Detailed financial statements for Equinor ASA (EQNR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Equinor ASA operates as an energy company in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; and Renewables segments.
Analysis Summary
Equinor ASA reported revenue of $106.16B in the most recent fiscal year, growing at a 5-year CAGR of 18.3%.
Trailing-twelve-month margins: gross margin 35.9%, operating margin 29.6%, net margin 7.9%. Free cash flow grew at 25.7% CAGR over 5 years.
At the current price of $42.56, EQNR trades at a P/E of 11.60 and an ROE of 21.61%. Market capitalisation stands at $101.8B, placing it among large-cap names.
Balance sheet quality for EQNR: current ratio of 1.2, net debt of $14.11B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $6.00B represents 119% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.69B | $60.97B | $78.77B | $62.91B | $45.75B | $88.74B | $149.00B | $106.85B | $102.50B | $106.16B |
| Cost of Revenue | $43.16B | $47.88B | $59.47B | $42.74B | $36.22B | $46.88B | $60.20B | $58.81B | $59.88B | $77.66B |
| Gross Profit | $2.53B | $13.09B | $19.30B | $20.18B | $9.53B | $41.87B | $88.81B | $48.04B | $42.63B | $28.50B |
| Research & Development | $298.0M | $307.0M | $315.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $464.0M | $431.0M | $443.0M | $809.0M | $706.0M | $780.0M | $986.0M | $1.22B | $1.25B | $1.21B |
| Operating Expenses | $762.0M | $738.0M | $758.0M | $10.88B | $12.96B | $8.20B | $10.00B | $12.27B | $11.70B | $1.21B |
| Operating Income | $1.77B | $12.36B | $18.54B | $9.30B | -$3.42B | $33.66B | $78.81B | $35.77B | $30.93B | $27.28B |
| EBITDA | $11.23B | $23.84B | $29.48B | $23.49B | $11.96B | $44.07B | $86.27B | $49.59B | $41.95B | $36.46B |
| Interest Expense | $624.0M | $490.0M | $578.0M | $993.0M | $980.0M | $769.0M | $929.0M | $1.12B | $1.06B | $1.44B |
| Pre-tax Income | -$178.0M | $13.42B | $18.87B | $9.29B | -$4.26B | $31.58B | $78.60B | $37.88B | $30.99B | $25.17B |
| Income Tax | $2.72B | $8.82B | $11.34B | $7.44B | $1.24B | $23.01B | $49.86B | $25.98B | $22.16B | $20.09B |
| Net Income | -$2.92B | $4.59B | $7.54B | $1.84B | -$5.51B | $8.56B | $28.75B | $11.88B | $8.81B | $5.06B |
| EPS | $-0.91 | $1.40 | $2.27 | $0.55 | $-1.68 | $2.64 | $9.06 | $3.93 | $3.12 | $1.95 |
| EPS (Diluted) | $-0.91 | $1.40 | $2.27 | $0.55 | $-1.68 | $2.63 | $9.03 | $3.93 | $3.11 | $1.95 |
| Shares Outstanding (Diluted) | $3.19B | $3.27B | $3.33B | $3.33B | $3.27B | $3.25B | $3.18B | $3.03B | $2.83B | $2.60B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $26.02B | $25.26B | $27.82B | $34.52B |
| Gross Profit | $8.80B | $6.35B | $12.33B | $15.87B |
| Operating Income | $5.27B | $6.06B | $8.80B | $12.86B |
| EBITDA | $8.40B | $8.82B | $12.71B | $16.18B |
| Net Income | -$210.0M | $1.31B | $3.11B | $4.85B |
| EPS | $-0.08 | $0.52 | $1.24 | $1.99 |
| EPS (Diluted) | $-0.08 | $0.52 | $1.24 | $1.99 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.09B | $4.39B | $7.56B | $5.18B | $3.14B | $12.03B | $9.44B | $9.64B | $8.12B | $5.04B |
| Short-term Investments | $8.21B | $8.45B | $7.04B | $7.43B | $15.48B | $21.25B | $29.88B | $29.22B | $15.34B | $14.30B |
