Cenovus Energy Inc. (CVE) 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 %
Q2 26	$1.21	$1.53	+26.4%	—	$19.1B	—
Q1 26	$0.55	$0.65	+18.2%	—	$13.3B	—
Q4 25	$0.27	$0.36	+33.3%	—	$13.9B	—
Q3 25	$0.34	$0.55	+61.8%	—	$13.2B	—
Q2 25	$0.08	$0.25	+212.5%	—	$12.3B	—
Q1 25	$0.3	$0.34	+13.3%	—	$14.2B	—
Q4 24	$0.19	$0.19	0.0%	—	$11.1B	—
Q3 24	$0.31	$0.3	-3.2%	—	$10.2B	—
Q2 24	$0.5	$0.41	-18.0%	—	$15.7B	—
Q1 24	$0.37	$0.51	+37.8%	—	$14.1B	—
Q4 23	$0.28	$0.28	0.0%	—	$14B	—
Q3 23	$0.66	$0.77	+16.7%	—	$14.6B	—
Q2 23	$0.5	$0.29	-42.0%	—	$12.9B	—
Q1 23	$0.29	$0.26	-10.3%	—	$12.9B	—
Q4 22	$0.45	$0.29	-35.6%	—	$14.9B	—
Q3 22	$0.85	$0.53	-37.6%	—	$18.7B	—

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	—	$2.16	—	—	$52.8B	—
FY24	—	$1.68	—	—	$42.2B	—
FY23	—	$2.15	—	—	$55.5B	—
FY22	—	$3.29	—	—	$71.8B

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	$11B	$17.3B	$21.4B	$21.7B	$13.9B	$48.8B	$71.8B	$55.5B	$42.2B	$52.8B
YoY change	-4.71%	+57.2%	+23.5%	+1.52%	-35.9%	+250.8%	+47%	-22.7%	-24%	+25.1%

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	11B	17.3B	21.4B	21.7B	13.9B	48.8B	71.8B	55.5B	42.2B	52.8B
Cost of revenue	9.6B	13.9B	17.3B	17.4B	14.2B	39.7B	54.6B	42.8B	32.9B	40.9B
Gross profit	1.4B	3.4B	4.1B	4.3B	-330M	9.1B	17.1B	12.7B	9.3B	11.8B
Gross margin	12.5%	19.8%	19.1%	19.9%	-2.37%	18.7%	23.9%	22.9%	22.1%	22.4%
Research & development	36M	36M	25M	20M	—	—	—	—	—	—
Selling, general & administrative	318M	300M	391M	331M	292M	849M	865M	688M	580.2M	812M
Operating expenses	1.6B	3.2B	5.4B	2.5B	2.3B	5.6B	6.8B	7.1B	5.6B	7.2B
Operating income	-221M	242M	-1.2B	1.8B	-2.7B	3.5B	10.4B	5.6B	3.7B	4.6B
Operating margin	-2.01%	1.4%	-5.8%	8.38%	-19.2%	7.22%	14.4%	10.1%	8.77%	8.77%
Non-operating income, net	-243M	2.6B	-2.1B	77M	-35M	-1.1B	-882M	-44M	-347.8M	419M
Pretax income	-802M	2.2B	-3.9B	1.4B	-3.2B	1.3B	8.7B	5B	3B	4.5B
Income tax	-343M	-52M	-1B	-797M	-851M	728M	2.3B	931M	678.9M	547M
Net income	-545M	3.4B	-2.7B	2.2B	-2.4B	587M	6.5B	4.1B	2.3B	3.9B
Net margin	-4.95%	19.4%	-12.5%	10.1%	-17.1%	1.2%	8.99%	7.41%	5.44%	7.45%
EBITDA	1.3B	2.3B	864M	4.1B	765M	8.2B	15.7B	10.5B	7.4B	10.1B
EPS	-0.65	3.05	-2.17	1.78	-1.94	0.27	3.29	2.15	1.68	2.16
Diluted EPS	-0.65	3.05	-2.17	1.78	-1.94	0.27	3.2	2.12	1.67	2.15

