Equinor Asa Financials

EQNR

Source SEC Filings (10-K/10-Q) Updated Mar 19, 2026 Currency USD FYE March

This page shows Equinor Asa (EQNR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Equinor Asa's revenue grew a modest 2.6% year-over-year to $106.5B. This slow but positive growth earns a score of 38/100.

Leverage

100

Equinor Asa carries a low D/E ratio of 0.05, meaning only $0.05 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Equinor Asa's current ratio of 1.24 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 20/100, which could limit financial flexibility.

Cash Flow

Equinor Asa has a free cash flow margin of 5.6%, earning a moderate score of 39/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Equinor Asa's ROE of 12.5% shows moderate profitability relative to equity, earning a score of 39/100. This is down from 20.8% the prior year.

Piotroski F-Score Neutral

6/9

Equinor Asa passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

3.95x

For every $1 of reported earnings, Equinor Asa generates $3.95 in operating cash flow ($20.0B OCF vs $5.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$106.5B

YoY+2.6%

5Y CAGR+18.4%

10Y CAGR+6.0%

Equinor Asa generated $106.5B in revenue in fiscal year 2025. This represents an increase of 2.6% from the prior year.

EBITDA

N/A

Net Income

$5.1B

YoY-42.7%

Equinor Asa reported $5.1B in net income in fiscal year 2025. This represents a decrease of 42.7% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$6.0B

YoY-18.0%

5Y CAGR+25.6%

Equinor Asa generated $6.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 18.0% from the prior year.

Cash & Debt

$5.0B

YoY-14.7%

5Y CAGR-5.7%

10Y CAGR-5.2%

Equinor Asa held $5.0B in cash against $2.2B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

2.50B

YoY-15.1%

5Y CAGR-5.1%

Equinor Asa had 2.50B shares outstanding in fiscal year 2025. This represents a decrease of 15.1% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

4.8%

YoY-3.8pp

5Y CAGR+16.8pp

10Y CAGR+13.4pp

Equinor Asa's net profit margin was 4.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.

Return on Equity

12.5%

YoY-8.3pp

5Y CAGR+28.7pp

10Y CAGR+25.3pp

Equinor Asa's ROE was 12.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$285.0M

Equinor Asa spent $285.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$14.0B

YoY+14.9%

5Y CAGR+10.5%

10Y CAGR-1.0%

Equinor Asa invested $14.0B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 14.9% from the prior year.

