EQNR financial statements

The full income statement, balance sheet, and cash-flow statement for Equinor ASA (EQNR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 3.32B2018-12 3.33B2019-12 3.31B2020-12 3.25B2021-12 3.23B2022-12 3.12B2023-12 2.94B2024-12 2.83B2025-12 2.50B-24.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	106B YoY+2.6%	104B YoY-3.2%	107B YoY-28.9%	151B YoY+65.9%	90.9B YoY+98.4%
Cost of revenue	55.2B YoY+10.2%	50.0B YoY+3.9%	48.2B YoY-10.5%	53.8B YoY+53.0%	35.2B YoY+67.5%
Research & development	352M YoY+1.1%	348M YoY+11.9%	311M YoY+1.0%	308M YoY+5.8%	291M YoY+14.6%
Operating income	25.4B YoY-18.0%	30.9B YoY-13.5%	35.8B YoY-54.6%	78.8B YoY+134.1%	33.7B YoY+1083.4%
Pre-tax income	25.1B YoY-19.0%	31.0B YoY-18.2%	37.9B YoY-51.8%	78.6B YoY+148.9%	31.6B YoY+841.6%
Income tax	20.0B YoY-9.6%	22.2B YoY-14.7%	26.0B YoY-47.9%	49.9B YoY+116.7%	23.0B YoY+1759.9%
	5.06B YoY-42.7%	8.83B YoY-25.8%	11.9B YoY-58.6%	28.7B YoY+235.2%	8.58B YoY+256.0%
Net income to common	5.04B YoY-42.7%	8.81B YoY-25.9%	11.9B YoY-58.7%	28.7B YoY+235.7%	8.56B YoY+255.4%
	$1.94 YoY-37.6%	$3.11 YoY-20.9%	$3.93 YoY-56.5%	$9.03 YoY+243.3%	$2.63 YoY+255.6%
EPS (basic)	$1.94 YoY-37.8%	$3.12 YoY-20.6%	$3.93 YoY-56.6%	$9.06 YoY+243.2%	$2.64 YoY+256.2%
	2.59B YoY-8.1%	2.82B YoY-6.6%	3.02B YoY-4.8%	3.17B YoY-2.2%	3.25B YoY-0.7%
	2.60B YoY-8.0%	2.83B YoY-6.6%	3.03B YoY-4.9%	3.18B	—
Dividends per share	$1.48 YoY-47.1%	$2.80 YoY-22.2%	$3.60 YoY+114.3%	$1.68 YoY+200.0%	$0.56 YoY-21.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	—	—	61.0B YoY-20.9%	77.2B YoY+24.8%	61.8B YoY+100.6%
Cash & equivalents	5.04B YoY-14.7%	5.90B YoY-26.9%	8.07B YoY-14.6%	9.45B YoY-32.4%	14.0B YoY+107.0%
Inventory	3.33B YoY-17.4%	4.03B YoY+5.7%	3.81B YoY-26.7%	5.21B YoY+53.3%	3.40B YoY+10.1%
	132B YoY+0.4%	131B YoY-8.7%	144B YoY-9.1%	158B YoY+7.4%	147B YoY+17.9%
Property, plant & equipment	—	—	58.8B YoY+4.1%	56.5B YoY-9.0%	62.1B YoY-9.4%
Total non-current assets	92.8B YoY+19.0%	77.9B YoY-4.4%	81.5B YoY+2.1%	79.9B YoY-5.6%	84.6B YoY-8.6%
	—	—	35.7B YoY-18.0%	43.5B YoY+11.6%	39.0B YoY+100.0%
Short-term & current debt	4.05B YoY-44.0%	7.22B YoY+20.5%	6.00B YoY+37.6%	4.36B YoY-17.3%	5.27B YoY+14.9%
	91.2B YoY+2.8%	88.8B YoY-6.6%	95.1B YoY-8.6%	104B YoY-3.8%	108B YoY+18.9%
Long-term debt	23.8B YoY+22.7%	19.4B YoY-12.9%	22.2B YoY-7.9%	24.1B YoY-11.9%	27.4B YoY-5.9%
	40.4B YoY-4.5%	42.3B YoY-12.7%	48.5B YoY-10.2%	54.0B YoY+38.4%	39.0B YoY+15.2%
Total equity incl. non-controlling	40.5B YoY-4.4%	42.4B YoY-12.6%	48.5B YoY-10.2%	54.0B YoY+38.3%	39.0B YoY+15.1%
	2.50B YoY-15.1%	2.94B YoY+0.0%	2.94B YoY-5.7%	3.12B YoY-3.4%	3.23B YoY-0.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	20.0B YoY+2.6%	19.5B YoY-33.5%	29.3B YoY-16.7%	35.1B YoY+21.9%	28.8B YoY+177.5%
Depreciation & amortization	9.84B YoY+1.6%	9.68B YoY+3.3%	9.37B YoY+5.6%	8.88B YoY-14.9%	10.4B YoY+9.6%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Long-term debt issued	5.92B	0.00	0.00	0.00	0.00 YoY-100.0%
Long-term debt repaid	2.40B YoY-7.4%	2.59B YoY-8.0%	2.82B YoY+1027.2%	250M YoY-90.7%	2.67B YoY+30.2%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	269M YoY+77.0%	152M YoY-46.9%	286M YoY+36.2%	210M YoY-8.7%	230M YoY+63.1%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	59.1B YoY-11.8%	67.0B YoY-32.2%	98.8B YoY-14.7%	116B YoY+36.0%	85.1B YoY+59.7%
P/E	11.7× YoY+54.0%	7.6× YoY+120.7%	3.4× YoY-74.5%	13.5× YoY+36.0%	9.9×
P/S	0.6× YoY-14.0%	0.6× YoY-1.5%	0.7× YoY-48.5%	1.3× YoY+36.0%	0.9× YoY-19.5%
P/B	1.5× YoY-7.6%	1.6× YoY-13.6%	1.8× YoY-38.3%	3.0× YoY+36.0%	2.2× YoY+38.6%
	8.6% YoY-35.1%	13.2% YoY-54.7%	29.1% YoY+292.7%	7.4% YoY-26.5%	10.1%
	6.3% YoY-47.0%	11.8% YoY+3.9%	11.4% YoY+142.5%	4.7% YoY+120.6%	2.1% YoY-50.8%
Source filing	20-F	20-F	20-F	20-F	20-F/A

About this data

Source: EQNR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all EQNR filings on SEC EDGAR → Not investment advice.