Equinor Asa (EQNR) Cost of Revenue (2009 - 2025)
Equinor Asa's (EQNR) quarterly Cost of Revenue came in at $13.1 billion in Q4 2025, up 1.52% on a YoY basis from $12.9 billion in Q4 2024, and down 6.13% quarter-over-quarter from $13.9 billion in Q3 2025.
Analysis
Equinor Asa (EQNR) Cost of Revenue (2009 - 2025) Analysis & Trends
Equinor Asa (EQNR) has reported Cost of Revenue for 16 consecutive years, with $13.1 billion the latest figure, recorded in Q4 2025.
- For the quarter ending Q4 2025, Cost of Revenue rose 1.52% year-over-year to $13.1 billion; the trailing twelve-month figure through Dec 2025 stood at $55.2 billion (up 6.6% YoY), and the FY2025 full-year result was $55.2 billion, up 10.24% from the prior year.
- Cost of Revenue retreated to $13.1 billion in Q4 2025 per EQNR's latest filing, from $13.9 billion in the prior quarter.
- Across five years, Cost of Revenue topped out at $15.4 billion in Q1 2025 and bottomed at $7.2 billion in Q1 2021.
- Historically, Cost of Revenue has averaged $12.3 billion across 4 years, with a median of $13.1 billion in 2025.
- The widest YoY moves for Cost of Revenue: up 169.05% in 2021, down 3.11% in 2021.
- Over 4 years, Cost of Revenue stood at $7.4 billion in 2021, then surged by 87.2% to $13.9 billion in 2022, then fell by 7.09% to $12.9 billion in 2024, then climbed by 1.52% to $13.1 billion in 2025.
- According to Business Quant data, Cost of Revenue over the past three periods registered $13.1 billion, $13.9 billion, and $12.7 billion for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Chevron | 413.73 Bn | 410.87 Bn | 33.45 Bn | 36.61 Bn |
| 2 | Shell | 269.64 Bn | 229.78 Bn | 30.13 Bn | 64.53 Bn |
| 3 | TotalEnergies SE | 200.34 Bn | 171.16 Bn | 23.46 Bn | 38.31 Bn |
| 4 | Eni Spa | 171.91 Bn | 162.06 Bn | - | - |
| 5 | Equinor Asa | 110.26 Bn | 101.00 Bn | - | - |
| 6 | Phillips 66 | 108.93 Bn | 106.03 Bn | 8.38 Bn | 43.66 Bn |
| 7 | Suncor Energy | 82.82 Bn | 77.45 Bn | 17.50 Bn | 1.51 Bn |
| 8 | Imperial Oil | 62.85 Bn | 60.80 Bn | - | - |
| 9 | Cenovus Energy | 61.44 Bn | 59.48 Bn | 7.32 Bn | 480.45 Mn |
| 10 | Occidental Petroleum | 58.81 Bn | 55.30 Bn | 7.73 Bn | 332.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 13.06 Bn |
| Sep 30, 2025 | 13.92 Bn |
| Jun 30, 2025 | 12.74 Bn |
| Mar 31, 2025 | 15.44 Bn |
| Dec 31, 2024 | 12.87 Bn |
| Sep 30, 2024 | 13.10 Bn |
| Mar 31, 2024 | 11.92 Bn |
| Jun 30, 2022 | 13.85 Bn |
| Mar 31, 2022 | 13.51 Bn |
| Jun 30, 2021 | 7.40 Bn |
| Mar 31, 2021 | 7.17 Bn |
| Dec 31, 2020 | 5.53 Bn |
| Jun 30, 2020 | 2.75 Bn |
| Mar 31, 2020 | 7.40 Bn |
| Dec 31, 2019 | 6.60 Bn |
| Sep 30, 2019 | 7.67 Bn |
| Jun 30, 2019 | 8.61 Bn |
| Mar 31, 2019 | 6.66 Bn |
| Dec 31, 2018 | 9.82 Bn |
| Sep 30, 2018 | 9.49 Bn |