Equinor ASA (EQNR)

Name: Equinor ASA (EQNR) annual results, Dec 2025: the 20-F figures in US dollars
Creator: GreekSoup
License: https://creativecommons.org/licenses/by/4.0/

Equinor ASA files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 106,462 million, up 2.6% on the year before. Its profit attributable to shareholders was USD 5,043 million, down 42.7%, and diluted earnings per share USD 1.94.

Earnings per share are per ordinary share, in US dollars. The share that trades in the US can be a depositary share standing for more or fewer ordinary shares, so no price ratio is worked out on this page.

The public record on EQNR

Planned insider sales	no Form 144 notice in twelve months
Options tape	put/call 0.84 by open interest on 26 September 2026; the straddle prices a 7.1% move to 16 October 2026
Holders	7 of the followed funds hold it; largest Renaissance Technologies; 0 Schedule 13D or 13G filings in twelve months
Congress	0 House trades disclosed in six months
Short interest	15.7 million shares short, 4.92 days to cover at 15 September 2026

Profit and loss, 11 fiscal years

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Revenue	106,462	103,774	107,174	150,806	90,924	45,818	64,357	79,593	61,187	45,873	59,642
Cost of sales	55,164	50,040	48,175	53,806	35,160	20,986	29,532	38,516	28,212	21,505	26,254
Research and development	352	348	311	308	291	254	300	315	307	298	344
Selling, general and administrative	1,207	1,255	1,218	986	780	706	809	758	738	762	921
Operating profit	25,352	30,927	35,770	78,811	33,663	-3,423	9,299	20,137	13,771	80.0	1,366
Profit before tax	25,088	30,986	37,884	78,604	31,583	-4,259	9,292	18,874	13,420	-178	55.0
Income tax	20,030	22,157	25,980	49,861	23,007	1,237	7,441	11,335	8,822	2,724	5,225
Profit for the year	5,058	8,829	11,904	28,744	8,576	-5,496	1,851	7,538	4,598	-2,902	-5,169
Profit attributable to shareholders	5,043	8,806	11,885	28,746	8,563	-5,510	1,843	7,535	4,590	-2,922	-5,192

USD million, from each year's annual report on the SEC's EDGAR, the year linked to its filing, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated. A year marked * shows the figure as the company restated it in a later annual report (Dec 2016, Dec 2017, Dec 2018, Dec 2019, Dec 2020, Dec 2021, Dec 2022, Dec 2023, Dec 2024); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on.

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Diluted EPS	1.94	3.11	3.93	9.03	2.63	-1.69	0.55	2.27	1.40	-0.91	-1.63
Basic EPS	1.94	3.12	3.93	9.06	2.64	-1.69	0.55	2.27	1.40	-0.91	-1.63

USD per ordinary share, as filed.

Cash flow

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Cash from operations	19,971	19,465	29,257	35,136	28,816	10,386	13,749	19,694	14,802	8,818	13,628
Purchase of property, plant and equipment	13,994	12,177	10,575	8,758	8,040	8,476	10,204	11,367	10,755	12,191	15,518
Free cash flow	5,977	7,288	18,682	26,378	20,776	1,910	3,545	8,327	4,047	-3,373	-1,890
Dividends paid	269	152	286	210	230	141	273	275	190	1,876	2,836

USD million. Purchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines.

Balance sheet at year end

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Total assets	131,727	131,141	143,580	158,021	147,120	124,809	119,861	112,508	111,100	104,530	n/a
Equity attributable to shareholders	40,424	42,342	48,490	53,988	39,010	33,873	41,139	42,970	39,861	35,072	40,307
Cash and cash equivalents	5,036	5,903	8,070	9,451	13,987	6,757	5,177	7,556	4,390	5,090	8,613
Borrowings, as filed	n/a	21,536	24,630	26,688	27,655	31,091	23,758	24,212	27,090	30,556	n/a
Lease liabilities	3,412	3,510	3,570	3,668	3,562	4,405	4,339	432	n/a	n/a	n/a
Inventories	3,330	4,031	3,814	5,205	3,395	3,084	3,363	2,144	3,398	3,227	n/a

USD million, at each fiscal year end. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year to	Dec 2025	Dec 2024^*	Dec 2023^*	Dec 2022^*	Dec 2021^*	Dec 2020^*	Dec 2019^*	Dec 2018^*	Dec 2017^*	Dec 2016^*	Dec 2015
Operating margin	23.8%	29.8%	33.4%	52.3%	37.0%	-7.5%	14.4%	25.3%	22.5%	0.2%	2.3%
Net margin	4.7%	8.5%	11.1%	19.1%	9.4%	-12.0%	2.9%	9.5%	7.5%	-6.4%	-8.7%
Free cash flow margin	5.6%	7.0%	17.4%	17.5%	22.8%	4.2%	5.5%	10.5%	6.6%	-7.4%	-3.2%
Return on year-end equity	12.5%	20.8%	24.5%	53.2%	22.0%	-16.3%	4.5%	17.5%	11.5%	-8.3%	-12.9%
Effective tax rate	79.8%	71.5%	68.6%	63.4%	72.8%	n/a	80.1%	60.1%	65.7%	n/a	9500.0%

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Annual reports on EDGAR

Form	Year to	Filed
20-F	31 December 2025	19 March 2026	EDGAR
20-F	31 December 2024	20 March 2025	EDGAR
20-F/A	31 December 2023	21 March 2024	EDGAR
20-F	31 December 2023	21 March 2024	EDGAR
20-F	31 December 2022	23 March 2023	EDGAR
20-F/A	31 December 2021	18 March 2022	EDGAR
20-F	31 December 2021	18 March 2022	EDGAR
20-F	31 December 2020	19 March 2021	EDGAR
20-F	31 December 2019	20 March 2020	EDGAR
20-F	31 December 2018	15 March 2019	EDGAR
20-F	23 March 2018	23 March 2018	EDGAR
20-F	17 March 2017	17 March 2017	EDGAR

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