Saturday 17 October 2026 Export EQNR’s income statement to Excel — free account

Equinor ASA

Equinor ASA’s revenue for fiscal 2025 (year ended December 2025) was $106.5 billion, up 2.59% from fiscal 2024. In the quarter to June 2026, revenue grew 39.9%, EPS grew 298.0%, free cash flow grew 1,548.8% and total debt fell 1.07%, each against the same quarter a year earlier.

46.98 2.06 +4.59%

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Market cap: $107.4B
P/E: 12.8×
Fwd P/E: 7.6×
Dividend yield: 3.24%
F-score: 5/9
Altman Z: 2.43
Beneish M: −2.99
Dividend safety: 34/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.69%

Capital & Financial Ratios $m

Market Cap 107,390.00

Revenue 114,417.00

Net Income 33,210.00

Free Cash Flow 12,260.00

Net Debt 517.00

Current Ratio 1.18

Debt/Equity 0.56

P/E ratio 12.80

Fwd P/E 7.56

P/S ratio 1.00

P/B ratio 2.65

Past 5Y EPS Growth —

This Y EPS Growth 128.91%

Next Y EPS Growth (19.72%)

Next Y revenue growth 23.43%

Next 5Y EPS Growth 14.26%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 72.51%

10-year low 10-year high

P/S against its own 10 years 61.37%

10-year low 10-year high

P/B against its own 10 years 94.91%

10-year low 10-year high

EV/Sales against its own 10 years 49.91%

10-year low 10-year high

EV/FCF against its own 10 years 56.66%

10-year low 10-year high

Dividends

Payout Ratio 0.41

Annual Dividend Rate 1.52

Annual Dividend Yield 3.24%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.57	0.37 0.39 0.39
2025	1.49	0.35 0.37 0.37 0.37
2024	1.00	0.30 0.35 0.35 0.35
2023	0.60	0.70 0.30 0.60 0.30
2022	0.78	0.18 0.20 0.20 0.20
2021	0.56	0.11 0.12 0.15 0.18
2020	0.71	0.26 0.27 0.09 0.09
2019	1.01	0.23 0.26 0.26 0.26
2018	0.91	0.22 0.23 0.23 0.23
2017	0.88	0.22 0.22 0.22 0.22
2016	1.04	0.22 0.16 0.22 0.22 0.22

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	38,865	21,238	19,333	23,726
Receivables	16,933	13,590	10,819	11,751
Inventory	3,814	4,031	3,330	2,916
Other	1,378	8,251	1,573	2,044
	60,990	53,194	38,940	45,432

	2023	2024	2025	Q'26
Payables	9,556	11,110	9,700	11,022
ST’ Debt	—	—	—	—
Other	3,933	4,240	3,926	4,176
	35,719	36,046	30,780	38,626

Compound Annual Growth %

	10y	5y	3y
Sales	5.97%	18.37%	(10.96%)
Cash Flow	3.90%	13.97%	(17.16%)
Earnings	0.00%	0.00%	(44.02%)
Book Value	0.05%	3.63%	(9.14%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	27,843	35,177	—	—	—
’25	29,920	25,145	26,049	25,348	106,462
’24	25,135	25,538	25,446	27,655	103,774
’23	29,224	22,872	26,024	29,054	107,174
’22	36,393	36,459	43,633	34,321	150,806
’21	17,589	17,462	23,264	32,609	90,924
’20	15,130	7,603	11,339	11,746	45,818

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	5,213	9,470	—	—	—
’25	9,041	2,477	6,347	2,106	19,971
’24	9,138	1,810	6,495	2,022	19,465
’23	14,871	1,857	5,237	2,736	24,701
’22	15,771	8,520	6,578	4,267	35,136
’21	5,984	6,643	8,038	8,151	28,816
’20	5,043	368	2,632	2,343	10,386

