Equinor ASA
Financial Performance
Equinor Revenue & Financials
Revenue
$106.5B (FY2025)
Market Cap
$102.1B
Net Income
$5B
Employees
24,620
What is Equinor's revenue?
Equinor had $106.5B in revenue for fiscal year 2025, up 2.6% from 2024. Net income was $5B.
- Latest revenue
- $106.5B (FY2025)
- Year-over-year
- +2.6%
- Growth rate (CAGR)
- 9.8% over 9 years
- Peak revenue
- $150.8B (FY2022)
- Years of data
- 10
- Employees
- 24,620
- How much profit does Equinor make?
- Equinor reported net income of $5B for fiscal year 2025. sec.gov
- How many employees does Equinor have?
- Equinor has about 24,620 employees.
Financial Analysis
Equinor reported 2025 revenue of $106.5 billion (2024: $103.8 billion) and net income attributable to shareholders of $5.0 billion (2024: $8.8 billion), on record equity production. It paid about $9 billion to shareholders in 2025. Results recovered in 2026: Q1 net income was $3.10 billion on adjusted operating income of $9.77 billion, and Q2 net income was $4.84 billion on adjusted operating income of $11.48 billion and roughly $35 billion of revenue, helped by a $97.90 per barrel realised liquids price, a $15.80/MMBtu European gas price, and asset-sale gains including Argentina. Net debt to capital employed fell to 10.4% at the end of Q2 2026. The 2026 dividend is $0.39 per quarter and the buyback was doubled to up to $3 billion. Market capitalisation was about $102 billion in late September 2026. Equinor ASA is a monumental international energy company, commanding a massive market valuation generally exceeding $80 billion.
Revenue Trend Analysis
YoY Change
+2.6%
9-Year CAGR
+9.8%
Peak Year
2022
Trend
Mostly Growing
Equinor ASA has 10 full fiscal year figures on this page, compounding at +9.8% annually over 9 years. The most recent year saw a 2.6% increase versus the prior year. Annual revenue peaked in fiscal year 2022 at $150.8B. Of 9 comparable year-over-year steps, 5 showed growth and 4 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Net Income | YoY Change | Source |
|---|---|---|---|---|
| FY2025 | $106.5B | $5B | +2.6% | sec.gov 2025 revenue was $106.462B and profit attributable to owners was $5.043B. |
| FY2024 | $103.8B | $8.8B | -3.2% | data.sec.gov 2024 revenue was $103.774B and profit attributable to owners was $8.806B. |
| FY2023 | $107.2B | $11.9B | -28.9% | data.sec.gov 2023 revenue was $107.174B and profit attributable to owners was $11.885B. |
| FY2022 | $150.8B | $28.7B | +65.9% | data.sec.gov 2022 revenue was $150.806B during the European gas price spike. |
| FY2021 | $90.9B | $8.6B | +98.4% | data.sec.gov 2021 revenue was $90.924B. |
| FY2020 | $45.8B | — | -28.8% | Equinor ASA annual report (Form 20-F, SEC EDGAR, filed 2023-03-23) Fiscal year ended 2020-12-31. |
| FY2019 | $64.4B | — | -19.1% | Equinor ASA annual report (Form 20-F, SEC EDGAR, filed 2022-03-18) Fiscal year ended 2019-12-31. |
| FY2018 | $79.6B | — | +30.1% | Equinor ASA annual report (Form 20-F, SEC EDGAR, filed 2021-03-19) Fiscal year ended 2018-12-31. |
| FY2017 | $61.2B | — | +33.4% | Equinor ASA annual report (Form 20-F, SEC EDGAR, filed 2020-03-20) Fiscal year ended 2017-12-31. |
| FY2016 | $45.9B | — | — | Equinor ASA annual report (Form 20-F, SEC EDGAR, filed 2019-03-15) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Equinor ASA balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 20-F, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $20B | $14B | $131.7B | $91.2B | $40.4B | $6B | Form 20-F |
| FY2024ended Dec 31, 2024 | $19.5B | $12.2B | $131.1B | $88.8B | $42.3B | $7.3B | Form 20-F |
| FY2023ended Dec 31, 2023 | $29.3B | $10.6B | $143.6B | $95.1B | $48.5B | $18.7B | Form 20-F |
