Equinor
EQNR NYSE Integrated Oil & Gas Financials FY2016–FY2025
Equinor's revenue rose 2.6% to $106.5 billion in fiscal 2025. Its operating margin was 23.8%, down from 29.8% a year earlier. Free cash flow was $6.0 billion, down 18.0%. It paid out $6.2 billion in dividends and buybacks, 103% of free cash flow. The diluted share count fell 8.0%.
Last close · Oct 23, 2026
$48.82
5.2%
Revenue
Total sales reported in the income statement.
$106.5B
2.6%
vs prior year
Operating margin
Operating income as a share of revenue.
23.8%
6.0 pts
Net income
Profit after all expenses, interest and tax.
$5.0B
42.7%
Free cash flow
Cash from operations minus capital spending.
$6.0B
18.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
25.1%
8.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$127.0B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
About these figures. Equinor is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
What Equinor does
No business description yet.
- Legal name
- EQUINOR ASA
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001140625-26-000013
0001140625
Revenue and margins
Equinor had $106.5B of revenue in fiscal 2025, up 2.6% on the year before.
FY16
Revenue $45.9B
FY17
Revenue $61.2B
FY18
Revenue $79.6B
FY19
Revenue $64.4B
FY20
Revenue $45.8B
FY21
Revenue $90.9B
FY22
Revenue $150.8B
FY23
Revenue $107.2B
FY24
Revenue $103.8B
FY25
Revenue $106.5B
FY16
Gross 53.1%
Operating 0.2%
Net −6.4%
FCF −7.4%
FY17
Gross 53.9%
Operating 22.5%
Net 7.5%
FCF 6.6%
FY18
Gross 51.6%
Operating 25.3%
Net 9.5%
FCF 10.5%
FY19
Gross 54.1%
Operating 14.5%
Net 2.9%
FCF 5.5%
FY20
Gross 54.2%
Operating −7.5%
Net −12.0%
FCF 4.2%
FY21
Gross 61.3%
Operating 37.0%
Net 9.4%
FCF 22.9%
FY22
Gross 64.3%
Operating 52.3%
Net 19.1%
FCF 17.5%
FY23
Gross 55.1%
Operating 33.4%
Net 11.1%
FCF 17.4%
FY24
Gross 51.8%
Operating 29.8%
Net 8.5%
FCF 7.0%
FY25
Gross 48.2%
Operating 23.8%
Net 4.7%
FCF 5.6%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY16
Net income −$2.9B
FY17
Net income $4.6B
FY18
Net income $7.5B
FY19
Net income $1.8B
FY20
Net income −$5.5B
FY21
Net income $8.6B
FY22
Net income $28.7B
FY23
Net income $11.9B
FY24
Net income $8.8B
FY25
Net income $5.0B
FY16
Diluted EPS −$0.91
FY17
Diluted EPS $1.40
FY18
Diluted EPS $2.27
FY19
Diluted EPS $0.55
FY20
Diluted EPS −$1.69
FY21
Diluted EPS $2.63
FY22
Diluted EPS $9.03
FY23
Diluted EPS $3.93
FY24
Diluted EPS $3.11
FY25
Diluted EPS $1.94
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital —
Return on equity —
Return on assets —
FY17
Return on capital 12.1%
Return on equity 12.3%
Return on assets 4.3%
FY18
Return on capital 17.7%
Return on equity 18.2%
Return on assets 6.7%
FY19
Return on capital 8.4%
Return on equity 4.4%
Return on assets 1.6%
FY20
Return on capital −5.1%
Return on equity −14.7%
Return on assets −4.5%
FY21
Return on capital 38.4%
Return on equity 23.5%
Return on assets 6.3%
FY22
Return on capital 95.6%
Return on equity 61.8%
Return on assets 18.8%
