Canadian Natural Resources Ltd. (CNQ) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.04	$2.19	+7.4%	—	—	—
Q4 26	$1.06	$1.17	+10.4%	—	—	—
Q3 26	$0.7	$0.82	+17.1%	—	—	—
Q2 26	$0.81	$0.86	+6.2%	—	—	—
Q1 26	$0.69	$0.71	+2.9%	—	—	—
Q4 25	$1.08	$1.16	+7.4%	—	—	—
Q3 25	$0.95	$0.93	-2.1%	—	—	—
Q2 25	$0.91	$0.97	+6.6%	—	—	—
Q1 25	$0.8	$0.88	+10.0%	—	—	—
Q4 24	$0.74	$0.69	-6.8%	—	—	—
Q3 24	$1.08	$1.17	+8.3%	—	—	—
Q2 24	$1.2	$1.3	+8.3%	—	—	—
Q1 24	$0.53	$0.57	+7.5%	—	—	—
Q4 23	$0.82	$0.85	+3.7%	—	—	—
Q3 23	$1.13	$0.98	-13.3%	—	—	—
Q2 23	$1.44	$1.55	+7.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$5.17	—	—	$44.2B	—
FY24	—	$2.87	—	—	$41.5B	—
FY23	—	$3.77	—	—	$40.8B	—
FY22	—	$4.82	—	—	$49.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$12B	$18.4B	$22.3B	$24.4B	$17.5B	$32.9B	$49.5B	$40.8B	$41.5B	$44.2B
YoY change	-8.85%	+53%	+21.4%	+9.48%	-28.3%	+87.8%	+50.8%	-17.6%	+1.65%	+6.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	12B	18.4B	22.3B	24.4B	17.5B	32.9B	49.5B	40.8B	41.5B	44.2B
Cost of revenue	12.4B	15.4B	17.1B	18B	17.4B	22.3B	33.3B	29.1B	30.6B	34.8B
Gross profit	-437M	3B	5.2B	6.3B	69M	10.6B	16.3B	11.8B	10.9B	9.4B
Gross margin	-3.64%	16.1%	23.4%	26%	0.39%	32.2%	32.8%	28.8%	26.3%	21.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	700M	453M	179M	567M	309M	880M	1.2B	943M	782M	795M
Operating expenses	842M	617M	365M	757M	514M	1.1B	1.5B	1.3B	1.2B	1.2B
Operating income	-1.3B	2.3B	4.8B	5.6B	-445M	9.5B	14.8B	10.5B	9.7B	8.2B
Operating margin	-10.7%	12.7%	21.8%	22.9%	-2.54%	29%	29.8%	25.6%	23.4%	18.6%
Non-operating income, net	599M	1.2B	-587M	200M	328M	1.1B	-507M	337M	-1.1B	5.8B
Pretax income	-1.1B	2.9B	3.5B	5B	-873M	9.9B	13.7B	10.2B	8.1B	13.2B
Income tax	-859M	476M	931M	-460M	-438M	2.2B	2.8B	1.9B	2B	2.4B
Net income	-204M	2.4B	2.6B	5.4B	-435M	7.7B	10.9B	8.2B	6.1B	10.8B
Net margin	-1.7%	13.1%	11.6%	22.2%	-2.49%	23.3%	22.1%	20.2%	14.7%	24.5%
EBITDA	3.6B	7.6B	10.1B	11.2B	5.7B	15.7B	22.2B	16.9B	16.5B	16B
EPS	-0.1	1.02	1.06	2.27	-0.18	3.25	4.82	3.77	2.87	5.17
Diluted EPS	-0.1	1.01	1.06	2.27	-0.18	3.23	4.76	3.73	2.85	5.16

