Equinor Asa Financials

STOHF

FY2025 annual

Revenue $106.5B +2.6% YoY

Net Income $5.1B -42.7% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $6.0B -18.0% YoY

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

Equinor Asa (STOHF) reported $106.5B in revenue for fiscal year 2025, up 2.6% from the prior fiscal year. This page shows its 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).

Rhea AI STOHF FY2025 2026-04-22

Cash generation still exceeds accounting profit, but rising reinvestment needs are now consuming much more of the cash.

Reported earnings have become much more volatile than underlying cash inflow: net income fell from $28.7B in FY2022 to $5.1B in FY2025. Over the same span, operating cash flow only fell from $35.1B to $20.0B, which points to an asset-heavy model where cash generation held up better than accounting profit.

Leverage is modest for the balance sheet: debt to equity was only 0.1x in FY2025 and interest expense just $120M, so financing cost is not what is compressing returns. The tighter issue is liquidity buffer; cash fell to $5.0B and the current ratio kept drifting down, leaving less room around working-capital swings.

Free cash flow has been pressured by reinvestment, not by a collapse in operating inflow: in FY2025, capex consumed about 70.0% of operating cash, versus about 27.9% in FY2021. That shift explains why free cash flow margin shrank to 5.6% even though operating cash flow still reached nearly $20.0B.

Financial Health Signals

Financial health score not available

Equinor Asa does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

6/8

Equinor Asa passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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.

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.

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

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, with $30.6B of liabilities due within a year.

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.

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

STOHF Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STOHF annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$106.5B+2.6%	$103.8B-3.2%	$107.2B-28.9%	$150.8B+65.9%	$90.9B+98.4%	$45.8B-28.8%	$64.4B-19.1%	$79.6B+30.1%	$61.2B+33.4%	$45.9B-23.1%	$59.6B
Interest Expense	$120.0M-8.4%	$131.0M-0.8%	$132.0M+46.7%	$90.0M-3.2%	$93.0M-10.6%	$104.0M-17.5%	$126.0M+447.8%	$23.0M-11.5%	$26.0M+110.1%	-$258.0M+80.3%	-$1.3B
Income Tax	$20.0B-9.6%	$22.2B-14.7%	$26.0B-47.9%	$49.9B+116.7%	$23.0B+1759.9%	$1.2B-83.4%	$7.4B-34.4%	$11.3B+28.5%	$8.8B+223.9%	$2.7B-47.9%	$5.2B
Net Income	$5.1B-42.7%	$8.8B-25.8%	$11.9B-58.6%	$28.7B+235.2%	$8.6B+256.0%	-$5.5B-396.9%	$1.9B-75.4%	$7.5B+63.9%	$4.6B+258.4%	-$2.9B+43.9%	-$5.2B

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	N/A	$26.0B+3.6%	$25.1B	N/A	$25.4B	N/A	N/A	N/A
Interest Expense	N/A	-$604.0M-1732.4%	$37.0M	N/A	$365.0M	N/A	N/A	N/A
Income Tax	N/A	$4.9B+9.7%	$4.4B	N/A	$5.0B	N/A	N/A	N/A
Net Income	N/A	-$204.0M-115.5%	$1.3B	N/A	$2.3B	N/A	N/A	N/A

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).

