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Equinor ASA cash flow, quarter by quarter

Latest: Q4 2025 · from the cash-flow statements filed with the SEC

Free cash flow−$2.0B in Q4 2025

Operating cash flow$2.1B
Capital spending−$4.1B
Free cash flow−$2.0B
Cash / net income1.6×

Analysis

In Q4 2025, Equinor ASA generated $2.1B of operating cash flow and spent $4.1B on capital projects, leaving free cash flow of −$2.0B. That is $416M less than in Q4 2024 (−$1.6B).

Operating cash flow was $2.1B against net income of $1.3B — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$2.7B.

Free cash flow

Equinor ASA: free cash flow by quarterEquinor ASA: free cash flow by quarter$4.9BQ2 2021$13.6BQ1 2022$6.8BQ2 2022$3.4BQ3 2024−$1.6BQ4 2024−$924MQ2 2025$2.9BQ3 2025−$2.0BQ4 2025
Operating cash flow less capital spending.
Equinor ASA: operating cash flow against capital spendingEquinor ASA: operating cash flow against capital spendingOperating cash flowCapital spending$6.6B$1.7BQ2 2021$15.8B$2.2BQ1 2022$8.5B$1.7BQ2 2022$6.5B$3.1BQ3 2024$2.0B$3.6BQ4 2024$2.5B$3.4BQ2 2025$6.3B$3.4BQ3 2025$2.1B$4.1BQ4 2025
Latest (Q4 2025): Operating cash flow $2.1B, Capital spending $4.1B.

Capital allocation, year by year

Equinor ASA: where the cash came from (up) and went (down), by fiscal yearEquinor ASA: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $28.8BFY2021: Net borrowing −$3.9BFY2021: Capital spending −$8.0BFY2021: Acquisitions −$111MFY2021: Buybacks −$321MFY2021: Dividends −$230M$28.8BFY2021FY2022: Operating cash flow $35.1BFY2022: Net borrowing −$1.6BFY2022: Capital spending −$8.8BFY2022: Acquisitions $147MFY2022: Buybacks −$3.3BFY2022: Dividends −$210M$35.3BFY2022FY2023: Operating cash flow $29.3BFY2023: Net borrowing −$4.2BFY2023: Capital spending −$10.6BFY2023: Acquisitions −$1.2BFY2023: Buybacks −$5.6BFY2023: Dividends −$286M$29.3BFY2023FY2024: Operating cash flow $19.5BFY2024: Net borrowing −$4.1BFY2024: Capital spending −$12.2BFY2024: Acquisitions −$1.7BFY2024: Buybacks −$6.0BFY2024: Dividends −$152M$19.5BFY2024FY2025: Operating cash flow $20.0BFY2025: Net borrowing $2.1BFY2025: Capital spending −$14.0BFY2025: Acquisitions −$26.0MFY2025: Buybacks −$5.9BFY2025: Dividends −$269M$22.0BFY2025
Over these 5 years operating cash flow totalled $132.6B; the largest uses were capital spending ($53.5B) and buybacks ($21.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$0
Debtnone
Net cash$0

Equinor ASA funds itself: free cash flow was — over the last twelve months, with $0 of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Equinor ASA: sources (+) and uses (−) of cash, Q4 2025Equinor ASA: sources (+) and uses (−) of cash, Q4 2025Capital spending−$4.1BCash drawn (+) / kept (−)$3.1BOperating cash flow$2.1BOther financing−$1.1BNet borrowing (+) / repaid (−)$1.0BDividends−$918MOther investing$424MBuybacks−$389MExchange rates−$22.0M

From profit to cash

Equinor ASA: net income to operating cash flow, Q4 2025Equinor ASA: net income to operating cash flow, Q4 2025Net income$1.3BDepreciation & amortization$2.7BOperating cash flow$2.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 2025$2.1B−$4.1B—−$389M−$918M$1.0B$3.1B−$2.0B
Q3 2025$6.3B−$3.4B—−$4.7B−$938M−$603M$1.3B$2.9B
Q2 2025$2.5B−$3.4B—−$265M−$1.0B$501M−$2.1B−$924M
Q4 2024$2.0B−$3.6B−$1.2B−$502M−$1.9B−$878M$281M−$1.6B
Q3 2024$6.5B−$3.1B—−$4.6B−$1.9B−$557M$1.2B$3.4B
Q2 2022$8.5B−$1.7B$168M−$304M−$1.3B−$344M$319M$6.8B
Q1 2022$15.8B−$2.2B—−$439M−$582M−$317M−$6.9B$13.6B
Q2 2021$6.6B−$1.7B−$111M—−$389M−$309M−$1.0B$4.9B

Equinor ASA: income statement and cash flow

Equinor ASA, Q3 2025: revenue $26.0B (+2% year over year), operating margin 20.2%. The chart follows the revenue to costs, profit and cash.

Equinor ASA: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.