Equinor Reports Lower Q4 Earnings as Record Production Supports Cash Flow

Equinor posted lower earnings in the fourth quarter of 2025 compared with a year earlier, reflecting weaker liquids prices and impairment charges, even as the Norwegian energy major delivered record annual production and outlined measures to reinforce cash flow and competitiveness. Adjusted operating income for the quarter reached $6.2 billion, down from the same period in 2024, while adjusted net income came in at $2.04 billion, corresponding to adjusted earnings per share of $0.81. Reported net income w ...