STOHF Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STOHF annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$131.7B+0.4%	$131.1B-8.7%	$143.6B-9.1%	$158.0B+7.4%	$147.1B+17.9%	$124.8B+4.1%	$119.9B+6.5%	$112.5B+1.3%	$111.1B+6.3%	$104.5B	N/A
Current Assets	$38.0B-17.3%	$46.0B-24.6%	$61.0B-20.9%	$77.2B+24.8%	$61.8B+100.6%	$30.8B+24.4%	$24.8B-4.9%	$26.1B+0.9%	$25.8B+3.9%	$24.9B	N/A
Cash & Equivalents	$5.0B-14.7%	$5.9B-26.9%	$8.1B-14.6%	$9.5B-32.4%	$14.0B+107.0%	$6.8B+30.5%	$5.2B-31.5%	$7.6B+72.1%	$4.4B-13.8%	$5.1B-40.9%	$8.6B
Inventory	$3.3B-17.4%	$4.0B+5.7%	$3.8B-26.7%	$5.2B+53.3%	$3.4B+10.1%	$3.1B-8.3%	$3.4B+56.9%	$2.1B-36.9%	$3.4B+5.3%	$3.2B	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-24.1%	$10.7B+11.0%	$9.7B+12.2%	$8.6B-6.7%	$9.2B	N/A
Total Liabilities	$91.2B+2.8%	$88.8B-6.6%	$95.1B-8.6%	$104.0B-3.8%	$108.1B+18.9%	$90.9B+15.5%	$78.7B+13.2%	$69.5B-2.4%	$71.2B+2.6%	$69.4B	N/A
Current Liabilities	$30.6B-12.6%	$35.0B-1.9%	$35.7B-18.0%	$43.5B+11.6%	$39.0B+100.0%	$19.5B-0.3%	$19.6B+17.8%	$16.6B-12.7%	$19.0B+13.6%	$16.7B	N/A
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+0.9%	$3.2B-86.8%	$24.2B-10.6%	$27.1B-11.3%	$30.6B	N/A
Total Equity	$40.5B-4.4%	$42.4B-12.6%	$48.5B-10.2%	$54.0B+38.3%	$39.0B+15.1%	$33.9B-17.7%	$41.2B-4.3%	$43.0B+7.8%	$39.9B+13.6%	$35.1B-12.9%	$40.3B

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$131.7B-3.0%	$135.8B	N/A	$131.1B	N/A	N/A	N/A	$143.6B
Current Assets	$38.0B-8.2%	$41.4B	N/A	$46.0B	N/A	N/A	N/A	$61.0B
Cash & Equivalents	$5.0B-37.9%	$8.1B	N/A	$5.9B-4.5%	$6.2B-16.3%	$7.4B-10.2%	$8.2B+1.9%	$8.1B
Inventory	$3.3B-10.9%	$3.7B	N/A	$4.0B	N/A	N/A	N/A	$3.8B
Goodwill	$6.0B-7.3%	$6.4B	N/A	$5.7B	N/A	N/A	N/A	$5.7B
Total Liabilities	$91.2B-4.2%	$95.3B	N/A	$88.8B	N/A	N/A	N/A	$95.1B
Current Liabilities	$30.6B-9.3%	$33.7B	N/A	$35.0B	N/A	N/A	N/A	$35.7B
Long-Term Debt	$2.2B+2.4%	$2.2B	N/A	$2.3B	N/A	N/A	N/A	$2.3B
Total Equity	$40.5B-0.2%	$40.6B	N/A	$42.4B-4.5%	$44.4B	N/A	N/A	$48.5B

Not reported in any period shown, so not listed: Accounts Receivable, Retained Earnings.

STOHF Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

STOHF annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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-24.5%	$13.7B-30.2%	$19.7B+33.0%	$14.8B+67.9%	$8.8B-35.3%	$13.6B
Capital Expenditures	$14.0B+14.9%	$12.2B+15.1%	$10.6B+20.7%	$8.8B+8.9%	$8.0B-5.1%	$8.5B-16.9%	$10.2B-10.2%	$11.4B+5.7%	$10.8B-11.8%	$12.2B-21.4%	$15.5B
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-46.1%	$3.5B-57.4%	$8.3B+105.8%	$4.0B+220.0%	-$3.4B-78.5%	-$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-14.1%	-$10.6B+5.5%	-$11.2B-10.8%	-$10.1B+1.1%	-$10.2B+29.5%	-$14.5B
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+154.4%	-$5.5B-9.4%	-$5.0B+13.7%	-$5.8B-197.2%	-$2.0B-168.7%	-$729.0M
Dividends Paid	$4.8B-44.1%	$8.6B-21.3%	$10.9B+102.7%	$5.4B+199.4%	$1.8B-22.9%	$2.3B-30.3%	$3.3B+25.1%	$2.7B+79.2%	$1.5B-20.5%	$1.9B-33.9%	$2.8B

