Is Equinor ASA financially healthy?

On 30 September 2026 Equinor ASA held 24.00B USD in cash and short-term investments against total debt of 29.66B USD. Its current ratio is 1.18: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 11.31B USD of free cash flow.

Is Equinor ASA growing?

Equinor ASA's revenue grew 18.3% a year over its last five fiscal years, from 45.75B USD in fiscal year 2020 to 106.16B USD in fiscal year 2025. Over the last twelve months it was up 12.6% on the twelve months before.

Where can I find Equinor ASA's annual report (20-F)?

Equinor ASA, a company based outside the US, files its annual report (Form 20-F) and its interim reports (Form 6-K) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

Equinor ASA
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Arincen ScoreBeta62/100

62/100B

41.995

USD

-0.54

(-1.27%)

Pre Open

Last updated: 9 Nov, 04:55 GMT-5 · Delayed 15 min

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 1.92Revenue estimate 39.48B

Q4 FY2026 · Earnings report

Wednesday 3 February

EPS estimate 1.92Revenue estimate 39.48B

Fair valueNot reliable

Q4 FY2026 · Earnings report

EPS estimate 1.92Revenue estimate 39.48B

Q4 FY2026 · Earnings report

Wednesday 3 February

EPS estimate 1.92Revenue estimate 39.48B

Overview Financials Forecast Earnings Dividends Company

Equinor ASA financials

Yes. Equinor ASA earned 11.80B USD of net income over the last twelve months, 9.8% of its revenue. It made a profit in 25 of its 28 fiscal years since 1998. Its last loss was in fiscal year 2020.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 120.54B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 11.80B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 11.31B USD
Cash and short-term investments: 24.00B USD
Total debt: 29.66B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 44.91B USD

Cash, debt and equity as of 30 Sept 2026.

Equinor ASA earnings

Next earnings · Q4 FY2026

3 Feb 2027

EPS estimate

1.92 USD

Revenue estimate

39.48B USD

Last quarter · Q3 FY2026

EPS1.20Missed -13.0%Revenue33.19BMissed -0.3%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q4 FY2026	3 Feb 2027	1.92	—	—	+137.04%	39.48B	—	—	+56.07%
Q3 FY2026	28 Oct 2026	1.38	1.20	-13.04%	+224.32%	33.30B	33.19B	-0.34%	+27.57%
Q2 FY2026	22 Jul 2026	1.39	1.33	-4.32%	+107.81%	34.03B	34.52B	+1.46%	+36.51%
Q1 FY2026	6 May 2026	1.01	1.48	+46.53%	+124.24%	28.73B	27.84B	-3.08%	-5.24%
Q4 FY2025	4 Feb 2026	0.60	0.81	+35.00%	+28.57%	22.06B	25.30B	+14.67%	-4.67%
Q3 FY2025	29 Oct 2025	0.57	0.37	-35.09%	-53.16%	21.36B	26.02B	+21.79%	+2.36%
Q2 FY2025	23 Jul 2025	0.66	0.64	-3.03%	-23.81%	23.26B	25.29B	+8.71%	-0.67%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2028	3.73	—	—	-23.72%	104.05B	—	—	-11.15%
FY2027	4.88	—	—	-16.79%	117.11B	—	—	-11.53%
FY2026	5.87	—	—	+136.69%	132.37B	—	—	+24.89%
FY2025	2.48	2.48	+0.09%	-22.98%	102.72B	105.99B	+3.18%	+3.40%
FY2024	3.30	3.22	-2.42%	-5.57%	102.36B	102.50B	+0.14%	-4.07%
FY2023	3.83	3.41	-10.91%	-52.04%	115.80B	106.85B	-7.73%	-28.26%
FY2022	6.70	7.11	+6.06%	+106.09%	154.99B	148.93B	-3.91%	+67.82%

