EQUINOR ASA (STOHF) Financials

STOHF

FY2025 annual

Revenue $106.5B +2.6% YoY

Net Income $5.1B -42.7% YoY

Free Cash Flow $6.0B -18.0% YoY

Operating Cash Flow $20.0B +2.6% YoY

Market Cap $102.0B as of Oct 6, 2026

Price / Sales 1.0x on $106.5B revenue, FY2025

Price / Earnings 20.2x on $5.1B net income, FY2025

Price / Book 2.5x on $40.5B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Mar 19, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Mar 19, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the STOHF SEC filings page.

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 2026-10-04

Equinor’s revenue is steady, but rising reinvestment and weaker earnings are squeezing the cash left after capital spending.

In FY2025, operating cash flow was 3.9x net income, with depreciation of $12.3B helping accounting profit translate into much larger operating cash. Capex consumed 70.1% of that cash, leaving a free-cash-flow margin of only 5.6% and showing that cash generation is increasingly absorbed by reinvestment.

The balance sheet is not primarily long-term-debt funded: total liabilities were 2.3x equity, while long-term debt was only 0.1x equity. That combination points to substantial non-debt obligations and a thinner equity cushion than the debt ratio alone suggests.

Revenue was broadly stable from FY2023 to FY2025, yet net margin fell from 11.1% to 4.8%; the earnings decline therefore reflects weaker bottom-line conversion rather than a major top-line contraction.

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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Free Cash Flow

-$2.0B

YoY-25.6%

QoQ-169.7%

EQUINOR ASA recorded an outflow of $2.0B in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 25.6% from the same quarter a year earlier. Against the prior quarter it is down 169.7%.

Cash & Debt

$5.0B

YoY-14.7%

QoQ-37.9%

EQUINOR ASA held $5.0B in cash against $2.2B in long-term debt as of Q4 2025, with $30.6B of liabilities due within a year.

Shares Outstanding

2.50B

YoY-15.1%

QoQ0.0%

EQUINOR ASA had 2.50B shares outstanding in Q4 2025. This represents a decrease of 15.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

Capital Expenditures

$4.1B

YoY+13.7%

QoQ+21.2%

EQUINOR ASA invested $4.1B in capex in Q4 2025, funding long-term assets and infrastructure. This represents an increase of 13.7% from the same quarter a year earlier. Against the prior quarter it is up 21.2%.

R&D Spending

Not reported for Q4 2025.

Share Buybacks

Not reported for Q4 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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

STOHF quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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	$917.0M+16.5%	$787.0M-8.2%	$857.0M-6.6%	$918.0M-7.3%	$990.0M-4.0%	$1.0B+19.7%	$861.0M-0.8%	$868.0M-19.9%	$1.1B+6.5%	$1.0B-2.2%	$1.0B
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
Diluted Shares (Avg)	2.60B-8.0%	2.83B-6.6%	3.03B-4.9%	3.18B	N/A	3.28B	N/A	N/A	N/A	N/A	N/A

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Revenue	N/A	$26.0B+2.4%	$25.1B	N/A	$25.4B	N/A	N/A	N/A
Interest Expense	N/A	-$604.0M-265.5%	$37.0M	N/A	$365.0M	N/A	N/A	N/A
Income Tax	N/A	$4.9B-2.3%	$4.4B	N/A	$5.0B	N/A	N/A	N/A
Net Income	N/A	-$204.0M-108.9%	$1.3B	N/A	$2.3B	N/A	N/A	N/A
Diluted Shares (Avg)	N/A	2.54B-8.4%	2.63B	N/A	2.77B	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, EBITDA, EPS (Basic), EPS (Diluted).