FY23
Return on capital 40.9%
Return on equity 23.2%
Return on assets 7.9%
FY24
Return on capital 33.7%
Return on equity 19.4%
Return on assets 6.4%
FY25
Return on capital 25.1%
Return on equity 12.2%
Return on assets 3.8%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $6.0B in fiscal 2025, 5.6% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow −$3.4B
FY17
Free cash flow $4.0B
FY18
Free cash flow $8.3B
FY19
Free cash flow $3.5B
FY20
Free cash flow $1.9B
FY21
Free cash flow $20.8B
FY22
Free cash flow $26.4B
FY23
Free cash flow $18.7B
FY24
Free cash flow $7.3B
FY25
Free cash flow $6.0B
FY16
Cash from operations $8.8B
Capital spending $12.2B
FY17
Cash from operations $14.8B
Capital spending $10.8B
FY18
Cash from operations $19.7B
Capital spending $11.4B
FY19
Cash from operations $13.7B
Capital spending $10.2B
FY20
Cash from operations $10.4B
Capital spending $8.5B
FY21
Cash from operations $28.8B
Capital spending $8.0B
FY22
Cash from operations $35.1B
Capital spending $8.8B
FY23
Cash from operations $29.3B
Capital spending $10.6B
FY24
Cash from operations $19.5B
Capital spending $12.2B
FY25
Cash from operations $20.0B
Capital spending $14.0B
Cash from operations
Capital spending
Dividends, buybacks and share count
Equinor returned $6.2B to shareholders in fiscal 2025, 103% of free cash flow. The diluted share count fell 8.0%.
FY16
Dividends $1.9B
Buybacks $0.0M
FY17
Dividends $190M
Buybacks $0.0M
FY18
Dividends $275M
Buybacks $0.0M
FY19
Dividends $273M
Buybacks $442M
FY20
Dividends $141M
Buybacks $1.1B
FY21
Dividends $230M
Buybacks $321M
FY22
Dividends $210M
Buybacks $3.3B
FY23
Dividends $286M
Buybacks $5.6B
FY24
Dividends $152M
Buybacks $6.0B
FY25
Dividends $269M
Buybacks $5.9B
Dividends
Buybacks
FY16
Diluted shares 3.20B
FY17
Diluted shares 3.27B
FY18
Diluted shares 3.33B
FY19
Diluted shares 3.33B
FY20
Diluted shares 3.27B
FY21
Diluted shares 3.25B
FY22
Diluted shares 3.18B
FY23
Diluted shares 3.03B
FY24
Diluted shares 2.83B
FY25
Diluted shares 2.60B
Balance sheet
Cash, debt and the ratios that show how comfortably Equinor can carry it.
FY16
Cash $13.3B
Debt $34.2B
FY17
Cash $12.8B
Debt $31.2B
FY18
Cash $14.6B
Debt $27.0B
FY19
Cash $12.6B
Debt $26.7B
FY20
Cash $18.6B
Debt $35.7B
FY21
Cash $35.2B
Debt $32.9B
FY22
Cash $39.3B
Debt $31.0B
FY23
Cash $37.3B
Debt $30.6B
FY24
Cash $21.2B
Debt $28.8B
FY25
Cash $19.3B
Debt $30.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $35.2B | $39.3B | $37.3B | $21.2B | $19.3B |
| Debt incl. finance leases | $32.9B | $31.0B | $30.6B | $28.8B | $30.1B |
| Net debt / EBITDA | −0.1x | −0.1x | −0.2x | 0.2x | 0.3x |
| Debt / equity | 0.8x | 0.6x | 0.6x | 0.7x | 0.8x |
| Interest coverage | 34.0x | 85.9x | 41.7x | 39.3x | 27.7x |
| Current ratio | 1.6x | 1.8x | 1.7x | — | — |
| Quick ratio | 1.5x | 1.7x | 1.6x | — | — |
| Total assets | $147.1B | $158.0B | $143.6B | $131.1B | $131.7B |
| Total liabilities | $108.1B | $104.0B | $95.1B | $88.8B | $91.2B |