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$2.1B-66.8%	$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
Capital Expenditures	$4.1B+21.2%	$3.4B+0.6%	$3.4B-6.7%	$3.6B+17.7%	$3.1B	N/A	N/A	N/A
Free Cash Flow	-$2.0B-169.7%	$2.9B+416.7%	-$924.0M+43.1%	-$1.6B-147.8%	$3.4B	N/A	N/A	N/A
Investing Cash Flow	-$3.7B-35.9%	-$2.7B-411.3%	$880.0M+551.3%	-$195.0M+89.2%	-$1.8B	N/A	N/A	N/A
Financing Cash Flow	-$1.4B+71.2%	-$5.0B-236.7%	-$1.5B+17.9%	-$1.8B+69.9%	-$6.0B	N/A	N/A	N/A
Dividends Paid	$918.0M-2.1%	$938.0M-8.4%	$1.0B-46.5%	$1.9B-1.6%	$1.9B	N/A	N/A	N/A

Not reported in any period shown, so not listed: Share Buybacks.

STOHF Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

STOHF annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Net Margin	4.8%-3.8pp	8.5%-2.6pp	11.1%-7.9pp	19.1%+9.6pp	9.4%+21.4pp	-12.0%-14.9pp	2.9%-6.6pp	9.5%+2.0pp	7.5%+13.8pp	-6.3%+2.3pp	-8.7%
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%-20.7pp	4.5%-13.0pp	17.5%+6.0pp	11.5%+19.8pp	-8.3%+4.6pp	-12.8%
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%-5.9pp	1.5%-5.2pp	6.7%+2.6pp	4.1%+6.9pp	-2.8%	N/A
Current Ratio	1.24-0.1x	1.31-0.4x	1.71-0.1x	1.77+0.2x	1.590.0x	1.58+0.3x	1.27-0.3x	1.57+0.2x	1.36-0.1x	1.48	N/A
Debt-to-Equity	0.050.0x	0.050.0x	0.050.0x	0.040.0x	0.060.0x	0.100.0x	0.08-0.5x	0.56-0.1x	0.68-0.2x	0.87	N/A
FCF Margin	5.6%-1.4pp	7.0%-10.4pp	17.4%-0.1pp	17.5%-5.4pp	22.9%+18.7pp	4.2%-1.3pp	5.5%-4.9pp	10.5%+3.8pp	6.6%+14.0pp	-7.3%-4.2pp	-3.2%

Metric	Q4'25	Q3'25	Q2'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23
Net Margin	N/A	-0.8%-6.0pp	5.2%	N/A	9.0%	N/A	N/A	N/A
Return on Equity	N/A	-0.5%	N/A	N/A	5.1%	N/A	N/A	N/A
Return on Assets	N/A	-0.1%	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	1.240.0x	1.23	N/A	1.31	N/A	N/A	N/A	1.71
Debt-to-Equity	0.050.0x	0.05	N/A	0.05	N/A	N/A	N/A	0.05
FCF Margin	N/A	11.2%+14.9pp	-3.7%	N/A	13.4%	N/A	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin.

Where Equinor Asa Ranks

Frequently Asked Questions

What is Equinor Asa's annual revenue?

Equinor Asa (STOHF) 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 (STOHF) 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 (STOHF) 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 (STOHF) had $5.0B in cash and equivalents against $2.2B in long-term debt.

What is Equinor Asa's net profit margin?

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

How many shares does Equinor Asa have outstanding?

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

What is Equinor Asa's current ratio?

Equinor Asa (STOHF) 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 (STOHF) 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 (STOHF) 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 (STOHF) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 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.