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Conocophillips vs Equinor Asa: revenue, profit, margins and growth compared

Conocophillips brought in $58.9B of revenue in fiscal 2025, Equinor Asa $106.5B in fiscal 2025. Revenue changed by +7.7% at Conocophillips and +2.6% at Equinor Asa on the year before, so Conocophillips grew faster. Conocophillips kept 13.6% of its revenue as net profit, Equinor Asa 4.7%.

Side by side, latest fiscal year

COPEQNR
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$58.9B$106.5B
Revenue growth+7.7%+2.6%
Net income$8B$5B
Net margin13.6%4.7%
Free cash flown/a$6B
Free cash flow marginn/a5.6%
Earnings per share (diluted)$6.35$1.94
Cash$6.5B$5B
Debt$22.4Bn/a
Price to earnings21.5n/a
Market value$164.3B$109.9B
Dividend yield2.33%n/a
Rank by revenue in sector#10 of 163 · Energy#8 of 163 · Energy

Over the years

Revenue
COP FY2018: $38.7BCOP FY2019: $36.7BCOP FY2020: $18.8BCOP FY2021: $45.8BCOP FY2022: $78.5BCOP FY2023: $56.1BCOP FY2024: $54.7BCOP FY2025: $58.9BEQNR FY2018: $79.6BEQNR FY2019: $64.4BEQNR FY2020: $45.8BEQNR FY2021: $90.9BEQNR FY2022: $150.8BEQNR FY2023: $107.2BEQNR FY2024: $103.8BEQNR FY2025: $106.5BFY18FY19FY20FY21FY22FY23FY24FY25
COP $58.9BEQNR $106.5B
Net income
COP FY2018: $6.3BCOP FY2019: $7.2BCOP FY2020: -$2.7BCOP FY2021: $8.1BCOP FY2022: $18.7BCOP FY2023: $11BCOP FY2024: $9.2BCOP FY2025: $8BEQNR FY2018: $7.5BEQNR FY2019: $1.8BEQNR FY2020: -$5.5BEQNR FY2021: $8.6BEQNR FY2022: $28.7BEQNR FY2023: $11.9BEQNR FY2024: $8.8BEQNR FY2025: $5BFY18FY19FY20FY21FY22FY23FY24FY25
COP $8BEQNR $5B
Net margin
COP FY2018: 16.2%COP FY2019: 19.6%COP FY2020: -14.4%COP FY2021: 17.6%COP FY2022: 23.8%COP FY2023: 19.5%COP FY2024: 16.9%COP FY2025: 13.6%EQNR FY2018: 9.5%EQNR FY2019: 2.9%EQNR FY2020: -12.0%EQNR FY2021: 9.4%EQNR FY2022: 19.1%EQNR FY2023: 11.1%EQNR FY2024: 8.5%EQNR FY2025: 4.7%FY18FY19FY20FY21FY22FY23FY24FY25
COP 13.6%EQNR 4.7%
Revenue growth
COP FY2019: -5.3%COP FY2020: -48.8%COP FY2021: +144.0%COP FY2022: +71.3%COP FY2023: -28.5%COP FY2024: -2.5%COP FY2025: +7.7%EQNR FY2019: -19.1%EQNR FY2020: -28.8%EQNR FY2021: +98.4%EQNR FY2022: +65.9%EQNR FY2023: -28.9%EQNR FY2024: -3.2%EQNR FY2025: +2.6%FY19FY20FY21FY22FY23FY24FY25
COP +7.7%EQNR +2.6%
Free cash flow
COP FY2018: $6.2BCOP FY2019: $4.5BCOP FY2020: $87MCOP FY2021: $11.7BCOP FY2022: $18.2BEQNR FY2018: $8.3BEQNR FY2019: $3.5BEQNR FY2020: $1.9BEQNR FY2021: $20.8BEQNR FY2022: $26.4BEQNR FY2023: $18.7BEQNR FY2024: $7.3BEQNR FY2025: $6BFY18FY19FY20FY21FY22FY23FY24FY25
COP $18.2BEQNR $6B

Fiscal years as each company reports them; the two may end in different months.

Questions about Conocophillips and Equinor Asa

Which is bigger by revenue, Conocophillips or Equinor Asa?

Equinor Asa is bigger by revenue: $106.5B in fiscal 2025, against $58.9B for Conocophillips in fiscal 2025.

Which keeps more of its revenue as profit, Conocophillips or Equinor Asa?

Conocophillips had a net margin of 13.6% in fiscal 2025; Equinor Asa had 4.7% in fiscal 2025.

Which grew revenue faster, Conocophillips or Equinor Asa?

In their latest fiscal years revenue changed by +7.7% at Conocophillips and +2.6% at Equinor Asa.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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