NYSE : CVE
Cenovus Energy Inc. — Financial statements
Energy · Oil & Gas Integrated · Canada
Last price 32.73 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 60.51B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Cenovus Energy Inc. (CVE) reported revenue of 53.86B 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 | 53.86B | 49.70B | 54.28B | 52.20B | 66.90B | 46.36B |
| Cost of Revenue | 37.78B | 39.02B | 43.48B | 41.21B | 50.90B | 36.08B |
| Gross Profit | 16.08B | 10.67B | 10.79B | 11.00B | 16.00B | 10.28B |
| Selling, General & Admin | 1.09B | 812.00M | 794.00M | 688.00M | 865.00M | 849.00M |
| Other Operating Expenses | 368.00M | 206.00M | 283.00M | 281.00M | 1.81B | 1.19B |
| Operating Expenses | 7.16B | 6.25B | 6.02B | 5.66B | 7.09B | 6.00B |
| Operating Income | 8.93B | 4.42B | 4.78B | 5.34B | 8.91B | 4.27B |
| Interest Expense | -496.00M | -418.00M | -424.00M | -503.00M | -636.00M | -728.00M |
| Interest & Investment Income | 105.00M | 141.00M | 170.00M | 133.00M | 81.00M | 23.00M |
| Earnings From Equity Investments | 78.00M | 53.00M | 66.00M | 51.00M | 15.00M | 57.00M |
| Currency Exchange Gain (Loss) | -334.00M | 361.00M | -462.00M | 67.00M | -343.00M | 174.00M |
| Other Non Operating Income (Expenses) | 137.00M | 75.00M | 20.00M | 31.00M | 167.00M | 155.00M |
| EBT Excluding Unusual Items | 8.41B | 4.63B | 4.15B | 5.12B | 8.19B | 3.95B |
| Merger & Restructuring Charges | -223.00M | -234.00M | -166.00M | -85.00M | -106.00M | -349.00M |
| Gain (Loss) on Sale of Assets | 174.00M | 87.00M | 119.00M | -20.00M | 269.00M | 229.00M |
| Asset Writedown | 183.00M | -1.94B | ||||
| Other Unusual Items | -9.00M | -9.00M | -30.00M | 25.00M | -133.00M | -696.00M |
| Pretax Income | 8.36B | 4.48B | 4.07B | 5.04B | 8.73B | 1.31B |
| Income Tax Expense | 1.70B | 547.00M | 929.00M | 931.00M | 2.28B | 728.00M |
| Earnings From Continuing Operations | 6.66B | 3.93B | 3.14B | 4.11B | 6.45B | 587.00M |
| Net Income | 6.66B | 3.93B | 3.14B | 4.11B | 6.45B | 587.00M |
| Preferred Dividends & Other Adjustments | 6.00M | 14.00M | 36.00M | 36.00M | 35.00M | 34.00M |
| Net Income to Common | 6.65B | 3.92B | 3.11B | 4.07B | 6.42B | 553.00M |
| Shares Outstanding (Basic) | 1.84B | 1.81B | 1.85B | 1.90B | 1.95B | 2.02B |
| Shares Outstanding (Diluted) | 1.84B | 1.82B | 1.86B | 1.94B | 2.01B | 2.05B |
| EPS (Basic) | 3.62 | 2.16 | 1.68 | 2.15 | 3.29 | 0.27 |
| EPS (Diluted) | 3.62 | 2.15 | 1.67 | 2.09 | 3.20 | 0.27 |
| Free Cash Flow | 7.47B | 3.32B | 4.22B | 3.09B | 7.70B | 3.36B |
