Cash conversion remains efficient with an OCF/NI ratio of 1.68 in 2026Q1, though free cash flow generation remains volatile, swinging from a $6.0 billion surplus in 2025Q1 to a $2.1 billion deficit by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 16.2B | 20.03B | 20.11B | 24.7B | 35.14B | 28.82B | 10.39B | 13.75B | 19.69B | 14.36B | 9.03B | 12.4B | 17.01B | 16.66B | 22.93B | 18.67B | 13.75B | 12.6B | 14.73B | 17.29B | 9.77B | 8.33B | 6.43B | 4.63B | 3.46B | 4.36B | 6.4B | 2.52B | 1.32B |
| Operating CF Margin % | - | 18.87% | 19.62% | 23.12% | 23.58% | 32.47% | 22.7% | 21.85% | 25% | 23.56% | 19.77% | 21.51% | 17.68% | 15.89% | 18.95% | 16.22% | 15.78% | 17.13% | 12.76% | 19.06% | 12.07% | 13.96% | 14.27% | 12.35% | 9.85% | 16.95% | 24.63% | 14.41% | 9.51% |
| Operating CF Growth % | -25.04% | -0.38% | -18.59% | -29.7% | 21.93% | 177.45% | -24.46% | -30.19% | 37.12% | 58.99% | -27.14% | -27.12% | 2.15% | -27.36% | 22.79% | 35.85% | 9.12% | -14.5% | -14.79% | 76.99% | 17.27% | 29.56% | 38.82% | 33.91% | -20.67% | -31.9% | 154.38% | 90.29% | - |
| Net Income | 5.52B | 5.06B | 8.81B | 11.88B | 28.75B | 8.56B | -4.26B | 9.29B | 18.87B | 13.42B | -178M | 489.17M | 14.71B | 22.76B | 37.03B | 35.83B | 23.27B | 19.83B | 25.93B | 27.03B | 6.51B | 4.55B | 4.13B | 2.49B | 2.43B | 1.92B | 1.82B | 424.51M | 17.59M |
| Depreciation & Amortization | 10.21B | 9.87B | 10.36B | 11.17B | 9.22B | 10.61B | 15.23B | 13.2B | 9.25B | 8.64B | 11.55B | 15.22B | 13.64B | 11.9B | 10.84B | 8.6B | 8.61B | 54.06M | 6.18B | 7.25B | 3.49B | 3.12B | 2.89B | 2.45B | 2.43B | 2.01B | 1.77B | 0 | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 300K | 200K | 100K | 100K | 147K | 197K | 175K | 102K | 167K | 175K | 181.11K | 215.54K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -100K | -147K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -17.34B | 0 | 0 | 869M | -752M | 829M | -929M | 90M | 94M | 138M | 0 | 0 |
| Other Non-Cash Items | -5.72B | 3.11B | -1.27B | -3.32B | 1.79B | 14.19B | -66M | -9.01B | -9.52B | -7.16B | -718M | -4.32B | -13.25B | -18.91B | -24.43B | -22.44B | 560.14M | 11.09B | -17.7B | -17.08B | 107M | 72M | 210M | -83M | -1M | 285M | 1.95B | 2.09B | 1.3B |
| Working Capital Changes | -454.82M | 2B | 2.22B | 4.96B | -4.62B | -4.55B | -524M | 259M | 1.09B | -542M | -1.62B | 1.01B | 1.91B | 904.36M | -506.7M | -3.32B | -18.69B | -981.37M | 326M | 92M | -1.24B | 1.24B | -1.16B | -354M | -92M | 52M | 717M | 0 | 0 |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.94B | -2.41B | -2.82B | 1.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.52B | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -180.87M | 148.48M | -687.24M | -583.61M | -870.59M | 355M | -448M | -552M | -246M | -273M | 52M | -21M | -117M | 15M | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.41B | 1.64B | -235.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.85B | 0 | 0 | 0 |
| Cash from Investing | -8.14B | -9.63B | -3.53B | -12.41B | -15.86B | -16.21B | -12.09B | -10.59B | -11.21B | -9.68B | -10.45B | -13.09B | -15.06B | -18.15B | -17.31B | -14.86B | -12.96B | -13B | -12.34B | -13.83B | -6.43B | -5.58B | -5.3B | -3.49B | -2.41B | -1.43B | -1.81B | -2.38B | -2.72B |
| Capital Expenditures | -14.13B | -14.04B | -12.18B | -10.57B | -8.76B | -8.04B | -8.48B | -10.2B | -11.37B | -10.76B | -12.19B | -14.19B | -16.49B | -18.63B | -20.13B | -15.45B | -13.32B | -12.97B | -9.97B | -13.07B | -6.73B | -4.65B | -5.27B | -3.32B | -2.58B | -1.85B | -1.95B | -3.21B | -2.91B |
| CapEx % of Revenue | 13.55% | 13.22% | 11.88% | 9.9% | 5.88% | 9.06% | 18.53% | 16.22% | 14.43% | 17.64% | 26.68% | 24.61% | 17.14% | 17.77% | 16.64% | 13.42% | 15.28% | 17.64% | 8.63% | 14.4% | 8.31% | 7.79% | 11.69% | 8.85% | 7.35% | 7.2% | 7.51% | 18.39% | 20.94% |
