Equinor ASA

EQNRNYSEEnergy● Active

$36.94

$-0.71(-1.89%)

Market Cap$93.6B

P/E Ratio—

52W High$43.46

52W Low$22.26

Avg Volume6.8M

Open$37.67

Beta-0.75

Overview

Equinor ASA (EQNR) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

EQNR · free cash flow · updated Jun 8, 2026

Core FCF metrics

EQNR · FCF · TTM · margin & CAGR

Free cash flow was $6.00B for FY2025 (fiscal year ending 2025-12-31), down 24.4% year-over-year The FCF margin was 5.7%. Five-year CAGR stands at +25.7%.

FY2025 Free Cash Flow$6.00B▼ -24.4% YoY

Trailing 12M (TTM)$2.08Btrailing 4 quarters sum

FCF Margin5.7%$6.00B ÷ revenue

3-Year CAGR-39.0%FY2022 → FY2025

5-Year CAGR+25.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

EQNR · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$19.97B(14.04B)$6.00B▼ 24.4%5.7%

FY2024$20.11B(12.18B)$7.93B▼ 43.8%7.7%

FY2023$24.70B(10.57B)$14.13B▼ 46.4%13.2%

FY2022$35.14B(8.76B)$26.38B▲ +27.0%17.7%

FY2021$28.82B(8.04B)$20.78B▲ +987.7%23.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

EQNR · P/FCF · FCF yield · FCF per share

Equinor ASA (EQNR) trades at a FCF yield of 2.02% and a price-to-free-cash-flow ratio of 46.2x. FCF per share stands at $0.80, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

2.02%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.80

TTM FCF ÷ Shares Outstanding

Price / FCF

x46.2

Share Price ÷ FCF per Share

EV / FCF (TTM)

x63.0

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

EQNR · cash flow statement · operating / investing / financing

For FY2025, Equinor ASA generated $19.97B in operating cash flow and spent 14.04B in capital expenditures, yielding $6.00B in free cash flow.

Operating Activities

+$19.97B

Cash from core business operations

2025-12-31

Investing Activities

−$9.60B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$11.53B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($19.97B) − |CapEx| (14.04B) = FCF ($6.00B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

EQNR vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Equinor ASAYOU

EQNR

$6.00B-24.4%5.6%

25%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Equinor ASA (EQNR) reported free cash flow of $6.00B for FY2025 (fiscal year ending 2025-12-31), down 24.4% year-over-year. The FCF margin was 5.7%.

Based on available data, Equinor ASA has maintained positive free cash flow for at least 12 fiscal year(s). FCF peaked at $26.38B in FY2022. The 5-year CAGR stands at +25.7%.

Equinor ASA's FCF yield is 2.02% and price-to-FCF ratio is 46.2x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

EQNR free cash flow · 8 questions

Equinor ASA free cash flow was $6.00B for FY2025, down 24.4% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $2.08B.

EQNR free cash flowEQNR FCFEQNR FCF 2025EQNR free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Equinor ASA · Equinor ASA SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026