NYSE : CNQ
Canadian Natural Resources Limited — Financial statements
Energy · Oil & Gas Exploration & Production · Canada
Last price 56.11 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 115.86B
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Financial statements
Canadian Natural Resources Limited (CNQ) reported revenue of 44.68B CAD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 44.68B | 38.76B | 35.66B | 35.97B | 42.30B | 30.06B |
| Cost of Revenue | 21.63B | 19.98B | 18.08B | 17.78B | 18.68B | 13.76B |
| Gross Profit | 23.04B | 18.79B | 17.58B | 18.19B | 23.61B | 16.30B |
| Selling, General & Admin | 625.00M | 615.00M | 503.00M | 452.00M | 415.00M | 366.00M |
| Other Operating Expenses | 788.00M | 446.00M | 396.00M | 364.00M | 246.00M | 214.00M |
| Operating Expenses | 11.54B | 10.62B | 7.86B | 7.72B | 8.82B | 6.82B |
| Operating Income | 11.51B | 8.16B | 9.72B | 10.47B | 14.79B | 9.48B |
| Interest Expense | -1.09B | -1.04B | -673.00M | -691.00M | -670.00M | -743.00M |
| Interest & Investment Income | 192.00M | 205.00M | 81.00M | 55.00M | 121.00M | 32.00M |
| Earnings From Equity Investments | 400.00M | |||||
| Currency Exchange Gain (Loss) | -649.00M | 846.00M | -1.12B | 279.00M | -738.00M | 120.00M |
| EBT Excluding Unusual Items | 9.96B | 8.17B | 8.00B | 10.11B | 13.51B | 9.29B |
| Gain (Loss) on Sale of Investments | 4.97B | 4.97B | 56.00M | 56.00M | 196.00M | 141.00M |
| Other Unusual Items | 17.00M | 97.00M | 478.00M | |||
| Pretax Income | 14.95B | 13.24B | 8.06B | 10.16B | 13.70B | 9.91B |
| Income Tax Expense | 3.20B | 2.42B | 1.95B | 1.93B | 2.77B | 2.25B |
| Net Income | 11.75B | 10.82B | 6.11B | 8.23B | 10.94B | 7.66B |
| Net Income to Common | 11.75B | 10.82B | 6.11B | 8.23B | 10.94B | 7.66B |
| Shares Outstanding (Basic) | 2.08B | 2.09B | 2.13B | 2.18B | 2.27B | 2.36B |
| Shares Outstanding (Diluted) | 2.09B | 2.10B | 2.14B | 2.20B | 2.30B | 2.37B |
| EPS (Basic) | 5.64 | 5.17 | 2.87 | 3.77 | 4.82 | 3.24 |
| EPS (Diluted) | 5.62 | 5.16 | 2.85 | 3.74 | 4.76 | 3.23 |
| Free Cash Flow | 9.66B | 8.31B | 8.00B | 7.44B | 14.26B | 9.98B |
| Free Cash Flow Per Share | 4.62 | 3.96 | 3.74 | 3.38 | 6.20 | 4.21 |
| Dividend Per Share | 2.42 | 2.35 | 2.14 | 1.85 | 1.55 | 1.00 |
| Gross Margin | 51.58% | 48.46% | 49.30% | 50.56% | 55.83% | 54.23% |
| Operating Margin | 25.76% | 21.05% | 27.26% | 29.10% | 34.98% | 31.55% |
| Profit Margin | 26.31% | 27.91% | 17.12% | 22.89% | 25.86% | 25.50% |
| Free Cash Flow Margin | 21.62% | 21.45% | 22.45% | 20.70% | 33.70% | 33.22% |
| EBITDA | 19.13B | 15.83B | 16.33B | 16.81B | 20.81B | 15.39B |
| EBITDA Margin | 42.82% | 40.84% | 45.79% | 46.73% | 49.20% | 51.21% |
