Equinor Q4 EPS Surges 35% to $0.81, Revenue Hits $25.3 B
Equinor reported Q4 2025 adjusted EPS of $0.81, beating estimates by $0.21 with revenues of $25.3 billion topping forecasts despite an 8.6% year-over-year decline. Production volumes rose 5% to 1,468 Mboe/d, narrowing negative cash flow to $1.06 billion, as the company plans $13 billion in capex, 30 exploration wells and a $1.5 billion share buyback in 2026.
1. Q4 2025 Financial Results
Equinor posted adjusted EPS of $0.81, surpassing consensus of $0.60, while revenues reached $25.3 billion versus an expected $23.4 billion. Although sales fell from $27.7 billion a year earlier due to lower liquid prices, cost control and higher output drove the upside.
2. Segment Performance
E&P Norway saw production rise 5% to 1,468 Mboe/d but earnings fell 26% to $5,026 million on price declines. International operations profit dropped 29% to $214 million amid asset sales, while U.S. E&P profit jumped 95% to $359 million on higher gas prices and Appalachia volumes.
3. Cash Flow and Balance Sheet
Negative net cash flow narrowed to $1,062 million from $4,969 million last year as organic capex totaled $3.3 billion. At year-end, cash and equivalents stood at $5.0 billion against $26.0 billion in long-term debt.
4. 2026 Outlook and Capital Allocation
Equinor targets 3% oil and gas production growth, drilling around 30 exploration wells with $13 billion in organic capex. Management also authorized a $1.5 billion share buyback to return cash to shareholders.