Canadian Natural Resources Limited (TSX:CNQ)

TSX:CNQ Financials Overview

Financials in millions CAD. Fiscal year is January - December.

Revenue & Profits

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue Revenue Growth	47,953	38,762	35,656	35,968	42,298	30,057
Revenue Growth	24.16%	8.71%	-0.87%	-14.96%	40.73%	77.93%
Gross Profit Gross Profit Growth	25,375	18,785	17,579	18,186	23,613	16,301
Operating Income Operating Income Growth	14,709	8,160	9,720	10,466	14,795	9,483
Net Income Net Income Growth	14,151	10,820	6,106	8,233	10,937	7,664
Earnings Per Share EPS Growth	6.78	5.16	2.85	3.74	4.76	3.23
EPS Growth	114.13%	81.05%	-23.80%	-21.43%	47.37%	-

Revenue by Segment

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
North America North America Growth	23,117	18,952	17,285	17,317	21,985	15,387
North Sea North Sea Growth	280	337	477	441	635	610
Offshore Africa Offshore Africa Growth	-	187	456	580	686	437
Oil Sands Mining & Upgrading Oil Sands Mining & Upgrading Growth	22,126	17,449	16,327	16,300	17,711	13,025
Midstream & Refining Midstream & Refining Growth	1,289	761	895	1,002	986	759
Other Other Growth	-	1,076	216	328	295	-
Revenue (Total) Revenue (Total) Growth	47,953	38,762	35,656	35,968	42,298	30,057

Cash & Debt

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Investments Cash & Investments Growth	4,516	673	138	1,414	1,414	1,053
Total Debt Total Debt Growth	19,576	19,723	20,283	12,354	12,985	16,278
Net Cash (Debt) Net Cash Growth	-15,060	-19,050	-20,145	-10,940	-11,571	-15,225
Net Cash Growth	-	-	-	-	-	-
Net Cash Per Share Net Cash Per Share Growth	-7.22	-9.08	-9.41	-4.96	-5.03	-6.42

Cash Flow & CapEx

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Operating Cash Flow Operating Cash Flow Growth	20,883	15,106	13,386	12,353	19,391	14,478
Capital Expenditures CapEx Growth	-7,915	-6,791	-5,383	-4,909	-5,136	-4,493
Free Cash Flow Free Cash Flow Growth	12,968	8,315	8,003	7,444	14,255	9,985
Free Cash Flow Growth	59.55%	3.90%	7.51%	-47.78%	42.76%	363.56%

Margins

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Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Gross Margin	52.92%	48.46%	49.30%	50.56%	55.83%	54.23%
Operating Margin	30.67%	21.05%	27.26%	29.10%	34.98%	31.55%
Pretax Margin	38.31%	34.16%	22.60%	28.26%	32.40%	32.97%
Profit Margin	29.51%	27.91%	17.13%	22.89%	25.86%	25.50%
FCF Margin	27.04%	21.45%	22.45%	20.70%	33.70%	33.22%

Dividends

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Dividend Per Share Dividend Per Share Growth	2.500	2.350	2.138	1.850	1.550	0.999
Dividend Per Share Growth	6.38%	9.94%	15.54%	19.36%	55.19%	17.51%
Dividend Yield	3.65%	5.05%	4.80%	4.22%	4.11%	3.71%

Valuation

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Fiscal Year	Current	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov 8, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
PE Ratio	10.11	8.95	15.34	11.42	7.61	8.21
Forward PE	10.16	14.69	11.75	10.35	7.40	7.49
P/FCF Ratio	10.75	11.65	11.70	12.64	5.84	6.30
PS Ratio	2.91	2.50	2.63	2.62	1.97	2.09

Data Sources: S&P Global Market Intelligence and Fiscal.ai Last updated: Nov 5, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company. Revenue segment data is provided by Fiscal.ai.

Update frequency:

Quarterly

Last checked:

Nov 8, 2026

Data Sources Report a data error