Equinor reported adjusted operating income of USD 6.20 billion and USD 1.55 billion after tax in Q4 2025, down from USD 8.74 billion operating income in Q4 2024. Net operating income dipped to USD 5.49 billion and net income to USD 1.31 billion, while adjusted net income was USD 2.04 billion, or USD 0.81 per share. To strengthen cash flow and resilience against lower commodity prices, the company has set a target to cut operating costs by 10% in 2026 and to reduce organic capital expenditure by USD 4 billion over 2026–27.

Equinor achieved equity production of 2,198 mboe/d in Q4, a 6% increase year-on-year, with full-year production reaching a record 2,137 mboe/d, up 3.4%. New fields Johan Castberg and Halten East on the Norwegian continental shelf delivered strong contributions, offsetting unplanned maintenance. Internationally, additional US onshore gas interests and new wells in Argentina and Angola supported growth, while exits from Nigeria and Azerbaijan and the sale of a 40% stake in Brazil’s Peregrino field weighed on volumes.

The board proposed raising the Q4 cash dividend by USD 0.02 to USD 0.39 per share and announced a share buy-back programme of up to USD 1.5 billion for 2026, with the first tranche of USD 375 million commencing on February 5. Operating cash flow before taxes and working capital was USD 9.55 billion in the quarter, while post-tax cash flow stood at USD 3.31 billion. At quarter end, net debt to adjusted capital employed was 17.8%, compared with 12.2% at Q3, reflecting tax instalments of USD 5.96 billion and organic capex of USD 3.29 billion.