| Shareholders' equity | $39.0B | $54.0B | $48.5B | $42.3B | $40.4B |
| Net debt (− = net cash) | −$2.3B | −$8.3B | −$6.7B | $7.5B | $10.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | — | — |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 5 / 9 | — / 9 | — / 9 |
| Accruals ratio | −11.5% | −7.8% | −11.4% |
| Altman Z'' | — | — | — |
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Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
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|---|---|---|---|---|---|---|---|---|
| Equinor EQNR | $127.0B | 2.6% | 23.8% | 5.6% | 25.1% | — | — | |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $45.9B | $61.2B | $79.6B | $64.4B | $45.8B | $90.9B | $150.8B | $107.2B | $103.8B | $106.5B |
| Gross profit | $24.4B | $33.0B | $41.1B | $34.8B | $24.8B | $55.8B | $97.0B | $59.0B | $53.7B | $51.3B |
| Research and development | $298M | $307M | $315M | $300M | $254M | $291M | $308M | $311M | $348M | $352M |
| Operating income | $80.0M | $13.8B | $20.1B | $9.3B | −$3.4B | $33.7B | $78.8B | $35.8B | $30.9B | $25.4B |
| Interest expense | $1.0B | $1.1B | $868M | $861M | $1.0B | $990M | $918M | $857M | $787M | $917M |
| Pretax income | −$178M | $13.4B | $18.9B | $9.3B | −$4.3B | $31.6B | $78.6B | $37.9B | $31.0B | $25.1B |
| Income tax | $2.7B | $8.8B | $11.3B | $7.4B | $1.2B | $23.0B | $49.9B | $26.0B | $22.2B | $20.0B |
| Net income | −$2.9B | $4.6B | $7.5B | $1.8B | −$5.5B | $8.6B | $28.7B | $11.9B | $8.8B | $5.0B |
| Diluted EPS | −$0.91 | $1.40 | $2.27 | $0.55 | −$1.69 | $2.63 | $9.03 | $3.93 | $3.11 | $1.94 |
| Diluted shares | 3.20B | 3.27B | 3.33B | 3.33B | 3.27B | 3.25B | 3.18B | 3.03B | 2.83B | 2.60B |
| Cash flow | ||||||||||
| Cash from operations | $8.8B | $14.8B | $19.7B | $13.7B | $10.4B | $28.8B | $35.1B | $29.3B | $19.5B | $20.0B |
| Capital expenditure | $12.2B | $10.8B | $11.4B | $10.2B | $8.5B | $8.0B | $8.8B | $10.6B | $12.2B | $14.0B |
| Free cash flow | −$3.4B | $4.0B | $8.3B | $3.5B | $1.9B | $20.8B | $26.4B | $18.7B | $7.3B | $6.0B |
| Depreciation and amortization | — | — | — | — | $9.5B | $10.4B | $8.9B | $9.4B | $9.7B | $9.8B |
| Acquisitions | $0.0M | $0.0M | $3.6B | $2.3B | $0.0M | $111M | $147M | $1.2B | $1.7B | $26.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $442M | $1.1B | $321M | $3.3B | $5.6B | $6.0B | $5.9B |
| Dividends paid | $1.9B | $190M | $275M | $273M | $141M | $230M | $210M | $286M | $152M | $269M |
| Dividends and buybacks | $1.9B | $190M | $275M | $715M | $1.2B | $551M | $3.5B | $5.9B | $6.2B | $6.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $13.3B | $12.8B | $14.6B | $12.6B | $18.6B | $35.2B | $39.3B | $37.3B | $21.2B | $19.3B |
| Total debt | $34.2B | $31.2B | $27.0B | $26.7B | $35.7B | $32.9B | $31.0B | $30.6B | $28.8B | $30.1B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $24.9B | $25.8B | $26.1B | $24.8B | $30.8B | $61.8B | $77.2B | $61.0B | — | — |
| Current liabilities | $16.7B | $19.0B | $16.6B | $19.6B | $19.5B | $39.0B | $43.5B | $35.7B | — | — |
