Equinor ASA Sponsored ADR (EQNR) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.46	$1.33	-8.9%	—	$34.5B	—
Q1 26	$1.37	$1.48	+8.0%	—	$27.8B	—
Q4 25	$0.67	$0.81	+20.9%	—	$25.3B	—
Q1 25	$0.85	$0.66	-22.4%	—	$29.4B	—
Q4 24	$0.62	$0.63	+1.6%	—	$26.5B	—
Q3 24	$0.74	$0.79	+6.8%	—	$25.4B	—
Q2 24	$0.85	$0.84	-1.2%	—	$25.5B	—
Q1 24	$0.75	$0.87	+16.0%	—	$25.1B	—
Q4 23	$0.94	$0.63	-33.0%	—	$28.8B	—
Q3 23	$0.89	$0.92	+3.4%	—	$25.9B	—
Q2 23	$0.94	$0.74	-21.3%	—	$22.9B	—
Q1 23	$1.17	$1.12	-4.3%	—	$29.2B	—
Q4 22	—	$1.82	—	—	$33.8B	—
Q3 22	—	$2.13	—	—	$42.7B	—
Q2 22	—	$1.56	—	—	$36.4B	—
Q1 22	—	$1.6	—	—	$36B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.94	—	—	$105.8B	—
FY24	—	$3.12	—	—	$102.5B	—
FY23	—	$3.93	—	—	$106.8B	—
FY22	—	$9.06	—	—	$149B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$45.7B	$61B	$78.6B	$62.9B	$45.8B	$88.7B	$149B	$106.8B	$102.5B	$105.8B
YoY change	-21.1%	+33.5%	+28.8%	-19.9%	-27.3%	+94%	+67.9%	-28.3%	-4.07%	+3.24%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	45.7B	61B	78.6B	62.9B	45.8B	88.7B	149B	106.8B	102.5B	105.8B
Cost of revenue	33.1B	36.9B	47.8B	42.7B	36.2B	46.9B	60.2B	58.8B	59.9B	67.5B
Gross profit	12.6B	24.1B	30.8B	20.2B	9.5B	41.9B	88.8B	48B	42.6B	38.3B
Gross margin	27.7%	39.6%	39.2%	32.1%	20.8%	47.2%	59.6%	45%	41.6%	36.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	762M	738M	758M	809M	706M	780M	986M	1.2B	1.3B	1.2B
Operating expenses	12.9B	10.9B	11.4B	11.5B	13.4B	8.9B	11.1B	12.8B	12.3B	13.6B
Operating income	-222M	13.2B	19.4B	8.7B	-3.9B	33B	77.7B	35.2B	30.4B	24.7B
Operating margin	-0.49%	21.6%	24.7%	13.8%	-8.5%	37.1%	52.2%	33%	29.6%	23.4%
Non-operating income, net	277M	424M	-138M	1.2B	355M	-711M	662M	1.5B	-112M	155M
Pretax income	-178M	13.4B	18.9B	9.3B	-4.3B	31.6B	78.6B	37.9B	31B	25.1B
Income tax	2.7B	8.8B	11.3B	7.4B	1.2B	23B	49.9B	26B	22.2B	20B
Net income	-2.9B	4.6B	7.5B	1.9B	-5.5B	8.6B	28.7B	11.9B	8.8B	5.1B
Net margin	-6.35%	7.54%	9.6%	2.94%	-12%	9.66%	19.3%	11.1%	8.61%	4.78%
EBITDA	11.6B	22.3B	29.1B	22.5B	11.7B	45B	85.9B	48.1B	42.1B	38.3B
EPS	-0.91	1.4	2.27	0.55	-1.69	2.64	9.06	3.93	3.12	1.94
Diluted EPS	-0.91	1.4	2.27	0.55	-1.69	2.63	9.03	3.93	3.11	1.94

