Equinor Asa (EQNR) Operating Margin (2009 - 2026)
Equinor Asa (EQNR) recorded Operating Margin of 36.02% in Q3 2026, up 15.79 percentage points from 20.23% a year earlier but down 0.92 percentage points from the prior quarter.
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Analysis
Equinor Asa (EQNR) Operating Margin (2009 - 2026) Analysis & Trends
On a TTM basis, Equinor Asa's Operating Margin came in at 32.26% as of Sep 30, 2026, up 5.97 percentage points year-over-year; for FY2025, it was 23.81%, down 5.99 percentage points from FY2024.
- Annual Operating Margin has declined for three straight years, though with a five-year change of +31.28 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at 29.80% in FY2024 (-3.57 pp), 33.38% in FY2023 (-18.88 pp), 52.26% in FY2022 (+15.24 pp) and 37.02% in FY2021 (+44.49 pp).
- Quarterly Operating Margin has ranged from 20.23% in Q3 2025 to 49.11% in Q1 2022 over the past five years.
- On a year-over-year basis, Operating Margin has increased for three consecutive quarters, with an average year-over-year change of +1.07 percentage points over the last eight quarters.
- Peak year-over-year performance for Operating Margin in the last five years was a gain of 19.43 percentage points in Q1 2022, against a drop of 9.94 percentage points in Q4 2025 at the low end.
- Per Business Quant, the preceding three quarters came in at 36.94% (Q2 2026), 31.55% (Q1 2026) and 21.64% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | ExxonMobil Holdings | 778.24 Bn | 734.72 Bn | - | - |
| 2 | Chevron | 463.12 Bn | 435.23 Bn | 33.45 Bn | -28.44% |
| 3 | Shell | 320.05 Bn | 180.31 Bn | - | - |
| 4 | TotalEnergies SE | 208.53 Bn | 79.61 Bn | 31,614.00 | -7,653,464.41% |
| 5 | Conocophillips | 185.85 Bn | 158.56 Bn | 12.81 Bn | 53.17% |
| 6 | Equinor Asa | 126.28 Bn | 39.13 Bn | - | 36.02% |
| 7 | Canadian Natural Resources | 116.99 Bn | 113.99 Bn | 8.84 Bn | 81.91% |
| 8 | Phillips 66 | 111.27 Bn | 95.06 Bn | 10.69 Bn | 14.27% |
| 9 | Suncor Energy | 96.22 Bn | 81.97 Bn | - | 3.43% |
| 10 | Eni Spa | 91.72 Bn | 31.35 Bn | - | 7.15% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 36.02% |
| Jun 30, 2026 | 36.94% |
| Mar 31, 2026 | 31.55% |
| Dec 31, 2025 | 21.64% |
| Sep 30, 2025 | 20.23% |
| Jun 30, 2025 | 22.75% |
| Mar 31, 2025 | 29.66% |
| Dec 31, 2024 | 31.59% |
| Sep 30, 2024 | 27.14% |
| Jun 30, 2024 | 29.98% |
| Mar 31, 2024 | 30.36% |
| Dec 31, 2023 | 30.11% |
| Jun 30, 2022 | 48.64% |
| Mar 31, 2022 | 49.11% |
| Jun 30, 2021 | 30.34% |
| Mar 31, 2021 | 29.68% |
| Dec 31, 2020 | -8.33% |
| Jun 30, 2020 | -6.15% |
| Mar 31, 2020 | 0.38% |
| Dec 31, 2019 | 10.17% |
API Access
Equinor Asa Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=EQNR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "EQNR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=EQNR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();