NYSE : EQNR
Equinor ASA — Financial statements
Energy · Oil & Gas Integrated · Norway
Last price 48.75 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 118.45B
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Financial statements
Equinor ASA (EQNR) reported revenue of 120.57B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 120.57B | 105.83B | 102.50B | 106.85B | 149.00B | 88.74B |
| Other Revenue | 1.92B | |||||
| Revenue | 120.57B | 105.83B | 102.50B | 106.85B | 149.00B | 90.67B |
| Cost of Revenue | 68.51B | 66.73B | 60.57B | 58.76B | 63.41B | 43.76B |
| Gross Profit | 52.06B | 39.09B | 41.93B | 48.09B | 85.59B | 46.91B |
| Selling, General & Admin | 1.43B | 1.36B | 1.43B | 1.22B | 986.00M | 780.00M |
| Other Operating Expenses | 605.00M | 605.00M | 525.00M | 538.00M | 449.00M | 453.00M |
| Operating Expenses | 13.35B | 12.66B | 12.82B | 11.93B | 11.52B | 12.67B |
| Operating Income | 38.71B | 26.44B | 29.11B | 36.17B | 74.07B | 34.24B |
| Interest Expense | -742.00M | -545.00M | -681.00M | -1.12B | -737.00M | -769.00M |
| Interest & Investment Income | 986.00M | 971.00M | 1.75B | 2.45B | 1.22B | 151.00M |
| Earnings From Equity Investments | 248.00M | 18.00M | 49.00M | -1.00M | 620.00M | 259.00M |
| Currency Exchange Gain (Loss) | 111.00M | -135.00M | 166.00M | 852.00M | 2.09B | 47.00M |
| Other Non Operating Income (Expenses) | -121.00M | 470.00M | 328.00M | 677.00M | -754.00M | -707.00M |
| EBT Excluding Unusual Items | 39.19B | 27.22B | 30.72B | 39.02B | 76.51B | 33.22B |
| Gain (Loss) on Sale of Investments | 1.47B | -112.00M | -522.00M | 123.00M | -394.00M | -348.00M |
| Gain (Loss) on Sale of Assets | 465.00M | 465.00M | 941.00M | |||
| Asset Writedown | -1.24B | -2.48B | -151.00M | -1.26B | 2.49B | -1.29B |
| Pretax Income | 39.89B | 25.09B | 30.99B | 37.88B | 78.60B | 31.58B |
| Income Tax Expense | 28.09B | 20.03B | 22.16B | 25.98B | 49.86B | 23.01B |
| Earnings From Continuing Operations | 11.80B | 5.06B | 8.83B | 11.90B | 28.74B | 8.58B |
| Minority Interest in Earnings | 5.00M | -15.00M | -23.00M | -19.00M | 3.00M | -14.00M |
| Net Income | 11.80B | 5.04B | 8.81B | 11.88B | 28.75B | 8.56B |
| Net Income to Common | 11.80B | 5.04B | 8.81B | 11.88B | 28.75B | 8.56B |
| Shares Outstanding (Basic) | 2.45B | 2.59B | 2.82B | 3.02B | 3.17B | 3.24B |
| Shares Outstanding (Diluted) | 2.46B | 2.60B | 2.83B | 3.02B | 3.18B | 3.26B |
| EPS (Basic) | 4.82 | 1.94 | 3.12 | 3.93 | 9.06 | 2.64 |
| EPS (Diluted) | 4.80 | 1.94 | 3.11 | 3.93 | 9.03 | 2.63 |