STOHF Balance Sheet

STOHF quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Non-Current Liabilities	$60.5B+14.7%	$52.7B-10.5%	$58.9B-2.2%	$60.2B-12.7%	$69.0B-3.0%	$71.1B+20.2%	$59.1B+11.8%	$52.9B+1.4%	$52.2B-0.8%	$52.6B	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	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Total Assets	$131.7B+0.4%	$135.8B	N/A	$131.1B-8.7%	N/A	N/A	N/A	$143.6B-9.1%
Current Assets	$38.0B-17.3%	$41.4B	N/A	$46.0B-24.6%	N/A	N/A	N/A	$61.0B-20.9%
Cash & Equivalents	$5.0B-14.7%	$8.1B+31.2%	N/A	$5.9B-26.9%	$6.2B-49.1%	$7.4B-58.1%	$8.2B-44.9%	$8.1B-14.6%
Inventory	$3.3B-17.4%	$3.7B	N/A	$4.0B+5.7%	N/A	N/A	N/A	$3.8B-26.7%
Goodwill	$6.0B+5.2%	$6.4B	N/A	$5.7B-1.0%	N/A	N/A	N/A	$5.7B+10.7%
Total Liabilities	$91.2B+2.8%	$95.3B	N/A	$88.8B-6.6%	N/A	N/A	N/A	$95.1B-8.6%
Current Liabilities	$30.6B-12.6%	$33.7B	N/A	$35.0B-1.9%	N/A	N/A	N/A	$35.7B-18.0%
Non-Current Liabilities	$60.5B+14.7%	$60.0B	N/A	$52.7B-10.5%	N/A	N/A	N/A	$58.9B-2.2%
Long-Term Debt	$2.2B-1.8%	$2.2B	N/A	$2.3B-1.3%	N/A	N/A	N/A	$2.3B-4.9%
Total Equity	$40.5B-4.4%	$40.6B-8.5%	N/A	$42.4B-12.6%	$44.4B	N/A	N/A	$48.5B-10.2%

Not reported in any period shown, so not listed: Short-Term Investments, Accounts Receivable, Long-Term Investments, Retained Earnings.

STOHF Cash Flow Statement

STOHF quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Depreciation & Amortization	$12.3B+25.2%	$9.8B-7.5%	$10.6B+66.4%	$6.4B-45.5%	$11.7B-23.1%	$15.2B+15.4%	$13.2B+42.8%	$9.2B+7.0%	$8.6B-25.2%	$11.6B-30.9%	$16.7B
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	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Operating Cash Flow	$2.1B+4.2%	$6.3B-2.3%	$2.5B+36.8%	$2.0B-41.1%	$6.5B+30.1%	$1.8B-20.7%	$9.1B-50.7%	$3.4B
Depreciation & Amortization	$3.3B+16.5%	$3.3B+42.2%	$3.4B	$2.8B	$2.3B	N/A	N/A	N/A
Capital Expenditures	$4.1B+13.7%	$3.4B+10.4%	$3.4B	$3.6B	$3.1B	N/A	N/A	N/A
Free Cash Flow	-$2.0B-25.6%	$2.9B-13.9%	-$924.0M	-$1.6B	$3.4B	N/A	N/A	N/A
Investing Cash Flow	-$3.7B-1808.7%	-$2.7B-52.3%	$880.0M	-$195.0M	-$1.8B	N/A	N/A	N/A
Financing Cash Flow	-$1.4B+20.5%	-$5.0B+16.9%	-$1.5B	-$1.8B	-$6.0B	N/A	N/A	N/A
Dividends Paid	$918.0M-52.0%	$938.0M-51.7%	$1.0B	$1.9B	$1.9B	N/A	N/A	N/A

Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.

STOHF Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

STOHF quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Asset Turnover	0.810.0x	0.790.0x	0.75-0.2x	0.95+0.3x	0.62+0.3x	0.37-0.2x	0.54-0.2x	0.71+0.2x	0.55+0.1x	0.44	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	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q	Q4'2310-K
Net Margin	N/A	-0.8%-9.8pp	5.2%	N/A	9.0%	N/A	N/A	N/A
Return on Equity	N/A	-0.5%-5.6pp	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	1.24-0.1x	1.23	N/A	1.31-0.4x	N/A	N/A	N/A	1.71-0.1x
Debt-to-Equity	0.050.0x	0.05	N/A	0.050.0x	N/A	N/A	N/A	0.050.0x
Asset Turnover	N/A	0.19	N/A	N/A	N/A	N/A	N/A	N/A
FCF Margin	N/A	11.2%-2.1pp	-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 P/E ratio?

EQUINOR ASA (STOHF) trades at 20.2x earnings, its market capitalization divided by net income of $5.1B net income, FY2025. The market capitalization is $102.0B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is EQUINOR ASA's price-to-sales ratio?

EQUINOR ASA (STOHF) trades at 1.0x sales, its market capitalization divided by revenue of $106.5B revenue, FY2025. The market capitalization is $102.0B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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.