Equinor preserves a strong 44.3% gross margin as of 2026Q1, though reported net income remains suppressed by the 78% marginal tax rate on the Norwegian Continental Shelf.
| 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 |
|---|
| Sales/Revenue | 104.23B | 106.16B | 102.5B | 106.85B | 149B | 88.74B | 45.75B | 62.91B | 78.77B | 60.97B | 45.69B | 57.64B | 96.23B | 104.85B | 121.01B | 115.16B | 87.12B | 73.52B | 115.47B | 90.75B | 80.93B | 59.69B | 45.07B | 37.51B | 35.11B | 25.72B | 25.99B | 17.46B | 13.9B |
| Revenue Growth % | -2.41% | 3.56% | -4.07% | -28.29% | 67.9% | 93.96% | -27.27% | -20.13% | 29.19% | 33.45% | -20.74% | -40.1% | -8.22% | -13.35% | 5.07% | 32.18% | 18.5% | -36.33% | 27.24% | 12.12% | 35.59% | 32.43% | 20.18% | 6.83% | 36.5% | -1.05% | 48.84% | 25.62% | - |
| Cost of Goods Sold | 67.77B | 77.66B | 59.88B | 58.81B | 60.2B | 46.88B | 36.22B | 42.74B | 59.47B | 47.88B | 43.16B | 50.21B | 75.43B | 79.24B | 86.4B | 79.74B | 62.75B | 52.42B | 79.02B | 62.8B | 52.69B | 39.22B | 30.78B | 22.51B | 21.61B | 14.04B | 13.75B | 10.39B | 7.42B |
| COGS % of Revenue | - | 73.16% | 58.41% | 55.04% | 40.4% | 52.83% | 79.17% | 67.93% | 75.5% | 78.52% | 94.46% | 87.11% | 78.38% | 75.58% | 71.4% | 69.24% | 72.02% | 71.3% | 68.44% | 69.2% | 65.1% | 65.7% | 68.3% | 60.01% | 61.56% | 54.59% | 52.91% | 59.47% | 53.38% |
| Gross Profit | 36.46B | 28.5B | 42.63B | 48.04B | 88.81B | 41.87B | 9.53B | 20.18B | 19.3B | 13.09B | 2.53B | 7.43B | 20.81B | 25.61B | 34.6B | 35.43B | 24.38B | 21.1B | 36.45B | 27.95B | 28.25B | 20.47B | 14.29B | 15B | 13.49B | 11.68B | 12.24B | 7.08B | 6.48B |
| Gross Margin % | 34.98% | 26.84% | 41.59% | 44.96% | 59.6% | 47.17% | 20.83% | 32.07% | 24.5% | 21.48% | 5.54% | 12.89% | 21.62% | 24.42% | 28.6% | 30.76% | 27.98% | 28.7% | 31.56% | 30.8% | 34.9% | 34.3% | 31.7% | 39.99% | 38.44% | 45.41% | 47.09% | 40.53% | 46.62% |
| Gross Profit Growth % | - | -33.15% | -11.27% | -45.91% | 112.13% | 339.2% | -52.75% | 4.55% | 47.37% | 417.55% | -65.96% | -64.28% | -18.75% | -25.99% | -2.33% | 45.33% | 15.52% | -42.1% | 30.4% | -1.06% | 37.99% | 43.27% | -4.74% | 11.14% | 15.55% | -4.58% | 72.93% | 9.2% | - |
| Operating Expenses | 10.61B | 1.21B | 11.7B | 12.27B | 10B | 8.2B | 12.96B | 10.88B | 758M | 738M | 762M | 396.42M | 792.96M | 1.56B | 1.91B | 2.35B | 888.51M | -338.12M | 513.78M | 524.68M | 1.69B | 5.81B | 4.99B | 7.64B | 7.29B | 6.01B | 5.47B | 3.58B | 3.83B |
| OpEx % of Revenue | - | 1.14% | 11.41% | 11.48% | 6.71% | 9.24% | 28.32% | 17.29% | 0.96% | 1.21% | 1.67% | 0.69% | 0.82% | 1.49% | 1.58% | 2.04% | 1.02% | -0.46% | 0.45% | 0.58% | 2.09% | 9.73% | 11.08% | 20.38% | 20.76% | 23.38% | 21.05% | 20.53% | 27.54% |
| Selling, General & Admin | 1.19B | 1.21B | 1.25B | 1.22B | 986M | 780M | 706M | 809M | 443M | 431M | 464M | 582.25M | 681.94M | 782.23M | 1.43B | 1.96B | 1.01B | 723.16M | 489.69M | 188.61M | 1.44B | 950.19M | 782.15M | 5.2B | 4.86B | 4B | 3.7B | 0 | 0 |
