Equinor ASA (EQNR) Income Statement
EQNR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsEQNR revenue and net income
Where EQNR's revenue goes
2025Each bar shows an amount and its share of revenue. EQNR kept 4.8% of revenue as net income.
EQNR profit margins
EQNR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.6% | −10.7% | +18.3% | +6.3% |
| Gross profit | −33.2% | −31.5% | +24.5% | +14.4% |
| Operating income | −11.8% | −29.8% | — | +14.5% |
| Net income | −42.6% | −44.0% | — | — |
| EPS (diluted) | −11.2% | −26.9% | +58.3% | +13.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
EQNR quarterly EPS vs estimates
Equinor ASA beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 4, 2026 (estimate $1.38).
EQNR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $106.16B | $102.50B | $106.85B | $149.00B | $88.74B | $45.75B | $62.91B | $78.77B | $60.97B | $45.69B |
| Cost of revenue | $77.66B | $59.88B | $58.81B | $60.20B | $46.88B | $36.22B | $42.74B | $59.47B | $47.88B | $43.16B |
| Gross profit | $28.50B | $42.63B | $48.04B | $88.81B | $41.87B | $9.53B | $20.18B | $19.30B | $13.09B | $2.53B |
| Research & development | — | $348.0M | $311.0M | $308.0M | $291.0M | $254.0M | $300.0M | $315.0M | $307.0M | $298.0M |
| Sales, general & admin | $1.21B | $1.25B | $1.09B | $986.0M | $780.0M | $706.0M | $809.0M | $758.0M | $9.50B | $9.8M |
| Total operating expenses | $1.21B | $11.70B | $12.27B | $10.00B | $8.20B | $12.96B | $10.88B | $758.0M | $738.0M | $762.0M |
| Operating income | $27.28B | $30.93B | $35.77B | $78.81B | $33.66B | −$3.42B | $9.30B | $18.54B | $12.36B | $1.77B |
| Interest income | $1.03B | $1.80B | $2.23B | $1.22B | $112.0M | $237.0M | $425.0M | $204.0M | $316.0M | $390.0M |
| Interest expense | $1.44B | $1.06B | $1.12B | $929.0M | $769.0M | $980.0M | $993.0M | $578.0M | $490.0M | $624.0M |
| Income before taxes | $25.17B | $30.99B | $37.88B | $78.60B | $31.58B | −$4.26B | $9.29B | $18.87B | $13.42B | −$178.0M |
| Income taxes | $20.09B | $22.16B | $25.98B | $49.86B | $23.01B | $1.24B | $7.44B | $11.34B | $8.82B | $2.72B |
| Net income | $5.06B | $8.81B | $11.88B | $28.75B | $8.56B | −$5.51B | $1.84B | $7.54B | $4.59B | −$2.92B |
| EBITDA | $36.46B | $41.95B | $50.19B | $86.27B | $43.20B | $11.96B | $23.49B | $29.44B | $23.88B | $12.12B |
| EPS (diluted) | $2.78 | $3.13 | $3.41 | $7.11 | $3.51 | $0.28 | $1.48 | $2.01 | $1.39 | −$0.06 |
| Gross margin | 26.8% | 41.6% | 45.0% | 59.6% | 47.2% | 20.8% | 32.1% | 24.5% | 21.5% | 5.5% |
| Operating margin | 25.7% | 30.2% | 33.5% | 52.9% | 37.9% | −7.5% | 14.8% | 23.5% | 20.3% | 3.9% |
| Net margin | 4.8% | 8.6% | 11.1% | 19.3% | 9.6% | −12.0% | 2.9% | 9.6% | 7.5% | −6.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.52B | $27.82B | $25.26B | $26.02B | $25.13B | $29.38B | $26.54B | $25.42B | $25.46B | $25.09B | $28.84B | $25.92B |
| Cost of revenue | $18.65B | $15.48B | $18.91B | $17.21B | $16.16B | $17.75B | $15.69B | $15.42B | $14.49B | $14.27B | $16.63B | $15.64B |
| Gross profit | $15.87B | $12.33B | $6.35B | $8.80B | $8.97B | $11.63B | $10.84B | $9.99B | $10.97B | $10.82B | $12.22B | $10.29B |
| Research & development | — | — | — | — | — | — | $348.0M | — | — | — | $311.0M | — |
| Sales, general & admin | $273.0M | $309.0M | $297.0M | $258.0M | $329.0M | $323.0M | $261.0M | $304.0M | $348.0M | $341.0M | $404.0M | $295.0M |