| Free Cash Flow Per Share | 4.05 | 1.82 | 2.27 | 1.59 | 3.84 | 1.64 |
| Dividend Per Share | 0.82 | 0.78 | 0.81 | 0.53 | 0.46 | 0.09 |
| Gross Margin | 29.86% | 21.48% | 19.89% | 21.06% | 23.91% | 22.17% |
| Operating Margin | 16.57% | 8.90% | 8.80% | 10.23% | 13.31% | 9.21% |
| Profit Margin | 12.35% | 7.88% | 5.72% | 7.80% | 9.59% | 1.19% |
| Free Cash Flow Margin | 13.87% | 6.68% | 7.78% | 5.92% | 11.50% | 7.24% |
| EBITDA | 14.34B | 9.53B | 9.58B | 9.91B | 13.10B | 8.09B |
| EBITDA Margin | 26.62% | 19.17% | 17.66% | 18.99% | 19.58% | 17.46% |
| D&A For EBITDA | 5.41B | 5.10B | 4.80B | 4.57B | 4.19B | 3.82B |
| EBIT | 8.93B | 4.42B | 4.78B | 5.34B | 8.91B | 4.27B |
| EBIT Margin | 16.57% | 8.90% | 8.80% | 10.23% | 13.31% | 9.21% |
| Effective Tax Rate | 20.31% | 12.22% | 22.82% | 18.47% | 26.12% | 55.36% |
| Revenue as Reported | 66.90B | 46.36B |
Balance sheet
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.17B | 2.74B | 3.09B | 2.23B | 4.52B | 2.87B |
| Cash & Short-Term Investments | 3.17B | 2.74B | 3.09B | 2.23B | 4.52B | 2.87B |
| Accounts Receivable | 4.41B | 3.14B | 2.39B | 2.74B | 3.02B | 2.79B |
| Other Receivables | 36.00M | 402.00M | 271.00M | 465.00M | 172.00M | 247.00M |
| Receivables | 4.45B | 3.54B | 2.66B | 3.21B | 3.19B | 3.04B |
| Inventory | 4.36B | 3.35B | 4.50B | 4.03B | 4.31B | 3.92B |
| Prepaid Expenses | 260.00M | 187.00M | 242.00M | 402.00M | 486.00M | |
| Other Current Assets | 1.68B | |||||
| Total Current Assets | 11.98B | 9.89B | 10.43B | 9.71B | 12.43B | 11.99B |
| Property, Plant & Equipment | 47.62B | 47.99B | 41.00B | 39.67B | 39.03B | 36.95B |
| Long-Term Investments | 492.00M | 488.00M | 618.00M | 497.00M | 420.00M | 441.00M |
| Goodwill | 2.91B | 2.91B | 2.92B | 2.92B | 2.92B | 3.47B |
| Other Intangible Assets | 23.00M | 11.00M | 19.00M | 78.00M | ||
| Long-Term Accounts Receivable | 64.00M | 61.00M | 61.00M | 62.00M | 60.00M | |
| Long-Term Deferred Tax Assets | 1.43B | 1.59B | 1.06B | 696.00M | 546.00M | 694.00M |
| Other Long-Term Assets | 687.00M | 465.00M | 426.00M | 362.00M | 440.00M | 415.00M |
| Total Assets | 65.12B | 63.42B | 56.54B | 53.91B | 55.87B | 54.10B |
| Accounts Payable | 6.02B | 5.50B | 5.91B | 1.07B | 2.33B | 2.55B |
| Accrued Expenses | 243.00M | 204.00M | 4.28B | 3.65B | 3.17B | |
| Short-Term Debt | 173.00M | 179.00M | 115.00M | 79.00M | ||
| Current Portion of Long-Term Debt | 192.00M | |||||
| Current Portion of Leases | 383.00M | 369.00M | 359.00M | 299.00M | 308.00M | 272.00M |
| Current Income Taxes Payable | 952.00M | 98.00M | 396.00M | 88.00M | 1.21B | 179.00M |
