BP vs Equinor
BP reported revenue of $192.5 billion in fiscal 2025, 1.8 times Equinor's $106.5 billion in fiscal 2025. BP's revenue fell 1.1% in its latest year, and Equinor's grew 2.6%. BP had an operating margin of 6.6%, against 23.8% at Equinor. Free cash flow was $11.3 billion at BP and $6.0 billion at Equinor.
Side by side
| BP | Equinor | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $192.5B | $106.5B |
| Revenue growth | −1.1% | 2.6% |
| Revenue growth a year, last 5 years | 12.0% | 18.4% |
| Gross margin | — | 48.2% |
| Operating margin | 6.6% | 23.8% |
| Net margin | 0.0% | 4.7% |
| Free cash flow | $11.3B | $6.0B |
| Free cash flow margin | 5.8% | 5.6% |
| Return on capital | 6.5% | 25.1% |
| Net debt to EBITDA | 0.7x | 0.3x |
| Dividends and buybacks | $9.5B | $6.2B |
| Change in diluted share count | — | −8.0% |
| Last close | $50.53 | $48.10 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | — | — |
| Piotroski F-score | — | — |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
BPEquinor
Operating margin
Percent of revenue
BPEquinor
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
BPEquinor