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Equinor ASA Income Statement 2025-2011 | EQNR
Brief overview of profit and loss at Equinor ASA
This overview is based on financial performance over the past five years. Revenue at Equinor ASA moved from $45.8 billion in 2020 to $106 billion in 2025. The cumulative result was +132.4%, corresponding to roughly 18.4% per year. Revenue followed a strong upward trend without signs of stagnation.
Gross profit changed from 9.5 billion dollars to 51.3 billion dollars (+438.2%). Direct costs outpaced revenue, limiting the benefit of changes in sales. Gross profit as a share of revenue changed from 20.8% to 48.2%. The expansion indicates stronger pricing power or better control of direct costs.
The five-year EBITDA result moved by +1205%: from −$3.4 billion to $37.8 billion. EBITDA grew faster than revenue, indicating positive operating leverage. EBITDA margin moved from −7.5% to 35.5%. Higher profitability strengthens the quality of operating growth.
The final result was −5.5 billion dollars initially and 5.1 billion dollars in the final year. The company restored profitability by the end of the period.
The market value of the business moved from 61.1 billion dollars to 108 billion dollars, or +76.3%. Capitalization grew more slowly than the underlying results.
Conclusion
The results point to consistent and sustainable progress. Key strengths include improving net profitability, higher operating efficiency and a larger revenue base. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement Equinor ASA
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
108 B | 66 B | 81.7 B | 96.3 B | 101 B | 61.1 B | 46.8 B | 61.7 B | 59.7 M | 50.3 K | 63.4 K | 90.8 K | 74.7 K | 84.3 M | 88.4 M |
Shares |
2.59 B | 2.82 B | 3.02 B | 3.17 B | 3.24 B | 3.33 B | 3.33 B | 3.2 B | 3.18 M | 3.18 K | 3.18 K | 3.11 K | 3.18 K | 3.17 M | 3.15 M |
Historical Prices |
41.5 | 23.4 | 27 | 30.3 | 31.3 | 18.4 | 14.1 | 19.3 | 18.8 | 13.9 | 10.9 | 13.3 | 17.6 | 15.8 | 17.3 |
Net Income |
5.06 B | 8.83 B | 11.9 B | 28.7 B | 8.58 B | -5.51 B | 1.84 B | 13.4 B | -2.9 M | -37 K | 22 K | 39 K | 69 K | 78.4 M | 37.6 M |
Revenue |
106 B | 104 B | 107 B | 151 B | 90.9 B | 45.8 B | 64.4 B | 79.6 B | 61.2 B | 482 K | 622 K | 637 K | 723 K | 670 M | 530 M |
Cost of Revenue |
55.2 B | 50 B | 48.2 B | 53.8 B | 35.2 B | 21 B | 29.5 B | 38.5 B | 28.2 B | 21.5 B | 26.3 B | - | - | - | - |
Gross Profit |
- | - | - | - | - | 9.53 B | 20.2 B | 61.2 B | 45.9 M | 482 K | 622 K | 637 K | 723 K | 670 M | 530 M |
Operating Income |
25.4 B | 30.9 B | 35.8 B | 78.8 B | 33.7 B | -3.42 B | 9.3 B | 20.1 B | 13.8 B | 80 M | 1.37 B | - | - | - | - |
EBITDA |
37.8 B | 40.8 B | 46.4 B | 85.5 B | 33.7 B | -3.42 B | 9.3 B | 20.1 B | 13.8 B | 14 K | 109 K | 155 K | 206 K | 212 M | 137 M |
Operating Expenses |
81.1 B | 72.8 B | 71.4 B | 72 B | 57.3 B | 49.2 B | 55.1 B | 59.5 B | 47.4 B | -91 K | -80 K | -75 K | -64 K | -60.4 M | -57.5 M |
General and Administrative Expenses |
1.21 B | 1.26 B | 1.22 B | 986 M | 780 M | - | 809 M | -9.5 B | -9.79 M | -91 K | -80 K | -9 K | -11 K | -13.2 M | -11.1 M |
All numbers in USD currency
Quarterly Income Statement Equinor ASA
| 2025-Q4 | 2025-Q3 | 2025-Q2 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
2.59 B | 2.53 B | 2.62 B | 2.82 B | 2.76 B | - | - | 3.02 B | - | - | - | - | - | - | - | - | - | 3.26 B | 3.26 B | - | - | 3.28 B | 3.3 B | - | - | 3.33 B | 3.33 B | - | - | 3.33 B | 3.32 B | - | - | 3.24 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net Income |
5.06 B | -204 M | 1.32 B | 8.83 B | 2.28 B | - | - | 11.9 B | - | - | - | - | - | - | - | - | - | 1.94 B | 1.85 B | - | - | -251 M | -705 M | - | - | 1.48 B | 1.71 B | - | - | 1.22 B | 1.28 B | - | - | 1.44 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Revenue |
106 B | 26 B | 25.1 B | 104 B | 25.4 B | - | - | 107 B | - | - | - | - | - | - | - | - | - | 17.5 B | 17.6 B | - | - | 7.6 B | 15.1 B | - | - | 17.1 B | 16.5 B | - | - | 18.1 B | 19.9 B | - | - | 14.9 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cost of Revenue |
55.2 B | 13.9 B | 12.7 B | 50 B | 13.1 B | - | - | 48.2 B | - | - | - | - | - | - | - | - | - | 7.4 B | 7.17 B | - | - | 2.75 B | 7.4 B | - | - | 8.61 B | 6.66 B | - | - | 9.42 B | 9.79 B | - | - | 6.86 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Income |
25.4 B | 5.27 B | 5.72 B | 30.9 B | 6.9 B | - | - | 35.8 B | - | - | - | - | - | - | - | - | - | 5.3 B | 5.22 B | - | - | -472 M | 58 M | - | - | 3.52 B | 4.73 B | - | - | 3.84 B | 4.96 B | - | - | 3.24 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
EBITDA |
37.8 B | 8.64 B | 9.15 B | 40.8 B | 9.23 B | - | - | 46.4 B | - | - | - | - | - | - | - | - | - | 5.3 B | 5.22 B | - | - | -472 M | 58 M | - | - | 3.52 B | 4.73 B | - | - | 3.84 B | 4.96 B | - | - | 3.24 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Operating Expenses |
81.1 B | 20.8 B | 19.4 B | 72.8 B | 18.5 B | - | - | 71.4 B | - | - | - | - | - | - | - | - | - | 12.2 B | 12.4 B | - | - | 8.08 B | 15.1 B | - | - | 13.6 B | - | - | - | 2.4 B | 2.32 B | - | - | 2.05 B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
General and Administrative Expenses |
1.21 B | 258 M | 329 M | 1.26 B | 304 M | - | - | 1.22 B | - | - | - | - | - | - | - | - | - | 195 M | 218 M | - | - | 177 M | 197 M | - | - | 220 M | 231 M | - | - | 182 M | 198 M | - | - | 163 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
The income statement is one of the three key financial reports of a company Equinor ASA (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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