| Other Current Liabilities | 102.00M | 131.00M | 285.00M | 402.00M | 1.05B | |
| Total Current Liabilities | 7.35B | 6.31B | 7.36B | 6.21B | 8.02B | 7.30B |
| Long-Term Debt | 8.56B | 11.03B | 7.34B | 7.11B | 8.69B | 12.38B |
| Long-Term Leases | 2.69B | 2.81B | 2.57B | 2.36B | 2.53B | 2.69B |
| Long-Term Unearned Revenue | 45.00M | 41.00M | ||||
| Pension & Post-Retirement Benefits | 256.00M | 260.00M | 269.00M | 276.00M | 201.00M | 288.00M |
| Long-Term Deferred Tax Liabilities | 5.93B | 5.87B | 4.04B | 4.19B | 4.28B | 3.29B |
| Other Long-Term Liabilities | 6.11B | 5.50B | 5.18B | 5.06B | 4.51B | 4.51B |
| Total Liabilities | 30.90B | 31.79B | 26.77B | 25.20B | 28.28B | 30.50B |
| Common Stock | 18.30B | 18.60B | 15.66B | 16.03B | 16.32B | 17.02B |
| Additional Paid-In Capital | 292.00M | 298.00M | 944.00M | 2.00B | 2.69B | 4.28B |
| Retained Earnings | 14.82B | 12.32B | 10.51B | 8.91B | 6.39B | 878.00M |
| Treasury Stock | -138.00M | -116.00M | -43.00M | |||
| Comprehensive Income & Other | 922.00M | 405.00M | 2.33B | 1.23B | 1.65B | 899.00M |
| Total Common Equity | 34.20B | 31.51B | 29.40B | 28.18B | 27.06B | 23.08B |
| Minority Interest | 16.00M | 16.00M | 15.00M | 14.00M | 13.00M | 12.00M |
| Shareholders' Equity | 34.21B | 31.64B | 29.77B | 28.71B | 27.59B | 23.61B |
| Total Liabilities & Equity | 65.12B | 63.42B | 56.54B | 53.91B | 55.87B | 54.10B |
| Total Debt | 11.63B | 14.21B | 10.63B | 9.95B | 11.64B | 15.42B |
| Net Cash (Debt) | -8.46B | -11.47B | -7.54B | -7.72B | -7.12B | -12.55B |
| Net Cash Per Share | -4.59 | -6.30 | -4.05 | -3.98 | -3.55 | -6.14 |
| Filing Date Shares Outstanding | 1.84B | 1.88B | 1.82B | 1.87B | 1.91B | 2.00B |
| Total Common Shares Outstanding | 1.84B | 1.88B | 1.82B | 1.87B | 1.91B | 2.00B |
| Working Capital | 4.62B | 3.58B | 3.07B | 3.50B | 4.41B | 4.68B |
| Book Value Per Share | 18.54 | 16.78 | 16.13 | 15.05 | 14.17 | 11.53 |
| Tangible Book Value | 31.29B | 28.57B | 26.46B | 25.26B | 24.11B | 19.53B |
| Tangible Book Value Per Share | 16.96 | 15.21 | 14.52 | 13.49 | 12.63 | 9.76 |
Cash flow statement
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 6.66B | 3.93B | 3.14B | 4.11B | 6.45B | 587.00M |
| Depreciation & Amortization | 5.91B | 5.43B | 5.10B | 4.86B | 4.49B | 4.14B |
| Loss (Gain) From Sale of Assets | -174.00M | -87.00M | -119.00M | 20.00M | -269.00M | -229.00M |
| Asset Writedown & Restructuring Costs | -183.00M | 1.94B | ||||
| Loss (Gain) on Equity Investments | 39.00M | 82.00M | 106.00M | 98.00M | 50.00M | 80.00M |
