Equinor ASA ADR (EQNR) financial statements
Equinor ASA ADR reported revenue of $106.5B in fiscal 2025, up 9.8% a year over 9 years.
Net income was $5.0B and the operating margin 23.8%, against 0.2% in 2016.
Free cash flow was $6.0B, and the company returned $4.8B in dividends and $5.9B in net buybacks.
The diluted share count fell 19% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Equinor ASA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45.9B | $61.2B | $79.6B | $64.4B | $45.8B | $90.9B | $150.8B | $107.2B | $103.8B | $106.5B |
| Cost of revenue | $21.5B | $28.2B | $38.5B | $29.5B | $21.0B | $35.2B | $53.8B | $48.2B | $50.0B | $55.2B |
| Gross profit | $24.4B | $33.0B | $41.1B | $34.8B | $24.8B | $55.8B | $97.0B | $59.0B | $53.7B | $51.3B |
| Research and development | $298M | $307M | $315M | $300M | $254M | $291M | $308M | $311M | $348M | $352M |
| Selling, general and admin | $762M | $738M | $758M | $809M | $706M | $780M | $986M | $1.2B | $1.3B | $1.2B |
| Operating income | $80M | $13.8B | $20.1B | $9.3B | -$3.4B | $33.7B | $78.8B | $35.8B | $30.9B | $25.4B |
| Pre-tax income | -$178M | $13.4B | $18.9B | $9.3B | -$4.3B | $31.6B | $78.6B | $37.9B | $31.0B | $25.1B |
| Income tax | $2.7B | $8.8B | $11.3B | $7.4B | $1.2B | $23.0B | $49.9B | $26.0B | $22.2B | $20.0B |
| Net income | -$2.9B | $4.6B | $7.5B | $1.8B | -$5.5B | $8.6B | $28.7B | $11.9B | $8.8B | $5.0B |
| EPS (diluted) | -$0.91 | $1.40 | $2.27 | $0.55 | -$1.69 | $2.63 | $9.03 | $3.93 | $3.11 | $1.94 |
| Diluted shares | 3.19B | 3.27B | 3.33B | 3.33B | 3.28B | 3.25B | 3.18B | 3.03B | 2.83B | 2.60B |
| Gross margin | 53.1% | 53.9% | 51.6% | 54.1% | 54.2% | 61.3% | 64.3% | 55.0% | 51.8% | 48.2% |
| Operating margin | 0.2% | 22.5% | 25.3% | 14.4% | -7.5% | 37.0% | 52.3% | 33.4% | 29.8% | 23.8% |
| Net margin | -6.4% | 7.5% | 9.5% | 2.9% | -12.0% | 9.4% | 19.1% | 11.1% | 8.5% | 4.7% |
Balance sheet
Fiscal years, from Equinor ASA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13.3B | $12.8B | $14.6B | $12.6B | $18.6B | $35.2B | $39.3B | $37.3B | $21.2B | $19.3B |
| Receivables | — | — | — | — | — | $15.2B | $17.3B | $971M | $1.7B | $728M |
| Inventory | $3.2B | $3.4B | $2.1B | $3.4B | $3.1B | $3.4B | $5.2B | $3.8B | $4.0B | $3.3B |
| Total current assets | $24.9B | $25.8B | $26.1B | $24.8B | $30.8B | $61.8B | $77.2B | $61.0B | — | — |
| Property, plant and equipment | $59.6B | $63.6B | $65.3B | $71.8B | $68.5B | $62.1B | $56.5B | $58.8B | $55.6B | $61.2B |
| Total assets | $104.5B | $111.1B | $112.5B | $119.9B | $124.8B | $147.1B | $158.0B | $143.6B | $131.1B | $131.7B |
| Total current liabilities | $16.7B | $19.0B | $16.6B | $19.6B | $19.5B | $39.0B | $43.5B | $35.7B | — | — |
| Long-term debt | $28.0B | $24.2B | $23.3B | $21.8B | $29.1B | $27.4B | $24.1B | $22.2B | $19.4B | $23.8B |
| Total liabilities | $69.4B | $71.2B | $69.5B | $78.7B | $90.9B | $108.1B | $104.0B | $95.1B | $88.8B | $91.2B |
| Shareholders' equity | $35.1B | $39.9B | $43.0B | $41.1B | $33.9B | $39.0B | $54.0B | $48.5B | $42.3B | $40.4B |
| Net debt | $25.5B | $22.7B | $17.0B | $18.6B | $24.3B | $13.7B | $17.2B | $16.6B | $15.6B | $21.1B |
Cash flow
Fiscal years, from Equinor ASA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.8B | $14.8B | $19.7B | $13.7B | $10.4B | $28.8B | $35.1B | $29.3B | $19.5B | $20.0B |
| Capital spending | $12.2B | $10.8B | $11.4B | $10.2B | $8.5B | $8.0B | $8.8B | $10.6B | $12.2B | $14.0B |
| Free cash flow | -$3.4B | $4.0B | $8.3B | $3.5B | $1.9B | $20.8B | $26.4B | $18.7B | $7.3B | $6.0B |
| Dividends paid | $1.9B | $1.5B | $2.7B | $3.3B | $2.3B | $1.8B | $5.4B | $10.9B | $8.6B | $4.8B |
| Share buybacks (net) | — | $0 | $0 | $442M | -$1.1B | -$321M | -$3.3B | -$5.6B | -$6.0B | -$5.9B |
| Net borrowing | $250M | -$4.8B | -$1.9B | -$330M | $6.3B | -$2.7B | -$250M | -$2.8B | -$2.6B | $3.5B |
| Free cash flow margin | -7.4% | 6.6% | 10.5% | 5.5% | 4.2% | 22.8% | 17.5% | 17.4% | 7.0% | 5.6% |
| Dividends per share | $0.59 | $0.46 | $0.80 | $1.00 | $0.71 | $0.55 | $1.69 | $3.60 | $3.03 | $1.84 |
Questions
What was Equinor ASA ADR's revenue in 2025?
$106.5B in fiscal 2025, from its 10-K filing.
How much free cash flow does Equinor ASA ADR generate?
$6.0B in fiscal 2025 (operating cash flow minus capital spending).
From Equinor ASA ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.