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% on a YoY basis from 12.08% in Q4 2024, and up 4.04% quarter-over-quarter from 46.57% in Q3 2025.
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Equinor Asa (EQNR) Gross Margin (2009 - 2025) Analysis & Trends
Equinor Asa (EQNR) has reported Gross Margin for 16 consecutive years, with 48.46% the latest figure, recorded in Q4 2025.
- For the quarter ending Q4 2025, Gross Margin fell 501.0% year-over-year to 48.46%; the trailing twelve-month figure through Dec 2025 stood at 48.18% (down 1239.0% YoY), and the FY2025 full-year result was 47.87%, down 331.0% from the prior year.
- Gross Margin rose to 48.46% in Q4 2025 per EQNR's latest filing, from 46.57% in the prior quarter.
- Across five years, Gross Margin topped out at 62.52% in Q1 2022 and bottomed at 46.57% in Q3 2025.
- Historically, Gross Margin has averaged 53.15% across 4 years, with a median of 52.57% in 2024.
- The sharpest annual moves came in 2021 and 2022: Gross Margin plunged 621 bps in 2021, then jumped 695 bps in 2022.
- Over 4 years, Gross Margin stood at 57.43% in 2021, then gained by 8 bps to 61.93% in 2022, then declined by 14 bps to 53.46% in 2024, then decreased by 9 bps to 48.46% in 2025.
- According to Business Quant data, Gross Margin over the past three periods registered 48.46%, 46.57%, and 49.34% for Q4 2025, Q3 2025, and Q2 2025 respectively.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Chevron | 413.73 Bn | 410.87 Bn | 33.45 Bn | 47.75% |
| 2 | Shell | 269.64 Bn | 229.78 Bn | 30.13 Bn | 31.83% |
| 3 | TotalEnergies SE | 200.34 Bn | 171.16 Bn | 23.46 Bn | 37.98% |
| 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 | 16.10% |
| 7 | Suncor Energy | 82.82 Bn | 77.45 Bn | 17.50 Bn | 92.04% |
| 8 | Imperial Oil | 62.85 Bn | 60.80 Bn | - | - |
| 9 | Cenovus Energy | 61.44 Bn | 59.48 Bn | 7.32 Bn | 93.84% |
| 10 | Occidental Petroleum | 58.81 Bn | 55.30 Bn | 7.73 Bn | 95.88% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Dec 31, 2025 | 48.46% |
| Sep 30, 2025 | 46.57% |
| Jun 30, 2025 | 49.34% |
| Mar 31, 2025 | 48.39% |
| Dec 31, 2024 | 53.46% |
| Sep 30, 2024 | 48.44% |
| Mar 31, 2024 | 52.57% |
| 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% |