19 March 2026: Our Annual Report for 2025 contains financial and sustainability reporting, reflecting the importance of sustainability in our business.
© Equinor
Equinor’s Annual Report for 2025
We delivered strong operational performance, record high production and solid financial results in 2025. In a year of increased geopolitical tension and market volatility, we demonstrated our ability to safely and reliably provide energy and create long-term value for our shareholders.
Anders Opedal
President & CEO
A message from the chair of the board and the CEO:
A safe and reliable energy supplier through volatility
2025 was a year in which Equinor delivered strong performance and record production, while operating in an environment marked by increased geopolitical tension and market uncertainty. Through this volatility, our focus remains clear: to safely and reliably provide energy to our customers and create long-term value for our shareholders.
Global demand for energy continues to rise. As the largest supplier of oil and gas to Europe with growing production in international markets, Equinor is well positioned to contribute to energy security and long-term value creation.
Key figures
(in USD million, except percentages) | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
Total revenues and other income | 106,462 | 103,774 | 107,174 | 150,806 | 90,924 |
Net operating income | 25,352 | 30,927 | 35,770 | 78,811 | 33,663 |
Net income | 5,058 | 8,829 | 11,904 | 28,744 | 8,576 |
Effective tax rate | 79.80% | 71.50% | 68.60% | 63.40% | 72.80% |
Adjusted operating income* | 27,591 | 29,798 |
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(previously Adjusted earnings*) |
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| 36,220 | 76,921 | 33,486 |
Adjusted net income* | 6,434 | 9,177 |
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(previously adjusted earnings after tax*) |
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| 10,371 | 22,680 | 10,042 |
Net cash flow before capital distribution* | 5,587 | 1,7391 |
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Net (free) cash flow before capital distribution (in USD billion)* |
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| 8.2 | 32.1 | 27.1 |
Cash flow from operations after taxes paid* (CFFO after taxes paid) | 17,980 | 17,2461 | 24,2971 | 39,752 | 28,816 |
Return on average capital employed, adjusted (ROACE)* | 14.5% | 20.6% | 24.9% | 55.1% | 22.7% |
1) Previously reported numbers for 2024 and 2023 have been restated due to a change in accounting policy. For more information, please review the Annual Report.
* Non-GAAP measures. See chapter 5.5 Use and reconciliation of non-GAAP financial measures in the 2025 Annual Report.
Our strategy
Our strategic pillars - embedded in everything we do
Always safe
Protecting our people, the environment and our assets.
High value
Prioritising value over volume.
Low carbon
Carbon-efficient operation.
Strategic priorities guiding capital allocation
Creating value by tying our business together through marketing and trading capabilities
Developing the NCS to maximise value
Working to deliver strong production today and in the coming decades.
Focused growth in international oil and gas
Adding new volumes and opportunities for longevity in key geographies.
Building an integrated power business
Strengthening our competitiveness by combining our renewables portfolio with flexible power.
Annual Report 2025 | All links and downloads
Date of publication: 19 March, 2026
English
Norwegian
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Cautionary note regarding forward-looking statements
This web page contains forward-looking statements. Forward-looking statements reflect current views with respect to future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements. This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.