OSL$EQNR
Equinor ASA · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Equinor reported lower earnings in the fourth quarter with strong production and solid cash flow.
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.
Headline financials
Revenue & EPS history
Equinor · Revenue · Quarterly
$25B
Forward guidance
Equinor expects stable production growth and disciplined capital allocation going into 2026.
Tailwinds
- 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.
Headwinds
- 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
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q4 2025
-0.1%
Avg return
Earnings day
+18.8%
Avg return
5 days after
+21.9%
Avg return
30 days after
52%
22 / 42 earnings
Positive
+9.4%
Q1 2023
Best reaction
-9.7%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | — | — | — | |
| Q3 2026 | -0.3% | -1.3% | — | |
| Q1 2026 | +3.2% | +737.0% | +753.7% | |
| Q4 2025 | +0.0% | +5.0% | +27.5% | |
| Q2 2025 | -2.4% | +1.9% | -1.7% | |
| Q1 2025 | +0.8% | +1.5% | +4.5% | |
| Q4 2024 | -6.9% | -0.9% | -6.5% | |
| Q2 2024 | -0.7% | -0.8% | +3.3% | |
| Q1 2024 | +2.2% | -1.9% | +4.6% | |
| Q4 2023 | -9.7% | -9.7% | -10.1% | |
| Q3 2023 | +2.3% | +0.8% | -0.2% | |
| Q2 2023 | -4.4% | -2.4% | -4.5% | |
| Q1 2023 | +9.4% | +9.1% | -0.4% | |
| Q4 2022 | +8.2% | +11.9% | +1.7% | |
| Q3 2022 | +1.1% | +3.0% | +2.6% | |
| Q2 2022 | +2.5% | +4.1% | +14.6% | |
| Q1 2022 | +0.3% | -6.4% | +6.9% | |
| Q4 2021 | +4.5% | +6.3% | +11.2% | |
| Q3 2021 | -7.5% | -6.4% | -11.7% | |
| Q2 2021 | +0.4% | -0.3% | +9.4% | |
| Q1 2021 | -3.5% | -2.9% | +4.3% | |
| Q4 2020 | -3.1% | -2.6% | +12.1% | |
| Q3 2020 | -1.0% | +1.3% | +26.2% | |
| Q2 2020 | +1.6% | +1.6% | +4.0% | |
| Q1 2020 | +7.1% | +6.1% | +29.9% | |
| Q4 2019 | -7.1% | -7.4% | -20.6% | |
| Q2 2019 | -3.5% | -1.3% | +0.8% | |
| Q3 2019 | +0.4% | -1.3% | +0.8% | |
| Q1 2019 | -0.8% | -1.9% | -11.6% | |
| Q4 2018 | -3.8% | -4.9% | -7.5% | |
| Q3 2018 | +2.5% | +2.2% | -8.5% | |
| Q2 2018 | -1.3% | +0.4% | -1.7% | |
| Q1 2018 | +2.5% | +1.0% | -0.6% | |
| Q4 2017 | -3.4% | -2.4% | +1.9% | |
| Q3 2017 | -1.8% | -0.7% | -0.3% | |
| Q2 2017 | +4.1% | +4.3% | +4.8% | |
| Q1 2017 | +4.6% | +4.6% | +5.4% | |
| Q4 2016 | -4.7% | -4.7% | -9.9% | |
| Q3 2016 | +1.2% | -1.2% | +3.1% | |
| Q2 2016 | -4.9% | -8.6% | -4.2% | |
| Q1 2016 | +4.4% | — | — | |
| Q4 2015 | +6.1% | — | — | |
| Q3 2015 | -1.7% | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2011 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q4 2010 | — | — | — |
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