This paper presents the first detailed model of hybrid equilibria relevant to field-reversed configuration experiments, leading to a system of equations that are solved for a range of fully two-dimensional equilibria. Several features of these highly kinetic objects are explored. The range of equilibria is primarily dependent on a single free parameter related to the flow shear. The level of flow shear has a profound effect on the structure, especially near the separatrix. This likely has a strong influence on both stability and transport properties. Higher flow shear is favorable in every respect. The key factor behind the influence of flow shear is the relatively rapid end loss of unconfined ions. Differences between hybrid and static-fluid equilibrium models are highlighted, including the integrity of surface functions, the effect of flow shear, and the scrape-off layer thickness.