| D&A For EBITDA | 7.62B | 7.67B | 6.61B | 6.34B | 6.01B | 5.91B |
| EBIT | 11.51B | 8.16B | 9.72B | 10.47B | 14.79B | 9.48B |
| EBIT Margin | 25.76% | 21.05% | 27.26% | 29.10% | 34.98% | 31.55% |
| Effective Tax Rate | 21.39% | 18.28% | 24.23% | 19.01% | 20.19% | 22.67% |
| Revenue as Reported | 44.68B | 38.76B | 35.66B | 35.97B | 42.30B | 30.06B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.62B | 673.00M | 131.00M | 877.00M | 920.00M | 744.00M |
| Trading Asset Securities | 7.00M | 537.00M | 494.00M | 309.00M | ||
| Cash & Short-Term Investments | 2.62B | 673.00M | 138.00M | 1.41B | 1.41B | 1.05B |
| Accounts Receivable | 5.28B | 4.00B | 4.13B | 3.19B | 3.56B | 3.11B |
| Receivables | 5.28B | 4.00B | 4.13B | 3.19B | 3.56B | 3.11B |
| Inventory | 2.79B | 2.62B | 2.79B | 2.03B | 1.81B | 1.55B |
| Prepaid Expenses | 499.00M | 301.00M | 279.00M | 471.00M | 215.00M | 195.00M |
| Other Current Assets | 137.00M | 70.00M | 69.00M | 59.00M | 58.00M | 35.00M |
| Total Current Assets | 11.32B | 7.66B | 7.41B | 7.17B | 7.06B | 5.94B |
| Property, Plant & Equipment | 84.45B | 83.30B | 77.33B | 68.25B | 68.53B | 70.16B |
| Long-Term Investments | 6.00M | |||||
| Other Long-Term Assets | 809.00M | 869.00M | 620.00M | 541.00M | 547.00M | 565.00M |
| Total Assets | 96.58B | 91.83B | 85.36B | 75.95B | 76.14B | 76.67B |
| Accounts Payable | 1.56B | 1.10B | 1.08B | 1.42B | 1.34B | 803.00M |
| Accrued Expenses | 5.12B | 4.57B | 4.99B | 4.07B | 4.77B | 3.39B |
| Current Portion of Long-Term Debt | 2.21B | 441.00M | 2.40B | 980.00M | 404.00M | 1.00B |
| Current Portion of Leases | 357.00M | 373.00M | 255.00M | 298.00M | 244.00M | 185.00M |
| Current Income Taxes Payable | 986.00M | 597.00M | 92.00M | 1.32B | 1.61B | |
| Other Current Liabilities | 1.08B | 980.00M | 817.00M | 667.00M | 570.00M | 434.00M |
| Total Current Liabilities | 11.32B | 8.06B | 9.63B | 7.43B | 8.65B | 7.42B |
| Long-Term Debt | 14.93B | 16.18B | 16.42B | 9.82B | 11.04B | 13.69B |
| Long-Term Leases | 2.68B | 2.73B | 1.21B | 1.26B | 1.30B | 1.40B |
| Long-Term Deferred Tax Liabilities | 11.37B | 11.29B | 10.54B | 10.18B | 10.11B | 10.22B |
| Other Long-Term Liabilities | 9.48B | 9.20B | 8.09B | 7.43B | 6.87B | 6.99B |
| Total Liabilities | 49.79B | 47.46B | 45.89B | 36.12B | 37.97B | 39.72B |
| Common Stock | 11.85B | 11.42B | 11.06B | 10.71B | 10.29B | 10.17B |
| Retained Earnings | 34.68B | 32.73B | 28.10B | 28.95B | 27.67B | 26.78B |
| Comprehensive Income & Other | 262.00M | 219.00M | 301.00M | 172.00M | 209.00M | -1.00M |
| Shareholders' Equity | 46.80B | 44.37B | 39.47B | 39.83B | 38.17B | 36.95B |
| Total Liabilities & Equity | 96.58B | 91.83B | 85.36B | 75.95B | 76.14B | 76.67B |
| Total Debt | 20.18B | 19.72B | 20.28B | 12.35B | 12.98B | 16.28B |
