Equinor ASA Revenue & Financials

Equinor reported total revenues and other income of $106.462 billion for fiscal year 2025, a 2.6% increase from $103.774 billion in 2024, though both figures remain well below the $150.806 billion peak of 2022. Net operating income was $25.352 billion in 2025, down from $30.927 billion in 2024, reflecting lower commodity prices and $2.5 billion in net impairments. Net income attributable to shareholders was $5.058 billion in 2025, a 42.7% decline from $8.829 billion in 2024, which itself was down 25.9% from $11.904 billion in 2023. The earnings compression over three years—from $28.744 billion in 2022 to $5.058 billion in 2025—illustrates the company's extreme sensitivity to oil and gas prices. Adjusted operating income, which excludes special items and inventory effects, was $27.591 billion in 2025 and $29.798 billion in 2024. Adjusted net income was $6.434 billion in 2025 and $9.177 billion in 2024. Cash flow from operations after taxes paid was $17.980 billion in 2025 and $17.246 billion in 2024 (restated), demonstrating the company's ability to generate substantial cash even in a lower-price environment. Organic capital expenditure was $13.1 billion in 2025, up from $12.1 billion in 2024, as new projects including Johan Castberg and Halten East ramped up. The company reduced its 2026/27 organic capex outlook by $4 billion to strengthen free cash flow and maintain competitive capital distribution. Return on average capital employed (ROACE) was 14.5% in 2025, down from 21% in 2024 and 55.1% in 2022, but still competitive within the industry. The effective tax rate was 79.8% in 2025, up from 71.5% in 2024, driven by a higher share of income from high-tax jurisdictions and currency effects. Equinor's balance sheet remained strong with a net debt to capital employed ratio of 17.8% at year-end 2025, up from 11.9% in 2024 but still conservative. Total cash was $20.1 billion and total debt-to-equity was 73%. The company paid $20.5 billion in corporate income taxes in 2025, of which $19.7 billion was paid in Norway. Capital distribution totaled $14 billion in 2024, comprising ordinary dividends of $3.9 billion, extraordinary dividends of $2.9 billion, and share buybacks under a $10-12 billion two-year program. For 2026, Equinor announced a share buyback of up to $1.5 billion and proposed a Q4 2025 dividend of $0.39 per share. Earnings per share were $1.79 in 2025, down from $3.12 in 2024. The company expects to deliver ROACE of around 13% for 2026/27 and aims to be cash flow neutral after all investments at an oil price around $50 per barrel.