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2,097	7,244	—	—	—
’25	6,014	(500)	2,927	(8)	8,433
’24	6,715	(1,090)	3,402	(269)	8,758
’23	12,867	(914)	2,585	(140)	14,398
’22	13,729	6,234	5,443	972	26,378
’21	4,979	3,751	7,913	4,022	20,665
’20	2,693	(1,531)	925	(177)	1,910

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.24	1.99	—	—	—
’25	0.96	0.50	(0.08)	0.52	1.94
’24	0.91	0.65	0.82	0.73	3.11
’23	1.59	0.60	0.84	0.88	3.93
’22	1.46	2.11	2.97	2.51	9.03
’21	0.57	0.60	0.43	1.04	2.63
’20	(0.21)	(0.08)	(0.65)	(0.75)	(1.69)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	10.89	16.18	19.95	16.24	8.41	16.61	26.26	25.23	21.85	21.41	Analyst estimates 2026–2028 Powerpack
	High	18.63	21.52	28.93	23.97	21.04	28.30	42.53	34.73	32.66	28.27
People
People	Employees	20,500	20,245	20,525	21,412	21,245	21,126	21,936	23,000	24,641	24,140
	Revenue/emp, $m	2.24	3.02	3.88	3.01	2.16	4.30	6.87	4.66	4.21	4.41
Income, $m
Income, $m	Revenue	45,873	61,187	79,593	64,357	45,818	90,924	150,806	107,174	103,774	106,462
	Gross margin, %	53.12	53.89	51.61	54.11	54.20	61.33	64.32	55.05	51.78	48.18
	EBT	(178)	13,420	18,874	9,292	(4,259)	31,583	78,604	37,884	30,986	25,088
	EBT margin, %	(0.39)	21.93	23.71	14.44	(9.30)	34.74	52.12	35.35	29.86	23.57
	Net income	(178)	13,420	18,874	9,292	(4,259)	31,583	78,604	37,884	30,986	25,088
	Depreciation	11,550	8,644	9,249	13,204	15,235	11,719	6,391	10,581	9,906	12,473
Per share, $
Per share, $	Revenue	14.36	18.72	23.93	19.35	14.02	28.02	47.51	35.48	36.79	41.06
	Earnings	(0.91)	1.40	2.27	0.55	(1.69)	2.64	9.06	3.93	3.12	1.94
	Cash flow	2.83	4.53	5.92	4.13	3.18	8.88	11.07	8.18	6.90	7.70
	Capex	(3.58)	(3.17)	(2.88)	(3.07)	(2.59)	(2.51)	(2.76)	(3.41)	(3.80)	(4.45)
	Free cash flow	(0.75)	1.36	3.04	1.07	0.58	6.37	8.31	4.77	3.10	3.25
	Book value	10.99	12.20	12.93	12.37	10.37	12.03	17.01	16.05	15.02	15.62
	Shares, m	3,195	3,268	3,326	3,326	3,269	3,245	3,174	3,021	2,821	2,593
Valuation, ×
Valuation, ×	P/E	0.00	15.71	9.33	36.20	0.00	9.97	3.59	8.05	7.59	12.37
	P/S	1.30	1.18	0.88	1.03	1.17	0.94	0.69	0.89	0.64	0.58
	P/B	1.69	1.80	1.64	1.61	1.58	2.19	1.92	1.96	1.58	1.51
	EV/Sales	1.62	1.36	0.99	1.22	1.47	0.88	0.56	0.75	0.65	0.64
	EV/FCF	(30.95)	18.69	7.83	22.16	35.28	3.87	3.21	5.61	7.67	8.05
Cash, $m
Cash, $m	Operating cash flow	9,034	14,802	19,694	13,749	10,386	28,816	35,136	24,701	19,465	19,971
	Capex	(11,430)	(10,349)	(9,594)	(10,204)	(8,476)	(8,151)	(8,758)	(10,303)	(10,707)	(11,538)
	Free cash flow	(2,396)	4,453	10,100	3,545	1,910	20,665	26,378	14,398	8,758	8,433
Balance, $m
Balance, $m	Working capital	8,115	6,803	9,451	5,221	12,366	22,821	33,613	25,271	17,148	8,160
	Total debt	27,999	24,183	23,264	24,945	32,338	29,853	26,550	24,520	21,622	25,984
	Net debt	14,698	11,345	8,667	12,342	13,716	(5,519)	(18,905)	(14,345)	384	6,651
	Shareholders’ equity	35,099	39,885	42,990	41,159	33,892	39,024	53,989	48,500	42,380	40,497
Returns, %
Returns, %	ROA	(2.73)	4.26	6.74	1.60	(4.54)	6.30	18.84	7.88	6.41	3.84
	ROIC	0.10	16.80	24.36	10.86	(4.49)	62.79	140.40	65.46	45.20	33.61
	ROE	(7.75)	12.24	18.18	4.38	(14.68)	23.49	61.81	23.19	19.38	12.17

