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Equinor ASA (EQNR) earnings and revenue breakdown

Latest: Q3 2025 · 6-K filed Oct 29, 2025 · Equinor ASA (EQNR) Q3 2025 earnings results →

Q3 2025 Revenue up 2% year over year to $26.0B · 1¢ of every $1 of revenue lost · operating margin 20.2%

Equinor ASA made $26.0B in Q3 2025 (+2% Y/Y). Operating margin 20.2%, net loss $204M. See where every dollar goes — costs, profit and cash — as a Sankey from the 6-K filed Oct 29, 2025.

Revenue$26.0B

Year over year+2%

Operating margin20.2%

Net earnings−$204M

Operating cash flow$6.3B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $26.0B in Q3 2025, up 2% year over year.

Operating profit was $5.3B, a 20.2% margin (down 6.9 points year over year). Operating profit fell $1.6B even though revenue rose $0.60B versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+29%). The quarter ended with a net loss of $0.20B. Net interest and other expense of $0.60B was the main reason.

Operating cash flow was $6.3B (down 2% year over year). Non-cash charges added back $2.5B of depreciation and amortization. Working capital and other items added $4.0B. Capital expenditures of $3.4B left free cash flow of $2.9B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q3 2025	6-K	Oct 29, 2025	$26.0B	+2%	20.2%	−$204M	$6.3B

Charts

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q4 2025): Net income $1.3B, Operating cash flow $2.1B.

Petroleum Refining; dot size is quarterly revenue; dashed lines are the industry's medians.