreme boosts or cuts, can change thedynamic structure of music. So, if you EQ after compressing, you may change the dynamic structure of the music, partially undoing the work that you did shaping this same dynamic structure with compressor."
However, if you feel like you're getting better results by using compression first, then go for it (obviously).