| Inventory | $3.2B | $3.4B | $2.1B | $3.4B | $3.1B | $3.4B | $5.2B | $3.8B | $4.0B | $3.3B |
| Property and equipment, net | $59.6B | $63.6B | $65.3B | $71.8B | $68.5B | $62.1B | $56.5B | $58.8B | — | — |
| Total assets | $104.5B | $111.1B | $112.5B | $119.9B | $124.8B | $147.1B | $158.0B | $143.6B | $131.1B | $131.7B |
| Total liabilities | $69.4B | $71.2B | $69.5B | $78.7B | $90.9B | $108.1B | $104.0B | $95.1B | $88.8B | $91.2B |
| Shareholders' equity | $35.1B | $39.9B | $43.0B | $41.1B | $33.9B | $39.0B | $54.0B | $48.5B | $42.3B | $40.4B |
| Margins | ||||||||||
| Gross margin | 53.1% | 53.9% | 51.6% | 54.1% | 54.2% | 61.3% | 64.3% | 55.1% | 51.8% | 48.2% |
| Operating margin | 0.2% | 22.5% | 25.3% | 14.5% | −7.5% | 37.0% | 52.3% | 33.4% | 29.8% | 23.8% |
| EBITDA margin | — | — | — | — | 13.3% | 48.5% | 58.2% | 42.1% | 39.1% | 33.1% |
| Net margin | −6.4% | 7.5% | 9.5% | 2.9% | −12.0% | 9.4% | 19.1% | 11.1% | 8.5% | 4.7% |
| FCF margin | −7.4% | 6.6% | 10.5% | 5.5% | 4.2% | 22.9% | 17.5% | 17.4% | 7.0% | 5.6% |
| Returns | ||||||||||
| Return on capital | — | 12.1% | 17.7% | 8.4% | −5.1% | 38.4% | 95.6% | 40.9% | 33.7% | 25.1% |
| Return on capital employed | — | 15.3% | 21.4% | 9.5% | −3.3% | 31.6% | 70.8% | 32.2% | — | — |
| Return on equity | — | 12.3% | 18.2% | 4.4% | −14.7% | 23.5% | 61.8% | 23.2% | 19.4% | 12.2% |
| Return on assets | — | 4.3% | 6.7% | 1.6% | −4.5% | 6.3% | 18.8% | 7.9% | 6.4% | 3.8% |
| Growth | ||||||||||
| Revenue growth | −23.1% | 33.4% | 30.1% | −19.1% | −28.8% | 98.5% | 65.9% | −28.9% | −3.2% | 2.6% |
| Net income growth | — | — | 64.2% | −75.5% | −399.0% | — | 235.7% | −58.7% | −25.9% | −42.7% |
| EPS growth | — | — | 62.1% | −75.8% | −407.3% | — | 243.4% | −56.5% | −20.9% | −37.6% |
| FCF growth | — | — | 105.8% | −57.4% | −46.1% | 987.8% | 27.0% | −29.2% | −61.0% | −18.0% |
| Share count change | 0.5% | 2.3% | 1.8% | 0.0% | −1.7% | −0.7% | −1.9% | −4.9% | −6.6% | −8.0% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | — | — | — | 2.8x | −0.1x | −0.1x | −0.2x | 0.2x | 0.3x |
| Debt / equity | 1.0x | 0.8x | 0.6x | 0.7x | 1.1x | 0.8x | 0.6x | 0.6x | 0.7x | 0.8x |
| Interest coverage | 0.1x | 12.7x | 23.2x | 10.8x | −3.3x | 34.0x | 85.9x | 41.7x | 39.3x | 27.7x |
| Current ratio | 1.5x | 1.4x | 1.6x | 1.3x | 1.6x | 1.6x | 1.8x | 1.7x | — | — |
| Quick ratio | 1.3x | 1.2x | 1.4x | 1.1x | 1.4x | 1.5x | 1.7x | 1.6x | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 26.6% | 17.6% | 14.3% | 15.9% | 18.5% | 8.8% | 5.8% | 9.9% | 11.7% | 13.1% |
| Payouts / FCF | — | 4.7% | 3.3% | 20.2% | 62.8% | 2.7% | 13.4% | 31.5% | 84.6% | 103.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | 7.0 | 6.0 | 5.0 | 9.0 | 9.0 | 5.0 | — | — |
| Accruals ratio | — | −9.5% | −10.9% | −10.3% | −13.0% | −14.9% | −4.2% | −11.5% | −7.8% | −11.4% |
Source: SEC EDGAR XBRL filings (CIK 0001140625). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.