| Acquisitions | 2.38B | 2.44B | -1.71B | -1.2B | 147M | -111M | 505M | 334M | -3.56B | 406M | 761M | -398.16M | 0 | 0 | 0 | -4.31B | 0 | 0 | -1.89B | 0 | 0 | -1.95B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3.54B | 114.35M | 10.36B | -639M | -7.25B | -8.06B | 707M | -10M | 3.71B | 1.08B | 984M | 1.49B | 1.43B | 476.85M | 2.83B | 4.91B | 1.03B | 246.77M | -483M | -762M | 298M | 1.02B | 412M | 986M | 381M | 739M | 145M | 827.94M | 193.12M |
| Cash from Financing | -9.75B | -11.56B | -17.74B | -18.14B | -15.41B | -4.84B | 2.99B | -5.5B | -5.02B | -5.82B | -1.96B | -853.2M | -3.11B | 4.37B | -3.26B | -2.14B | 96.45M | 1.95B | -2.45B | -1.46B | -3.29B | -2.45B | -1.5B | -1.18B | -667M | -3.5B | -3.97B | 299.14M | 1.29B |
| Debt Issued (Net) | 49.03M | 641.98M | -4.08B | -1.65B | -1.62B | -3.91B | 6.38B | -1.43B | -2.35B | -4.78B | -83M | 2.11B | 1.47B | 7.93B | 429.53M | 1.21B | 3.11B | 5.92B | 1.46B | -65M | -287.58M | -611M | -312.5M | -184M | 246M | 497M | -1.56B | 936.84M | 1.29B |
| Equity Issued (Net) | -5.66B | -5.93B | -6.01B | -5.59B | -3.31B | -321M | -1.06B | -442M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -68.36M | -50.01M | -59.19M | -44.17M | -40M | -162M | 0 | 0 | 0 | 0 | 1.44B | 0 | 0 | 0 |
| Dividends Paid | -3.81B | -4.81B | -8.58B | -10.91B | -5.38B | -1.8B | -2.33B | -3.34B | -2.67B | -1.49B | -1.88B | -2.61B | -4.53B | -3.54B | -3.7B | -3.33B | -3.25B | -3.98B | -3.89B | -4.73B | -2.85B | -1.83B | -1.15B | -998M | -913M | -631M | -2.41B | -16.84M | -385.98M |
| Share Repurchases | -5.66B | -5.93B | -6.01B | -5.59B | -3.31B | -321M | -1.06B | -442M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -68.36M | -50.01M | -59.19M | -44.17M | -40M | -162M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -326.57M | -1.46B | 933M | 0 | -5.1B | 1.2B | 0 | -278M | 0 | 444M | 0 | 0 | 0 | -10.79M | 18.24M | 284.18M | 190.71M | -392.25M | 933.35M | 3.49B | -1.81B | -170.04M | -239.3M | 0 | 0 | -5.43B | 1M | -613.38M | 388.6M |
| Net Change in Cash | -1.45B | -1.98B | -1.52B | -5.94B | 1.59B | 7.23B | 1.58B | -2.38B | 3.17B | -700M | -3.52B | -739.44M | -390.06M | 3.35B | 2.02B | 1.63B | 954.94M | 1.05B | 53M | 1.98B | 55M | 295M | -379M | 92M | 332M | -596M | 641M | 432.62M | -105.03M |
| Free Cash Flow | 2.08B | 6B | 7.93B | 14.13B | 26.38B | 20.78B | 1.91B | 3.54B | 8.33B | 3.61B | -3.16B | -1.79B | 524.56M | -1.97B | 2.8B | 3.22B | 431.37M | -370.84M | 4.77B | 4.23B | 3.04B | 3.68B | 1.16B | 1.31B | 880M | 2.51B | 4.45B | -694.46M | -1.59B |
| FCF Margin % | 1.99% | 5.65% | 7.74% | 13.22% | 17.7% | 23.41% | 4.17% | 5.63% | 10.57% | 5.92% | -6.91% | -3.1% | 0.55% | -1.88% | 2.31% | 2.8% | 0.5% | -0.5% | 4.13% | 4.66% | 3.76% | 6.17% | 2.58% | 3.5% | 2.51% | 9.75% | 17.12% | -3.98% | -11.43% |
| FCF Growth % | -72.68% | -24.42% | -43.84% | -46.45% | 26.96% | 987.75% | -46.12% | -57.43% | 130.79% | 214.29% | -76.76% | -440.48% | 126.58% | -170.55% | -13.22% | 647.09% | 216.32% | -107.78% | 12.8% | 38.88% | -17.35% | 217.14% | -11.51% | 49.09% | -64.9% | -43.68% | 740.93% | 56.3% | - |
| FCF per Share | 0.83 | 2.31 | 2.81 | 4.67 | 8.29 | 6.38 | 0.58 | 1.06 | 2.50 | 1.10 | -0.99 | -0.56 | 0.16 | -0.62 | 0.88 | 1.01 | 0.14 | -0.12 | 1.50 | 1.32 | 1.41 | 1.70 | 0.54 | 0.61 | 0.41 | 1.16 | 2.26 | -0.35 | -0.81 |
| FCF Conversion (FCF/Net Income) | 0.38x | 3.96x | 2.28x | 2.08x | 1.22x | 3.37x | -1.88x | 7.46x | 2.61x | 3.13x | -3.09x | -2.91x | 5.78x | 2.54x | 1.86x | 1.41x | 2.12x | 4.12x | 2.37x | 2.13x | 1.50x | 1.83x | 1.56x | 1.86x | 1.43x | 2.27x | 3.51x | 5.93x | 75.18x |
| Interest Paid | 0 | 0 | 891M | 0 | 747M | 698M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Commodity price volatility exposure
