TSX:CNQ Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	9,710	10,820	6,106	8,233	10,937	7,664
Depreciation & Amortization	9,391	9,384	6,681	6,413	7,353	5,724
Stock-Based Compensation	798	180	279	491	804	514
Other Adjustments	-5,567	-5,950	1,063	-367	218	-388
Change in Receivables	-	125	-940	368	-	-
Changes in Inventories	-	166	-616	-219	-	-
Changes in Accounts Payable	-	84	-340	78	-	-
Changes in Accrued Expenses	-	-316	851	-812	-	-
Changes in Income Taxes Payable	-	504	326	-1,558	-	-
Changes in Other Operating Activities	-228	673	-891	-2,640	79	964
Operating Cash Flow	14,104	15,106	13,386	12,353	19,391	14,478
Operating Cash Flow Growth	-4.72%	12.85%	8.36%	-36.30%	33.93%	207.13%
Capital Expenditures	-7,471	-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	147	-119	-340	58	116	661
Investing Cash Flow	-7,324	-6,687	-14,095	-4,858	-4,987	-3,703
Short-Term Debt Issued	-803	-1,395	5,466	-	-1,156	-6,151
Net Short-Term Debt Issued (Repaid)	-803	-1,395	5,466	-	-1,156	-6,151
Long-Term Debt Issued	1,634	1,634	2,639	-	-	-
Long-Term Debt Repaid	-1,201	-2,060	-1,333	-701	-3,086	-1,020
Net Long-Term Debt Issued (Repaid)	433	-426	1,306	-701	-3,086	-1,020
Issuance of Common Stock	445	264	280	372	442	707
Repurchase of Common Stock	-1,273	-1,449	-2,660	-3,318	-5,571	-1,581
Net Common Stock Issued (Repurchased)	-828	-1,185	-2,380	-2,946	-5,129	-874
Common Dividends Paid	-4,911	-4,871	-4,429	-3,891	-4,926	-2,170
Other Financing Activities	-	-	-	-	69	-
Financing Cash Flow	-6,109	-7,877	-37	-7,538	-14,228	-10,215
Net Cash Flow	671	542	-746	-43	176	560
Free Cash Flow	6,633	8,430	8,095	7,488	14,288	9,986
Free Cash Flow Growth	-21.32%	4.14%	8.11%	-47.59%	43.08%	362.53%
FCF Margin	17.17%	21.75%	22.70%	20.82%	33.78%	33.22%
Free Cash Flow Per Share	3.17	4.02	3.78	3.40	6.22	4.21
Levered Free Cash Flow	11,032	12,818	13,598	3,929	9,024	2,689
Unlevered Free Cash Flow	7,914	10,541	8,090	4,872	14,109	9,551

Updated May 7, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.