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	14.6B	14B	14.1B	15.7B	10.2B	11.1B	14.2B	12.3B	13.2B	13.9B	13.3B	19.1B
Cost of revenue	10B	11.4B	10.7B	12.1B	8.1B	9.1B	11.1B	9.7B	9.9B	11.2B	9.1B	13.2B
Gross profit	4.6B	2.6B	3.5B	3.6B	2.1B	2B	3.1B	2.6B	3.3B	2.8B	4.2B	5.9B
Gross margin	31.5%	18.8%	24.7%	22.9%	20.6%	18%	21.9%	21.1%	25.2%	20%	31.8%	30.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	292M	71M	246M	175M	122.5M	146.9M	197M	153M	220M	242M	411M	218M
Operating expenses	1.8B	1.7B	1.8B	2.1B	1.4B	1.4B	1.8B	1.9B	1.8B	1.6B	1.9B	1.6B
Operating income	2.7B	978M	1.7B	1.5B	736.6M	614.6M	1.3B	690M	1.5B	1.1B	2.4B	4.3B
Operating margin	18.9%	6.97%	11.9%	9.53%	7.26%	5.53%	9.04%	5.6%	11.5%	8.18%	17.7%	22.4%
Non-operating income, net	-251M	141M	3M	-50M	76.9M	-392.4M	-18M	440M	-62M	59M	-81M	-158M
Pretax income	2.4B	974M	1.6B	1.3B	729.5M	134.5M	1.1B	1B	1.3B	1B	2.1B	3.9B
Income tax	561M	231M	378M	309M	145.3M	27.8M	271M	165M	11M	100M	514M	1.1B
Net income	1.9B	743M	1.2B	1B	584.1M	106.7M	859M	851M	1.3B	934M	1.6B	2.9B
Net margin	12.8%	5.29%	8.31%	6.35%	5.75%	0.96%	6.05%	6.91%	9.75%	6.7%	11.8%	15%
EBITDA	4.1B	2.3B	3B	2.8B	1.7B	1.5B	2.6B	2B	2.9B	2.6B	3.9B	5.9B
EPS	0.98	0.39	0.62	0.53	0.44	0.08	0.47	0.47	0.72	0.51	0.84	1.54
Diluted EPS	0.97	0.39	0.62	0.53	0.42	0.07	0.47	0.45	0.72	0.5	0.83	1.53

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	18.3B	—	—	18.1B	10.8B	—	55B	44.9B	—	—	57.4B
Enterprise value	20.9B	—	—	26.6B	19.7B	—	62.1B	52.7B	—	—	46.3B
Shares outstanding	1.2B	1.6B	1.8B	1.8B	1.8B	2.9B	2.8B	2.7B	1.4B	1.8B	1.8B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	8.26	—	—	8.53	10.9	—	—	12.1
P/S	1.66	—	—	0.83	0.78	—	0.77	0.81	—	—	1.06
P/B	1.58	—	—	0.94	0.65	—	1.99	1.57	—	—	2.33
EV/EBITDA	16.4	—	—	6.46	25.8	—	3.97	4.99	—	—	4.57
EV/Sales	1.9	—	—	1.22	1.42	—	0.87	0.95	—	—	1.22
Earnings yield	—	—	—	12.1%	—	—	11.7%	9.14%	—	—	8.28%
FCF yield	-0.94%	—	—	11.6%	-5.43%	—	13.9%	6.88%	—	—	6.75%
PEG	—	—	—	—	—	—	—	—	—	—	0.05

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	12.5%	19.8%	19.1%	19.9%	-2.37%	18.7%	23.9%	22.9%	22.1%	22.4%	30.9%
Operating margin	-2.01%	1.4%	-5.8%	8.38%	-19.2%	7.22%	14.4%	10.1%	8.77%	8.77%	23.8%
Net margin	-4.95%	19.4%	-12.5%	10.1%	-17.1%	1.2%	8.99%	7.41%	5.44%	7.45%	12.4%
ROE	-4.7%	16.8%	-15.3%	11.4%	-14.2%	2.49%	23.4%	14.3%	10.6%	12.4%	20.9%
ROA	-2.16%	8.22%	-7.59%	6.14%	-7.26%	1.08%	11.5%	7.62%	5.56%	6.2%	9.23%
ROIC	-1.56%	0.84%	-4.8%	6.58%	-10.4%	4.35%	22%	12.6%	10.5%	9.42%	17.4%
Return on tangible assets	-2.2%	9.25%	-8.72%	7.08%	-8.48%	1.25%	12.9%	8.55%	6.2%	6.83%	11.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.55	1.13	1.23	1.3	1.26	1.64	1.55	1.56	1.42	1.57	1.63
Quick ratio	2.09	0.82	0.84	0.69	0.8	1.1	1.01	0.91	0.81	1.04	1.04
Debt / equity	0.55	0.48	0.52	0.45	0.56	0.65	0.42	0.35	0.36	0.45	0.34
Debt / assets	0.25	0.23	0.26	0.24	0.28	0.29	0.21	0.18	0.19	0.22	0.18
Net debt / EBITDA	2.05	3.85	9.7	2.05	11.7	1.53	0.45	0.73	0.74	1.14	0.55
Interest coverage	-1.17	4.58	-5.6	3.55	-5.03	2.25	11.8	7.97	7.27	7.77	12.1
Effective tax rate	0%	0%	0%	0%	0%	55.4%	26.1%	18.5%	22.8%	12.2%	20.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.1	10.8	12	12.2	7.79	16.7	25.3	20.6	31.2	29.1	29.3
EPS (basic)	-0.65	3.05	-2.17	1.78	-1.94	0.27	3.29	2.15	1.68	2.16	2.16
EPS (diluted)	-0.65	3.05	-2.17	1.78	-1.94	0.27	3.2	2.12	1.67	2.15	2.56
Book value per share	9.57	12.5	9.78	10.8	9.36	8.06	9.73	10.6	16.1	17.5	13.2
FCF per share	-0.14	0.87	0.44	1.18	-0.33	1.15	2.7	1.14	2.28	1.83	3.99
Cash per share	3.07	0.38	0.44	0.1	0.21	0.98	1.6	0.83	1.67	1.51	1.72
Capex per share	0.01	2	0.59	—	0	0	0.02	0	—	2.71	2.61