| SG&A % of Revenue | - | 1.14% | 1.22% | 1.14% | 0.66% | 0.88% | 1.54% | 1.29% | 0.56% | 0.71% | 1.02% | 1.01% | 0.71% | 0.75% | 1.18% | 1.7% | 1.16% | 0.98% | 0.42% | 0.21% | 1.77% | 1.59% | 1.74% | 13.85% | 13.85% | 15.57% | 14.22% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 315M | 307M | 298M | 334.48M | 476M | 526.86M | 502.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 275.69M | 433.5M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.4% | 0.5% | 0.65% | 0.58% | 0.49% | 0.5% | 0.42% | - | - | - | - | - | - | - | - | - | - | - | - | 1.58% | 3.12% |
| Other Operating Expenses | 3M | 0 | 10.45B | 11.05B | 9.01B | 7.42B | 12.25B | 10.07B | 10.65B | 10.21B | 12.09B | 11.56B | 12.21B | 12.89B | 12.38B | 21.04B | 21.08B | 9.33B | 6.18B | 7.25B | 3.49B | 3.12B | 2.89B | 2.45B | 2.43B | 2.01B | 1.77B | 3.31B | 3.39B |
| Operating Income | 25.85B | 27.28B | 30.93B | 35.77B | 78.81B | 33.66B | -3.42B | 9.3B | 18.54B | 12.36B | 1.77B | 7.04B | 20.01B | 24.05B | 32.7B | 33.07B | 23.49B | 20.44B | 35.93B | 27.42B | 26.56B | 14.66B | 9.3B | 7.36B | 6.21B | 5.67B | 6.77B | 3.49B | 2.65B |
| Operating Margin % | 24.8% | 25.7% | 30.17% | 33.48% | 52.89% | 37.93% | -7.48% | 14.78% | 23.54% | 20.27% | 3.87% | 12.21% | 20.8% | 22.93% | 27.02% | 28.72% | 26.96% | 27.8% | 31.12% | 30.22% | 32.82% | 24.56% | 20.62% | 19.61% | 17.68% | 22.03% | 26.03% | 20% | 19.08% |
| Operating Income Growth % | - | -11.78% | -13.54% | -54.61% | 134.12% | 1083.44% | -136.81% | -49.84% | 50.04% | 598.87% | -74.87% | -64.84% | -16.76% | -26.46% | -1.14% | 40.8% | 14.93% | -43.13% | 31.02% | 3.26% | 81.14% | 57.73% | 26.37% | 18.53% | 9.55% | -16.28% | 93.76% | 31.65% | - |
| EBITDA | 37.84B | 37.15B | 40.83B | 46.35B | 85.54B | 45.38B | 11.81B | 22.5B | 28.85B | 22.47B | 12.44B | 18.68B | 33.11B | 35.71B | 43.38B | 42.56B | 31.53B | 28.42B | 43.54B | 33.88B | 31.9B | 17.57B | 11.89B | 9.8B | 8.63B | 7.67B | 8.54B | 4.77B | 3.89B |
| EBITDA Margin % | 36.3% | 35% | 39.84% | 43.38% | 57.41% | 51.14% | 25.82% | 35.77% | 36.63% | 36.85% | 27.22% | 32.41% | 34.41% | 34.06% | 35.85% | 36.96% | 36.19% | 38.65% | 37.71% | 37.33% | 39.41% | 29.44% | 26.37% | 26.14% | 24.59% | 29.84% | 32.86% | 27.33% | 28.01% |
| EBITDA Growth % | -9.83% | -9.02% | -11.9% | -45.82% | 88.5% | 284.2% | -47.51% | -22.01% | 28.41% | 80.68% | -33.43% | -43.58% | -7.27% | -17.69% | 1.93% | 34.99% | 10.95% | -34.73% | 28.53% | 6.2% | 81.51% | 47.86% | 21.24% | 13.58% | 12.47% | -10.15% | 78.95% | 22.59% | - |
| D&A (Non-Cash Add-back) | 11.99B | 9.87B | 9.91B | 10.58B | 6.73B | 11.72B | 15.23B | 13.2B | 10.31B | 10.11B | 10.67B | 11.64B | 13.1B | 11.67B | 10.69B | 9.49B | 8.04B | 7.98B | 7.61B | 6.45B | 5.34B | 2.91B | 2.59B | 2.45B | 2.43B | 2.01B | 1.77B | 1.28B | 1.24B |
| EBIT | 27.37B | 26.59B | 32.04B | 39.01B | 79.53B | 32.35B | -3.28B | 10.29B | 19.16B | 13.72B | 565M | 1.07B | 18.02B | 23.76B | 35.65B | 38.57B | 22.65B | 18.53B | 32.42B | 25.17B | 26.98B | 14.29B | 10.56B | 7.36B | 6.21B | 6.25B | 6.7B | 3.52B | 2.65B |
