Equinor Asa (EQNR) Gross Margin (2009 - 2025)
Equinor Asa's (EQNR) quarterly Gross Margin came in at 48.46% in Q4 2025, down 501.0% YoY from 12.08% in Q4 2024, and up 4.04% on a QoQ basis from 46.57% in Q3 2025.
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Equinor Asa (EQNR) Gross Margin (2009 - 2025) Analysis & Trends
Equinor Asa (EQNR) has 16 years of Gross Margin data on file, last reported at 48.46% in Q4 2025.
- Quarterly Gross Margin fell 501.0% year-over-year to 48.46% in Q4 2025, while the trailing twelve-month figure through Dec 2025 was 48.47% (down 2110.0% YoY) and the FY2025 annual result came in at 48.18%, down 360.0% from the prior year.
- Gross Margin advanced to 48.46% in Q4 2025, from 46.57% in the prior quarter.
- In the past five years, Gross Margin ranged from a high of 62.52% in Q1 2022 to a low of 46.57% in Q3 2025.
- A 4-year average of 53.75% and a median of 53.46% in 2024 frame the typical range for Gross Margin.
- Annual changes were most pronounced in 2021 — Gross Margin tumbled 621 bps — and 2022, when it soared 695 bps.
- Tracing EQNR's Gross Margin over 4 years: stood at 57.43% in 2021, then increased by 8 bps to 61.93% in 2022, then slipped by 14 bps to 53.46% in 2024, then fell by 9 bps to 48.46% in 2025.
- The last three Gross Margin figures came in at 48.46% (Q4 2025), 46.57% (Q3 2025), and 49.34% (Q2 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Shell | 517.27 Bn | 477.40 Bn | - | - |
| 2 | Chevron | 398.83 Bn | 395.97 Bn | 33.45 Bn | 47.75% |
| 3 | TotalEnergies SE | 190.54 Bn | 161.37 Bn | 23.46 Bn | 37.98% |
| 4 | Eni Spa | 166.18 Bn | 156.34 Bn | - | - |
| 5 | Equinor Asa | 103.49 Bn | 94.23 Bn | - | - |
| 6 | Suncor Energy | 78.09 Bn | 74.21 Bn | -8.45 Bn | 114.88% |
| 7 | Imperial Oil | 63.17 Bn | 61.11 Bn | - | - |
| 8 | Cenovus Energy | 59.48 Bn | 57.00 Bn | - | - |
| 9 | Gas Transporter Of The South | 21.19 Bn | -3,019.86 Bn | - | - |
| 10 | Ypf Sociedad Anonima | 19.74 Bn | 17.54 Bn | 2.97 Bn | 45.10% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 48.46% |
| Sep 30, 2025 | 46.57% |
| Jun 30, 2025 | 49.34% |
| Dec 31, 2024 | 53.46% |
| Sep 30, 2024 | 48.50% |
| Jun 30, 2022 | 61.93% |
| Mar 31, 2022 | 62.52% |
| Jun 30, 2021 | 57.43% |
| Mar 31, 2021 | 55.57% |
| Dec 31, 2020 | 53.41% |
| Jun 30, 2020 | 63.64% |
| Mar 31, 2020 | 50.91% |
| Dec 31, 2019 | 55.68% |
| Sep 30, 2019 | 47.86% |
| Jun 30, 2019 | 49.07% |
| Mar 31, 2019 | 59.44% |
| Dec 31, 2018 | 54.79% |
| Sep 30, 2018 | 50.04% |
| Jun 30, 2018 | 47.89% |
| Mar 31, 2018 | 50.48% |