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.07%	18.5%	4.91%	—	0%	0%	0.07%	0%	—	9.3%	8.2%
Capex / operating cash flow	1.97%	99.9%	61.5%	—	0%	0%	0.47%	0%	—	59.6%	39.5%
Payout ratio	-30.5%	6.68%	-9.18%	11.9%	-3.24%	35.8%	14.4%	25%	49.4%	36.6%	22.8%
Dividend yield	0.91%	—	—	1.43%	0.71%	—	1.68%	2.28%	—	—	2.03%

Yield

2.03%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.158

ex-dividend Sep 15, 2026

Payout ratio

23%

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 15, 2026	$0.158
Jun 15, 2026	$0.157
Mar 13, 2026	$0.147

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	$14.6B	$14B	$14.1B	$15.7B	$10.2B	$11.1B	$14.2B	$12.3B	$13.2B	$13.9B	$13.3B	$19.1B
YoY change	-22%	-6.04%	+10%	+22.4%	-30.4%	-20.9%	+0.43%	-21.8%	+30%	+25.5%	-6.1%	+54.9%

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	3.7B	610M	781M	186M	378M	2.9B	4.5B	2.2B	2.3B	2.7B
Receivables	29M	193M	251M	212M	1.1B	2.5B	3B	2.7B	1.7B	3B
Inventory	1.2B	1.4B	1B	1.5B	1.1B	3.9B	4.3B	4B	3.3B	3.3B
Total current assets	6.8B	5B	3.2B	3.3B	3B	12B	12.4B	9.7B	7.6B	9.9B
Property, plant & equipment	23.3B	38.3B	35.1B	29.9B	27.9B	-595M	-15.9B	-21.7B	-19.3B	-25.7B
Goodwill & intangibles	484M	4.5B	4.6B	4.7B	4.7B	7.1B	5.9B	5.8B	4.3B	5.9B
Total assets	25.3B	40.9B	35.2B	35.7B	32.8B	54.1B	55.9B	53.9B	41.3B	63.4B
Accounts payable	105M	337M	767M	954M	608M	2.6B	2.3B	1.1B	734.4M	5.5B
Short-term debt	—	—	682M	196M	305M	351M	423M	478M	529.1M	369M
Total current liabilities	2.7B	4.4B	2.6B	2.5B	2.4B	7.3B	8B	6.2B	5.4B	6.3B
Long-term debt	6.3B	9.5B	8.5B	8.4B	9B	15.1B	11.2B	9.5B	7.2B	13.8B
Total liabilities	13.7B	21B	17.7B	16.5B	16.1B	30.5B	28.3B	25.2B	19.6B	31.8B
Shareholders' equity	11.6B	20B	17.5B	19.2B	16.7B	23.6B	27.6B	28.7B	21.8B	31.6B
Total debt	6.3B	9.5B	9.2B	8.6B	9.3B	15.4B	11.6B	9.9B	7.8B	14.2B
Net debt	2.6B	8.9B	8.4B	8.4B	8.9B	12.5B	7.1B	7.7B	5.5B	11.5B

