TSX:CNQ Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	10,820	6,106	8,233	10,937	7,664
Depreciation & Amortization	9,384	6,681	6,413	7,353	5,724
Stock-Based Compensation	180	279	491	804	514
Other Adjustments	-5,950	1,063	-367	218	-388
Changes in Other Operating Activities	672	-743	-2,417	79	964
Operating Cash Flow	15,106	13,386	12,353	19,391	14,478
Operating Cash Flow Growth	12.85%	8.36%	-36.30%	33.93%	207.13%
Capital Expenditures	-6,676	-5,291	-4,865	-5,103	-4,492
Proceeds from Sale of Investments	-	575	-	-	128
Payments for Business Acquisitions	-	-9,163	-	-	-
Other Investing Activities	-11	-216	7	116	661
Investing Cash Flow	-6,687	-14,095	-4,858	-4,987	-3,703
Short-Term Debt Issued	-1,395	5,466	-	-1,156	-6,151
Net Short-Term Debt Issued (Repaid)	-1,395	5,466	-	-1,156	-6,151
Long-Term Debt Issued	1,634	2,639	-	-	-
Long-Term Debt Repaid	-2,060	-1,333	-701	-3,086	-1,020
Net Long-Term Debt Issued (Repaid)	-426	1,306	-701	-3,086	-1,020
Issuance of Common Stock	264	280	372	442	707
Repurchase of Common Stock	-1,449	-2,660	-3,318	-5,571	-1,581
Net Common Stock Issued (Repurchased)	-1,185	-2,380	-2,946	-5,129	-874
Common Dividends Paid	-4,871	-4,429	-3,891	-4,926	-2,170
Other Financing Activities	-	-	-	69	-
Financing Cash Flow	-7,877	-37	-7,538	-14,228	-10,215
Net Cash Flow	542	-746	-43	176	560
Free Cash Flow	8,430	8,095	7,488	14,288	9,986
Free Cash Flow Growth	4.14%	8.11%	-47.59%	43.08%	362.53%
FCF Margin	21.75%	22.70%	20.82%	33.78%	33.22%
Free Cash Flow Per Share	4.02	3.78	3.40	6.22	4.21
Levered Free Cash Flow	12,379	13,525	6,663	9,024	2,689
Unlevered Free Cash Flow	10,102	8,017	7,606	14,109	9,551

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.