Equinor Q2 2025 earnings: $25.15B revenue, $6.53B adjusted operating income.

Equinor Q2 2025 earnings: $25.15B revenue, $6.53B adjusted operating income.

Equinor ASA (NYSE:EQNR) delivered a strong second quarter of 2025, reporting $25.15 billion in revenue and $6.53 billion in adjusted operating income. The company's earnings per share (EPS) reached $0.64, meeting analysts' expectations [2].

Equinor's operational performance was robust, with total equity production increasing by 2% to 2,096 million barrels of oil equivalent (mboe) per day. The company's Norwegian continental shelf operations contributed significantly, with new production from the Johan Castberg field and Halten East offsetting natural decline and maintenance impacts. Additionally, the acquisition of US onshore assets in 2024 led to a 28% increase in oil and gas production from the US, despite exits from Nigeria and Azerbaijan [2].

The company's renewable portfolio also showed growth, with total power generation from renewables increasing by 10% compared to the same quarter last year. This growth was driven by the ramp-up of power production from Dogger Bank A and new production from the onshore wind farm Lyngsåsa in Sweden [2].

Despite lower liquids prices, Equinor's adjusted operating income was stable, partially offset by higher gas prices and increased production. The company's net operating income of $5.72 billion was down from $7.66 billion in the same quarter last year due to an impairment of $955 million related to regulatory changes and increased exposure to tariffs [2].

Equinor's financial health remains strong, with a net debt to capital employed adjusted ratio of 15.2% at the end of the second quarter. The company's cash flow from operations after taxes paid ended at $1.94 billion, supported by stable operating and administrative expenses [2].

Equinor's management remains committed to its long-term strategy, with key milestones achieved on the Johan Castberg, Johan Sverdrup phase 3, and Fram South/Troll projects. The company also announced the divestment of the Peregrino field in Brazil for $3.5 billion and the financial close of the Baltyk 2 & 3 offshore wind projects in Poland [2].

The company's stock has seen mixed analyst ratings, with a consensus rating of "Hold" and a consensus price target of $22.71. Hedge funds have also shown interest in the company, with Royal Bank of Canada increasing its holdings by 11.1% in the first quarter [1].

References:
[1] https://www.marketbeat.com/instant-alerts/equinor-asa-eqnr-expected-to-announce-quarterly-earnings-on-wednesday-2025-07-16/
[2] https://finance.yahoo.com/news/equinor-second-quarter-2025-results-044500056.html