Equinor ASA (EQNR) Cash Flow: Operating & Free Cash Flow

Equinor ASA (EQNR) Cash Flow Statement

In fiscal 2025 (fiscal year ended Dec 31, 2025), Equinor ASA generated $19.97B of operating cash flow and spent $13.99B on capital expenditures. That left free cash flow of $5.98B, down 18.0% from $7.29B a year earlier, or 5.6% of revenue. It returned $10.71B to shareholders through $4.79B in dividends and $5.92B in share buybacks.

Equinor ASA Cash Flow Statement Analysis

Values in billions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Equinor ASA (EQNR) - Annual data in billions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Jan 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Operating Activities
Net Income	25.09	8.81	37.88	11.89	28.75	8.56	-4.26	9.29	18.87	13.42
Depreciation & Amortization	12.47	9.91	10.58	11.17	6.73	10.61	15.24	13.20	9.25	8.64
Deferred Income Tax	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Stock Based Compensation	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Change in Working Capital	1.99	2.22	4.96	4.96	-4.62	-4.55	-0.52	0.26	1.09	-0.54
Change in Other Working Capital	1.93	-2.33	3.65	4.96	0.47	-4.55	-0.52	0.26	1.09	-0.54
Other Operating Activities	0.94	-2.33	5.42	-3.32	0.47	14.19	-0.07	-9.01	-9.52	-7.16
Net Cash from Operating Activities	19.97	19.47	29.26	24.70	35.14	28.82	10.39	13.75	19.69	14.36
Investing Activities
Capital Expenditures	-13.99	-12.18	-10.58	-10.58	-8.76	-8.04	-8.48	-10.20	-11.37	-10.76
Acquisitions	-0.03	-1.71	-1.20	-1.20	0.15	-0.11	0.51	0.33	-3.56	0.41
Purchases of Investments	1.57	0.00	0.44	0.00	0.00	0.00	-4.32	-1.01	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	-	0.00	0.00	0.00	-0.51	0.30	1.94	0.67
Other Investing Activities	1.97	10.36	-0.91	-0.64	-7.25	-8.06	0.71	-0.01	3.71	1.08
Net Cash from Investing Activities	-9.60	-3.53	-12.41	-12.41	-15.86	-16.21	-12.09	-10.59	-11.21	-9.68
Financing Activities
Debt Repayment	-2.40	-4.08	-2.82	-4.24	-1.62	-3.91	6.38	-1.43	-2.35	-4.78
Common Stock Repurchased	-5.92	-6.01	-5.59	-5.59	-3.32	-0.32	-1.06	-0.44	0.00	0.00
Dividends Paid	-4.79	-8.58	-10.91	-10.91	-5.38	-1.80	-2.33	-3.34	-2.67	-1.49
Other Financing Activities	-4.33	0.93	1.17	2.59	0.00	1.20	0.00	-0.28	0.00	0.44
Net Cash from Financing Activities	-11.53	-17.74	-18.14	-18.14	-15.41	-4.84	2.99	-5.50	-5.02	-5.82
Summary
Effect of Forex Changes on Cash	0.28	-0.36	-0.09	-0.09	-2.27	-0.54	0.29	-0.04	-0.29	0.44
Net Change in Cash	-0.87	-1.81	-1.38	-5.94	3.86	7.23	1.58	-2.38	3.17	-0.70
Cash at Beginning of Period	5.90	8.07	-	15.58	13.99	6.76	5.18	7.56	4.39	5.09
Cash at End of Period	5.04	5.90	-	9.64	15.58	13.99	6.76	5.18	7.56	4.39
Free Cash Flow	5.98	7.29	18.68	14.13	26.38	20.78	1.91	3.55	8.33	3.61
Supplemental Disclosures
Interest Paid	0.67	0.89	1.04	-	0.75	0.70	-	-	-	-
Income Taxes Paid	20.46	20.59	28.28	-	43.86	8.59	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Equinor ASA Cash Flow

What is Equinor ASA's free cash flow?

Equinor ASA generated free cash flow of $5.98B in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of $19.97B minus $13.99B of capital expenditures. That was down 18.0% from $7.29B a year earlier. Free cash flow equaled 5.6% of revenue.

How much does Equinor ASA spend on capital expenditures?

Equinor ASA spent $13.99B on capital expenditures in fiscal 2025, compared with $12.18B a year earlier. That equals 70.1% of operating cash flow.

Does Equinor ASA pay dividends or buy back shares?

Yes. In fiscal 2025 Equinor ASA returned $4.79B in dividends and $5.92B in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition