EQUINOR ASA financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data EQUINOR ASA files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	45,873	61,187	79,593	64,357	45,818	90,924	150,806	107,174	103,774	106,462
Cost of revenue	21,505	28,212	38,516	29,532	20,986	35,160	53,806	48,175	50,040	55,164
Gross profit	24,368	32,975	41,077	34,825	24,832	55,764	97,000	58,999	53,734	51,298
Research and development	298	307	315	300	254	291	308	311	348	352
Selling, general and administrative	762	738	758	809	706	780	986	1,218	1,255	1,207
Operating income	80	13,771	20,137	9,299	-3,423	33,663	78,811	35,770	30,927	25,352
Pre-tax income	-178	13,420	18,874	9,292	-4,259	31,583	78,604	37,884	30,986	25,088
Income tax	2,724	8,822	11,335	7,441	1,237	23,007	49,861	25,980	22,157	20,030
Net income to minority interests	20	8	3	8	14	14	-3	19	23	15
Net income	-2,922	4,590	7,535	1,843	-5,510	8,563	28,746	11,885	8,806	5,043
EBITDA					6,092	44,095	87,689	45,143	40,611	35,190
EPS, basic	-0.91	1.40	2.27	0.55	-1.69	2.64	9.06	3.93	3.12	1.94
EPS, diluted	-0.91	1.40	2.27	0.55	-1.69	2.63	9.03	3.93	3.11	1.94

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,090	4,390	7,556	5,177	6,757	13,987	9,451	8,070	5,903	5,036
Short-term investments	8,211	8,448	7,041	7,426	11,865	21,246	29,876	29,224	15,335	14,297
Inventory	3,227	3,398	2,144	3,363	3,084	3,395	5,205	3,814	4,031	3,330
Total current assets	24,859	25,820	26,056	24,778	30,824	61,826	77,152	60,990
Property, plant and equipment	59,556	63,637	65,262	71,751	68,508	62,075	56,498	58,822
Lease right-of-use assets			4,372	4,011	4,119	3,231
Total assets	104,530	111,100	112,508	119,861	124,809	147,120	158,021	143,580	131,141	131,727
Accounts payable								9,556	11,110	9,700
Short-term debt	2,557	2,908	1,322	2,004	1,974	250	2,547	2,400	2,175	2,336
Total current liabilities	16,744	19,017	16,605	19,557	19,502	39,005	43,539	35,719
Lease liabilities				3,191	3,220	2,449	2,409	2,290	2,261	2,221
Total liabilities	69,431	71,214	69,519	78,702	90,917	108,096	104,032	95,080	88,761	91,230
Total debt	30,556	27,090	24,212	23,758	31,091	27,655	26,688	24,630	21,536
Shareholders' equity	35,072	39,861	42,970	41,139	33,873	39,010	53,988	48,490	42,342	40,424
Minority interests	27	24	19	20	19	14	1	10	38	74
Total equity	35,099	39,885	42,990	41,159	33,892	39,024	53,989	48,500	42,380	40,497
Total liabilities and equity	104,530	111,100	112,508	119,861	124,809	147,120	158,021	143,580	131,141	131,727

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-2,902	4,598	7,538	1,851	-5,496	8,576	28,744	11,904	8,829	5,058
Depreciation and amortization					9,515	10,432	8,878	9,373	9,684	9,838
Cash from operations	8,818	14,802	19,694	13,749	10,386	28,816	35,136	29,257	19,465	19,971
Capital expenditures	-12,191	-10,755	-11,367	-10,204	-8,476	-8,040	-8,758	-10,575	-12,177	-13,994
Cash from investing	-10,230	-10,117	-11,212	-10,594	-12,092	-16,211	-15,863	-12,409	-3,532	-9,596
Debt issued	1,322	0	998	984	8,347	0	0	0	0	5,915
Debt repaid	-1,072	-4,775	-2,875	-1,314	-2,055	-2,675	-250	-2,818	-2,592	-2,400
Share buybacks		0	0	442	-1,059	-321	-3,315	-5,589	-6,013	-5,916
Dividends paid	-1,876	-1,491	-2,672	-3,342	-2,330	-1,797	-5,380	-10,906	-8,578	-4,791
Cash from financing	-1,959	-5,822	-5,024	-5,496	2,991	-4,836	-15,414	-18,142	-17,741	-11,526
Exchange rate effect	-152	436	-292	-38	294	-538	-2,268	-87	-359	284
Free cash flow	-3,373	4,047	8,327	3,545	1,910	20,776	26,378	18,682	7,288	5,977
Interest paid	548	622	441	723	730	698	747	1,042	891	665
Income taxes paid	4,386	5,766	9,010	8,286	3,134	8,588	43,856	28,276	20,592	20,460

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $42.27 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.2%	Gross profit / revenue.
Operating margin	23.8%	Operating income / revenue.
EBITDA margin	33.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	23.6%	Pre-tax income / revenue.
Net margin	4.7%	Net income / revenue.
FCF margin	5.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.8%	Cash from operations / revenue.
Effective tax rate	79.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.8%	Net income / average total assets.
Return on invested capital (ROIC)	42.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.3%	Research and development expense / revenue.
SG&A / revenue	1.1%	Selling, general and administrative expense / revenue.
Capex / revenue	13.1%	Capital expenditures / revenue.
D&A / revenue	9.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-4.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-19.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-18.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-31.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	-13.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-26.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	42.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-42.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-44.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-37.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-40.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-17.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-18.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-39.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	25.6%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	69.3%	Total liabilities / total assets.
Tangible book value	$40.42B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.81x	Revenue / average total assets.
Inventory turnover	15.0x	Cost of revenue / average inventory.
Days inventory	24 days	365 x average inventory / cost of revenue.
Days payables	69 days	365 x average accounts payable / cost of revenue.
FCF conversion	118.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	70.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.94	Net income per basic share, as reported (split-adjusted).
Payout ratio	95.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	80.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	99.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$105.69B	Share price x shares outstanding.
Enterprise value	$86.35B	Market cap + total debt - cash - short-term investments.
P/E	21.0x	Market cap / net income. Only when net income is positive.
P/S	0.99x	Market cap / revenue.
P/B	2.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.61x	Market cap / tangible book value, when positive.
P/FCF	17.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.29x	Market cap / cash from operations, when positive.
EV/Sales	0.81x	Enterprise value / revenue.
EV/EBIT	3.41x	Enterprise value / operating income, when both are positive.
EV/EBITDA	2.45x	Enterprise value / EBITDA, when both are positive.
EV/FCF	14.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.7%	Free cash flow / market cap.
Earnings yield	4.8%	Net income / market cap (the inverse of P/E).
Dividend yield	4.5%	Dividends paid over the period / market cap.
Shareholder yield	10.1%	(Dividends paid + share buybacks) / market cap.

What was EQUINOR ASA's revenue in fiscal 2025?

EQUINOR ASA reported revenue of $106.46B for fiscal 2025, 2.6% higher than the year before.

Was EQUINOR ASA profitable in fiscal 2025?

Yes. Net income was $5.04B, a net margin of 4.7%.

How much free cash flow did EQUINOR ASA generate in fiscal 2025?

Cash from operations of $19.97B minus capital expenditures of $13.99B left free cash flow of $5.98B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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