EQNR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$106.5B+2.6%	$103.8B-3.2%	$107.2B-28.9%	$150.8B+65.9%	$90.9B+98.4%	$45.8B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$120.0M-8.4%	$131.0M-0.8%	$132.0M+46.7%	$90.0M-3.2%	$93.0M-10.6%	$104.0M
Income Tax	$20.0B-9.6%	$22.2B-14.7%	$26.0B-47.9%	$49.9B+116.7%	$23.0B+1759.9%	$1.2B
Net Income	$5.1B-42.7%	$8.8B-25.8%	$11.9B-58.6%	$28.7B+235.2%	$8.6B+256.0%	-$5.5B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$26.0B+3.6%	$25.1B	N/A	$25.4B	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$604.0M-1732.4%	$37.0M	N/A	$365.0M	N/A	N/A	N/A	N/A
Income Tax	$4.9B+9.7%	$4.4B	N/A	$5.0B	N/A	N/A	N/A	N/A
Net Income	-$204.0M-115.5%	$1.3B	N/A	$2.3B	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQNR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$131.7B+0.4%	$131.1B-8.7%	$143.6B-9.1%	$158.0B+7.4%	$147.1B+17.9%	$124.8B
Current Assets	$38.0B-17.3%	$46.0B-24.6%	$61.0B-20.9%	$77.2B+24.8%	$61.8B+100.6%	$30.8B
Cash & Equivalents	$5.0B-14.7%	$5.9B-26.9%	$8.1B-14.6%	$9.5B-32.4%	$14.0B+107.0%	$6.8B
Inventory	$3.3B-17.4%	$4.0B+5.7%	$3.8B-26.7%	$5.2B+53.3%	$3.4B+10.1%	$3.1B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.0B+5.2%	$5.7B-1.0%	$5.7B+10.7%	$5.2B-20.1%	$6.5B-20.8%	$8.1B
Total Liabilities	$91.2B+2.8%	$88.8B-6.6%	$95.1B-8.6%	$104.0B-3.8%	$108.1B+18.9%	$90.9B
Current Liabilities	$30.6B-12.6%	$35.0B-1.9%	$35.7B-18.0%	$43.5B+11.6%	$39.0B+100.0%	$19.5B
Long-Term Debt	$2.2B-1.8%	$2.3B-1.3%	$2.3B-4.9%	$2.4B-1.6%	$2.4B-23.9%	$3.2B
Total Equity	$40.5B-4.4%	$42.4B-12.6%	$48.5B-10.2%	$54.0B+38.3%	$39.0B+15.1%	$33.9B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$135.8B	N/A	$131.1B	N/A	N/A	N/A	$143.6B	N/A
Current Assets	$41.4B	N/A	$46.0B	N/A	N/A	N/A	$61.0B	N/A
Cash & Equivalents	$8.1B	N/A	$5.9B-4.5%	$6.2B-16.3%	$7.4B-10.2%	$8.2B+1.9%	$8.1B-33.6%	$12.2B
Inventory	$3.7B	N/A	$4.0B	N/A	N/A	N/A	$3.8B	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$6.4B	N/A	$5.7B	N/A	N/A	N/A	$5.7B	N/A
Total Liabilities	$95.3B	N/A	$88.8B	N/A	N/A	N/A	$95.1B	N/A
Current Liabilities	$33.7B	N/A	$35.0B	N/A	N/A	N/A	$35.7B	N/A
Long-Term Debt	$2.2B	N/A	$2.3B	N/A	N/A	N/A	$2.3B	N/A
Total Equity	$40.6B	N/A	$42.4B-4.5%	$44.4B	N/A	N/A	$48.5B	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQNR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$20.0B+2.6%	$19.5B-33.5%	$29.3B-16.7%	$35.1B+21.9%	$28.8B+177.5%	$10.4B
Capital Expenditures	$14.0B+14.9%	$12.2B+15.1%	$10.6B+20.7%	$8.8B+8.9%	$8.0B-5.1%	$8.5B
Free Cash Flow	$6.0B-18.0%	$7.3B-61.0%	$18.7B-29.2%	$26.4B+27.0%	$20.8B+987.7%	$1.9B
Investing Cash Flow	-$9.6B-171.7%	-$3.5B+71.5%	-$12.4B+21.8%	-$15.9B+2.1%	-$16.2B-34.1%	-$12.1B
Financing Cash Flow	-$11.5B+35.0%	-$17.7B+2.2%	-$18.1B-17.7%	-$15.4B-218.7%	-$4.8B-261.7%	$3.0B
Dividends Paid	$4.8B-44.1%	$8.6B-21.3%	$10.9B+102.7%	$5.4B+199.4%	$1.8B-22.9%	$2.3B
Share Buybacks	$285.0M	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$6.3B+156.2%	$2.5B+22.5%	$2.0B-68.9%	$6.5B+258.6%	$1.8B-80.2%	$9.1B+166.1%	$3.4B-31.2%	$5.0B
Capital Expenditures	$3.4B+0.6%	$3.4B-6.7%	$3.6B+17.7%	$3.1B	N/A	N/A	N/A	N/A
Free Cash Flow	$2.9B+416.7%	-$924.0M+43.1%	-$1.6B-147.8%	$3.4B	N/A	N/A	N/A	N/A
Investing Cash Flow	-$2.7B-411.3%	$880.0M+551.3%	-$195.0M+89.2%	-$1.8B	N/A	N/A	N/A	N/A
Financing Cash Flow	-$5.0B-236.7%	-$1.5B+17.9%	-$1.8B+69.9%	-$6.0B	N/A	N/A	N/A	N/A
Dividends Paid	$938.0M-8.4%	$1.0B-46.5%	$1.9B-1.6%	$1.9B	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EQNR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	4.8%-3.8pp	8.5%-2.6pp	11.1%-7.9pp	19.1%+9.6pp	9.4%+21.4pp	-12.0%
Return on Equity	12.5%-8.3pp	20.8%-3.7pp	24.5%-28.7pp	53.2%+31.3pp	22.0%+38.2pp	-16.2%
Return on Assets	3.8%-2.9pp	6.7%-1.6pp	8.3%-9.9pp	18.2%+12.4pp	5.8%+10.2pp	-4.4%
Current Ratio	1.24-0.1	1.31-0.4	1.71-0.1	1.77+0.2	1.590.0	1.58
Debt-to-Equity	0.050.0	0.050.0	0.050.0	0.04-0.0	0.06-0.0	0.10
FCF Margin	5.6%-1.4pp	7.0%-10.4pp	17.4%-0.1pp	17.5%-5.4pp	22.9%+18.7pp	4.2%

