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EQUINOR ASA

EQNRNYSE

Built from EQUINOR ASA's own SEC filings · updates as new filings land · sources cited throughout

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← Research LibraryThe BriefFY2025 20-F · headline figures audited against SEC data

Equinor's Norwegian shelf earned $24.12 billion of its $25.35B operating income in 2025, but a 78% marginal petroleum tax, impairments abroad and U.S. offshore wind losses cut net income 42.7% to $5.04B on revenue up 2.6%

The read at a glance✓ Audited against SEC data
  • Growth — Revenue up 2.6% to $106.5BNote
  • Profitability — Operating margin down 599 bps to 23.81%; net income down 42.7% to $5.04BWatch
  • Cash flow — Free cash flow down 18.0% to $5.98B as capital spending rose 14.9%Watch
  • Accounting — No manipulation flag; earnings quality safeOK
  • Capital allocation — Dividends declared down 51.5% to $3.79B; $5,916 million spent on buybacksWatch
  • Balance sheet — Total equity down 4.5% to $40.42B; the Norwegian state holds 67%Note

Business

Equinor is Norway's state-controlled energy company. Almost all of its operating income comes from oil and gas on the Norwegian continental shelf; it also produces internationally and in the USA, markets, trades and processes oil, gas and power through its Marketing, Midstream & Processing arm, and is building renewables, chiefly offshore wind. Profits on the Norwegian shelf carry a 78% marginal tax rate, so income tax of $20,030 million took most of $25,088 million of pre-tax income.

Latest filings

  • 6-K · Company announcement (foreign filer)2026-10-13
  • 6-K · Company announcement (foreign filer)2026-10-06
  • 6-K · Company announcement (foreign filer)2026-10-02
  • 6-K · Company announcement (foreign filer)2026-09-29
  • 6-K · Company announcement (foreign filer)2026-09-22
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Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.

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