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	25.9B	28.8B	25.1B	25.5B	25.4B	26.5B	29.4B	25.1B	26B	25.3B	27.8B	34.5B
Cost of revenue	15.6B	16.6B	14.3B	14.5B	15.4B	15.7B	17.8B	16.2B	17.2B	16.4B	15.5B	18.7B
Gross profit	10.3B	12.2B	10.8B	11B	10B	10.8B	11.6B	9B	8.8B	8.9B	12.3B	15.9B
Gross margin	39.7%	42.4%	43.1%	43.1%	39.3%	40.9%	39.6%	35.7%	33.8%	35.4%	44.3%	46%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	295M	404M	341M	348M	304M	261M	323M	329M	258M	297M	309M	273M
Operating expenses	2.8B	4B	3.2B	3.3B	3.1B	2.6B	2.8B	3.3B	3.5B	4.1B	3.5B	3B
Operating income	7.5B	8.2B	7.6B	7.6B	6.9B	8.2B	8.9B	5.7B	5.3B	4.9B	8.8B	12.9B
Operating margin	28.8%	28.6%	30.3%	30%	27.2%	30.9%	30.2%	22.7%	20.3%	19.3%	31.6%	37.3%
Non-operating income, net	-180M	1.5B	255M	-214M	274M	-427M	22M	95M	-518M	558M	1B	374M
Pretax income	7.5B	9.3B	8B	7.5B	7.3B	8.2B	8.9B	5.8B	4.7B	5.8B	9.7B	13B
Income tax	5B	6.7B	5.3B	5.7B	5B	6.2B	6.3B	4.4B	4.9B	4.5B	6.6B	8.2B
Net income	2.5B	2.6B	2.7B	1.9B	2.3B	2B	2.6B	1.3B	-204M	1.3B	3.1B	4.8B
Net margin	9.65%	9.04%	10.7%	7.35%	8.99%	7.53%	8.95%	5.24%	-0.78%	5.19%	11.2%	14%
EBITDA	11.5B	12B	10.6B	10.5B	9.7B	11.3B	11.5B	9.5B	8.9B	8.4B	11.7B	15.9B
EPS	0.84	0.88	0.91	0.65	0.83	0.73	0.97	0.5	-0.08	0.52	1.24	1.99
Diluted EPS	0.84	0.88	0.91	0.65	0.82	0.73	0.96	0.5	-0.08	0.52	1.24	1.99

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	58.3B	70B	70.4B	66.2B	53.7B	85.4B	113.6B	95.6B	66.8B	61.3B	100.2B
Enterprise value	77.2B	85.9B	82B	82.6B	74.2B	88.4B	106.5B	88.5B	75.7B	73.2B	213.9B
Shares outstanding	3.2B	3.3B	3.3B	3.3B	3.3B	3.2B	3.2B	3B	2.8B	2.6B	2.6B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	15.2	9.34	35.8	—	9.96	3.95	8.03	7.57	12.1	11.4
P/S	1.28	1.15	0.9	1.05	1.17	0.96	0.76	0.89	0.65	0.58	0.88
P/B	1.66	1.76	1.64	1.61	1.58	2.19	2.1	1.97	1.58	1.51	4.76
EV/EBITDA	6.65	3.85	2.82	3.68	6.36	1.96	1.24	1.84	1.8	1.91	5.11
EV/Sales	1.69	1.41	1.04	1.31	1.62	1	0.71	0.83	0.74	0.69	1.88
Earnings yield	—	6.57%	10.7%	2.8%	—	10%	25.3%	12.5%	13.2%	8.25%	8.75%
FCF yield	-5.79%	5.78%	11.8%	5.35%	3.56%	24.3%	23.2%	14.8%	11.9%	9.75%	29.3%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	27.7%	39.6%	39.2%	32.1%	20.8%	47.2%	59.6%	45%	41.6%	36.2%	46%
Operating margin	-0.49%	21.6%	24.7%	13.8%	-8.5%	37.1%	52.2%	33%	29.6%	23.4%	36.1%
Net margin	-6.35%	7.54%	9.6%	2.94%	-12%	9.66%	19.3%	11.1%	8.61%	4.78%	7.97%
ROE	-8.27%	11.5%	17.5%	4.5%	-16.2%	22%	53.2%	24.5%	20.8%	12.5%	21.3%
ROA	-2.78%	4.14%	6.7%	1.54%	-4.4%	5.83%	18.2%	8.29%	6.73%	3.84%	14.5%
ROIC	-0.41%	8.09%	14.2%	3%	-7.15%	21.3%	60.7%	26.7%	16.9%	9.52%	16.7%
Return on tangible assets	-3.16%	4.63%	7.65%	1.88%	-4.86%	6.21%	19%	8.85%	7.23%	4.12%	6.71%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.51	1.43	1.57	1.27	1.62	1.6	1.78	1.71	1.48	1.27	1.18
Quick ratio	1.32	1.25	1.44	1.09	1.47	1.51	1.67	1.61	1.36	1.16	1.1
Debt / equity	0.9	0.71	0.6	0.71	1.12	0.93	0.6	0.66	0.71	0.77	0.75
Debt / assets	0.3	0.25	0.23	0.24	0.31	0.25	0.2	0.22	0.23	0.24	0.23
Net debt / EBITDA	1.63	0.71	0.4	0.73	1.76	0.07	-0.08	-0.15	0.21	0.31	0.19
Interest coverage	0.71	28.4	33.7	10.4	-3.35	42.1	85.6	34.8	30.3	31.2	23.7
Effective tax rate	0%	65.7%	60.1%	80.1%	0%	72.8%	63.4%	68.6%	71.5%	79.8%	72.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.3	18.7	23.6	18.9	14	27.4	47	35.4	36.3	40.8	22.8
EPS (basic)	-0.91	1.4	2.27	0.55	-1.69	2.64	9.06	3.93	3.12	1.94	1.94
EPS (diluted)	-0.91	1.4	2.27	0.55	-1.69	2.63	9.03	3.93	3.11	1.94	3.69
Book value per share	11	12.2	12.9	12.4	10.4	12	17	16.1	15	15.6	8.86
FCF per share	-1.06	1.24	2.5	1.07	0.58	6.41	8.31	4.68	2.81	2.31	3.93
Cash per share	4	3.79	4.24	3.79	5.39	10.3	12.4	12.9	7.53	7.46	4.88
Capex per share	—	—	—	—	—	—	—	—	—	5.4	5.56

