Equinor ASA (EQNR) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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EQNR Revenue Growth
Revenue Breakdown (FY 2023)
EQNR's revenue distribution by segment and geography for fiscal year 2023
By Product/Segment
EQNR Revenue Analysis (2014–2025)
As of May 6, 2026, Equinor ASA (EQNR) generated trailing twelve-month (TTM) revenue of $106.16 billion, reflecting slight decline in growth of -3.4% year-over-year. The most recent quarter (Q4 2025) recorded $25.63 billion in revenue, down 1.5% sequentially.
Looking at the longer-term picture, EQNR's 5-year compound annual growth rate (CAGR) stands at +18.3%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $149.00 billion in 2022.
Revenue diversification analysis shows EQNR's business is primarily driven by Crude Oil (47%), Natural gas (22%), and Natural gas liquids (19%).
When compared to Energy sector peers including BP (+3.9% YoY), SHEL (-6.3% YoY), and TTE (-4.0% YoY), EQNR has underperformed the peer group in terms of 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 | $106.2B | -3.4% | +18.3% | 25.7% | |
 BP | $189.3B | +3.9% | +12.3% | 8.2% | |
 SHEL | $267.5B | -6.3% | +8.2% | 7.3% | |
 TTE | $182.3B | -4.0% | +8.8% | 10.9% | |
 E | $78.9B | -11.1% | +12.4% | 7.3% | |
 EC | $111.48T | -10.5% | +17.3% | 22.3% |
EQNR Historical Revenue Data (2014–2025)
| 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% |
Full EQNR Stock Analysis
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Start ComparisonEQNR — Frequently Asked Questions
Quick answers to the most common questions about buying EQNR stock.
Is EQNR's revenue growth accelerating or slowing?
EQNR revenue growth slowed to -3.4%, below the 5-year CAGR of +18.3%. TTM revenue is $106.2B. The deceleration marks a shift from historical growth rates.
What is EQNR's long-term revenue growth rate?
Equinor ASA's 5-year revenue CAGR of +18.3% reflects the variable expansion pattern. Current YoY growth of -3.4% is near this long-term average.
How is EQNR's revenue distributed by segment?
EQNR reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.