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EQNR

Equinor ASA

EQNR

Equinor ASA • NYSE
$22.91 ▲ 1.60% (+0.36)
Market Cap $58.07 B
52w High $28.27
52w Low $21.41
Dividend Yield 1.71%
P/E 10.71
Volume 3.04M
Outstanding Shares 2.53B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $26.017B ▲ $3.533B ▲ $-210M ▼ -0.807% ▼ $-0.08 ▼ $8.401B ▼
Q2-2025 $25.13B ▼ $3.248B ▲ $1.313B ▼ 5.225% ▼ $0.5 ▼ $9.537B ▼
Q1-2025 $29.384B ▲ $2.757B ▲ $2.627B ▲ 8.94% ▲ $0.93 ▲ $11.528B ▲
Q4-2024 $26.535B ▲ $2.107B ▼ $1.996B ▼ 7.522% ▼ $0.73 ▼ $10.871B ▲
Q3-2024 $25.416B $3.089B $2.282B 8.979% $0.83 $9.968B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.389B ▼ $135.846B ▼ $95.251B ▼ $40.525B ▼
Q2-2025 $23.8B ▼ $139.095B ▲ $97.121B ▲ $41.922B ▼
Q1-2025 $24.848B ▲ $137.896B ▲ $92.032B ▲ $45.82B ▲
Q4-2024 $23.455B ▼ $131.141B ▼ $88.761B ▼ $42.342B ▼
Q3-2024 $28.914B $135.117B $90.732B $44.352B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-210.851M ▼ $6.348B ▲ $-2.743B ▼ $-4.993B ▼ $-1.358B ▼ $2.928B ▲
Q2-2025 $1.32B ▼ $2.554B ▼ $858.936M ▲ $-1.514B ▲ $2.102B ▲ $-889.811M ▼
Q1-2025 $8.893B ▲ $9.041B ▲ $-4.016B ▼ $-3.629B ▼ $1.465B ▲ $6.014B ▲
Q4-2024 $1.996B ▼ $2.421B ▼ $-195M ▲ $-1.803B ▲ $118M ▲ $-1.225B ▼
Q3-2024 $7.271B $7.057B $-1.798B $-5.996B $-639M $3.959B

Five-Year Company Overview

Income Statement

Income Statement Equinor’s earnings over the past five years show how sensitive the business is to energy prices, but also how efficiently it can operate when conditions are good. After a weak, loss-making year in 2020, profits surged in 2021 and especially 2022 as oil and gas prices spiked, then eased back in 2023 and 2024 as markets normalized. Even with this step down from the peak, the company is still comfortably profitable, with solid operating margins and healthy earnings. The pattern suggests a disciplined operator that benefited strongly from the energy upswing and has so far managed the comedown without slipping into distress, though future results will remain heavily tied to commodity cycles.

Balance Sheet

Balance Sheet The balance sheet looks robust and more conservative than a few years ago. Total assets have edged down from their peak, reflecting some discipline in capital use, while debt has been gradually reduced from earlier levels. Equity has grown meaningfully compared with the start of the period, even if it has come off its high point, indicating that the business has added value over time despite volatility. Cash holdings are lower than at the height of the boom but still clearly stronger than in the pre-upcycle years, giving the company a decent liquidity cushion and flexibility for future investments or shocks.

Cash Flow

Cash Flow Cash generation is a key strength. Operating cash flow has been solid throughout the period, even in weaker years, and very strong in the upcycle, showing that the core assets throw off meaningful cash. After funding capital spending, free cash flow has stayed positive year after year, which is notable in such a capital-intensive, cyclical industry. Recent years also show rising investment outlays again, suggesting Equinor is actively reinvesting in new projects while still keeping cash generation comfortably in the black.

Competitive Edge

Competitive Edge Equinor stands out as a technically advanced, offshore-focused energy producer with deep experience in harsh environments like the Norwegian Continental Shelf. That long track record, combined with strong backing from the Norwegian state and a relatively stable home regulatory environment, provides a sturdier base than many peers enjoy. It is one of the leaders in floating offshore wind and carbon capture and storage, and it integrates these capabilities with its traditional oil and gas operations, giving it a differentiated offering in the energy transition. The main competitive challenges come from global supermajors with similar scale, the inherent volatility of oil and gas markets, and the policy uncertainty around how fast and in what way the world decarbonizes.

Innovation and R&D

Innovation and R&D Innovation is a core part of Equinor’s strategy and a key element of its moat. The company is heavily digitalized, using tools like digital twins, AI, and remote operations to squeeze more efficiency and safety out of its fields, which can support lower costs and higher uptime. It has genuine first-mover advantages in floating offshore wind and decades of operational experience in carbon capture and storage, including participation in the Northern Lights project that aims to build a commercial CO₂ transport and storage market in Europe. At the same time, Equinor is probing new areas such as hydrogen, solar, and storage, while recently signaling a more selective and profitability-focused approach to renewables, balancing long-term low-carbon ambitions against shorter-term returns from oil and gas.

Summary

Overall, Equinor comes across as a financially solid, cash-generative energy major with a relatively strong balance sheet and a clear technological edge in offshore environments and low-carbon solutions. Earnings and revenues have come down from the exceptional highs of 2022, but profitability remains healthy and cash flows are still robust after investment. The company’s state backing, offshore competence, and leadership in areas like floating wind and CCS provide a distinctive position as the energy system evolves. The key tension to watch is how Equinor navigates between continuing to rely on oil and gas for near-term value and scaling its renewables, hydrogen, and carbon management businesses in a way that is both commercially attractive and aligned with long-term decarbonization trends.

NEWS

November 26, 2025 · 9:01 AM UTC

Election to Equinor's board of directors

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November 25, 2025 · 2:00 AM UTC

Equinor ASA: Share buy-back – fourth tranche for 2025

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November 21, 2025 · 3:56 AM UTC

Havila Shipping ASA: Equinor Energy AS has exercised one year option for Havila Charisma (PSV)

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November 20, 2025 · 1:50 AM UTC

Equinor ASA: Announcement of cash dividend of 3.7324 NOK per share for second quarter 2025

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November 19, 2025 · 2:15 AM UTC

Equinor ASA: Notifiable trading

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