| FY2022ended Dec 31, 2022 | $35.1B | $8.8B | $158B | $104B | $54B | $26.4B | Form 20-F |
| FY2021ended Dec 31, 2021 | $28.8B | $8B | $147.1B | $108.1B | $39B | $20.8B | Form 20-F |
| FY2020ended Dec 31, 2020 | $10.4B | $8.5B | $124.8B | $90.9B | $33.9B | $1.9B | Form 20-F |
| FY2019ended Dec 31, 2019 | $13.7B | $10.2B | $119.9B | $78.7B | $41.1B | $3.5B | Form 20-F |
| FY2018ended Dec 31, 2018 | $19.7B | $11.4B | $112.5B | $69.5B | $43B | $8.3B | Form 20-F |
| FY2017ended Dec 31, 2017 | $14.8B | $10.8B | $111.1B | $71.2B | $39.9B | $4B | Form 20-F |
| FY2016ended Dec 31, 2016 | $8.8B | $12.2B | $104.5B | $69.4B | $35.1B | -$3.4B | Form 20-F |
Keep researching Equinor
Equinor Revenue and Financial FAQ
What is Equinor's annual revenue?
Equinor reported revenue of $106.5 billion in 2025, $103.8 billion in 2024, $107.2 billion in 2023 and a peak of $150.8 billion in 2022, with swings driven mainly by oil and European gas prices.
What is the Norwegian petroleum tax regime and how does it impact Equinor's net financials?
Equinor is subject to Norway's special petroleum tax regime, which imposes a total marginal tax rate of 78 percent (22% standard corporate tax plus 56% special resource rent tax) on offshore exploration and production income, generating substantial revenue for the Norwegian government.
What were Equinor's Q2 2026 results?
Equinor reported Q2 2026 net income of $4.84 billion, adjusted operating income of $11.48 billion, adjusted EPS of $1.33 and cash flow from operations after tax of $7.68 billion.
How does Equinor distribute capital to shareholders through dividends and share buybacks?
Equinor pays a quarterly cash dividend ($0.39 per share in 2026) and runs share buybacks in tranches; the 2026 programme was doubled to up to $3 billion, including shares redeemed from the Norwegian state. It aims to grow the dividend per share by more than 5% a year.
How is Equinor's capex split?
Under its June 2026 strategy Equinor plans to allocate about 90% of capex to oil and gas, with renewables and low-carbon spending limited to selected projects. Organic capex in Q2 2026 was $3.35 billion.
How strong is Equinor's balance sheet?
Equinor's net debt to capital employed ratio was 10.4% at the end of Q2 2026, down from 15.3% in the previous quarter, and it holds strong investment-grade credit ratings.
How are Equinor's earnings impacted by seasonal fluctuations in European natural gas demand?
Equinor experiences higher natural gas sales volumes and realized prices during the European winter heating season (Q4 and Q1), which typically boosts quarterly earnings in the Marketing, Midstream & Processing (MMP) and E&P Norway divisions compared to summer quarters.
What is Equinor's market cap?
Equinor's market capitalisation was about $102 billion in late September 2026, according to StockAnalysis data.
Does Equinor fund the Norwegian wealth fund?
Yes, massively. Equinor pays incredibly high taxes (often over 70% on its massive domestic oil profits) directly to the Norwegian government. This massive revenue stream is the primary engine behind the Government Pension Fund Global (the Norwegian sovereign wealth fund), which is worth over $1.5 trillion.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Equinor Revenue & Financials." CorpDigest, https://corpdigest.com/company/equinor/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Equinor reported $106.5B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/equinor/financials" target="_blank" rel="noopener">CorpDigest — Equinor financials</a></div>Related Financial Audits
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