| Total operating expenses | $3.01B | $3.53B | $297.6M | $3.53B | $3.25B | $2.76B | $2.11B | $3.09B | $3.31B | $3.19B | $3.47B | $2.83B |
| Operating income | $12.86B | $8.80B | $6.06B | $5.27B | $5.72B | $8.87B | $8.73B | $6.91B | $7.66B | $7.63B | $8.75B | $7.45B |
| Interest income | $229.0M | $370.0M | $132.0M | $265.0M | $303.0M | $336.0M | $286.0M | $460.0M | $495.0M | $560.0M | $443.0M | $580.0M |
| Interest expense | $435.0M | $433.0M | $398.5M | $366.0M | $351.0M | $325.0M | $401.0M | $370.0M | $394.0M | $416.0M | $368.0M | $412.0M |
| Income before taxes | $13.03B | $9.74B | $5.76B | $4.67B | $5.76B | $8.89B | $8.19B | $7.27B | $7.53B | $8.00B | $9.34B | $7.47B |
| Income taxes | $8.19B | $6.64B | $4.45B | $4.87B | $4.44B | $6.26B | $6.19B | $4.99B | $5.66B | $5.33B | $6.73B | $4.96B |
| Net income | $4.85B | $3.11B | $1.31B | −$210.0M | $1.31B | $2.63B | $2.00B | $2.28B | $1.86B | $2.67B | $2.60B | $2.50B |
| EBITDA | $16.18B | $12.71B | $8.82B | $7.57B | $8.59B | $11.53B | $10.87B | $9.97B | $10.27B | $10.84B | $11.72B | $10.31B |
| EPS (diluted) | $1.33 | $1.48 | $0.81 | $0.37 | $0.64 | $0.96 | $0.63 | $0.79 | $0.84 | $0.87 | $0.63 | $0.92 |
| Gross margin | 46.0% | 44.3% | 25.1% | 33.8% | 35.7% | 39.6% | 40.9% | 39.3% | 43.1% | 43.1% | 42.4% | 39.7% |
| Operating margin | 37.3% | 31.6% | 24.0% | 20.3% | 22.8% | 30.2% | 32.9% | 27.2% | 30.1% | 30.4% | 30.3% | 28.7% |
| Net margin | 14.0% | 11.2% | 5.2% | −0.8% | 5.2% | 8.9% | 7.5% | 9.0% | 7.3% | 10.6% | 9.0% | 9.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in EQNR's financial statements (latest annual report filed March 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
EQNR financial results
In fiscal year 2025 (ended December 31, 2025), Equinor ASA reported revenue of $106.2 billion, up 3.6% from the year before. It had net income of $5.1 billion (down 42.6%), a net profit margin of 4.8%. Diluted earnings per share came to $2.78. Over five years revenue grew at an average rate of 18.3% a year.
See the EQNR stock overview for the latest quote and news, or the EQNR chart for price history and technical indicators.
EQNR income statement FAQ
What is Equinor ASA's annual revenue?
Equinor ASA reported total revenue of $106.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.6% from $102.5 billion the previous year.
Is Equinor ASA profitable?
Yes. Equinor ASA reported net income of $5.1 billion in fiscal 2025, a net profit margin of 4.8%; its operating margin was 25.7%.
What is Equinor ASA's gross margin?
Equinor ASA's gross margin was 26.8% in fiscal 2025: for every $100 of revenue, Equinor ASA kept $27 after the direct cost of its products and services.
How fast is Equinor ASA growing?
Revenue grew 18.3% a year on average over the last five fiscal years, from $45.8 billion to $106.2 billion.
What are Equinor ASA's earnings per share?
Equinor ASA earned $2.78 per diluted share in fiscal 2025, compared with $3.13 a year earlier.
When will Equinor ASA report its next earnings?
Equinor ASA is expected to report results for the quarter ending September 30, 2026 on November 4, 2026.
When does Equinor ASA's fiscal year end?
Equinor ASA's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 19, 2026.