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
SHEL Shell PLC Unsponsored ADR	$294.9B	11.6×	—	+45.02% (above 0%: growing)	+218.03% (above 0%: growing)	+173.92% (above 0%: growing)	27.23%	17.51%	Compare
TTE TotalEnergies SE Sponsored ADR	$196.8B	11.3×	7.6×	+27.80% (above 0%: growing)	+106.78% (above 0%: growing)	+464.21% (above 0%: growing)	32.91%	13.37%	Compare
BP BP p.l.c.	$124.8B	23.9×	8.0×	+47.06% (above 0%: growing)	+140.32% (above 0%: growing)	+144.15% (above 0%: growing)	27.64%	12.75%	Compare
EQNR Equinor ASA	$107.4B	12.8×	7.6×	+39.90% (above 0%: growing)	+298.00% (above 0%: growing)	+1,548.80% (above 0%: growing)	54.71%	36.94%
PBR Petroleo Brasileiro S.A.- Petrobras	$94.1B	6.6×	—	+59.75% (above 0%: growing)	+118.92% (above 0%: growing)	+149.36% (above 0%: growing)	58.00%	42.41%	Compare
E Eni SpA	$83.7B	14.8×	9.3×	+21.42% (above 0%: growing)	+616.67% (above 0%: growing)	+43.60% (above 0%: growing)	21.45%	5.19%	Compare
PBR.A Petroleo Brasileiro S.A.- Petrobras	$61.6B	5.9×	—	+59.75% (above 0%: growing)	+118.92% (above 0%: growing)	+149.36% (above 0%: growing)	58.00%	42.41%	Compare
CVE Cenovus Energy Inc	$59.0B	12.6×	8.7×	+41.33% (above 0%: growing)	+226.47% (above 0%: growing)	+18,996.54% (above 0%: growing)	42.35%	23.60%	Compare
EC Ecopetrol S.A.	$36.4B	14.2×	5.2×	+103.23% (above 0%: growing)	+22.58% (above 0%: growing)	+32.18% (above 0%: growing)	40.10%	31.80%	Compare
Median of peers	$88.9B	12.1×	8.0×	+46.04%	+129.62%	+149.36%	36.51%	20.56%

All 19 Oil & Gas Integrated stocks →

Equinor ASA (EQNR) key facts

Strength: Equinor ASA’s revenue for fiscal 2025 (year ended December 2025) was $106.5 billion, up 2.59% from fiscal 2024.
Equinor ASA (EQNR) is an Oil & Gas Integrated company in the Energy sector, traded in the US as an ADR.
As of October 16, 2026, EQNR traded at $46.98, a market capitalization of $107.4 billion.
Equinor ASA pays an annual dividend of $1.52 per share, a yield of 3.24%, with a payout ratio of 41.4%.
Return on equity was 12.2% and debt-to-equity 0.56.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 2.43 (grey zone) for fiscal 2025.