Equinor ASA cash flow statement EQNR

Annual Quarterly

In fiscal 2025, which ended Dec 31, 2025, Equinor ASA generated $20.0 billion of cash from operations, up 2.6% from the year before. It spent $14.0 billion on capital expenditures. That left free cash flow of $6.0 billion. The company returned $4.8 billion in dividends and $5.9 billion in share buybacks to shareholders.

USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.

FY 2025
Dec 31, 2025
FY 2024
Dec 31, 2024
FY 2023
Dec 31, 2023
FY 2022
Dec 31, 2022
FY 2021
Dec 31, 2021
FY 2020
Dec 31, 2020
FY 2019
Dec 31, 2019
FY 2018
Dec 31, 2018
FY 2017
Dec 31, 2017
Operating
Depreciation and amortization
9,838
+1.6%
9,684
+3.3%
9,373
+5.6%
8,878
—
—
—
—
—
Operating cash flow
19,971
+2.6%
19,465
-33.5%
29,257
-16.7%
35,136
+21.9%
28,816
+177.5%
10,386
-24.5%
13,749
-30.2%
19,694
+33.0%
14,802
Investing
Capital expenditures
13,994
+14.9%
12,177
+15.1%
10,575
+20.7%
8,758
+8.9%
8,040
-5.1%
8,476
-16.9%
10,204
-10.2%
11,367
+5.7%
10,755
Investing cash flow
-9,596
-171.7%
-3,532
+71.5%
-12,409
+21.8%
-15,863
+2.1%
-16,211
-34.1%
-12,092
-14.1%
-10,594
+5.5%
-11,212
-10.8%
-10,117
Financing
Debt issued
5,915
—
—
0
0
-100.0%
8,347
+748.3%
984
-1.4%
998
0
Debt repaid
2,400
-7.4%
2,592
-8.0%
2,818
+1027.2%
250
-90.7%
2,675
+30.2%
2,055
+56.4%
1,314
-54.3%
2,875
-39.8%
4,775
Dividends paid
4,791
-44.1%
8,578
-21.3%
10,906
+102.7%
5,380
+199.4%
1,797
-22.9%
2,330
-30.3%
3,342
+25.1%
2,672
+79.2%
1,491
Stock buybacks
5,916
-1.6%
6,013
+7.6%
5,589
+68.6%
3,315
+932.7%
321
-69.7%
1,059
+139.6%
442
—
—
Financing cash flow
-11,526
+35.0%
-17,741
+2.2%
-18,142
-17.7%
-15,414
-218.7%
-4,836
-261.7%
2,991
+154.4%
-5,496
-9.4%
-5,024
+13.7%
-5,822
Change in cash
Effect of exchange rate
284
+179.1%
-359
-312.6%
-87
+96.2%
-2,268
-321.6%
-538
-283.0%
294
+873.7%
-38
+87.0%
-292
-167.0%
436
Free cash flow
5,977
-18.0%
7,288
-61.0%
18,682
-29.2%
26,378
+27.0%
20,776
+987.7%
1,910
-46.1%
3,545
-57.4%
8,327
+105.8%
4,047
Per share
Free cash flow per share
2.30
-10.9%
2.58
-58.2%
6.17
—
—
—
—
—
—
Dividend per share
1.48
-47.1%
2.80
-22.2%
3.60
+50.0%
2.40
+281.0%
0.63
—
—
—
—
Shareholder returns
Returned to shareholders
10,707
14,591
16,495
8,695
2,118
3,389
3,784
2,672
1,491
Share of free cash flow
179.14%
200.21%
88.29%
32.96%
10.19%
177.43%
106.74%
32.09%
36.84%
Ratios
Free cash flow margin
5.68%
7.19%
17.60%
17.55%
23.54%
4.24%
5.66%
10.78%
6.61%
Capital expenditures to revenue
13.30%
12.02%
9.96%
5.83%
9.11%
18.80%
16.29%
14.72%
17.58%
Cash conversion
3.95x
2.20x
2.46x
1.22x
3.36x
—
7.43x
2.61x
3.22x
How these figures are calculated

Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.

Company profile

Industry
Petroleum Refining (SIC 2911)
Listed as
EQNR (NYSE), STOHF (OTC)
Fiscal year ends
December 31
Headquarters
Stavanger Norway, Norway
SEC filer status
Large accelerated filer
SEC CIK
1140625
Former names
STATOIL ASA (until May 16, 2018); STATOILHYDRO ASA (until Oct 19, 2009)

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Source: SEC EDGAR filings. This is company-reported data, not investment advice.