| Receivables | $7.84B | $9.43B | $9.00B | $8.23B | $8.23B | $17.93B | $22.45B | $16.93B | $17.46B | $10.82B |
| Inventory | $3.23B | $3.40B | $2.14B | $3.36B | $3.08B | $3.40B | $5.21B | $3.81B | $4.03B | $3.33B |
| Total Current Assets | $25.40B | $27.19B | $26.06B | $24.78B | $30.82B | $62.50B | $78.17B | $60.99B | $53.19B | $38.03B |
| Property, Plant & Equipment | $59.56B | $63.64B | $65.26B | $71.75B | $68.51B | $64.03B | $58.10B | $58.82B | $55.56B | $61.24B |
| Goodwill | $328.0M | $339.0M | $565.0M | $1.46B | $1.48B | $1.47B | $1.38B | $1.73B | $1.44B | $5.95B |
| Intangible Assets | $8.91B | $8.28B | $9.11B | $9.28B | $475.0M | $3.03B | $2.18B | $770.0M | $4.21B | 0 |
| Total Assets | $104.53B | $111.10B | $112.51B | $119.86B | $124.81B | $147.12B | $158.02B | $143.58B | $131.14B | $131.73B |
| Accounts Payable | $2.98B | $3.18B | $2.53B | $10.45B | $2.75B | $6.25B | $6.21B | $11.87B | $6.84B | $9.70B |
| Short-term Debt | $3.67B | $4.09B | $2.46B | $2.94B | $5.78B | $5.27B | $4.36B | $6.00B | $7.22B | $5.24B |
| Total Current Liabilities | $16.80B | $19.02B | $16.60B | $19.56B | $19.50B | $39.14B | $43.80B | $35.72B | $36.05B | $30.60B |
| Long-term Debt | $28.00B | $24.18B | $23.26B | $21.75B | $29.12B | $27.40B | $24.14B | $22.23B | $19.36B | $25.98B |
| Total Liabilities | $69.43B | $71.22B | $69.52B | $78.70B | $90.92B | $108.10B | $104.03B | $95.08B | $88.76B | $91.23B |
| Retained Earnings | $32.57B | $34.41B | $38.79B | $37.48B | $30.05B | $36.68B | $58.24B | $56.52B | $52.41B | $48.03B |
| Total Equity | $35.07B | $39.86B | $42.97B | $41.14B | $33.87B | $39.01B | $53.99B | $48.49B | $42.34B | $40.42B |
| Total Debt | $31.67B | $28.27B | $25.73B | $29.03B | $38.12B | $36.24B | $32.17B | $31.80B | $30.09B | $33.44B |
| Net Debt | $18.37B | $15.44B | $11.13B | $16.43B | $19.49B | $2.96B | -$7.15B | -$7.07B | $6.64B | $14.11B |
| Working Capital | $8.60B | $8.17B | $9.45B | $5.22B | $11.32B | $23.36B | $34.36B | $25.27B | $17.15B | $7.43B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $8.11B | $5.04B | $5.88B | $8.06B |
| Total Assets | $135.85B | $131.73B | $141.15B | $140.90B |
| Total Liabilities | $95.25B | $91.23B | $97.51B | $97.77B |
| Total Equity | $40.52B | $40.42B | $43.57B | $43.06B |
| Total Debt | $30.95B | $33.44B | $31.86B | $32.42B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$178.0M | $13.42B | $18.87B | $9.29B | -$4.26B | $8.56B | $28.75B | $11.88B | $8.81B | $5.06B |
| Depreciation & Amortization | $11.55B | $8.64B | $9.25B | $13.20B | $15.23B | $10.61B | $9.22B | $11.17B | $10.36B | $9.87B |
| Stock-based Compensation | $102,000 | $175,000 | $197,000 | $147,000 | $100,000 | $100,000 | $200,000 | $300,000 | 0 | 0 |
| Change in Working Capital | -$1.62B | -$542.0M | $1.09B | $259.0M | -$524.0M | -$4.55B | -$4.62B | $4.96B | $2.22B | $2.00B |
| Operating Cash Flow | $9.03B | $14.36B | $19.69B | $13.75B | $10.39B | $28.82B | $35.14B | $24.70B | $20.11B | $20.03B |
| Capital Expenditure | -$12.19B | -$10.76B | -$11.37B | -$10.20B | -$8.48B | -$8.04B | -$8.76B | -$10.57B | -$12.18B | -$14.04B |
| Acquisitions | $761.0M | $406.0M | -$3.56B | $334.0M | $505.0M | -$111.0M | $147.0M | -$1.20B | -$1.71B | $2.44B |