Equinor ASA growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 120.54B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 11.80B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 41.43%
Operating margin: 32.81%
Net margin: 9.79%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2025	106.16B	+3.56%	5.06B	-42.55%	26.84%	25.70%	4.77%	36.46B	-13.09%
FY2024	102.50B	-4.07%	8.81B	-25.91%	41.59%	30.17%	8.59%	41.95B	-16.42%
FY2023	106.85B	-28.29%	11.89B	-58.66%	44.96%	33.48%	11.12%	50.19B	-41.82%
FY2022	149.00B	+67.90%	28.75B	+235.70%	59.60%	52.89%	19.29%	86.27B	+99.68%
FY2021	88.74B	+93.96%	8.56B	—	47.18%	37.93%	9.65%	43.20B	+261.37%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q3 FY2026	32.94B	2.54B	46.71%	35.91%	7.70%
Q2 FY2026	34.52B	4.85B	45.97%	37.26%	14.04%
Q1 FY2026	27.82B	3.11B	44.33%	31.65%	11.17%
Q4 FY2025	25.26B	1.31B	25.15%	23.97%	5.19%
Q3 FY2025	26.02B	-210.00M	33.84%	20.26%	-0.81%

How Equinor ASA makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Crude oil58.40B 55.0%

Natural gas25.29B 23.8%

Refined products10.38B 9.8%

Natural gas liquids7.04B 6.6%

Power2.10B 2.0%

Transportation1.26B 1.2%

Other sales778.00M 0.7%

Revenue106.16B 100.0%

Cost of revenue77.66B 73.2%

Gross profit28.50B 26.8%

Selling and administration1.21B 1.1%

Operating income27.28B 25.7%

Tax20.09B 18.9%

Other expense2.13B 2.0%

Net income5.06B 4.8%

FY2025, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Equinor ASA revenue breakdown

By product

FY2025

55.5%Crude oil24.0%Natural gas9.9%Refined products6.7%Natural gas liquids2.0%Power1.2%Transportation

Segment	Revenue	Share of revenue	Change on the year
Crude oil	58.40B	55.5%	+2.7%
Natural gas	25.29B	24.0%	-4.2%
Refined products	10.38B	9.9%	+2.9%
Natural gas liquids	7.04B	6.7%	-69.6%
Power	2.10B	2.0%	—
Transportation	1.26B	1.2%	—
Other sales	778.00M	0.7%	—

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2025	19.97B	5.93B
FY2024	20.11B	7.93B
FY2023	24.70B	14.13B
FY2022	35.14B	26.38B
FY2021	28.82B	20.78B
FY2020	10.39B	1.91B
FY2019	13.75B	3.55B
FY2018	19.69B	8.33B
FY2017	14.36B	3.61B
FY2016	9.03B	-3.16B

Equinor ASA financial health

Full balance sheet

Cash and short-term investments: 24.00B USD
Total debt: 29.66B USD
Net cash: -5.67B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 11.31B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.18
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.66
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 8 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 2.94

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2025	19.33B	33.44B	5.93B
FY2024	23.46B	30.09B	7.93B
FY2023	38.87B	31.80B	14.13B
FY2022	39.31B	32.17B	26.38B
FY2021	33.28B	36.24B	20.78B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2025	131.73B	91.23B	40.42B
FY2024	131.14B	88.76B	42.34B
FY2023	143.58B	95.08B	48.49B
FY2022	158.02B	104.03B	53.99B
FY2021	147.12B	108.10B	39.01B
FY2020	124.81B	90.92B	33.87B
FY2019	119.86B	78.70B	41.14B
FY2018	112.51B	69.52B	42.97B
FY2017	111.10B	71.22B	39.86B
FY2016	104.53B	69.43B	35.07B

Equinor ASA valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 8.71
Forward P/E (FY2026)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 7.15
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 0.87
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 2.33
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 2.10

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

104.49B USD

Total debt

29.66B USD

−

Cash and short-term investments

24.00B USD

Enterprise value

110.16B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2028 (est.)	11.27	—	—	—	—
FY2027 (est.)	8.60	11.27	—	—	—
FY2026 (est.)	7.15	8.60	—	—	—
Now (TTM)	8.71	8.36	0.87	2.33	2.10
FY2025	12.12	4.03	0.58	1.52	2.46
FY2024	7.59	9.58	0.65	1.58	2.12
FY2023	8.05	9.58	0.89	1.97	2.35
FY2022	3.95	9.36	0.76	2.11	1.58
FY2021	9.97	5.53	0.96	2.19	2.54

