Canadian Natural Resources Limited (CNQ) quarterly cash flow statement — complete operating, investing & financing history
Canadian Natural Resources Limited (CNQ) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 6.82B | 2.36B | 3.76B | 3.94B | 3.11B | 4.28B | 3.43B | 3B | 4.08B | 2.87B | 4.82B | 3.5B | 2.07B | 1.29B | 4.54B | 6.1B | 4.58B | 2.28B | 3.73B | 3.38B |
| Operating CF Margin % | 39.64% | 21.77% | 35.15% | 41.4% | 32.19% | 33.7% | 31.02% | 28.86% | 38.45% | 30.44% | 45.09% | 29.74% | 26.25% | 15.01% | 46.9% | 48.5% | 33.15% | 18.79% | 36.56% | 43.85% |
| Operating CF Growth % | 119.11% | -44.92% | 9.7% | 31.25% | -23.75% | 49.37% | -28.72% | -14.18% | 97.22% | 121.47% | 5.96% | -42.64% | -54.77% | -43.2% | 21.98% | 80.34% | 55.72% | -10.09% | 193.33% | 63.35% |
| Net Income | 4.5B | 969.1M | 5.3B | 600M | 2.46B | 2.46B | 1.14B | 2.27B | 1.72B | 987M | 2.63B | 2.34B | 1.1B | 1.8B | 1.52B | 2.81B | 2.72B | 2.48B | 2B | 1.74B |
| Depreciation & Amortization | 1.9B | 1.42B | 2.64B | 3.21B | 1.76B | 1.87B | 1.9B | 1.7B | 1.65B | 1.53B | 1.72B | 1.75B | 1.12B | 1.51B | 0 | 0 | 1.1B | 1.17B | 1.2B | 1.17B |
| Stock-Based Compensation | -196M | 0 | 0 | 63M | 8M | 26M | 44M | -46M | -13M | 294M | 57M | 298M | 0 | 66M | 319M | -4M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 312M | -124.37M | 1B | -532M | -88M | 128M | 227M | 154M | 21M | 20M | 0 | 201M | -3.02M | 30M | -589M | 194M | 101.72M | 99.9M | 152.59M | 44.14M |
| Other Non-Cash Items | 182M | 682.97M | -5.31B | 166M | -1.05B | -280M | 685M | -387M | 197M | 49M | -147M | -6M | -165.21M | -202M | 2.78B | 2.07B | 282.64M | 80.72M | 36.37M | -116.65M |
| Working Capital Changes | 120M | -588.08M | 133.89M | 432M | 24M | 82M | -563M | -680M | 515M | -15M | 562M | -1.09B | 12.82M | -1.91B | 517M | 1.02B | 371.15M | -1.55B | 332.05M | 544.65M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.47B | -1.4B | -1.2B | -2.23B | -1.94B | -1.31B | -10.41B | -1.27B | -1.01B | -1.39B | -946M | -1.2B | -1.18B | -1.15B | -1.26B | -1.13B | -1.04B | -999.8M | -1.28B | -568.29M |
| Capital Expenditures | -2.4B | -1.57B | -1.45B | -2.12B | -1.92B | -1.3B | -1.3B | -1.35B | -1.62B | -1.04B | -975M | -1.11B | -1.18B | -1.23B | -1.23B | -1.14B | -1.07B | -1.11B | -1.23B | -754.31M |
| CapEx % of Revenue | 13.97% | 14.45% | 13.52% | 22.32% | 19.79% | 10.2% | 11.75% | 12.97% | 15.26% | 11.08% | 9.13% | 9.45% | 15% | 14.24% | 12.73% | 9.03% | 7.76% | 9.14% | 12.06% | 9.78% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | -9.16B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -63M | 164.63M | 248.8M | -110M | -26M | -15M | 49M | 75M | 31M | -348M | 29M | -88M | 6.79M | 76M | -29M | 6M | 27.18M | 109.49M | -48.23M | 85.13M |
