- Adjusted operating income was USD 6.20 billion in Q4 2025.
- Production increased by 6% in Q4 and 3.4% for the year.
- Organic capital expenditures for 2026/27 reduced by USD 4 billion.
- Operating costs to decrease by 10% in 2026.
Financial Performance
Equinor reported an adjusted operating income of USD 6.20 billion and USD 1.55 billion after tax in the fourth quarter of 2025. The net operating income was USD 5.49 billion, with a net income of USD 1.31 billion. Adjusted net income stood at USD 2.04 billion, resulting in adjusted earnings per share of USD 0.81.
Production and Operations
The fourth quarter and full year were marked by strong production and operational performance, with a 6% production growth in the quarter and 3.4% for the full year. The company continued to high-grade its portfolio while maintaining cost and capital discipline.
Strategic Actions
Equinor is taking steps to enhance competitiveness, cash flow, and robustness. Strategic priorities include maximizing value from the Norwegian Continental Shelf, focusing on international oil and gas growth, and building an integrated power business. The company aims to strengthen free cash flow by reducing the organic capital expenditures outlook for 2026/27 by USD 4 billion.
Cost Management and Future Outlook
Operating costs are expected to decrease by 10% in 2026 through a strong focus on cost management and portfolio high-grading. Equinor anticipates around 3% oil and gas production growth in 2026 and aims to deliver a return on average capital employed of approximately 13% for 2026/27.