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	11.1B	10.7B	12.4B	17.2B
Cost of revenue	—	—	—	—	—	—	—	—	9.7B	8.6B	8.8B	10.8B
Gross profit	—	—	—	—	—	—	—	—	1.4B	2.1B	3.6B	6.4B
Gross margin	—	—	—	—	—	—	—	—	12.6%	20%	28.8%	37.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	215M	243M	798M	-37M
Operating expenses	—	—	—	—	—	—	—	—	310M	347M	896M	61M
Operating income	—	—	—	—	—	—	—	—	1.1B	1.8B	2.7B	6.4B
Operating margin	—	—	—	—	—	—	—	—	9.79%	16.8%	21.5%	36.9%
Non-operating income, net	—	—	—	—	—	—	—	—	-504M	5.3B	-623M	-225M
Pretax income	—	—	—	—	—	—	—	—	487M	6.8B	1.7B	5.9B
Income tax	—	—	—	—	—	—	—	—	-113M	1.5B	382M	1.4B
Net income	—	—	—	—	—	—	—	—	600M	5.3B	1.3B	4.5B
Net margin	—	—	—	—	—	—	—	—	5.42%	49.5%	10.9%	26.2%
EBITDA	—	—	—	—	—	—	—	—	4.3B	4.3B	4.5B	8.3B
EPS	1.08	1.22	0.46	0.8	1.07	0.54	1.17	1.17	0.29	2.55	0.65	2.17
Diluted EPS	1.06	1.21	0.46	0.8	1.06	0.54	1.17	1.17	0.29	2.54	0.64	2.15

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	49.9B	59.7B	41.9B	54.8B	40.4B	71B	91.6B	101.9B	—	70.8B	98B
Enterprise value	65.8B	81.2B	61.9B	75.2B	61.4B	84.7B	101.6B	111.3B	—	86.7B	81.5B
Shares outstanding	3.2B	3.4B	3.5B	3.5B	3.4B	3.4B	3.3B	3.1B	2.1B	2.1B	2.1B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	24.9	16.2	10.1	—	9.27	8.37	12.4	—	6.54	11.9
P/S	4.16	3.25	1.88	2.25	2.31	2.16	1.85	2.49	—	1.6	2.19
P/B	1.9	1.89	1.31	1.57	1.25	1.92	2.4	2.56	—	1.6	2.97
EV/EBITDA	18.1	10.7	6.14	6.7	10.8	5.4	4.57	6.57	—	5.41	6.03
EV/Sales	5.48	4.42	2.78	3.08	3.51	2.58	2.05	2.72	—	1.96	2.58
Earnings yield	—	4.01%	6.19%	9.88%	—	10.8%	11.9%	8.08%	—	15.3%	8.37%
FCF yield	-0.7%	4.29%	13.6%	9.52%	5.33%	14.1%	15.6%	7.31%	—	11.7%	5.35%
PEG	—	—	—	—	—	—	—	—	—	—	0.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	-3.64%	16.1%	23.4%	26%	0.39%	32.2%	32.8%	28.8%	26.3%	21.3%	37.2%
Operating margin	-10.7%	12.7%	21.8%	22.9%	-2.54%	29%	29.8%	25.6%	23.4%	18.6%	43.1%
Net margin	-1.7%	13.1%	11.6%	22.2%	-2.49%	23.3%	22.1%	20.2%	14.7%	24.5%	26.3%
ROE	-0.78%	7.57%	8.1%	15.5%	-1.34%	20.7%	28.6%	20.7%	15.5%	24.4%	26.7%
ROA	-0.35%	3.25%	3.62%	6.93%	-0.58%	10%	14.4%	10.8%	7.15%	11.8%	7.91%
ROIC	-3.03%	3.67%	6.86%	10.1%	-0.83%	14.5%	24.4%	17.2%	12.7%	11.1%	15.3%
Return on tangible assets	-0.35%	3.25%	3.62%	6.93%	-0.58%	10%	14.4%	10.8%	7.15%	11.8%	12.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.85	0.78	0.63	0.68	0.86	0.8	0.82	0.96	0.77	0.95	1
Quick ratio	0.72	0.64	0.43	0.5	0.65	0.59	0.61	0.69	0.48	0.63	0.75
Debt / equity	0.64	0.71	0.64	0.6	0.66	0.4	0.3	0.27	0.48	0.37	0.43
Debt / assets	0.29	0.3	0.29	0.27	0.28	0.19	0.15	0.14	0.22	0.18	0.18
Net debt / EBITDA	4.38	2.81	1.99	1.81	3.7	0.87	0.45	0.55	1.13	0.99	0.68
Interest coverage	-1.47	4.95	5.41	6.43	-0.05	14.3	21.5	15.7	13	13.7	17.7
Effective tax rate	0%	16.6%	26.4%	0%	0%	22.7%	20.2%	19%	24.2%	18.3%	21.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	3.75	5.38	6.29	7.05	5.09	9.57	15	13.1	19.5	21.1	21.4
EPS (basic)	-0.1	1.02	1.06	2.27	-0.18	3.25	4.82	3.77	2.87	5.17	5.17
EPS (diluted)	-0.1	1.01	1.06	2.27	-0.18	3.23	4.76	3.73	2.85	5.16	3.97
Book value per share	8.21	9.27	9.03	10.1	9.43	10.8	11.6	12.8	18.6	21.2	16
FCF per share	-0.11	0.75	1.6	1.51	0.63	2.91	4.32	2.39	3.76	3.98	4.69
Cash per share	0.29	0.3	0.18	0.18	0.14	0.31	0.43	0.45	0.06	0.32	1.27
Capex per share	0	0.04	0.08	0.02	0	—	—	—	—	3.25	3.83