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	13.2%	11.9%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	70.1%	58.6%
Payout ratio	-64.6%	32.4%	35.4%	180.6%	-42.4%	21%	18.7%	91.6%	97.2%	94.7%	40.6%
Dividend yield	3.22%	2.13%	3.79%	5.05%	4.34%	2.1%	4.73%	11.4%	12.8%	7.82%	3.69%

Yield

3.69%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.39

ex-dividend Aug 14, 2026

Payout ratio

41%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 14, 2026	$0.39
May 15, 2026	$0.39
Feb 17, 2026	$0.37

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$25.9B	$28.8B	$25.1B	$25.5B	$25.4B	$26.5B	$29.4B	$25.1B	$26B	$25.3B	$27.8B	$34.5B
YoY change	-39.3%	-14.8%	-14.1%	+11.3%	-1.96%	-8%	+17.1%	-1.3%	+2.36%	-4.67%	-5.34%	+37.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	12.8B	12.4B	14.1B	12.6B	17.6B	33.3B	39.3B	38.9B	21.2B	19.3B
Receivables	6.3B	8.5B	6.8B	8.2B	6.5B	14B	16.1B	11.4B	12.7B	10.2B
Inventory	3.2B	3.4B	2.1B	3.4B	3.1B	3.4B	5.2B	3.8B	4B	3.3B
Total current assets	25.4B	27.2B	26.1B	24.8B	32.2B	62.5B	78.2B	62.1B	53.2B	38.9B
Property, plant & equipment	62.4B	66.4B	67.9B	70B	70.8B	64B	58.1B	60B	56.7B	62.8B
Goodwill & intangibles	12.8B	11.8B	14B	21.5B	11.8B	9B	7.1B	9.1B	9B	8.9B
Total assets	104.5B	111.1B	112.5B	119.9B	124.8B	147.1B	158B	143.6B	131.1B	131.7B
Accounts payable	2.4B	3.2B	2.5B	10.4B	2.7B	6.2B	6.2B	11.9B	6.8B	4.8B
Short-term debt	3.7B	4.1B	2.5B	4.1B	5.8B	6.4B	5.6B	7.3B	8.5B	5.2B
Total current liabilities	16.8B	19B	16.6B	19.6B	19.8B	39.1B	43.8B	36.2B	36B	30.8B
Long-term debt	28B	24.2B	23.3B	24.9B	32.3B	29.9B	26.6B	24.5B	21.6B	26B
Total liabilities	69.4B	71.2B	69.5B	78.7B	90.9B	108.1B	104B	95.1B	88.8B	91.2B
Shareholders' equity	35.1B	39.9B	43B	41.2B	33.9B	39B	54B	48.5B	42.4B	40.5B
Total debt	31.7B	28.3B	25.7B	29B	38.1B	36.2B	32.2B	31.8B	30.1B	31.2B
Net debt	27.1B	24.3B	18.7B	23.9B	32.4B	24.2B	22.7B	22.2B	24.2B	26.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	37.9B	38.9B	35.8B	30.7B	28.9B	21.2B	24.8B	23.8B	22.4B	19.3B	20.1B	23.7B
Receivables	11.3B	11.4B	10.9B	11.1B	10.6B	12.7B	12.7B	11.6B	10.4B	10.2B	12.9B	11.8B
Inventory	4.8B	3.8B	3.5B	3.2B	3.3B	4B	3.2B	3.8B	3.7B	3.3B	4.2B	2.9B
Total current assets	62B	62.1B	57.8B	52.6B	50.5B	53.2B	54.6B	56.1B	52.2B	38.9B	45.9B	45.4B
Property, plant & equipment	—	60B	—	—	—	56.7B	—	—	—	62.8B	—	—
Goodwill & intangibles	5.7B	9.1B	5.6B	6.2B	6.3B	9B	6.2B	6.4B	6.4B	8.9B	6B	6B
Total assets	139.4B	143.6B	137.2B	134.1B	135.1B	131.1B	137.9B	139.1B	135.8B	131.7B	141.2B	140.9B