| Net Interest Income | -335.81M | -261.81M | 744M | 1.11B | 200M | -657M | -759M | -568M | -374M | -174M | -234M | -185.82M | -206.17M | 17.01M | 103.09M | -231.9M | 158.23M | -104.81M | 798.92M | 260.29M | 16.69M | 30.88M | 67.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.21B | 1.18B | 1.8B | 2.23B | 1.13B | 112M | 221M | 425M | 204M | 316M | 390M | 309.71M | 412.34M | 255.08M | 532.62M | 428.12M | 383.74M | 440.06M | 1.26B | 369.87M | 290.55M | 114.53M | 115M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.55B | 1.44B | 1.06B | 1.12B | 929M | 769M | 980M | 993M | 578M | 490M | 624M | 495.53M | 618.51M | 238.07M | 429.53M | 660.02M | 225.52M | 544.87M | 462.24M | 109.58M | 273.86M | 83.64M | 47.04M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 82.36M | -2.12B | 59M | 2.11B | -207M | -2.08B | -836M | -7M | 335M | 1.06B | -1.95B | -6.5B | -2.66B | -510.15M | 2.82B | 5.07B | -866.36M | -2.16B | -3.97B | -2.37B | 145.66M | -458.41M | 1.22B | -738M | 1.16B | -48M | -315M | -1.84B | -2.09B |
| Pretax Income | 25.93B | 25.17B | 30.99B | 37.88B | 78.6B | 31.58B | -4.26B | 9.29B | 18.87B | 13.42B | -178M | 532.69M | 17.35B | 23.53B | 35.51B | 38.14B | 22.62B | 18.27B | 31.96B | 25.06B | 26.71B | 14.2B | 10.51B | 6.62B | 7.37B | 6.2B | 6.38B | 1.65B | 564.66M |
| Pretax Margin % | 24.88% | 23.71% | 30.23% | 35.46% | 52.75% | 35.59% | -9.31% | 14.77% | 23.96% | 22.01% | -0.39% | 0.92% | 18.03% | 22.45% | 29.35% | 33.12% | 25.97% | 24.85% | 27.68% | 27.61% | 33% | 23.8% | 23.32% | 17.65% | 20.99% | 24.11% | 24.57% | 9.45% | 4.06% |
| Income Tax | 20.4B | 20.09B | 22.16B | 25.98B | 49.86B | 23.01B | 1.24B | 7.44B | 11.34B | 8.82B | 2.72B | 5.15B | 13.86B | 16.87B | 23.57B | 24.15B | 16.4B | 15.45B | 24.3B | 17.44B | 18.62B | 9.32B | 6.74B | 4.13B | 4.94B | 4.28B | 4.56B | 1.26B | 557.7M |
| Effective Tax Rate % | 78.67% | 79.84% | 71.51% | 68.58% | 63.43% | 72.85% | -29.04% | 80.08% | 60.06% | 65.74% | -1530.34% | 967.44% | 79.89% | 71.68% | 66.38% | 63.33% | 72.49% | 84.58% | 76.02% | 69.59% | 69.72% | 65.59% | 64.12% | 62.38% | 67.08% | 69.06% | 71.46% | 76.57% | 98.77% |
| Net Income | 5.52B | 5.06B | 8.81B | 11.88B | 28.75B | 8.56B | -5.51B | 1.84B | 7.54B | 4.59B | -2.92B | -4.27B | 2.95B | 6.56B | 12.34B | 13.2B | 6.48B | 3.06B | 6.22B | 8.12B | 6.51B | 4.55B | 4.13B | 2.49B | 2.43B | 1.92B | 1.82B | 424.51M | 17.59M |
| Net Margin % | 5.3% | 4.77% | 8.59% | 11.12% | 19.29% | 9.65% | -12.04% | 2.93% | 9.57% | 7.53% | -6.4% | -7.4% | 3.06% | 6.26% | 10.2% | 11.46% | 7.44% | 4.16% | 5.38% | 8.95% | 8.05% | 7.62% | 9.16% | 6.64% | 6.91% | 7.46% | 7.01% | 2.43% | 0.13% |
| Net Income Growth % | -37.03% | -42.55% | -25.91% | -58.66% | 235.7% | 255.41% | -398.97% | -75.54% | 64.16% | 257.08% | 31.5% | -244.83% | -55.1% | -46.84% | -6.5% | 103.77% | 111.9% | -50.83% | -23.42% | 24.6% | 43.16% | 10.22% | 65.82% | 2.64% | 26.42% | 5.32% | 329.2% | 2313.06% | - |