| Free Cash Flow | 11.33B | 5.98B | 7.29B | 18.68B | 26.38B | 20.78B |
| Free Cash Flow Per Share | 4.61 | 2.30 | 2.58 | 6.18 | 8.29 | 6.38 |
| Dividend Per Share | 1.56 | 1.50 | 1.42 | 1.25 | 0.90 | 0.71 |
| Gross Margin | 43.18% | 36.94% | 40.91% | 45.01% | 57.44% | 51.74% |
| Operating Margin | 32.11% | 24.98% | 28.40% | 33.85% | 49.71% | 37.76% |
| Profit Margin | 9.79% | 4.76% | 8.59% | 11.12% | 19.29% | 9.45% |
| Free Cash Flow Margin | 9.40% | 5.65% | 7.11% | 17.48% | 17.70% | 22.91% |
| EBITDA | 48.08B | 35.31B | 37.76B | 45.49B | 83.29B | 44.84B |
| EBITDA Margin | 39.87% | 33.37% | 36.84% | 42.57% | 55.90% | 49.46% |
| D&A For EBITDA | 9.36B | 8.87B | 8.65B | 9.32B | 9.22B | 10.61B |
| EBIT | 38.71B | 26.44B | 29.11B | 36.17B | 74.07B | 34.24B |
| EBIT Margin | 32.11% | 24.98% | 28.40% | 33.85% | 49.71% | 37.76% |
| Effective Tax Rate | 70.42% | 79.84% | 71.51% | 68.58% | 63.43% | 72.84% |
| Revenue as Reported | 121.56B | 106.46B | 103.77B | 107.17B | 150.81B | 90.92B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.30B | 5.04B | 5.90B | 8.07B | 15.58B | 14.13B |
| Short-Term Investments | 17.69B | 14.30B | 15.34B | 29.22B | 29.88B | 21.25B |
| Cash & Short-Term Investments | 24.00B | 19.33B | 21.24B | 37.29B | 45.45B | 35.37B |
| Accounts Receivable | 14.15B | 10.24B | 12.73B | 13.20B | 16.05B | 14.00B |
| Other Receivables | 583.00M | 864.00M | 6.40B | 3.93B | ||
| Receivables | 14.15B | 11.07B | 14.20B | 13.20B | 22.45B | 17.93B |
| Inventory | 4.03B | 3.33B | 4.03B | 3.81B | 5.21B | 3.40B |
| Prepaid Expenses | 3.29B | 1.16B | 1.22B | 5.30B | ||
| Other Current Assets | 5.18B | 4.04B | 12.51B | 2.44B | 5.06B | 5.81B |
| Total Current Assets | 50.63B | 38.94B | 53.19B | 62.05B | 78.17B | 62.50B |
| Property, Plant & Equipment | 63.72B | 61.24B | 55.56B | 58.82B | 56.50B | 62.08B |
| Long-Term Investments | 15.07B | 15.34B | 8.09B | 5.95B | 5.49B | 6.03B |
| Goodwill | 1.84B | 1.44B | 1.38B | 1.47B | ||
| Other Intangible Assets | 6.13B | 4.11B | 4.21B | 5.71B | 3.78B | 4.99B |
| Long-Term Deferred Tax Assets | 5.51B | 5.05B | 4.90B | 7.94B | 8.73B | 6.26B |
| Other Long-Term Assets | 6.15B | 4.45B | 2.83B | 3.11B | 2.25B | 2.82B |
| Total Assets | 147.22B | 131.73B | 131.14B | 143.58B | 158.02B | 147.12B |
| Accounts Payable | 13.61B | 4.83B | 6.84B | 9.56B | 6.21B | 6.25B |
| Accrued Expenses | 2.56B | 2.25B | ||||
| Short-Term Debt | 200.00M | 1.71B | 5.05B | 1.81B | 5.02B | |
| Current Portion of Long-Term Debt | 4.05B | 2.34B | 2.17B | 6.00B | 2.55B | 250.00M |
