Mmp was Equinor Asa’s largest segment in fiscal 2025, bringing in $104.77B of $106.46B (98%).
| Segment | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Mmp | $148.11B | $105.91B | $101.79B | $104.77B | |||||||
| Marketing Midstream & Processing | — | — | — | — | |||||||
| Ep Norway | $75.93B | $38.34B | $33.64B | $34.39B | |||||||
| Exploration & Production Norway | — | — | — | — | |||||||
| Development & Production Norway | — | — | — | — | |||||||
| Development & Production International | — | — | — | — | |||||||
| Ep International | $7.43B | $7.03B | $7.34B | $5.10B | |||||||
| Exploration & Production International | — | — | — | — | |||||||
| Ep Usa | $5.52B | $4.32B | $3.96B | $4.30B | |||||||
| Exploration & Production Usa | — | — | — | — | |||||||
| Ren | $185.00M | $17.00M | $317.00M | $192.00M | |||||||
| Renewables | — | — | — | — | |||||||
| Other | $187.00M | $253.00M | $133.00M | $132.00M | |||||||
| All Other Segments | — | — | — | — | |||||||
| Eliminations | -$86.55B | -$48.70B | -$43.41B | -$42.42B | |||||||
| Elimination Of Intersegment Amounts | — | — | — | — | |||||||
| Total | $150.81B | $107.17B | $103.78B | $106.46B |
Equinor Asa brought in $106.46B from its seven segments in fiscal 2025, the year ended December 31, 2025. That was up 2.6% from $103.78B in fiscal 2024. Mmp was the largest at $104.77B (98.4%), ahead of Ep Norway at $34.39B (32.3%) and Ep International at $5.10B (4.8%). The other three segments brought in $4.62B combined.
Compared with fiscal 2024, Ep Usa grew fastest, up 8.6% to $4.30B, while Ep International fell the most, down 30.5% to $5.10B. From fiscal 2022 to 2025, combined revenue from these segments fell from $150.81B to $106.46B, a compound annual decline of 11.0%. Mmp's share held steady at about 98.4%.
The total is net of Eliminations, which took $42.42B off revenue in fiscal 2025.
Crude Oil was Equinor Asa’s largest revenue line in fiscal 2025, bringing in $58.40B of $105.24B (55%).
| Products and services [axis] | FY 2016 | FY 2017 | FY 2020 | FY 2022 | FY 2023 | FY 2025 |
|---|---|---|---|---|---|---|
| Crude Oil | $58.52B | $56.86B | $58.40B | |||
| Natural Gas | $65.23B | $26.39B | $25.29B | |||
| Refined Products | $11.09B | $10.08B | $10.38B | |||
| Natural Gas Liquids | $9.24B | $8.35B | $7.04B | |||
| Power | $3.95B | $2.22B | $2.10B | |||
| Transportation | $1.47B | $1.43B | $1.26B | |||
| Trasnsportation | — | — | — | |||
| Other Sales | $748.00M | $809.00M | $778.00M | |||
| Other Products | — | — | — | |||
| Total | $150.26B | $106.13B | $105.24B |
Equinor Asa brought in $105.24B from its seven revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 0.8% from $106.13B in fiscal 2023, the previous year with figures. Crude Oil was the largest at $58.40B (55.5%), ahead of Natural Gas at $25.29B (24.0%) and Refined Products at $10.38B (9.9%). The other four revenue lines brought in $11.18B combined.
Compared with fiscal 2023, the previous year with figures, Refined Products grew fastest, up 2.9% to $10.38B, while Natural Gas Liquids fell the most, down 15.7% to $7.04B. From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $150.26B to $105.24B, a compound annual decline of 11.2%. Crude Oil's share of the total rose from 38.9% to 55.5%.
Parent was Equinor Asa’s largest revenue line in fiscal 2017, bringing in $44.80B of $61.19B (73%).
| Consolidated Entities | FY 2015 | FY 2016 | FY 2017 |
|---|---|---|---|
| Parent | $34.60B | $28.85B | $44.80B |
| Non Guarantor Subsidiaries | $20.21B | $15.50B | $22.24B |
| Guarantor Subsidiaries | $12.23B | $11.42B | $20.18B |
| Consolidation Adjustments | -$7.40B | -$9.90B | -$26.03B |
| Total | $59.64B | $45.87B | $61.19B |
Equinor Asa brought in $61.19B from its four revenue lines in fiscal 2017, the year ended December 31, 2017. That was up 33.4% from $45.87B in fiscal 2016. Parent was the largest at $44.80B (73.2%), ahead of Non Guarantor Subsidiaries at $22.24B (36.3%) and Guarantor Subsidiaries at $20.18B (33.0%).
Compared with fiscal 2016, Guarantor Subsidiaries grew fastest, up 76.7% to $20.18B. Every revenue line above 2% of revenue grew. From fiscal 2015 to 2017, combined revenue from these revenue lines grew from $59.64B to $61.19B, a compound annual growth rate of 1.3%. Parent's share of the total rose from 58.0% to 73.2%.
The total is net of Consolidation Adjustments, which took $26.03B off revenue in fiscal 2017.
Equinor Asa (EQNR) reports its revenue by segment, by products and services [axis] and by consolidated entities. In fiscal 2025, Mmp was its largest segment, bringing in $104.77B (98.4% of the total), followed by Ep Norway at $34.39B (32.3%).
Mmp was Equinor Asa's largest segment in fiscal 2025, bringing in $104.77B, or 98.4% of the $106.46B total across its seven segments.
Crude Oil was Equinor Asa's largest revenue line in fiscal 2025, bringing in $58.40B, or 55.5% of the $105.24B total across its seven revenue lines.
Among Equinor Asa's segments that make up at least 2% of revenue, Ep Usa grew fastest in fiscal 2025, up 8.6% from $3.96B to $4.30B.
Every figure comes from Equinor Asa's annual financial filings, as reported. Each line keeps the name Equinor Asa gives it, and years follow its fiscal calendar.
Equinor Asa's revenue by segment goes back to fiscal 2015, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.