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Equinor Asa vs Valero Energy: revenue, profit, margins and growth compared

Equinor Asa brought in $106.5B of revenue in fiscal 2025, Valero Energy $122.7B in fiscal 2025. Revenue changed by +2.6% at Equinor Asa and -5.5% at Valero Energy on the year before, so Equinor Asa grew faster. Equinor Asa kept 4.7% of its revenue as net profit, Valero Energy 1.9%.

Side by side, latest fiscal year

EQNRVLO
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$106.5B$122.7B
Revenue growth+2.6%-5.5%
Net income$5B$2.3B
Net margin4.7%1.9%
Free cash flow$6Bn/a
Free cash flow margin5.6%n/a
Earnings per share (diluted)$1.94$7.57
Cash$5B$4.7B
Debtn/a$8.3B
Price to earningsn/a51.5
Market value$105.7B$112.2B
Dividend yieldn/a1.16%
Rank by revenue in sector#8 of 163 · Energy#7 of 163 · Energy

Over the years

Revenue
EQNR FY2018: $79.6BEQNR FY2019: $64.4BEQNR FY2020: $45.8BEQNR FY2021: $90.9BEQNR FY2022: $150.8BEQNR FY2023: $107.2BEQNR FY2024: $103.8BEQNR FY2025: $106.5BVLO FY2018: $117BVLO FY2019: $108.3BVLO FY2020: $64.9BVLO FY2021: $114BVLO FY2022: $176.4BVLO FY2023: $144.8BVLO FY2024: $129.9BVLO FY2025: $122.7BFY18FY19FY20FY21FY22FY23FY24FY25
EQNR $106.5BVLO $122.7B
Net income
EQNR FY2018: $7.5BEQNR FY2019: $1.8BEQNR FY2020: -$5.5BEQNR FY2021: $8.6BEQNR FY2022: $28.7BEQNR FY2023: $11.9BEQNR FY2024: $8.8BEQNR FY2025: $5BVLO FY2018: $3.1BVLO FY2019: $2.4BVLO FY2020: -$1.4BVLO FY2021: $930MVLO FY2022: $11.5BVLO FY2023: $8.8BVLO FY2024: $2.8BVLO FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
EQNR $5BVLO $2.3B
Net margin
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%VLO FY2018: 2.7%VLO FY2019: 2.2%VLO FY2020: -2.2%VLO FY2021: 0.8%VLO FY2022: 6.5%VLO FY2023: 6.1%VLO FY2024: 2.1%VLO FY2025: 1.9%FY18FY19FY20FY21FY22FY23FY24FY25
EQNR 4.7%VLO 1.9%
Revenue growth
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%VLO FY2019: -7.4%VLO FY2020: -40.1%VLO FY2021: +75.6%VLO FY2022: +54.8%VLO FY2023: -17.9%VLO FY2024: -10.3%VLO FY2025: -5.5%FY19FY20FY21FY22FY23FY24FY25
EQNR +2.6%VLO -5.5%
Free cash flow
EQNR FY2018: $8.3BEQNR FY2019: $3.5BEQNR FY2020: $1.9BEQNR FY2021: $20.8BEQNR FY2022: $26.4BEQNR FY2023: $18.7BEQNR FY2024: $7.3BEQNR FY2025: $6BVLO FY2018: $995MVLO FY2019: $2.7BVLO FY2020: -$1.5BVLO FY2021: $3.4BVLO FY2022: $9.8BVLO FY2023: $7.3BVLO FY2024: $4.6BFY18FY19FY20FY21FY22FY23FY24FY25
EQNR $6BVLO $4.6B

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

Questions about Equinor Asa and Valero Energy

Which is bigger by revenue, Equinor Asa or Valero Energy?

Valero Energy is bigger by revenue: $122.7B in fiscal 2025, against $106.5B for Equinor Asa in fiscal 2025.

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

Equinor Asa had a net margin of 4.7% in fiscal 2025; Valero Energy had 1.9% in fiscal 2025.

Which grew revenue faster, Equinor Asa or Valero Energy?

In their latest fiscal years revenue changed by +2.6% at Equinor Asa and -5.5% at Valero Energy.

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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