| Current Portion of Leases | 1.46B | 1.19B | 1.25B | 1.28B | 1.26B | 1.11B |
| Current Income Taxes Payable | 17.60B | 10.99B | 10.32B | 12.31B | 17.66B | 13.12B |
| Other Current Liabilities | 6.13B | 7.16B | 8.17B | 7.05B | 14.33B | 13.38B |
| Total Current Liabilities | 43.05B | 30.78B | 36.05B | 36.19B | 43.81B | 39.14B |
| Long-Term Debt | 21.13B | 23.76B | 19.36B | 22.23B | 24.14B | 27.40B |
| Long-Term Leases | 2.83B | 2.22B | 2.26B | 2.29B | 2.41B | 2.45B |
| Pension & Post-Retirement Benefits | 4.43B | 4.08B | 3.48B | 3.92B | 3.67B | 4.40B |
| Long-Term Deferred Tax Liabilities | 15.31B | 14.52B | 12.73B | 13.35B | 12.00B | 14.04B |
| Other Long-Term Liabilities | 15.47B | 15.87B | 14.88B | 17.10B | 18.01B | 20.66B |
| Total Liabilities | 102.22B | 91.23B | 88.76B | 95.08B | 104.03B | 108.10B |
| Common Stock | 951.00M | 995.00M | 1.05B | 1.10B | 1.14B | 1.16B |
| Additional Paid-In Capital | 3.04B | 6.41B | ||||
| Retained Earnings | 52.14B | 48.03B | 52.41B | 56.52B | 58.24B | 36.68B |
| Comprehensive Income & Other | -8.18B | -8.60B | -11.12B | -9.13B | -8.43B | -5.25B |
| Total Common Equity | 44.91B | 40.42B | 42.34B | 48.49B | 53.99B | 39.01B |
| Minority Interest | 81.00M | 74.00M | 38.00M | 10.00M | 1.00M | 14.00M |
| Shareholders' Equity | 44.99B | 40.50B | 42.38B | 48.50B | 53.99B | 39.02B |
| Total Liabilities & Equity | 147.22B | 131.73B | 131.14B | 143.58B | 158.02B | 147.12B |
| Total Debt | 29.66B | 31.22B | 30.09B | 31.80B | 32.17B | 36.24B |
| Net Cash (Debt) | -5.67B | -11.89B | -8.86B | 5.50B | 13.29B | -867.00M |
| Net Cash Per Share | -2.30 | -4.57 | -3.13 | 1.82 | 4.17 | -0.27 |
| Filing Date Shares Outstanding | 2.37B | 2.50B | 2.73B | 2.94B | 3.12B | 3.23B |
| Total Common Shares Outstanding | 2.37B | 2.50B | 2.73B | 2.94B | 3.12B | 3.23B |
| Working Capital | 7.58B | 8.16B | 17.15B | 25.86B | 34.36B | 23.36B |
| Book Value Per Share | 18.92 | 16.17 | 15.52 | 16.47 | 17.29 | 12.07 |
| Tangible Book Value | 38.78B | 34.47B | 36.69B | 42.78B | 48.83B | 32.56B |
| Tangible Book Value Per Share | 16.34 | 13.79 | 13.45 | 14.53 | 15.64 | 10.07 |
| Buildings | 707.00M | 660.00M | 591.00M | 562.00M | 596.00M | |
| Machinery | 185.83B | 163.85B | 180.45B | 181.58B | 193.17B | |
| Construction In Progress | 14.87B | 17.35B | 14.10B | 10.81B | 12.61B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 11.80B | 5.04B | 8.81B | 11.88B | 28.75B | 8.56B |
| Depreciation & Amortization | 10.48B | 9.99B | 9.76B | 9.32B | 9.22B | 10.61B |