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.05%	0.68%	1.19%	0.3%	0.03%	—	—	—	—	15.4%	15.6%
Capex / operating cash flow	0.14%	1.6%	3.51%	0.72%	0.1%	—	—	—	—	45%	45%
Payout ratio	-371.6%	52.2%	60.3%	32.2%	-448.3%	28.3%	45%	47.3%	72.5%	45%	43.2%
Dividend yield	1.52%	2.1%	3.73%	3.18%	4.82%	3.06%	5.38%	3.82%	—	6.88%	3.8%

Yield

3.8%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.452

ex-dividend Sep 11, 2026

Payout ratio

43%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 11, 2026	$0.452
Jun 23, 2026	$0.442
Mar 20, 2026	$0.455

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	—	—	—	—	—	—	—	—	$11.1B	$10.7B	$12.4B	$17.2B
YoY change	—	—	—	—	—	—	—	—	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	930M	1B	625M	629M	489M	1.1B	1.4B	1.4B	131M	673M
Receivables	1.4B	2.4B	1.1B	2.5B	2.2B	3.1B	3.6B	3.2B	4.1B	4B
Inventory	689M	894M	955M	1.2B	1.1B	1.5B	1.8B	2B	2.8B	2.6B
Total current assets	4.3B	4.9B	3B	4.5B	4.4B	5.9B	7.1B	7.2B	7.4B	7.7B
Property, plant & equipment	-50.3B	-53.7B	-58.8B	-60B	-64.5B	-69.2B	-76.1B	-80.9B	-87.4B	-88.6B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	58.6B	73.9B	71.6B	78.1B	75.3B	76.7B	76.1B	76B	85.4B	91.8B
Accounts payable	595M	775M	779M	816M	667M	803M	1.3B	1.4B	1.1B	1.1B
Short-term debt	1.8B	1.9B	1.1B	2.4B	1.3B	1B	404M	980M	2.4B	441M
Total current liabilities	5.1B	6.3B	4.8B	6.6B	5.1B	7.4B	8.7B	7.4B	9.6B	8.1B
Long-term debt	15B	20.6B	19.5B	18.6B	20.1B	13.7B	11B	9.8B	16.4B	16.2B
Total liabilities	32.4B	42.2B	39.6B	43.1B	42.9B	39.7B	38B	36.1B	45.9B	47.5B
Shareholders' equity	26.3B	31.7B	32B	35B	32.4B	36.9B	38.2B	39.8B	39.5B	44.4B
Total debt	16.8B	22.5B	20.6B	21B	21.5B	14.7B	11.4B	10.8B	18.8B	16.6B
Net debt	16.8B	22.3B	20.5B	20.8B	21.3B	13.9B	10.5B	9.9B	18.7B	15.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	690M	1.4B	1.4B	915M	513.6M	131M	93M	102M	113M	673M	808M	2.6B
Receivables	4.2B	3.2B	3.4B	3.7B	2.2B	4.1B	3.9B	3.9B	3.7B	4B	5.2B	5.3B
Inventory	2.2B	2B	2.3B	2.5B	1.8B	2.8B	2.7B	2.7B	2.8B	2.6B	2.9B	2.8B
Total current assets	7.5B	7.2B	7.5B	7.4B	4.8B	7.4B	7.2B	7.2B	7.2B	7.7B	9.4B	11.3B
Property, plant & equipment	-79.5B	-80.9B	-81.6B	-82.9B	-59.9B	-87.4B	-88.9B	-89.6B	-92.5B	-88.6B	-90.2B	-92B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	76.3B	76B	76B	75.9B	53.5B	85.4B	84.8B	85.3B	85.6B	91.8B	94B	96.6B
Accounts payable	1.2B	1.4B	1.1B	1.9B	820.7M	1.1B	1.2B	1.2B	1.3B	1.1B	1.6B	1.6B
Short-term debt	1.6B	980M	1.8B	820M	1.2B	2.4B	1.4B	1.4B	829M	441M	441M	2.2B