As reported in financial statements, Equinor's operating cash flow consistently exceeds net income, with an OCF/NI ratio reaching 1.68 in 2026Q1, primarily due to the significant non-cash depreciation charges and the specific timing impacts of the Norwegian petroleum tax regime on reported bottom-line figures.
The persistent gap between net income and operating cash flow suggests that accounting earnings are heavily influenced by tax-related timing differences rather than pure operational performance. Investors should monitor this divergence, as it indicates that cash generation remains significantly more robust than the headline net income figures might otherwise imply.
Based on Equinor's reported figures, free cash flow trajectory remains highly erratic, swinging from a $6.0 billion surplus in 2025Q1 to a $2.1 billion deficit by 2025Q4, reflecting the company's extreme sensitivity to commodity price cycles and the lumpy nature of its capital expenditure requirements.
The inability to maintain consistent positive free cash flow suggests that the company's capital-intensive offshore projects require significant liquidity buffers to navigate periods of lower commodity pricing. This volatility warrants further investigation into whether the current dividend and buyback programs are sustainable during prolonged downturns in the energy market.
According to recent SEC filings, Equinor's capital expenditure as a percentage of revenue has trended upward, reaching 16.4% in 2025Q4, which highlights the substantial reinvestment required to maintain production levels on the Norwegian Continental Shelf and fund the company's ongoing transition into offshore wind and renewable energy projects.
The rising capital intensity appears to be a structural shift as the company balances legacy asset maintenance with the higher costs associated with new energy infrastructure. This trend may indicate that future free cash flow margins will remain under pressure as the company prioritizes long-term asset replacement over immediate cash returns.
Based on quarterly data, Equinor's working capital management exhibits significant volatility, with a $1.2 billion outflow in 2025Q4 following a $1.6 billion inflow in 2025Q1, suggesting that the company's cash position is frequently buffeted by the timing of large-scale energy trading settlements and inventory valuation adjustments.
These fluctuations in working capital appear to be a byproduct of the company's integrated midstream and trading operations, which can mask underlying operational cash flow trends. Analysts should interpret these swings as temporary timing effects rather than a fundamental deterioration in the company's ability to collect on its core energy sales.
As reported in financial statements, Equinor continues to prioritize shareholder returns, deploying billions into dividends and buybacks, such as the $4.7 billion in buybacks during 2025Q3, even during periods where free cash flow generation has been inconsistent or negative across the broader fiscal year.
The commitment to returning capital to shareholders appears to be a core pillar of the company's strategy, supported by its fortress balance sheet rather than purely by current-period free cash flow. Investors should monitor whether this aggressive deployment remains prudent if the current volatility in commodity prices persists and impacts the company's long-term liquidity profile.
Quick answers to the most common questions about buying EQNR stock.
Equinor ASA (EQNR) generated $20.03B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Equinor ASA (EQNR) generated $6.00B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Equinor ASA (EQNR) spent $14.04B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Equinor ASA (EQNR) returned $4.81B to shareholders via cash dividends and spent $5.93B on share repurchases. This shows the company's commitment to returning capital to its equity investors.