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Dec 31, 2025
Equinor Q4 2025 Earnings Report
Equinor reported lower earnings in the fourth quarter with strong production and solid cash flow.
Key Takeaways
Equinor delivered solid operational performance in Q4 2025 with strong production, but earnings declined year over year due to lower commodity prices.
Adjusted operating income reached USD 6.20 billion in Q4 2025.
Net income for the quarter totaled USD 1.31 billion.
Equity oil and gas production increased 6% year over year.
The board proposed a quarterly dividend of USD 0.39 per share.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Equinor expects stable production growth and disciplined capital allocation going into 2026.
Positive Outlook
- Expected oil and gas production growth of around 3% in 2026.
- Focus on cost discipline and portfolio high-grading.
- Strengthening free cash flow through reduced capex.
- Continued development of renewables portfolio.
- Maintaining competitive capital distribution.
Challenges Ahead
- Lower commodity prices may pressure earnings.
- Planned maintenance expected to reduce production temporarily.
- Exposure to market and price volatility.
- Execution risk in large renewable projects.
- Geopolitical and regulatory uncertainties.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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