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Equinor
Equinor (EQNR) investor relations material
Equinor Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Record oil and gas production in 2025 was driven by new fields and US onshore gas, with renewables generation up 25% year-over-year, despite market volatility and lower liquids prices.
Strong cash flow from operations reached $18 billion for 2025, with organic CapEx of $13.1 billion and a focus on capital discipline, portfolio high-grading, and cost reductions.
Strategic priorities for 2026–2027 include maximizing shareholder value, reducing CapEx by $4 billion, and maintaining robust cash flow and balance sheet.
The company is adapting to slower-than-expected energy transition markets, scaling back renewables and low-carbon CapEx, and focusing on core oil and gas assets.
Adjusted operating income for Q4 2025 was $6.20 billion, with adjusted net income of $2.04 billion and adjusted EPS of $0.81.
Financial highlights
Return on average capital employed (ROACE) reached 14.5% in 2025.
Cash flow from operations after tax was $18 billion for 2025.
Earnings per share for 2025 were $0.81; full-year adjusted EPS was $2.47.
Record annual production of 2,137,000 barrels per day, up 3.4% year-over-year.
Net debt to capital employed ended at 17.8%.
Outlook and guidance
Oil and gas production expected to grow by about 3% in 2026, offsetting natural decline and divestments.
Organic CapEx guidance is $13 billion for 2026 and $9 billion for 2027, reflecting reduced investment in renewables and low-carbon projects.
Cash flow from operations after tax is guided at $16 billion in 2026 and $18 billion in 2027, assuming flat commodity prices.
Quarterly cash dividend increased to $0.39 per share; share buyback program of $1.5 billion announced for 2026.
Scheduled maintenance in 2026 estimated to reduce equity production by ~35 mboe/d.
Rationale for USD 4bn capex cut in power/low carbon
Factors for 2025 RRR decline to 48%
Drivers of Q4 2025 net debt to capital ratio increase
Empire Wind project's remaining capex funding?
Impact of NCS tax system on cash flow robustness?
Why the 2026-27 capex reduction in Power/LCS?
Drivers for $4B CapEx reduction?
Empire Wind: financial framework impact if halted?
NCS reorganization: efficiency drivers?
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Next Equinor earnings date
Q1 20266 May, 2026
Equinor
Next Equinor earnings date
Q1 20266 May, 2026
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Frequently asked questions
Equinor ASA engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy, as well as other businesses in Norway and internationally. The company operates through five segments: Development & Production Norway; Development & Production USA; Development & Production International; Marketing, Midstream & Processing; and New Energy Solutions. It produces oil, gas, wind, and solar power. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.
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