| Stock-Based Compensation | 400.00M | 163.00M | -145.00M | -12.00M | ||
| Other Operating Activities | 405.00M | -932.00M | -150.00M | -498.00M | 291.00M | 623.00M |
| Change in Other Net Operating Assets | -879.00M | -363.00M | 1.30B | -1.19B | 575.00M | -1.23B |
| Operating Cash Flow | 12.36B | 8.23B | 9.23B | 7.39B | 11.40B | 5.92B |
| Capital Expenditures | -4.88B | -4.91B | -5.01B | -4.30B | -3.71B | -2.56B |
| Cash Acquisitions | -4.20B | -4.42B | -22.00M | -515.00M | -397.00M | 735.00M |
| Divestitures | 2.05B | 1.89B | 46.00M | 12.00M | 1.51B | 435.00M |
| Investment in Securities | -4.00M | -7.00M | -80.00M | -125.00M | -211.00M | 17.00M |
| Other Investing Activities | -148.00M | -236.00M | -55.00M | -369.00M | 488.00M | 434.00M |
| Investing Cash Flow | -7.19B | -7.68B | -5.13B | -5.29B | -2.31B | -942.00M |
| Short-Term Debt Issued | 152.00M | 5.00M | 58.00M | 34.00M | ||
| Long-Term Debt Issued | 5.68B | 1.56B | ||||
| Total Debt Issued | 5.67B | 5.83B | 5.00M | 58.00M | 34.00M | 1.56B |
| Short-Term Debt Repaid | -77.00M | |||||
| Long-Term Debt Repaid | -2.67B | -299.00M | -1.63B | -4.45B | -3.52B | |
| Lease Payments | -351.00M | -350.00M | -299.00M | -288.00M | -302.00M | -300.00M |
| Total Debt Repaid | -5.36B | -2.67B | -299.00M | -1.63B | -4.45B | -3.60B |
| Net Debt Issued (Repaid) | 303.00M | 3.16B | -294.00M | -1.58B | -4.42B | -2.04B |
| Issuance of Common Stock | 84.00M | 32.00M | 78.00M | 64.00M | 200.00M | 8.00M |
| Repurchase of Common Stock | -3.20B | -2.15B | -1.49B | -1.06B | -2.53B | -265.00M |
| Preferred Dividends Paid | -6.00M | -14.00M | -45.00M | -36.00M | -26.00M | -34.00M |
| Common Dividends Paid | -1.52B | -1.42B | -1.51B | -990.00M | -901.00M | -176.00M |
| Dividends Paid | -1.53B | -1.44B | -1.55B | -1.03B | -927.00M | -210.00M |
| Other Financing Activities | -350.00M | -350.00M | -250.00M | -714.00M | -2.00M | |
| Financing Cash Flow | -4.64B | -749.00M | -3.50B | -4.31B | -7.68B | -2.51B |
| Foreign Exchange Rate Adjustments | 79.00M | -155.00M | 262.00M | -77.00M | 238.00M | 25.00M |
| Net Cash Flow | 607.00M | -353.00M | 866.00M | -2.30B | 1.65B | 2.50B |
| Free Cash Flow | 7.47B | 3.32B | 4.22B | 3.09B | 7.70B | 3.36B |
| Free Cash Flow Margin | 13.87% | 6.68% | 7.78% | 5.92% | 11.50% | 7.24% |
| Free Cash Flow Per Share | 4.05 | 1.82 | 2.27 | 1.59 | 3.84 | 1.64 |
| Levered Free Cash Flow | 5.48B | 2.72B | 3.97B | 2.25B | 8.18B | 2.34B |
| Unlevered Free Cash Flow | 5.79B | 2.98B | 4.24B | 2.56B | 8.57B | 2.79B |
| Free Cash Flow After Leases | 7.12B | 2.97B | 3.92B | 2.80B | 7.39B | 3.06B |