| Net Income (Continuing) | 5.53B | 5.07B | 8.83B | 11.9B | 28.74B | 8.58B | -5.5B | 1.85B | 7.54B | 4.6B | -2.9B | -4.62B | 3.49B | 6.67B | 11.94B | 13.99B | 6.22B | 2.82B | 7.66B | 7.62B | 8.09B | 4.89B | 3.77B | 2.49B | 2.43B | 1.92B | 1.82B | 546.14M | 6.96M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -799.2M | -231.9M | -377.61M | -530.44M | 0 | 498.46M | 0 | -336.49M | 356.84M | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 71M | 74M | 38M | 10M | 1M | 14M | 19M | 20M | 19M | 24M | 27M | 34.13M | 53.8M | 82.21M | 120.72M | 1.05B | 1.17B | 310.44M | 284M | 330M | 235M | 221M | 268M | 223M | 223M | 167M | 280M | 0 | 0 |
| EPS (Diluted) | 2.21 | 1.95 | 3.11 | 3.93 | 9.03 | 2.63 | -1.68 | 0.55 | 2.27 | 1.40 | -0.91 | -1.34 | 0.92 | 2.06 | 3.87 | 4.15 | 2.03 | 0.99 | 1.95 | 2.54 | 3.01 | 2.10 | 1.90 | 1.15 | 1.12 | 0.89 | 0.93 | 0.30 | 0.01 |
| EPS Growth % | -30.35% | -37.3% | -20.87% | -56.48% | 243.35% | 256.55% | -405.45% | -75.77% | 62.14% | 253.85% | 32.09% | -245.65% | -55.34% | -46.77% | -6.75% | 104.43% | 105.05% | -49.23% | -23.23% | -15.61% | 43.33% | 10.53% | 65.22% | 2.68% | 25.84% | -4.3% | 210% | - | - |
| EPS (Basic) | - | 1.95 | 3.12 | 3.93 | 9.06 | 2.64 | -1.68 | 0.55 | 2.27 | 1.40 | -0.91 | -1.34 | 0.93 | 2.06 | 3.88 | 4.15 | 2.03 | 0.99 | 1.95 | 2.54 | 3.03 | 2.10 | 1.90 | 1.15 | 1.12 | 0.89 | 0.93 | 0.30 | 0.01 |
| Diluted Shares Outstanding | 2.5B | 2.6B | 2.83B | 3.03B | 3.18B | 3.25B | 3.27B | 3.33B | 3.33B | 3.27B | 3.19B | 3.18B | 3.19B | 3.19B | 3.19B | 3.18B | 3.18B | 3.18B | 3.19B | 3.2B | 2.16B | 2.17B | 2.17B | 2.17B | 2.17B | 2.16B | 1.97B | 1.97B | 1.97B |
| Basic Shares Outstanding | 2.5B | 2.59B | 2.82B | 3.02B | 3.17B | 3.25B | 3.27B | 3.33B | 3.33B | 3.27B | 3.19B | 3.18B | 3.18B | 3.18B | 3.18B | 3.18B | 3.18B | 3.18B | 3.19B | 3.2B | 2.15B | 2.17B | 2.17B | 2.17B | 2.17B | 2.16B | 1.97B | 1.97B | 1.97B |
| Dividend Payout Ratio | - | 95% | 97.41% | 28.04% | 8.69% | 20.99% | - | 181.33% | 35.46% | 32.48% | - | - | 181.44% | 53.88% | 30.04% | 25.26% | 50.15% | 120.1% | 77.15% | 54.02% | 42.5% | 39.15% | 22.96% | 40.08% | 37.63% | 32.88% | 132.27% | 3.97% | 2194.03% |
Commodity price volatility exposure
As indicated by the most recent quarterly data, Equinor's revenue trajectory remains highly sensitive to commodity price swings, with a 5.3% year-over-year decline in 2026Q1 revenue following a period of inconsistent growth patterns that highlight the inherent volatility of the company's core hydrocarbon-focused business model.
The revenue profile suggests that Equinor is struggling to maintain consistent top-line expansion, likely due to the interplay between fluctuating European gas prices and production optimization efforts. Investors should monitor whether the company can decouple its revenue performance from spot market volatility through its long-term contract portfolio.
