EQNR

MKT CAP:$96B

Equinor ASA

Market Cap

$96B

Energy·Oil & Gas Integrated·🇳🇴 Norway·NYSE

Energy·Oil & Gas Integrated·🇳🇴·NYSE

Stock Price

$37.81+$13.26 (+54.03%)

Apr 24, 2026

Company Details

Equinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. It operates through Explor...

CEO

Anders Opedal

IPO Date

Jun 18, 2001

Website

www.equinor.com

Key Metrics TTM

Revenue

$106.7B

-24.4% YoY

Net Income

$5.7B

EPS (Diluted)

$2.05

Free Cash Flow

-$648M

Revenue / Share

$42.36

Gross Margin

35.8%

Operating Margin

27.0%

Net Margin

5.3%

FCF Margin

-0.6%

P/S

0.9x

P/E

16.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 19, 2026

$106.2B+3.6%EPS $1.95

Q4 2025

Feb 4, 2026

$25.3B-4.8%EPS $0.52

Q3 2025

Oct 29, 2025

$26.0BEPS -$0.08

FY 2024

Mar 20, 2025

$102.5B-4.1%EPS $3.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 19	$14.9B	$4.1B	$1.5B
Q1 20	$15.1B	$3.2B	$58M
Q1 21	$16.1B	$6.2B	$5.2B
Q3 21	$23.1B	$12.0B	$9.6B
Q4 21	$32.1B	$15.8B	$13.6B
Q1 22	$36.0B	$20.5B	$18.4B
Q2 22	$36.4B	$20.4B	$17.7B
Q3 22	$42.7B	$28.1B	$26.1B
Q3 23	$25.9B	$10.3B	$7.5B
Q4 23	$28.8B	$12.2B	$8.7B
Q4 24	$26.5B	$10.8B	$8.7B
Q3 25	$26.0B	$8.8B	$5.3B
Q4 25	$25.3B	$6.4B	$6.1B

Valuation

Quarter	P/S	P/E
Q4 19	—	—
Q1 20	—	—
Q1 21	—	—
Q3 21	1.2x	34.6x
Q4 21	1.0x	14.6x
Q1 22	1.1x	10.4x
Q2 22	0.9x	6.7x
Q3 22	0.7x	4.5x
Q3 23	0.7x	4.1x
Q4 23	0.7x	4.3x
Q4 24	0.5x	3.9x
Q3 25	0.6x	9.4x
Q4 25	0.6x	10.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 19	$1.8B	-$926M
Q1 20	$5.0B	$2.7B
Q1 21	$6.0B	$3.8B
Q3 21	$8.0B	$6.1B
Q4 21	$8.2B	$5.8B
Q1 22	$15.8B	$13.6B
Q2 22	$8.5B	$6.8B
Q3 22	$6.6B	$4.5B
Q3 23	$5.2B	$2.6B
Q4 23	$2.7B	-$294M
Q4 24	$2.4B	-$1.2B
Q3 25	$6.3B	$2.9B
Q4 25	$2.1B	-$2.1B

Capital Expenditures

Quarter	CapEx
Q4 19	$2.7B
Q1 20	$2.4B
Q1 21	$2.2B
Q3 21	$2.0B
Q4 21	$2.3B
Q1 22	$2.2B
Q2 22	$1.7B
Q3 22	$2.1B
Q3 23	$2.7B
Q4 23	$3.0B
Q4 24	$3.6B
Q3 25	$3.4B
Q4 25	$4.1B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+115.6%	+38.6%
Q1 22	+139.3%	+17.7%
Q2 22	+125.6%	+71.0%
Q3 22	+84.9%	+22.7%
Q3 23	-19.3%	-0.4%
Q4 23	-20.0%	+13.8%
Q4 24	-27.1%	-4.6%
Q3 25	-39.1%	+24.8%
Q4 25	-2.5%	+4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 19	$147.0K	0.0%
Q1 20	$0	0.0%
Q1 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$100.0K	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$300.0K	0.0%
Q4 24	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 19	$167M
Q1 20	$197M
Q1 21	$218M
Q3 21	$145M
Q4 21	$222M
Q1 22	$282M
Q2 22	$205M
Q3 22	$221M
Q3 23	$295M
Q4 23	$404M
Q4 24	$261M
Q3 25	$258M
Q4 25	$298M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$20.9B	$23.7B	$44.6B
Q2 22	$20.6B	$25.1B	$45.7B
Q3 22	$23.3B	$21.0B	$44.3B
Q4 22	$11.5B	$34.0B	$45.5B
Q1 23	$17.9B	$34.6B	$52.5B
Q2 23	$19.6B	$22.9B	$42.6B
Q3 23	$12.6B	$25.3B	$37.9B
Q4 23	$5.7B	$33.1B	$38.9B
Q1 24	$8.2B	$27.5B	$35.8B
Q2 24	$7.3B	$23.4B	$30.7B
Q3 24	$6.2B	$22.7B	$28.9B
Q4 24	$8.1B	$15.3B	$23.5B
Q1 25	$7.4B	$17.5B	$24.8B
Q2 25	$9.5B	$14.3B	$23.8B
Q3 25	$8.1B	$14.3B	$22.4B
Q4 25	$5.0B	$14.3B	$19.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 19	3.32B	—	—
Q1 20	3.31B	-0.3%	—
Q1 21	3.26B	-1.7%	—
Q3 21	3.25B	-0.0%	—
Q4 21	3.25B	-0.2%	-2.2%
Q1 22	3.24B	-0.4%	-2.3%
Q2 22	3.20B	-1.2%	-1.8%
Q3 22	3.16B	-1.3%	-3.0%
Q3 23	2.98B	-5.7%	-8.3%
Q4 23	2.96B	-0.6%	-8.5%
Q4 24	2.75B	-7.3%	-14.1%
Q3 25	2.63B	-4.3%	-16.7%
Q4 25	2.52B	-4.2%	-15.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 19	$695.9K	21K
Q1 20	$703.5K	21K
Q1 21	$759.1K	21K
Q3 21	$1M	21K
Q4 21	$2M	21K
Q1 22	$2M	21K
Q2 22	$2M	21K
Q3 22	$2M	21K
Q3 23	$1M	21K
Q4 23	$1M	23K
Q4 24	$1M	25K
Q3 25	$1M	25K
Q4 25	$1M	25K

Revenue / Employee