Equinor ASA (EQNR) Revenue History
Annual and quarterly revenue from 1998 to present
EQNR Revenue Over Time (1998–2025)
EQNR Revenue Growth History
17 of 27 years with positive growth- FY1998 revenue growth
- N/A
- FY1999 revenue growth
- +25.6%
- FY2000 revenue growth
- +48.8%
- FY2001 revenue growth
- -1.0%
- FY2002 revenue growth
- +36.5%
- FY2003 revenue growth
- +6.8%
- FY2004 revenue growth
- +20.2%
- FY2005 revenue growth
- +32.4%
- FY2006 revenue growth
- +35.6%
- FY2007 revenue growth
- +12.1%
- FY2008 revenue growth
- +27.2%
- FY2009 revenue growth
- -36.3%
- FY2010 revenue growth
- +18.5%
- FY2011 revenue growth
- +32.2%
- FY2012 revenue growth
- +5.1%
- FY2013 revenue growth
- -13.4%
- FY2014 revenue growth
- -8.2%
- FY2015 revenue growth
- -40.1%
- FY2016 revenue growth
- -20.7%
- FY2017 revenue growth
- +33.5%
- FY2018 revenue growth
- +29.2%
- FY2019 revenue growth
- -20.1%
- FY2020 revenue growth
- -27.3%
- FY2021 revenue growth
- +94.0%
- FY2022 revenue growth
- +67.9%
- FY2023 revenue growth
- -28.3%
- FY2024 revenue growth
- -4.1%
- FY2025 revenue growth
- +3.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $27.82B | -5.3% |
| Q4 2025 | $25.26B | -4.8% |
| Q3 2025 | $26.02B | +2.4% |
| Q2 2025 | $25.13B | -1.3% |
| Q1 2025 | $29.38B | +17.1% |
| Q4 2024 | $26.54B | -8.0% |
| Q3 2024 | $25.42B | -2.0% |
| Q2 2024 | $25.46B | +11.3% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
EQNR's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
EQNR Revenue Analysis (1998–2025)
Current Revenue & Growth
As of June 20, 2026, Equinor ASA (EQNR) generated trailing twelve-month (TTM) revenue of $104.23 billion, reflecting moderate decline in growth of -5.3% year-over-year. The most recent quarter (Q1 2026) recorded $27.82 billion in revenue, up 10.1% sequentially.
Historical Growth Trajectory
EQNR's 5-year compound annual growth rate (CAGR) stands at +18.3%, indicating consistent double-digit revenue growth. The 3-year CAGR of -10.7% is below the 5-year average, signalling a growth deceleration in recent years. Equinor ASA's highest annual revenue of $149.00 billion was recorded in 2022.
Revenue by Segment
EQNR's revenue is primarily driven by Crude Oil (49%), Natural gas (21%), and Natural gas liquids (18%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Energy sector peers — including BP (+3.9% YoY), SHEL (-5.1% YoY), and TTE (-4.0% YoY) — EQNR has outperformed the peer group in revenue growth. Compare EQNR vs BP →
EQNR Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| EQNRCurrent | $104.2B | -5.3% | +18.3% | 25.7% | |
 BP | $189.3B | +3.9% | +12.3% | 8.2% | |
 SHEL | $266.9B | -5.1% | +8.1% | 10.3% | |
 TTE | $182.3B | -4.0% | +8.8% | 10.9% | |
 E | $78.9B | -11.1% | +12.4% | 7.3% | |
 EC | $111.48T | -12.8% | +17.3% | 22.3% |
EQNR Historical Revenue Data (1998–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $106.16B | +3.6% | $28.50B | 26.8% | $27.28B | 25.7% |
| 2024 | $102.50B | -4.1% | $42.63B | 41.6% | $30.93B | 30.2% |
| 2023 | $106.85B | -28.3% | $48.04B | 45.0% | $35.77B | 33.5% |
| 2022 | $149.00B | +67.9% | $88.81B | 59.6% | $78.81B | 52.9% |
| 2021 | $88.74B | +94.0% | $41.87B | 47.2% | $33.66B | 37.9% |
| 2020 | $45.75B | -27.3% | $9.53B | 20.8% | $-3,423,000,000 | -7.5% |
| 2019 | $62.91B | -20.1% | $20.18B | 32.1% | $9.30B | 14.8% |
| 2018 | $78.77B | +29.2% | $19.30B | 24.5% | $18.54B | 23.5% |
| 2017 | $60.97B | +33.5% | $13.09B | 21.5% | $12.36B | 20.3% |
| 2016 | $45.69B | -20.7% | $2.53B | 5.5% | $1.77B | 3.9% |
| 2015 | $57.64B | -40.1% | $7.43B | 12.9% | $7.04B | 12.2% |
| 2014 | $96.23B | -8.2% | $20.81B | 21.6% | $20.01B | 20.8% |
| 2013 | $104.85B | -13.4% | $25.61B | 24.4% | $24.05B | 22.9% |
| 2012 | $121.01B | +5.1% | $34.60B | 28.6% | $32.70B | 27.0% |
| 2011 | $115.16B | +32.2% | $35.43B | 30.8% | $33.07B | 28.7% |
Full Stock Analysis
Deep dive into EQNR consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
28+ years return with dividends reinvested.
DCA Calculator
See how regular investing compounds over time.
Peer Comparison
Compare growth, multiples, and margins vs sector.
EQNR — Frequently Asked Questions
Quick answers to the most common questions about buying EQNR stock.
Is EQNR's revenue growth accelerating or slowing?
EQNR revenue is declining -5.3% year-over-year. TTM revenue fell to $104.2B, contrasting with the 5-year CAGR of +18.3%. The reversal reflects either macro headwinds or company-specific challenges.
What is EQNR's revenue history from 1998 to 2026?
Equinor ASA (EQNR) revenue history spans 1998 to 2026. TTM revenue as of 2026 is $104.2B, growing at -5.3% YoY. The 5-year CAGR is +18.3%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is EQNR's long-term revenue growth rate (CAGR)?
Equinor ASA's 5-year revenue CAGR of +18.3% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -5.3% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for EQNR.
Why does EQNR's quarterly revenue fluctuate?
EQNR quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Equinor ASA's revenue data from 1998 to 2026 shows full historical quarterly detail on this page.
How is EQNR's revenue distributed by segment?
EQNR reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does EQNR's revenue compare to industry peers?
Equinor ASA (EQNR) with TTM revenue of $104.2B and -5.3% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.