| Loss (Gain) From Sale of Assets | 599.00M | 563.00M | -772.00M | 318.00M | -823.00M | -1.52B |
| Asset Writedown & Restructuring Costs | 389.00M | 1.63B | 145.00M | 641.00M | -2.49B | 1.28B |
| Loss (Gain) From Sale of Investments | 2.00M | 2.00M | 6.00M | 309.00M | ||
| Other Operating Activities | 1.88B | 750.00M | -693.00M | 1.82B | 5.10B | 14.43B |
| Change in Other Net Operating Assets | -816.00M | 1.99B | 2.22B | 4.96B | -4.62B | -4.55B |
| Operating Cash Flow | 24.34B | 19.97B | 19.46B | 29.26B | 35.14B | 28.82B |
| Capital Expenditures | -13.01B | -13.99B | -12.18B | -10.57B | -8.76B | -8.04B |
| Sale of Property, Plant & Equipment | 2.73B | 2.46B | 1.47B | 272.00M | 966.00M | 1.86B |
| Cash Acquisitions | -26.00M | -1.71B | -1.20B | 147.00M | -111.00M | |
| Investment in Securities | -3.94B | 1.57B | 9.36B | 443.00M | -10.09B | -9.95B |
| Other Investing Activities | 211.00M | 397.00M | -479.00M | -1.35B | 1.87B | 27.00M |
| Investing Cash Flow | -14.01B | -9.60B | -3.53B | -12.41B | -15.86B | -16.21B |
| Short-Term Debt Issued | 933.00M | 2.59B | 1.20B | |||
| Long-Term Debt Issued | 5.92B | |||||
| Total Debt Issued | 1.72B | 5.92B | 933.00M | 2.59B | 1.20B | |
| Short-Term Debt Repaid | -2.88B | -5.10B | ||||
| Long-Term Debt Repaid | -3.86B | -4.08B | -4.24B | -1.62B | -3.91B | |
| Lease Payments | -1.57B | -1.46B | -1.49B | -1.42B | -1.37B | -1.24B |
| Total Debt Repaid | -6.09B | -6.73B | -4.08B | -4.24B | -6.72B | -3.91B |
| Net Debt Issued (Repaid) | -4.38B | -819.00M | -3.15B | -1.65B | -6.72B | -2.72B |
| Repurchase of Common Stock | -3.88B | -5.92B | -6.01B | -5.59B | -3.31B | -321.00M |
| Common Dividends Paid | -3.75B | -4.79B | -3.86B | -3.33B | -2.50B | -1.80B |
| Other Financing Activities | -1.00M | -1.00M | ||||
| Financing Cash Flow | -12.01B | -11.53B | -17.74B | -18.14B | -15.41B | -4.84B |
| Foreign Exchange Rate Adjustments | -129.00M | 284.00M | -359.00M | -87.00M | -2.27B | -538.00M |
| Miscellaneous Cash Flow Adjustments | 1.00M | -1.00M | ||||
| Net Cash Flow | -1.81B | -867.00M | -2.17B | -1.38B | 1.59B | 7.23B |
| Free Cash Flow | 11.33B | 5.98B | 7.29B | 18.68B | 26.38B | 20.78B |
| Free Cash Flow Margin | 9.40% | 5.65% | 7.11% | 17.48% | 17.70% | 22.91% |
| Free Cash Flow Per Share | 4.61 | 2.30 | 2.58 | 6.18 | 8.29 | 6.38 |
| Levered Free Cash Flow | 32.35B | 22.50B | 6.81B | 19.33B | 46.15B | 28.63B |
| Unlevered Free Cash Flow | 32.82B | 22.84B | 7.24B | 20.03B | 46.61B | 29.11B |
| Free Cash Flow After Leases | 9.76B | 4.52B | 5.80B | 17.26B | 25.01B | 19.54B |