| Cash Interest Paid | 381.00M | 381.00M | 356.00M | 402.00M | 647.00M | 811.00M |
| Cash Income Tax Paid | 1.23B | 1.23B | 868.00M | 2.60B | 723.00M | 209.00M |
| Change in Working Capital | -879.00M | -363.00M | 1.30B | -1.19B | 575.00M | -1.23B |
Ratios
Fiscal year January - December; amounts in CAD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 56.69B | 31.94B | 27.66B | 31.36B | 37.25B | 24.73B |
| Enterprise Value | 62.76B | 37.96B | 32.78B | 38.36B | 43.66B | 36.21B |
| Last Close Price | 30.68 | 16.64 | 14.37 | 15.26 | 17.40 | 10.81 |
| PE Ratio | 11.85 | 11.18 | 12.81 | 10.17 | 7.86 | 56.59 |
| PS Ratio | 1.49 | 0.88 | 0.73 | 0.79 | 0.75 | 0.68 |
| PB Ratio | 2.35 | 1.38 | 1.34 | 1.44 | 1.83 | 1.33 |
| P/TBV Ratio | 2.57 | 1.53 | 1.50 | 1.64 | 2.09 | 1.60 |
| P/FCF Ratio | 10.61 | 13.19 | 9.43 | 13.40 | 6.55 | 9.32 |
| P/OCF Ratio | 6.42 | 5.32 | 4.31 | 5.61 | 4.42 | 5.29 |
| EV/Sales Ratio | 1.65 | 1.05 | 0.87 | 0.97 | 0.88 | 0.99 |
| EV/EBITDA Ratio | 6.22 | 5.46 | 4.92 | 5.11 | 4.51 | 5.66 |
| EV/EBIT Ratio | 9.99 | 11.77 | 9.87 | 9.48 | 6.63 | 10.73 |
| EV/FCF Ratio | 11.75 | 15.67 | 11.18 | 16.39 | 7.68 | 13.65 |
| Debt / Equity Ratio | 0.34 | 0.45 | 0.36 | 0.35 | 0.42 | 0.65 |
| Debt / EBITDA Ratio | 0.79 | 1.44 | 1.08 | 0.97 | 0.87 | 1.83 |
| Debt / FCF Ratio | 1.56 | 4.28 | 2.52 | 3.22 | 1.51 | 4.59 |
| Net Debt / Equity Ratio | 0.25 | 0.36 | 0.25 | 0.27 | 0.26 | 0.53 |
| Net Debt / EBITDA Ratio | 0.59 | 1.20 | 0.79 | 0.78 | 0.54 | 1.55 |
| Net Debt / FCF Ratio | 1.13 | 3.45 | 1.79 | 2.50 | 0.93 | 3.74 |
| Asset Turnover | 0.89 | 0.83 | 0.98 | 0.95 | 1.22 | 1.07 |
| Inventory Turnover | 9.13 | 9.95 | 10.20 | 9.88 | 12.37 | 14.41 |
| Quick Ratio | 1.04 | 0.99 | 0.78 | 0.88 | 0.96 | 0.81 |
| Current Ratio | 1.63 | 1.57 | 1.42 | 1.56 | 1.55 | 1.64 |
| Return on Equity (ROE) | 20.93% | 12.80% | 10.75% | 14.60% | 25.20% | 2.91% |
| Return on Assets (ROA) | 9.22% | 4.61% | 5.41% | 6.08% | 10.12% | 6.15% |
| Return on Invested Capital (ROIC) | 16.47% | 9.65% | 10.00% | 12.24% | 18.57% | 6.17% |
| Return on Capital Employed (ROCE) | 15.50% | 7.70% | 9.70% | 11.20% | 18.60% | 9.10% |
| Earnings Yield | 8.44% | 8.97% | 7.89% | 9.92% | 12.80% | 1.88% |
| FCF Yield | 9.42% | 7.58% | 10.60% | 7.46% | 15.27% | 10.72% |
| Dividend Yield | 1.98% | 3.35% | 3.73% | 2.37% | 1.76% | 0.56% |
| Payout Ratio | 23.45% | 36.56% | 49.36% | 24.97% | 14.37% | 35.77% |
| Buyback Yield / Dilution | -0.20% | 2.33% | 3.95% | 3.31% | 1.90% | -66.42% |
| Total Shareholder Return | 1.78% | 5.67% | 7.68% | 5.68% | 3.66% | -65.85% |