Total current liabilities	8.3B	7.4B	8.5B	8.4B	5.7B	9.6B	8.6B	8.5B	8.3B	8.1B	9.5B	11.3B
Long-term debt	10B	9.8B	9.2B	9.3B	6B	16.4B	16B	15.7B	16.4B	16.2B	16.5B	14.9B
Total liabilities	36.7B	36.1B	36.5B	36.5B	25.1B	45.9B	44.4B	44B	45.1B	47.5B	49.4B	49.8B
Shareholders' equity	39.6B	39.8B	39.5B	39.5B	28.4B	39.5B	40.4B	41.3B	40.5B	44.4B	44.6B	46.8B
Total debt	11.6B	10.8B	11B	10.1B	7.1B	18.8B	17.4B	17.1B	17.3B	16.6B	17B	17.1B
Net debt	11.5B	9.9B	10.3B	9.2B	6.6B	18.7B	17.3B	17B	17.2B	15.9B	16.2B	14.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-204M	2.4B	2.6B	5.4B	-435M	7.7B	10.9B	8.2B	6.1B	10.8B
Depreciation & amortization	4.9B	5.2B	5.2B	5.5B	6B	5.7B	7.4B	6.4B	6.7B	7.6B
Stock-based compensation	355M	134M	-146M	223M	-82M	514M	804M	491M	279M	180M
Change in working capital	—	—	—	—	—	—	—	—	—	—
Operating cash flow	4.4B	7.8B	7.6B	10.1B	4.8B	13.8B	18.7B	15.1B	13.1B	15.1B
Capital expenditure	6M	-124M	-266M	-73M	-5M	—	—	—	—	-6.8B
Investing cash flow	-8M	-8.5B	-639M	-3.7B	-264M	790M	149M	51M	-8.7B	-6.7B
Dividends paid	-758M	-1.3B	-1.6B	-1.7B	-1.9B	-2.2B	-4.9B	-3.9B	-4.4B	-4.9B
Share repurchases	0	0	-1.3B	-941M	-271M	-1.6B	-5.6B	-3.3B	-2.7B	-1.4B
Financing cash flow	649M	7.7B	-7.3B	129M	-1.6B	-17.1B	-14.7B	-7.9B	-317M	-9.5B
Net change in cash	5B	6.9B	-325M	6.5B	3B	-2.5B	4.1B	7.2B	4.1B	-1.1B
Free cash flow	-351M	2.6B	5.7B	5.2B	2.2B	10B	14.3B	7.4B	8B	8.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	2.3B	2.6B	987M	1.7B	1.6B	1.1B	2.5B	2.5B	600M	5.3B	1.3B	4.5B
Depreciation & amortization	1.5B	2.1B	1.5B	1.6B	1.1B	1.9B	1.9B	1.8B	3.2B	2.5B	1.9B	1.9B
Stock-based compensation	298M	57M	294M	-13M	-32.8M	44M	26M	8M	63M	83M	644M	-196M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	4.4B	4.5B	2.7B	3.4B	2.7B	3.2B	4.2B	3.1B	3.9B	3.8B	3.3B	6.8B
Capital expenditure	3M	—	—	—	-5.7M	—	—	-1.9B	-2.1B	-1.5B	-2.1B	-2.4B
Investing cash flow	-88M	29M	-348M	610M	47.7M	49M	-15M	-1.9B	-2.2B	-1.2B	-1.9B	-2.5B
Dividends paid	-984M	-980M	-1.1B	-1.1B	-796.4M	-1.1B	-1.2B	-1.2B	-1.2B	-1.2B	-1.2B	-1.3B
Share repurchases	-594M	-1.5B	-606M	-762M	-527.9M	-551M	-487M	-359M	-309M	-294M	-311M	-1.1B
Financing cash flow	-3.1B	-3B	-1.8B	-3B	-1.4B	-1.7B	-3.1B	-1.2B	-1.7B	-2.1B	-1.5B	-2.6B
Net change in cash	1.2B	1.5B	567M	1.1B	1.4B	1.5B	1.1B	-30M	-29M	482M	-202M	1.8B
Free cash flow	2.4B	3.8B	1.8B	2.5B	1.2B	2.1B	3B	1.2B	1.9B	2.3B	1.2B	4.4B

Date	Ratio
Aug 22, 2022	1021:1000
Jun 1, 2010	2:1
May 31, 2005	2:1
Jun 1, 2004	2:1

Canadian Natural Resources Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history