| Stock Repurchased | 0 | 0 | 0 | -$442.0M | -$1.06B | -$321.0M | -$3.31B | -$5.59B | -$6.01B | -$5.92B |
| Dividends Paid | -$1.88B | -$1.49B | -$2.67B | -$3.34B | -$2.33B | -$1.80B | -$5.38B | -$10.91B | -$8.58B | -$4.79B |
| Free Cash Flow | -$3.16B | $3.61B | $8.33B | $3.54B | $1.91B | $20.78B | $26.38B | $14.13B | $7.93B | $6.00B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $6.35B | $2.09B | $5.21B | $9.47B |
| Capital Expenditure | -$3.42B | -$4.15B | -$3.12B | -$2.87B |
| Free Cash Flow | $2.93B | -$2.06B | $2.10B | $6.60B |
| Dividends Paid | -$935.4M | -$918.0M | -$920.0M | -$971.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +33.5% | +29.2% | -20.1% | -27.3% | +94.0% | +67.9% | -28.3% | -4.1% | +3.6% | |
| Net Income Growth (YoY) | +257.1% | +64.2% | -75.5% | -399.0% | +255.4% | +235.7% | -58.7% | -25.9% | -42.6% | |
| EPS Growth (YoY) | +253.8% | +62.1% | -75.8% | -405.5% | +257.1% | +243.2% | -56.6% | -20.6% | -37.5% | |
| Shares Change (YoY) | +2.3% | +1.8% | +0.2% | -1.9% | -0.5% | -2.2% | -4.9% | -6.6% | -8.0% | |
| FCF Growth (YoY) | +214.3% | +130.8% | -57.4% | -46.1% | +987.7% | +27.0% | -46.4% | -43.8% | -24.4% | |
| Gross Margin | 5.5% | 21.5% | 24.5% | 32.1% | 20.8% | 47.2% | 59.6% | 45.0% | 41.6% | 26.8% |
| Operating Margin | 3.9% | 20.3% | 23.5% | 14.8% | -7.5% | 37.9% | 52.9% | 33.5% | 30.2% | 25.7% |
| EBITDA Margin | 24.6% | 39.1% | 37.4% | 37.3% | 26.1% | 49.7% | 57.9% | 46.4% | 40.9% | 34.3% |
| Net Margin | -6.4% | 7.5% | 9.6% | 2.9% | -12.0% | 9.6% | 19.3% | 11.1% | 8.6% | 4.8% |
| FCF Margin | -6.9% | 5.9% | 10.6% | 5.6% | 4.2% | 23.4% | 17.7% | 13.2% | 7.7% | 5.6% |
| Effective Tax Rate | -1,530.3% | 65.7% | 60.1% | 80.1% | -29.0% | 72.8% | 63.4% | 68.6% | 71.5% | 79.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.99 | $1.10 | $2.50 | $1.06 | $0.58 | $6.38 | $8.29 | $4.67 | $2.81 | $2.31 |
| Dividends Per Share | $0.59 | $0.46 | $0.80 | $1.00 | $0.71 | $0.55 | $1.69 | $3.60 | $3.03 | $1.84 |
| Shares Outstanding (Basic) | $3.19B | $3.27B | $3.33B | $3.33B | $3.27B | $3.25B | $3.17B | $3.02B | $2.82B | $2.59B |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 21.61% |
| Return on Invested Capital | 8.32% |
| Return on Assets | 6.43% |
| Gross Margin | 35.87% |
| Operating Margin | 29.65% |
| Net Margin | 7.94% |
Financial Health
| Debt / Equity | 0.75 |
| Current Ratio | 1.18 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 2.47 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -20.04 | 15.30 | 9.33 | 36.20 | -9.77 | 9.97 | 3.95 | 8.05 | 7.59 | 12.12 |
| P/B | 1.66 | 1.76 | 1.64 | 1.61 | 1.58 | 2.19 | 2.11 | 1.97 | 1.58 | 1.52 |
| P/S | 1.28 | 1.15 | 0.89 | 1.05 | 1.17 | 0.96 | 0.76 | 0.89 | 0.65 | 0.58 |
| Gross Margin | 5.5% | 21.5% | 24.5% | 32.1% | 20.8% | 47.2% | 59.6% | 45.0% | 41.6% | 26.8% |
| Operating Margin | 3.9% | 20.3% | 23.5% | 14.8% | -7.5% | 37.9% | 52.9% | 33.5% | 30.2% | 25.7% |
| Net Margin | -6.4% | 7.5% | 9.6% | 2.9% | -12.0% | 9.6% | 19.3% | 11.1% | 8.6% | 4.8% |
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Explore sector: Energy · Oil & Gas Integrated
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