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	1.3B	2.2B	2.4B	3.2B	2.2B	2.3B	2.8B	2.6B	1.9B	2.7B	2.6B	3.2B
Receivables	4.5B	2.7B	3.8B	3.6B	2B	1.7B	2.7B	2.9B	4.7B	3B	4.7B	4.4B
Inventory	4.8B	4B	4.4B	4.6B	2.9B	3.3B	4.3B	3.9B	3.1B	3.3B	4.1B	4.4B
Total current assets	10.7B	9.7B	10.8B	11.6B	7.2B	7.6B	10.1B	9.5B	9.8B	9.9B	11.5B	12B
Property, plant & equipment	-5.9B	-21.7B	-22.9B	-24.2B	-17.8B	-19.3B	-27.5B	-28.1B	-25.1B	-25.7B	-27.2B	-28.7B
Goodwill & intangibles	5.9B	5.8B	5.8B	5.8B	4.2B	4.3B	5.8B	5.8B	5.8B	5.9B	5.8B	5.8B
Total assets	54.4B	53.9B	55B	56B	39B	41.3B	56.4B	55.8B	53.6B	63.4B	64.8B	65.1B
Accounts payable	6.4B	1.1B	5.8B	6.5B	4B	734.4M	5.9B	6.2B	5.2B	5.5B	6.7B	6B
Short-term debt	329M	478M	299M	433M	407.5M	529.1M	896M	809M	342M	369M	374M	383M
Total current liabilities	7.2B	6.2B	6.4B	7B	4.5B	5.4B	6.9B	7.1B	5.7B	6.3B	7.3B	7.4B
Long-term debt	9.6B	9.5B	9.5B	9.6B	6.7B	7.2B	9.9B	9.7B	9.7B	13.8B	13.4B	11.2B
Total liabilities	25.6B	25.2B	25.2B	26B	17.9B	19.6B	26.3B	26.4B	25.2B	31.8B	32.3B	30.9B
Shareholders' equity	28.8B	28.7B	29.7B	30B	21.1B	21.8B	30B	29.4B	28.4B	31.6B	32.5B	34.2B
Total debt	10B	9.9B	9.8B	10B	7.1B	7.8B	10.8B	10.5B	10B	14.2B	13.8B	11.6B
Net debt	8.7B	7.7B	7.4B	6.9B	4.9B	5.5B	8B	7.9B	8.1B	11.5B	11.2B	8.5B

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	-545M	3.4B	-2.7B	2.2B	-2.4B	587M	6.5B	4.1B	2.3B	3.9B
Depreciation & amortization	1.5B	2B	2.1B	2.2B	3.5B	4.3B	4.7B	4.6B	3.6B	5.2B
Stock-based compensation	—	—	—	—	—	—	—	—	-106M	163M
Change in working capital	-562M	145M	433M	-333M	126M	-1.2B	—	—	—	-65M
Operating cash flow	406M	3.2B	1.7B	3.6B	407M	4.7B	10.7B	8.5B	5.4B	8.2B
Capital expenditure	8M	3.2B	1.1B	—	0	0	-50M	0	—	-4.9B
Investing cash flow	-37M	-8B	1.8B	-249M	-4M	1.6B	1.6B	-872M	-22.7M	-7.7B
Dividends paid	-166M	-225M	-245M	-260M	-77M	-210M	-927M	-1B	-1.1B	-1.4B
Share repurchases	—	—	—	0	0	-265M	-2.5B	-1.1B	-1.2B	-2.5B
Financing cash flow	-168M	6.5B	-1.4B	-2.4B	837M	-2.5B	-7.9B	-3.7B	-2.6B	-781M
Net change in cash	201M	1.7B	2.1B	924M	1.2B	3.8B	4.4B	4B	2.8B	-223M
Free cash flow	-173M	1.4B	777M	2.1B	-586M	3.4B	7.6B	3.1B	3.1B	3.3B

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	1.9B	743M	1.2B	1B	584.1M	106.7M	859M	851M	1.3B	934M	1.6B	2.9B
Depreciation & amortization	1.2B	1.3B	1.2B	1.2B	867.7M	895.2M	1.3B	1.2B	1.3B	1.4B	1.5B	1.5B
Stock-based compensation	144M	—	-154M	24M	-9.3M	-1.5M	7M	12M	75M	69M	210M	46M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	3.1B	2.1B	2.1B	2.2B	1.4B	792.1M	2.1B	1.9B	2.1B	2.4B	2.2B	5.6B
Capital expenditure	—	—	—	—	—	—	—	—	-1.2B	-1.4B	-1.2B	-1.2B
Investing cash flow	-76M	-86M	-86M	36M	26.4M	-13.2M	-123M	-194M	-1.3B	-3.6B	-1.1B	-1.1B
Dividends paid	-264M	-270M	-271M	-594M	-240.8M	-254.3M	-333M	-368M	-356M	-380M	-379M	-411M
Share repurchases	-361M	-350M	-165M	-440M	-521.5M	-261.6M	-262M	-466M	-939M	-775M	-656M	-1.1B
Financing cash flow	-2B	-533M	-683M	-973M	-843.4M	-516.6M	-240M	-1.1B	-1.5B	-3.1B	-1.3B	-3.9B
Net change in cash	1B	1.5B	1.4B	1.2B	607.7M	262.3M	1.7B	650M	-715M	-4.4B	-232M	551M
Free cash flow	1.7B	1.8B	889M	1.7B	803.6M	402.6M	86M	1.2B	977M	1B	1B	4.4B

Cenovus Energy Inc. 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