Accounts payable	11.6B	11.9B	9B	9.2B	9.2B	6.8B	10.4B	10.4B	10.4B	4.8B	11.4B	11B
Short-term debt	5.3B	7.3B	4.7B	9.5B	7.2B	8.5B	7B	9.8B	5.9B	5.2B	6.9B	8.2B
Total current liabilities	34.6B	36.2B	30.6B	34.2B	33.9B	36B	35.5B	38.3B	35.2B	30.8B	37B	38.6B
Long-term debt	24.5B	24.5B	24.3B	23.1B	22.4B	21.6B	22.7B	24.5B	25.1B	26B	24.9B	24.2B
Total liabilities	90.7B	95.1B	87.1B	90.4B	90.7B	88.8B	92B	97.1B	95.3B	91.2B	97.5B	97.8B
Shareholders' equity	48.7B	48.5B	50.1B	43.7B	44.4B	42.4B	45.9B	42B	40.6B	40.5B	43.6B	43.1B
Total debt	29.8B	31.8B	28.9B	32.6B	29.6B	30.1B	29.8B	34.3B	31B	31.2B	31.9B	32.4B
Net debt	17.1B	22.2B	20.7B	25.3B	23.4B	24.2B	22.4B	24.9B	22.8B	26.2B	26B	24.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-178M	13.4B	18.9B	9.3B	-4.3B	31.6B	78.6B	37.9B	31B	25.1B
Depreciation & amortization	11.6B	8.6B	9.2B	13.2B	15.2B	11.7B	6.4B	10.6B	9.9B	12.5B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-441M	-398M	1.5B	-336M	-524M	—	—	—	—	—
Operating cash flow	13.6B	20.8B	29.5B	24B	13.9B	43.6B	85.8B	47.2B	38.6B	20B
Capital expenditure	—	—	—	—	—	—	—	—	—	-14B
Investing cash flow	868M	638M	155M	-390M	-3.6B	1.8B	1.1B	-1B	-862M	-11.4B
Dividends paid	-1.9B	-1.5B	-2.7B	-3.3B	-2.3B	-1.8B	-5.4B	-10.9B	-8.6B	-4.8B
Share repurchases	—	0	0	-442M	-1.1B	-321M	-3.3B	-5.6B	-6B	—
Financing cash flow	-2.3B	-5.8B	-5.5B	-5.5B	3B	-4.8B	-15.4B	-18.1B	-17.7B	-5.6B
Net change in cash	12.2B	15.6B	24.1B	18.1B	13.3B	40.5B	71.5B	28B	20B	2.9B
Free cash flow	-3.4B	4B	8.3B	3.5B	1.9B	20.8B	26.4B	14.1B	7.9B	6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	7.5B	9.3B	8B	7.5B	7.3B	8.2B	8.9B	5.8B	4.7B	5.8B	9.7B	13B
Depreciation & amortization	3.4B	2.8B	2.4B	2.3B	2.3B	2.8B	2.3B	3.4B	3.4B	3.4B	2.5B	2.7B
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	—	—	—	—	—	—	—	3M	—	—	—	1.8B
Operating cash flow	10.9B	11.5B	9.5B	9.1B	9B	10.9B	10.8B	9.2B	6.3B	2.1B	5.2B	9.5B
Capital expenditure	—	—	—	—	—	—	—	—	-3.4B	-4.1B	-3.1B	-2.9B
Investing cash flow	-319M	206M	-150M	-701M	-63M	53M	179M	174M	-3.3B	-2.1B	-3.1B	-2.4B
Dividends paid	-2.6B	-2.7B	-2.6B	-2.1B	-1.9B	-1.9B	-1.9B	-1B	-938M	-918M	-920M	-971M
Share repurchases	-531M	-518M	-550M	-398M	-4.6B	-502M	-549M	-265M	-4.7B	-389M	-271M	-83M
Financing cash flow	-4.7B	-2.2B	-6.6B	-3.3B	-6B	-1.8B	-3.6B	-1.5B	-5B	-1.4B	-1.8B	-3.9B
Net change in cash	5.9B	9.5B	2.8B	5.1B	2.9B	9.1B	7.4B	7.9B	-1.9B	-1.5B	325M	3.2B
Free cash flow	2.6B	-294M	6.5B	-1.3B	4B	-1.2B	6B	-924M	2.9B	-2B	2.1B	6.6B

Equinor ASA Sponsored ADR Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement