Equinor Asa Financials

STOHF

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Equinor Asa (STOHF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 54/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Equinor Asa's revenue declined 3.2% year-over-year, from $107.2B to $103.8B. This contraction results in a growth score of 20/100.

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 1.31 indicates adequate short-term liquidity, earning a score of 33/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Equinor Asa has a free cash flow margin of 7.0%, earning a moderate score of 35/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Equinor Asa earns a strong 20.8% return on equity (ROE), meaning it generates $21 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 83/100. This is down from 24.5% the prior year.

Piotroski F-Score Neutral

5/9

Equinor Asa passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.20x

For every $1 of reported earnings, Equinor Asa generates $2.20 in operating cash flow ($19.5B OCF vs $8.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$103.8B

YoY-3.2%

5Y CAGR+10.0%

Equinor Asa generated $103.8B in revenue in fiscal year 2024. This represents a decrease of 3.2% from the prior year.

EBITDA

N/A

Free Cash Flow

$7.3B

YoY-61.0%

5Y CAGR+15.5%

Equinor Asa generated $7.3B in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 61.0% from the prior year.

Net Income

$8.8B

YoY-25.8%

5Y CAGR+36.7%

Equinor Asa reported $8.8B in net income in fiscal year 2024. This represents a decrease of 25.8% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$5.9B

YoY-26.9%

5Y CAGR+2.7%

Equinor Asa held $5.9B in cash against $2.3B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

2.94B

YoY+0.0%

5Y CAGR-2.3%

Equinor Asa had 2.94B shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

8.5%

YoY-2.6pp

5Y CAGR+5.6pp

Equinor Asa's net profit margin was 8.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.6 percentage points from the prior year.

Return on Equity

20.8%

YoY-3.7pp

5Y CAGR+16.3pp

Equinor Asa's ROE was 20.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 3.7 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$12.2B

YoY+15.1%

5Y CAGR+3.6%

Equinor Asa invested $12.2B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 15.1% from the prior year.

STOHF Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$103.8B-3.2%	$107.2B-28.9%	$150.8B+65.9%	$90.9B+98.4%	$45.8B-28.8%	$64.4B
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	$131.0M-0.8%	$132.0M+46.7%	$90.0M-3.2%	$93.0M-10.6%	$104.0M-17.5%	$126.0M
Income Tax	$22.2B-14.7%	$26.0B-47.9%	$49.9B+116.7%	$23.0B+1759.9%	$1.2B-83.4%	$7.4B
Net Income	$8.8B-25.8%	$11.9B-58.6%	$28.7B+235.2%	$8.6B+256.0%	-$5.5B-396.9%	$1.9B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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

STOHF Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$131.1B-8.7%	$143.6B-9.1%	$158.0B+7.4%	$147.1B+17.9%	$124.8B+4.1%	$119.9B
Current Assets	$46.0B-24.6%	$61.0B-20.9%	$77.2B+24.8%	$61.8B+100.6%	$30.8B+24.4%	$24.8B
Cash & Equivalents	$5.9B-26.9%	$8.1B-14.6%	$9.5B-32.4%	$14.0B+107.0%	$6.8B+30.5%	$5.2B
Inventory	$4.0B+5.7%	$3.8B-26.7%	$5.2B+53.3%	$3.4B+10.1%	$3.1B-8.3%	$3.4B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$5.7B-1.0%	$5.7B+10.7%	$5.2B-20.1%	$6.5B-20.8%	$8.1B-24.1%	$10.7B
Total Liabilities	$88.8B-6.6%	$95.1B-8.6%	$104.0B-3.8%	$108.1B+18.9%	$90.9B+15.5%	$78.7B
Current Liabilities	$35.0B-1.9%	$35.7B-18.0%	$43.5B+11.6%	$39.0B+100.0%	$19.5B-0.3%	$19.6B
Long-Term Debt	$2.3B-1.3%	$2.3B-4.9%	$2.4B-1.6%	$2.4B-23.9%	$3.2B+0.9%	$3.2B
Total Equity	$42.4B-12.6%	$48.5B-10.2%	$54.0B+38.3%	$39.0B+15.1%	$33.9B-17.7%	$41.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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

STOHF Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$19.5B-33.5%	$29.3B-16.7%	$35.1B+21.9%	$28.8B+177.5%	$10.4B-24.5%	$13.7B
Capital Expenditures	$12.2B+15.1%	$10.6B+20.7%	$8.8B+8.9%	$8.0B-5.1%	$8.5B-16.9%	$10.2B
Free Cash Flow	$7.3B-61.0%	$18.7B-29.2%	$26.4B+27.0%	$20.8B+987.7%	$1.9B-46.1%	$3.5B
Investing Cash Flow	-$3.5B+71.5%	-$12.4B+21.8%	-$15.9B+2.1%	-$16.2B-34.1%	-$12.1B-14.1%	-$10.6B
Financing Cash Flow	-$17.7B+2.2%	-$18.1B-17.7%	-$15.4B-218.7%	-$4.8B-261.7%	$3.0B+154.4%	-$5.5B
Dividends Paid	$8.6B-21.3%	$10.9B+102.7%	$5.4B+199.4%	$1.8B-22.9%	$2.3B-30.3%	$3.3B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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

STOHF Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
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	8.5%-2.6pp	11.1%-7.9pp	19.1%+9.6pp	9.4%+21.4pp	-12.0%-14.9pp	2.9%
Return on Equity	20.8%-3.7pp	24.5%-28.7pp	53.2%+31.3pp	22.0%+38.2pp	-16.2%-20.7pp	4.5%
Return on Assets	6.7%-1.6pp	8.3%-9.9pp	18.2%+12.4pp	5.8%+10.2pp	-4.4%-5.9pp	1.5%
Current Ratio	1.31-0.4	1.71-0.1	1.77+0.2	1.590.0	1.58+0.3	1.27
Debt-to-Equity	0.050.0	0.050.0	0.04-0.0	0.06-0.0	0.10+0.0	0.08
FCF Margin	7.0%-10.4pp	17.4%-0.1pp	17.5%-5.4pp	22.9%+18.7pp	4.2%-1.3pp	5.5%

Metric	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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

Frequently Asked Questions

What is Equinor Asa's annual revenue?

Equinor Asa (STOHF) reported $103.8B in total revenue for fiscal year 2024. This represents a -3.2% 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 (STOHF) revenue declined by 3.2% year-over-year, from $107.2B to $103.8B in fiscal year 2024.

Is Equinor Asa profitable?

Yes, Equinor Asa (STOHF) reported a net income of $8.8B in fiscal year 2024, with a net profit margin of 8.5%.

How much debt does Equinor Asa have?

As of fiscal year 2024, Equinor Asa (STOHF) had $5.9B in cash and equivalents against $2.3B in long-term debt.

What is Equinor Asa's net profit margin?

Equinor Asa (STOHF) had a net profit margin of 8.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

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

Equinor Asa (STOHF) has a return on equity of 20.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Equinor Asa's free cash flow?

Equinor Asa (STOHF) generated $7.3B in free cash flow during fiscal year 2024. This represents a -61.0% 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 (STOHF) generated $19.5B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Equinor Asa's total assets?

Equinor Asa (STOHF) had $131.1B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Equinor Asa's capital expenditures?

Equinor Asa (STOHF) invested $12.2B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Equinor Asa have outstanding?

Equinor Asa (STOHF) had 2.94B shares outstanding as of fiscal year 2024.

What is Equinor Asa's current ratio?

Equinor Asa (STOHF) had a current ratio of 1.31 as of fiscal year 2024, which is considered adequate.

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

Equinor Asa (STOHF) had a debt-to-equity ratio of 0.05 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Equinor Asa (STOHF) had a return on assets of 6.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Equinor Asa's Piotroski F-Score?

Equinor Asa (STOHF) has a Piotroski F-Score of 5 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 (STOHF) has an earnings quality ratio of 2.20x, 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 (STOHF) scores 54 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.