| Cash from Financing | -2.54B | -892.9M | -2.01B | -1.7B | -1.16B | -3.01B | 6.39B | -1.92B | -2.92B | -1.59B | -3.12B | -2.3B | -871.33M | -970M | -2.93B | -4.64B | -3.45B | -1.78B | -2.57B | -2.24B |
| Debt Issued (Net) | -168M | 72.61M | -452.63M | -198M | 389M | -1.45B | 8.02B | -84M | -1.09B | -79M | -484M | -802M | 260.27M | 510M | -1.46B | -391M | -1.28B | -521.08M | -1.71B | -1.43B |
| Equity Issued (Net) | -1.07B | -12.94M | -220.82M | -309M | -359M | -487M | -551M | -741M | -762M | -606M | -1.55B | -594M | -334.2M | -685M | -746M | -1.74B | -1.51B | -664.14M | -377.91M | -334.2M |
| Dividends Paid | -1.3B | -879.96M | -1.23B | -1.23B | -1.23B | -1.18B | -1.11B | -1.12B | -1.13B | -1.08B | -980M | -984M | -746.1M | -938M | -834M | -2.53B | -676.31M | -550.65M | -436.41M | -439.82M |
| Share Repurchases | -1.1B | -223.58M | -293.76M | -309M | -359M | -487M | -551M | -741M | -762M | -606M | -1.55B | -594M | -369.66M | -685M | -746M | -1.74B | -1.56B | -865.53M | -662.52M | -399.62M |
| Other Financing | 0 | -72.61M | -107.91M | 40M | 39M | 112M | 32M | 21M | 52M | 175M | -104M | 84M | -51.3M | 143M | 110M | 23M | 14.75M | -39.16M | -43.48M | -38.62M |
| Net Change in Cash | 1.81B | 90.81M | 561.13M | 11M | 9M | -38M | -590M | -194M | 148M | -110M | 752M | 3M | 24.01M | -828M | 355M | 332M | 81.02M | -488.31M | -116.44M | 568.98M |
| Free Cash Flow | 4.42B | 855.51M | 2.31B | 1.82B | 1.2B | 2.99B | 2.13B | 1.65B | 2.46B | 1.82B | 3.84B | 2.39B | 892.46M | 66M | 3.31B | 4.96B | 3.51B | 1.19B | 2.49B | 2.63B |
| FCF Margin % | 25.67% | 7.89% | 21.59% | 19.08% | 12.39% | 23.5% | 19.27% | 15.89% | 23.19% | 19.36% | 35.96% | 20.29% | 11.31% | 0.76% | 34.17% | 39.47% | 25.4% | 9.78% | 24.47% | 34.11% |
| FCF Growth % | 268.47% | -71.36% | 8.45% | 9.86% | -51.32% | 63.76% | -44.48% | -30.75% | 175.98% | 2663.64% | 15.98% | -51.9% | -74.56% | -94.44% | 32.78% | 88.69% | 106.84% | -33.93% | 356.69% | 93.97% |
| FCF per Share | 2.11 | 0.41 | 1.11 | 0.88 | 0.57 | 1.42 | 1.01 | 0.77 | 1.15 | 0.85 | 1.78 | 1.08 | 0.40 | 0.03 | 1.48 | 2.19 | 1.50 | 0.50 | 1.05 | 1.11 |
| FCF Conversion (FCF/Net Income) | 1.52x | 1.75x | 0.71x | 6.57x | 1.27x | 1.74x | 3.02x | 1.32x | 2.38x | 2.91x | 1.83x | 1.49x | 1.42x | 0.72x | 2.99x | 2.17x | 1.31x | 0.74x | 1.47x | 1.54x |
| Interest Paid | 222M | 0 | 0 | 0 | 237M | 257M | 586M | 174M | 126M | 181M | 602M | 187M | 0 | 168M | 131M | 179M | 0 | 0 | 0 | 0 |
| Taxes Paid | 629M | 0 | 0 | 0 | 229M | 685M | 187M | 322M | 437M | 198M | 0 | 349M | 0 | 1.56B | 575M | 312M | 0 | 0 | 0 | 0 |