Based on reported financial statements, Equinor maintains a gross margin of 44.3% as of 2026Q1, demonstrating significant pricing power on the Norwegian Continental Shelf despite the heavy 78% marginal tax rate that consistently suppresses the company's net income margins to the low single digits.
The wide gap between gross and net margins underscores the impact of the Norwegian petroleum tax regime rather than operational inefficiency. This suggests that the company's underlying earning power is significantly stronger than the bottom-line figures imply, provided the tax structure remains stable.
According to recent SEC filings, Equinor exhibits strong operating leverage, with SG&A expenses consistently maintained at a lean level of approximately $309 million in 2026Q1, allowing the company to preserve a robust operating margin of 31.6% even during periods of top-line contraction.
The company's ability to keep overhead costs low relative to its massive revenue base suggests a highly efficient management of its offshore infrastructure. This operational discipline appears to be a key factor in maintaining profitability during commodity price downturns.
As reported in financial statements, Equinor's net income is frequently impacted by significant timing differences related to the Norwegian tax uplift system, which caused a temporary net loss in 2025Q3 despite the company generating substantial operating income of $5.3 billion during that same period.
The volatility in net income appears to be an accounting artifact of the tax regime rather than a reflection of operational failure. Analysts should focus on operating income and cash flow metrics to better gauge the true health of the business.
Based on reported figures, the recent shift toward lower-margin renewable projects poses a potential threat to long-term profitability, as evidenced by the capital-intensive nature of offshore wind investments which may struggle to match the high-margin returns historically generated by the company's legacy hydrocarbon assets.
Investors should monitor whether the pursuit of energy transition goals leads to permanent margin compression. There is a risk that management may prioritize ESG mandates over capital discipline, potentially diluting the returns on invested capital that shareholders have come to expect.
Quick answers to the most common questions about buying EQNR stock.
For fiscal year 2025, Equinor ASA (EQNR) reported total revenue of $106.16B. This represents a 663.6% increase compared to $13.90B in 1998.
Equinor ASA (EQNR) is profitable, generating $5.06B in net income for the fiscal year ending 2025 with a net profit margin of 4.8%.
Equinor ASA (EQNR) reported an operating income of $27.28B, resulting in an operating profit margin of 25.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Equinor ASA (EQNR) generated $28.50B in gross profit for the year, representing a gross profit margin of 26.8%. This demonstrates the company's core pricing power and production efficiency.