$EQNR

EQUINOR ASA

CIK:0001140625|SEC Filings

CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENT OF INCOME - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenues	$ 105,828	$ 102,502	$ 106,848
Net income/(loss) from equity accounted investments	18	49	(1)
Other income	616	1,223	327
Total revenues and other income	106,462	103,774	107,174
Purchases [net of inventory variation]	(55,164)	(50,040)	(48,175)
Operating expenses	(11,571)	(10,531)	(10,582)
Selling, general and administrative expenses	(1,207)	(1,255)	(1,218)
Depreciation, amortisation and net impairment	(12,318)	(9,835)	(10,634)
Exploration expenses	(849)	(1,185)	(795)
Total operating expenses	(81,109)	(72,846)	(71,404)
Net operating income/(loss)	25,352	30,927	35,770
Interest income and other financial income	1,175	1,951	2,449
Interest expenses and other financial expenses	(1,436)	(1,582)	(1,660)
Other financial items	(3)	(311)	1,325
Net financial items	(265)	58	2,114
Income/(loss) before tax	25,088	30,986	37,884
Income tax	(20,030)	(22,157)	(25,980)
Net income/(loss)	5,058	8,829	11,904
Attributable to shareholders of the company	5,043	8,806	11,885
Attributable to non-controlling interests	$ 15	$ 23	$ 19
Basic earnings per share (in USD per share)	$ 1.94	$ 3.12	$ 3.93
Diluted earnings per share (in USD per share)	$ 1.94	$ 3.11	$ 3.93

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of cash flows [abstract]

Income/(loss) before tax

$ 25,088

$ 30,986

$ 37,884

Depreciation, amortisation and net impairments, including exploration write-offs

12,473

9,906

10,581

(Gains)/losses on foreign currency transactions and balances

135

(166)

(852)

(Gains)/losses on sale of assets and businesses

(287)

(772)

(Increase)/decrease in other items related to operating activities

(58)

(2,335)

(1,313)

(Increase)/decrease in net derivative financial instruments

(429)

(86)

1,041

Cash collaterals for commodity derivative transactions

^[1]

962

(645)

4,556

Interest received

1,221

1,841

1,710

Interest paid

^[2]

(665)

(891)

(1,042)

Cash flows provided by operating activities before taxes paid and working capital items

38,439

37,838

52,572

Taxes paid

(20,460)

(20,592)

(28,276)

(Increase)/decrease in working capital

1,992

2,218

4,960

Cash flows provided by operating activities

19,971

19,465

29,257

Cash used in business combinations

(26)

(1,710)

(1,195)

Capital expenditures and investments

^[2]

(13,994)

(12,177)

(10,575)

(Increase)/decrease in financial investments

^[3]

1,571

9,364

443

(Increase)/decrease in derivative financial instruments

283

143

(1,266)

(Increase)/decrease in other interest-bearing items

114

(623)

(87)

Proceeds from sale of assets and businesses

2,456

1,470

272

Cash flows provided by/(used in) investing activities

(9,596)

(3,532)

(12,409)

New finance debt

5,915

Repayment of finance debt

(2,400)

(2,592)

(2,818)

Repayment of lease liabilities

(1,459)

(1,491)

(1,422)

Dividends paid

(4,791)

(8,578)

(10,906)

Share buy-back

(5,916)

(6,013)

(5,589)

Net current finance debt and other financing activities

(2,875)

933

2,593

Cash flows provided by/(used in) financing activities

(11,526)

(17,741)

(18,142)

Net increase/(decrease) in cash and cash equivalents

(1,150)

(1,808)

(1,294)

Foreign currency translation effects

284

(359)

(87)

Cash and cash equivalents at the end of the period (net of overdraft)

^[1]

5,903

^[4]

8,070

^[4]

9,451

Cash and cash equivalents at the end of the period (net of overdraft)

^[1],[4]

$ 5,036

$ 5,903

$ 8,070

[1]	1) As from 2025, cash flows related to collaterals for commodity derivative transactions are presented on a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the restatement table in note 2 Accounting policies.
[2]	3) Interest paid in cash flows provided by operating activities excludes capitalised interest of USD 798 million, USD 662 million, and USD 468 million for the years ending 31 December 2025, 2024 and 2023, respectively. Capitalised interest is included in Capital expenditures and investments in cash flows used in investing activities. Total interest paid amounts to USD 1,463 million, USD 1,553 million, and USD 1,510 million for the years 2025, 2024 and 2023, respectively.
[3]	2) This line item includes the initial acquisition of 10 per cent of the shares in Ørsted A/S for USD 2.5 billion in 2024 as well as an additional investment of USD 0.9 billion in 2025. See note 16 Financial investments and financial receivables.
[4]	1) Amounts as at 1 January 2024 and 31 December 2024 have been restated due to a change in classification of cash collaterals for commodity derivative transactions. For more information see note 2 Accounting policies.

CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

ASSETS

Property, plant and equipment

$ 61,241

$ 55,560

$ 58,822

Intangible assets

5,950

5,654

5,709

Equity accounted investments

8,504

2,471

2,508

Deferred tax assets

5,053

4,900

7,936

Pension assets

2,107

1,717

1,260

Derivative financial instruments

1,020

648

559

Financial investments

6,839

5,616

3,441

Non-current prepayments and financial receivables

2,073

1,379

1,291

Total non-current assets

92,787

77,946

81,525

Inventories

3,330

4,031

3,814

Trade and other receivables

10,819

13,590

13,204

Current prepayments and financial receivables

^[1]

3,885

6,084

5,300

Derivative financial instruments

667

1,024

1,378

Financial investments

14,297

15,335

29,224

Cash and cash equivalents

^[1],[2]

5,036

5,903

8,070

Total current assets

38,034

45,967

60,990

Assets classified as held for sale

906

7,227

1,064

Total assets

131,727

131,141

143,580

EQUITY AND LIABILITIES

Shareholders’ equity

40,424

42,342

48,490

Non-controlling interests

Total equity

40,497

42,380

48,500

Finance debt

23,763

19,361

22,230

Lease liabilities

2,221

2,261

2,290

Deferred tax liabilities

14,524

12,726

13,345

Pension liabilities

4,076

3,482

3,925

Non-current provisions and other liabilities

14,715

12,927

15,304

Non-current derivative financial instruments

1,150

1,958

1,795

Total non-current liabilities

60,450

52,715

58,890

Trade and other payables

9,700

11,110

9,556

Current provisions and other liabilities

3,299

2,384

2,314

Current tax payable

10,994

10,319

12,306

Finance debt

4,047

7,223

5,996

Lease liabilities

1,190

1,249

1,279

Dividends payable

923

1,906

2,649

Derivative financial instruments

448

833

1,619

Total current liabilities

30,601

35,023

35,719

Liabilities directly associated with the assets classified as held for sale

179

1,023

471

Total liabilities

91,230

88,761

95,080

Total equity and liabilities

$ 131,727

$ 131,141

$ 143,580

[1]	1) Amounts as at 1 January 2024 and 31 December 2024 have been restated due to a change in classification of cash collaterals for commodity derivative transactions. For more information see note 2 Accounting policies.
[2]	1) As from 2025, cash flows related to collaterals for commodity derivative transactions are presented on a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the restatement table in note 2 Accounting policies.