Equinor ASA (EQNR) annual results, year to 31 December 2025: revenue USD 106,462 million, from the 20-F
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.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Revenue | 103,774 | 106,462 |
| Cost of sales | 50,040 | 55,164 |
| Research and development | 348 | 352 |
| Selling, general and administrative | 1,255 | 1,207 |
| Operating profit | 30,927 | 25,352 |
| Profit before tax | 30,986 | 25,088 |
| Income tax | 22,157 | 20,030 |
| Profit for the year | 8,829 | 5,058 |
| Profit attributable to shareholders | 8,806 | 5,043 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
USD per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Cash from operations | 19,465 | 19,971 |
| Purchase of property, plant and equipment | 12,177 | 13,994 |
| Free cash flow | 7,288 | 5,977 |
| Dividends paid | 152 | 269 |
| Filing | 20-F | 20-F |
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Total assets | 131,141 | 131,727 |
| Equity attributable to shareholders | 42,342 | 40,424 |
| Cash and cash equivalents | 5,903 | 5,036 |
| Borrowings, as filed | 21,536 | n/a |
| Lease liabilities | 3,510 | 3,412 |
| Inventories | 4,031 | 3,330 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 † | Dec 2025 |
|---|---|---|
| Operating margin | 29.8% | 23.8% |
| Net margin | 8.5% | 4.7% |
| Free cash flow margin | 7.0% | 5.6% |
| Return on year-end equity | 20.8% | 12.5% |
| Effective tax rate | 71.5% | 79.8% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
- Year to 31 December 2015
Source
20-F for the year to 31 December 2025, filed 19 March 2026, accession 0001140625-26-000013: the filing on EDGAR. All of Equinor ASA's filings: EDGAR company page. The figures are in US dollars as filed.
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