| Cash Interest Paid | 775.00M | 665.00M | 891.00M | 1.04B | 747.00M | 698.00M |
| Cash Income Tax Paid | 24.12B | 20.46B | 20.59B | 28.28B | 43.86B | 8.59B |
| Change in Working Capital | -816.00M | 1.99B | 2.22B | 4.96B | -4.62B | -4.55B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 109.35B | 58.77B | 63.73B | 93.52B | 113.15B | 86.42B |
| Enterprise Value | 115.29B | 67.32B | 62.73B | 109.08B | 99.58B | 92.08B |
| Last Close Price | 45.40 | 23.00 | 21.64 | 26.25 | 26.92 | 19.05 |
| PE Ratio | 9.17 | 11.65 | 7.24 | 7.87 | 3.94 | 10.09 |
| PS Ratio | 0.91 | 0.56 | 0.62 | 0.88 | 0.76 | 0.95 |
| PB Ratio | 2.43 | 1.45 | 1.50 | 1.93 | 2.10 | 2.21 |
| P/TBV Ratio | 2.82 | 1.71 | 1.74 | 2.19 | 2.32 | 2.65 |
| P/FCF Ratio | 9.65 | 9.83 | 8.74 | 5.01 | 4.29 | 4.16 |
| P/OCF Ratio | 4.49 | 2.94 | 3.27 | 3.20 | 3.22 | 3.00 |
| EV/Sales Ratio | 0.96 | 0.64 | 0.61 | 1.02 | 0.67 | 1.02 |
| EV/EBITDA Ratio | 2.40 | 1.91 | 1.66 | 2.40 | 1.20 | 2.05 |
| EV/EBIT Ratio | 2.98 | 2.55 | 2.15 | 3.02 | 1.34 | 2.69 |
| EV/FCF Ratio | 10.18 | 11.26 | 8.61 | 5.84 | 3.77 | 4.43 |
| Debt / Equity Ratio | 0.66 | 0.77 | 0.71 | 0.66 | 0.60 | 0.93 |
| Debt / EBITDA Ratio | 0.60 | 0.86 | 0.77 | 0.70 | 0.39 | 0.81 |
| Debt / FCF Ratio | 2.62 | 5.22 | 4.13 | 1.70 | 1.22 | 1.74 |
| Net Debt / Equity Ratio | 0.13 | 0.29 | 0.21 | -0.11 | -0.25 | 0.02 |
| Net Debt / EBITDA Ratio | 0.12 | 0.34 | 0.23 | -0.12 | -0.16 | 0.02 |
| Net Debt / FCF Ratio | 0.50 | 1.99 | 1.22 | -0.29 | -0.50 | 0.04 |
| Asset Turnover | 0.85 | 0.81 | 0.75 | 0.71 | 0.98 | 0.67 |
| Inventory Turnover | 17.65 | 18.13 | 15.44 | 13.03 | 14.75 | 13.51 |
| Quick Ratio | 0.89 | 0.98 | 0.97 | 1.40 | 1.55 | 1.36 |
| Current Ratio | 1.18 | 1.26 | 1.48 | 1.72 | 1.78 | 1.60 |
| Return on Equity (ROE) | 27.57% | 12.21% | 19.43% | 23.23% | 61.80% | 23.53% |
| Return on Assets (ROA) | 17.09% | 12.57% | 13.25% | 14.99% | 30.34% | 15.74% |
| Return on Invested Capital (ROIC) | 22.34% | 10.29% | 17.60% | 27.15% | 67.22% | 19.94% |
| Return on Capital Employed (ROCE) | 37.20% | 26.20% | 30.60% | 33.70% | 64.90% | 31.70% |
| Earnings Yield | 10.90% | 8.58% | 13.82% | 12.71% | 25.41% | 9.91% |
| FCF Yield | 10.36% | 10.17% | 11.43% | 19.98% | 23.31% | 24.04% |
| Dividend Yield | 3.44% | 6.38% | 6.08% | 3.94% | 2.48% | 2.66% |
| Payout Ratio | 31.22% | 95.00% | 43.84% | 28.04% | 8.69% | 20.99% |
| Buyback Yield / Dilution | 7.43% | 7.99% | 6.52% | 5.00% | 2.23% | 0.40% |
| Total Shareholder Return | 10.87% | 14.37% | 12.60% | 8.94% | 4.71% | 3.06% |