Metric	Q2'26	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-0.8%-6.0pp	5.2%	N/A	9.0%	N/A	N/A	N/A	N/A
Return on Equity	-0.5%	N/A	N/A	5.1%	N/A	N/A	N/A	N/A
Return on Assets	-0.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.23	N/A	1.31	N/A	N/A	N/A	1.71	N/A
Debt-to-Equity	0.05	N/A	0.05	N/A	N/A	N/A	0.05	N/A
FCF Margin	11.2%+14.9pp	-3.7%	N/A	13.4%	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Equinor Asa's annual revenue?

Equinor Asa (EQNR) reported $106.5B in total revenue for fiscal year 2025. This represents a 2.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Equinor Asa's revenue growing?

Equinor Asa (EQNR) revenue grew by 2.6% year-over-year, from $103.8B to $106.5B in fiscal year 2025.

Is Equinor Asa profitable?

Yes, Equinor Asa (EQNR) reported a net income of $5.1B in fiscal year 2025, with a net profit margin of 4.8%.

How much debt does Equinor Asa have?

As of fiscal year 2025, Equinor Asa (EQNR) had $5.0B in cash and equivalents against $2.2B in long-term debt.

What is Equinor Asa's net profit margin?

Equinor Asa (EQNR) had a net profit margin of 4.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Equinor Asa's return on equity (ROE)?

Equinor Asa (EQNR) has a return on equity of 12.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Equinor Asa's free cash flow?

Equinor Asa (EQNR) generated $6.0B in free cash flow during fiscal year 2025. This represents a -18.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Equinor Asa's operating cash flow?

Equinor Asa (EQNR) generated $20.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Equinor Asa's total assets?

Equinor Asa (EQNR) had $131.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Equinor Asa's capital expenditures?

Equinor Asa (EQNR) invested $14.0B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Equinor Asa buy back shares?

Yes, Equinor Asa (EQNR) spent $285.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Equinor Asa have outstanding?

Equinor Asa (EQNR) had 2.50B shares outstanding as of fiscal year 2025.

What is Equinor Asa's current ratio?

Equinor Asa (EQNR) had a current ratio of 1.24 as of fiscal year 2025, which is considered adequate.

What is Equinor Asa's debt-to-equity ratio?

Equinor Asa (EQNR) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Equinor Asa's return on assets (ROA)?

Equinor Asa (EQNR) had a return on assets of 3.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Equinor Asa's Piotroski F-Score?

Equinor Asa (EQNR) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Equinor Asa's earnings high quality?

Equinor Asa (EQNR) has an earnings quality ratio of 3.95x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Equinor Asa?

Equinor Asa (EQNR) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.