Equinor revenue and financials
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In the fiscal year ended December 2025, Equinor reported revenue of $106.46B (+2.59% year over year). Net income was $5.04B, a net margin of 4.7%.
Fiscal year ending in December. Sources and method on the page Methodology and sources.
At a glance
- Revenue growth
- +2.59%
- 2025 vs 2024
- Net income growth
- −42.73%
- 2025 vs 2024
- Net margin
- 4.7%
- 2024: 8.5%
Financial data
Amounts in millions of USD; per-share values in USD; shares in millions.
| Item | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 9,470 | 5,213 | 2,106 | 6,346 | 2,477 | 9,041 | 2,022 | 6,495 | 1,811 | 9,138 | 2,736 | 5,236 |
| Depreciation and amortization | 2,592 | 2,530 | 2,737 | 2,618 | 2,472 | 2,165 | 2,515 | 2,435 | 2,379 | 2,419 | 2,546 | 2,477 |
| Capital expenditure | -2,872 | -3,116 | -4,146 | -3,420 | -3,401 | -3,027 | -3,646 | -3,098 | -2,950 | -2,483 | -3,030 | -2,652 |
| Investing cash flow | -3,439 | -2,526 | -3,722 | -2,739 | 880 | -4,016 | -195 | -1,798 | 633 | -2,172 | -5,574 | -5,636 |
| Financing cash flow | -3,903 | -1,816 | -1,434 | -4,983 | -1,480 | -3,629 | -1,803 | -5,996 | -3,315 | -6,627 | -2,171 | -4,675 |
| Dividends paid | -971 | -920 | -918 | -938 | -1,024 | -1,911 | -528 | -1,944 | -2,072 | -2,649 | — | -2,613 |
| Share repurchases | -83.0 | -271 | -389 | -4,712 | -265 | -549 | -502 | -4,564 | -398 | -550 | -518 | -531 |
| Debt issued | 0.0 | 553 | 1,717 | 1,825 | 2,135 | 1,507 | 933 | 1,069 | — | — | 1,814 | — |
| Debt repaid | -2,849 | -1,177 | -1,843 | -1,159 | -2,325 | -2,676 | -320 | -557 | -846 | -3,429 | -760 | -1,531 |
| Effect of exchange rates | 14.0 | 13.0 | -22.0 | 45.0 | 191 | 69.0 | -305 | 98.0 | 29.0 | -181 | 231 | -156 |
| Net change in cash | 2,142 | 884 | -3,071 | -1,330 | 2,069 | 1,465 | -281 | -1,202 | -842 | 157 | -4,779 | -5,230 |
| Free cash flow | 6,598 | 2,097 | -2,040 | 2,926 | -924 | 6,014 | -1,624 | 3,397 | -1,139 | 6,655 | -294 | 2,584 |
| Levered free cash flow | 11,667 | 2,997 | 8,281 | 6,142 | 360 | 7,404 | -7,890 | 6,060 | 2,562 | 4,193 | 2,746 | 3,242 |