Equinor ASA against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2021 to FY2025: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Marathon Petroleum, Valero Energy, Phillips 66, The Williams Companies, Enterprise Products Partners L.P., and EOG Resources, the US Energy companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median8.7
2.740.1
Gross marginLowest in 5 years26.8%
26.8%59.6%
Against its peers: 3 of 7Peers' median 10.6%
Operating marginLowest in 5 years25.7%
25.7%52.9%
Against its peers: 3 of 7Peers' median 8.7%
Net marginLowest in 5 years4.8%
4.8%19.3%
Against its peers: 4 of 7Peers' median 7.2%
Return on equityLowest in 5 years12.5%
12.5%53.2%
Against its peers: 6 of 7Peers' median 18.1%
Free cash flow marginLowest in 5 years5.6%
5.6%23.4%
Against its peers: 4 of 7Peers' median 4.9%
Revenue growthAt its median3.6%
-28.3%94.0%
Against its peers: 2 of 7Peers' median -5.0%
EPS growthBelow its median-37.3%
-56.5%243.3%
Against its peers: 7 of 7Peers' median 8.2%
Debt to EBITDAHighest in 5 years0.92×
0.37×0.92×
Against its peers: 2 of 7Peers' median 2.65×
Current ratioLowest in 5 years1.24
1.241.78
Against its peers: 5 of 7Peers' median 1.28

Figure	FY2025	5-year low – high	Against its history	Against its peers
P/E (today)	8.7	2.740.1	Above its median	—
Gross margin	26.8%	26.8%59.6%	Lowest in 5 years	3 of 7
Operating margin	25.7%	25.7%52.9%	Lowest in 5 years	3 of 7
Net margin	4.8%	4.8%19.3%	Lowest in 5 years	4 of 7
Return on equity	12.5%	12.5%53.2%	Lowest in 5 years	6 of 7
Free cash flow margin	5.6%	5.6%23.4%	Lowest in 5 years	4 of 7
Revenue growth	3.6%	-28.3%94.0%	At its median	2 of 7
EPS growth	-37.3%	-56.5%243.3%	Below its median	7 of 7
Debt to EBITDA	0.92×	0.37×0.92×	Highest in 5 years	2 of 7
Current ratio	1.24	1.241.78	Lowest in 5 years	5 of 7

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Equinor ASA dividends

Annual dividend: 1.56 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 3.71%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 39.63%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 1
Frequency: Quarterly
Next payment: 0.39 USD
Next ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 16 Nov 2026
Next payment date: 25 Nov 2026

Dividends per share

Year	2025	2022	2021	2020	2019	2018	2017	2016	2015	2014
Dividends per share	1.11	0.58	0.56	0.71	1.01	1.14	0.88	0.88	0.90	1.72

Equinor ASA ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 7.02%
Institutional holders: 444 (-9)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 24.51%

Who owns the shares

Institutions 7.0% Others 93.0%

As of 30 Jun 2026

Shares free to trade

Free float 609.85M shares ·24.5% Closely held 1.88B shares ·75.5%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2025	2.59B	2.60B	-7.99%
FY2024	2.82B	2.83B	-6.61%
FY2023	3.02B	3.03B	-4.90%
FY2022	3.17B	3.18B	-2.18%
FY2021	3.25B	3.25B	-0.46%

Common questions about Equinor ASA's financials

Source: Financial Modeling Prep

Equinor ASA
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Equinor ASA financials

Equinor ASA earnings

Revenue

EPS

Equinor ASA growth and profitability

Revenue / Net income

How Equinor ASA makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Equinor ASA revenue breakdown

By product

Operating and free cash flow

Equinor ASA financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Equinor ASA valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Equinor ASA against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Equinor ASA dividends

Dividends per share

Equinor ASA ownership

Who owns the shares

Shares free to trade

Shares outstanding

Common questions about Equinor ASA's financials

Is Equinor ASA profitable?

Is Equinor ASA financially healthy?

Is Equinor ASA growing?

Where can I find Equinor ASA's annual report (20-F)?

Need help?

Equinor ASA DQuotes are delayed by 15 minutes

EQNR

Equinor ASA financials

Equinor ASA earnings

Revenue

EPS

Equinor ASA growth and profitability

Revenue / Net income

How Equinor ASA makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Equinor ASA revenue breakdown

By product

Operating and free cash flow

Equinor ASA financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Equinor ASA valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Equinor ASA against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Equinor ASA dividends

Dividends per share

Equinor ASA ownership

Who owns the shares

Shares free to trade

Shares outstanding

Common questions about Equinor ASA's financials

Is Equinor ASA profitable?

Is Equinor ASA financially healthy?

Is Equinor ASA growing?

Where can I find Equinor ASA's annual report (20-F)?

Need help?

Equinor ASA
D
Quotes are delayed by 15 minutes