| Net Cash (Debt) | -17.57B | -19.05B | -20.14B | -10.94B | -11.57B | -15.22B |
| Net Cash Per Share | -8.40 | -9.08 | -9.41 | -4.96 | -5.03 | -6.42 |
| Filing Date Shares Outstanding | 2.06B | 2.09B | 2.10B | 2.14B | 2.20B | 2.33B |
| Total Common Shares Outstanding | 2.07B | 2.08B | 2.10B | 2.14B | 2.21B | 2.34B |
| Working Capital | 8.00M | -399.00M | -2.23B | -268.00M | -1.59B | -1.48B |
| Book Value Per Share | 22.62 | 21.31 | 18.77 | 18.57 | 17.31 | 15.81 |
| Tangible Book Value | 46.80B | 44.37B | 39.47B | 39.83B | 38.17B | 36.95B |
| Tangible Book Value Per Share | 22.62 | 21.31 | 18.77 | 18.57 | 17.31 | 15.81 |
| Buildings | 722.00M | 699.00M | 607.00M | 566.00M | 536.00M | 508.00M |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 11.75B | 10.82B | 6.11B | 8.23B | 10.94B | 7.66B |
| Depreciation & Amortization | 8.19B | 8.03B | 6.91B | 6.34B | 6.01B | 5.91B |
| Loss (Gain) From Sale of Investments | -4.97B | -4.97B | -50.00M | -34.00M | -182.00M | -132.00M |
| Stock-Based Compensation | 594.00M | 180.00M | 279.00M | 491.00M | 804.00M | 514.00M |
| Other Operating Activities | 2.38B | 373.00M | 884.00M | -263.00M | 1.74B | -441.00M |
| Change in Other Net Operating Assets | -132.00M | 672.00M | -743.00M | -2.42B | 79.00M | 964.00M |
| Operating Cash Flow | 17.81B | 15.11B | 13.39B | 12.35B | 19.39B | 14.48B |
| Capital Expenditures | -8.16B | -6.79B | -5.38B | -4.91B | -5.14B | -4.49B |
| Cash Acquisitions | -9.16B | |||||
| Investment in Securities | 575.00M | 128.00M | ||||
| Other Investing Activities | 305.00M | 104.00M | -124.00M | 51.00M | 149.00M | 662.00M |
| Investing Cash Flow | -7.85B | -6.69B | -14.10B | -4.86B | -4.99B | -3.70B |
| Long-Term Debt Issued | 1.63B | 8.11B | ||||
| Long-Term Debt Repaid | -3.46B | -1.33B | -701.00M | -4.24B | -7.17B | |
| Lease Payments | -397.00M | -361.00M | -325.00M | -285.00M | -232.00M | -209.00M |
| Net Debt Issued (Repaid) | -927.00M | -1.82B | 6.77B | -701.00M | -4.24B | -7.17B |
| Issuance of Common Stock | 431.00M | 264.00M | 280.00M | 372.00M | 442.00M | 707.00M |
| Repurchase of Common Stock | -2.01B | -1.45B | -2.66B | -3.32B | -5.57B | -1.58B |
| Common Dividends Paid | -4.98B | -4.87B | -4.43B | -3.89B | -3.22B | -2.17B |
| Other Financing Activities | 69.00M | |||||
| Financing Cash Flow | -7.49B | -7.88B | -37.00M | -7.54B | -14.23B | -10.21B |
| Net Cash Flow | 2.47B | 542.00M | -746.00M | -43.00M | 176.00M | 560.00M |
| Free Cash Flow | 9.66B | 8.31B | 8.00B | 7.44B | 14.26B | 9.98B |
| Free Cash Flow Margin | 21.62% | 21.45% | 22.45% | 20.70% | 33.70% | 33.22% |
| Free Cash Flow Per Share | 4.62 | 3.96 | 3.74 | 3.38 | 6.20 | 4.21 |
| Levered Free Cash Flow | 7.42B | 6.42B | 6.77B | 6.08B | 11.52B | 9.07B |
| Unlevered Free Cash Flow | 8.10B | 7.07B | 7.19B | 6.51B | 11.94B | 9.53B |
| Free Cash Flow After Leases | 9.26B | 7.95B | 7.68B | 7.16B | 14.02B | 9.78B |
| Cash Interest Paid | 907.00M | 978.00M | 586.00M | 602.00M | 613.00M | |
| Cash Income Tax Paid | 2.10B | 1.72B | 1.14B | 3.32B | 3.06B | -62.00M |
| Change in Working Capital | -132.00M | 672.00M | -743.00M | -2.42B | 79.00M | 964.00M |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 115.86B | 70.63B | 65.09B | 71.22B | 61.50B | 49.72B |
| Enterprise Value | 128.45B | 84.20B | 72.60B | 80.64B | 71.48B | 63.29B |
| Last Close Price | 56.11 | 32.90 | 28.46 | 28.83 | 23.30 | 16.66 |
| PE Ratio | 13.94 | 8.95 | 15.34 | 11.42 | 7.61 | 8.21 |
| PS Ratio | 3.68 | 2.50 | 2.63 | 2.62 | 1.97 | 2.09 |
| PB Ratio | 3.52 | 2.18 | 2.37 | 2.36 | 2.18 | 1.70 |
| P/TBV Ratio | 3.52 | 2.18 | 2.37 | 2.36 | 2.18 | 1.70 |
| P/FCF Ratio | 16.76 | 11.65 | 11.70 | 12.63 | 5.84 | 6.30 |
| P/OCF Ratio | 9.08 | 6.41 | 7.00 | 7.61 | 4.29 | 4.35 |
| EV/Sales Ratio | 4.08 | 2.98 | 2.93 | 2.96 | 2.29 | 2.67 |
| EV/EBITDA Ratio | 9.53 | 7.29 | 6.40 | 6.33 | 4.65 | 5.20 |
| EV/EBIT Ratio | 15.85 | 14.15 | 10.75 | 10.18 | 6.54 | 8.45 |
| EV/FCF Ratio | 18.58 | 13.88 | 13.05 | 14.31 | 6.79 | 8.02 |
| Debt / Equity Ratio | 0.43 | 0.45 | 0.51 | 0.31 | 0.34 | 0.44 |
| Debt / EBITDA Ratio | 1.03 | 1.22 | 1.22 | 0.73 | 0.62 | 1.06 |
| Debt / FCF Ratio | 2.09 | 2.37 | 2.53 | 1.66 | 0.91 | 1.63 |
| Net Debt / Equity Ratio | 0.38 | 0.43 | 0.51 | 0.28 | 0.30 | 0.41 |
| Net Debt / EBITDA Ratio | 0.92 | 1.20 | 1.23 | 0.65 | 0.56 | 0.99 |
| Net Debt / FCF Ratio | 1.82 | 2.29 | 2.52 | 1.47 | 0.81 | 1.52 |
| Asset Turnover | 0.49 | 0.44 | 0.44 | 0.47 | 0.55 | 0.40 |
| Inventory Turnover | 7.93 | 7.38 | 7.49 | 9.24 | 11.11 | 10.55 |
| Quick Ratio | 0.70 | 0.58 | 0.44 | 0.62 | 0.57 | 0.56 |
| Current Ratio | 1.00 | 0.95 | 0.77 | 0.96 | 0.82 | 0.80 |
| Return on Equity (ROE) | 26.68% | 25.81% | 15.40% | 21.11% | 29.12% | 22.11% |
| Return on Assets (ROA) | 7.91% | 5.76% | 7.53% | 8.60% | 12.10% | 7.80% |
| Return on Invested Capital (ROIC) | 14.11% | 10.84% | 13.34% | 16.87% | 23.17% | 13.68% |
| Return on Capital Employed (ROCE) | 13.50% | 9.70% | 12.80% | 15.30% | 21.90% | 13.70% |
| Earnings Yield | 7.17% | 11.17% | 6.52% | 8.75% | 13.14% | 12.18% |
| FCF Yield | 5.97% | 8.59% | 8.54% | 7.92% | 17.13% | 15.87% |
| Dividend Yield | 3.16% | 5.05% | 4.80% | 4.22% | 4.11% | 3.71% |
| Payout Ratio | 44.18% | 45.02% | 72.54% | 47.26% | 29.46% | 28.31% |
| Buyback Yield / Dilution | 1.10% | 1.99% | 2.90% | 4.09% | 3.15% | -0.40% |
| Total Shareholder Return | 4.27% | 7.04% | 7.69% | 8.31% | 7.26% | 3.31% |