Revenue remains highly sensitive to commodity cycles, evidenced by a 14.7% year-over-year decline in 2026Q1 revenue to $10.8B alongside significant gross margin volatility ranging from 20.0% to 48.4%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 40.74B | 44.17B | 35.66B | 40.84B | 49.53B | 32.85B | 17.49B | 22.87B | 22.28B | 17.67B | 11.1B | 13.17B | 21.3B | 17.95B | 16.2B | 15.51B | 14.32B | 11.08B | 16.17B | 12.54B | 11.64B | 11.13B | 7.55B | 5.97B | 4.08B | 3.56B | 3.22B | 1.29B | 877.71M | 920.66M | 636.8M |
| Revenue Growth % | -9.06% | 23.87% | -12.68% | -17.55% | 50.76% | 87.83% | -23.52% | 2.64% | 26.11% | 59.21% | -15.71% | -38.19% | 18.7% | 10.81% | 4.44% | 8.27% | 29.28% | -31.5% | 28.93% | 7.74% | 4.6% | 47.47% | 26.38% | 46.28% | 14.64% | 10.49% | 150.3% | 46.7% | -4.67% | 44.58% | 126.54% |
| Cost of Goods Sold | 28.21B | 34.77B | 18.08B | 29.06B | 33.27B | 22.28B | 17.42B | 10.98B | 17.07B | 14.72B | 11.54B | 13.39B | 15.81B | 14.14B | 12.94B | 7.71B | 10.77B | 4.21B | 6.4B | 5.15B | 4.64B | 4.32B | 2.66B | 2.34B | 1.53B | 757.72M | 1.04B | 251.74M | 329.72M | 205.86M | 129.9M |
| COGS % of Revenue | - | 78.71% | 50.7% | 71.17% | 67.17% | 67.81% | 99.61% | 47.99% | 76.6% | 83.29% | 103.94% | 101.71% | 74.25% | 78.8% | 79.87% | 49.74% | 75.22% | 37.96% | 39.6% | 41.02% | 39.82% | 38.83% | 35.26% | 39.24% | 37.59% | 21.28% | 32.25% | 19.55% | 37.57% | 22.36% | 20.4% |
| Gross Profit | 12.53B | 9.4B | 17.58B | 11.77B | 16.26B | 10.58B | 69M | 11.89B | 5.21B | 2.95B | -437M | -225M | 5.49B | 3.8B | 3.26B | 7.79B | 3.55B | 6.87B | 9.77B | 7.4B | 7.01B | 6.81B | 4.89B | 3.63B | 2.55B | 2.8B | 2.18B | 1.04B | 547.99M | 714.8M | 506.9M |
| Gross Margin % | 30.76% | 21.29% | 49.3% | 28.83% | 32.83% | 32.19% | 0.39% | 52.01% | 23.4% | 16.71% | -3.94% | -1.71% | 25.75% | 21.2% | 20.13% | 50.26% | 24.78% | 62.04% | 60.4% | 58.98% | 60.18% | 61.17% | 64.74% | 60.76% | 62.41% | 78.72% | 67.75% | 80.45% | 62.43% | 77.64% | 79.6% |
| Gross Profit Growth % | - | -46.52% | 49.32% | -27.6% | 53.73% | 15228.99% | -99.42% | 128.18% | 76.59% | 775.51% | -94.22% | -104.1% | 44.22% | 16.69% | -58.17% | 119.61% | -48.36% | -29.64% | 32.05% | 5.59% | 2.9% | 39.36% | 34.65% | 42.42% | -9.11% | 28.38% | 110.79% | 89.03% | -23.34% | 41.01% | 133.38% |
| Operating Expenses | 1.61B | 1.18B | 782M | 1.31B | 1.5B | 1.06B | 69M | 567M | 5.21B | 2.95B | 842M | 517M | 5.49B | 3.8B | 3.26B | 3.87B | 4.54B | 3.46B | 3.04B | 6.56B | 2.97B | 3.08B | 2.31B | 1.96B | 1.44B | 1.01B | 1.23B | 1.03B | 345.2M | 301.64M | 190.1M |
| OpEx % of Revenue | - | 2.66% | 2.19% | 3.21% | 3.03% | 3.24% | 0.39% | 2.48% | 23.4% | 16.71% | 7.59% | 3.93% | 25.75% | 21.2% | 20.13% | 24.94% | 31.7% | 31.25% | 18.81% | 52.3% | 25.48% | 27.69% | 30.59% | 32.81% | 35.24% | 28.39% | 38.06% | 80.34% | 39.33% | 32.76% | 29.85% |
| Selling, General & Admin | 1.42B | 795M | 782M | 943M | 1.22B | 880M | 309M | 567M | 179M | 453M | 700M | 344M | 433M | 470M | 56M | -260M | 504M | 1.27B | 128M | 1.96B | 319.2M | 874.52M | 374.37M | 287.26M | 61.38M | 38.2M | 26.99M | 17.36M | 18.58M | 12.87M | 7.7M |
| SG&A % of Revenue | - | 1.8% | 2.19% | 2.31% | 2.46% | 2.68% | 1.77% | 2.48% | 0.8% | 2.56% | 6.31% | 2.61% | 2.03% | 2.62% | 0.35% | -1.68% | 3.52% | 11.5% | 0.79% | 15.65% | 2.74% | 7.86% | 4.96% | 4.81% | 1.5% | 1.07% | 0.84% | 1.35% | 2.12% | 1.4% | 1.21% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 380M | 0 | 366M | 281M | 185M | -240M | 0 | 186M | 0 | 142M | 173M | 193M | 171M | 151M | 3.73B | 111M | 2.19B | 2.93B | 3.1B | 2.65B | 2.28B | 1.93B | 1.67B | 1.38B | 1.58B | 694.36M | 383.39M | 326.63M | 288.78M | 182.4M |
| Operating Income | 10.92B | 8.23B | 16.8B | 10.46B | 14.76B | 9.51B | 0 | 11.33B | 4.85B | 2.33B | -1.28B | -742M | 4.86B | 3.16B | 3.05B | 4.32B | 3.02B | 2.48B | 6.71B | 2.34B | 4.04B | 3.66B | 2.58B | 1.67B | 1.11B | 1.21B | 1.46B | 447.05M | 202.79M | 261.62M | 316.8M |
| Operating Margin % | 26.81% | 18.62% | 47.11% | 25.63% | 29.8% | 28.95% | - | 49.53% | 21.76% | 13.22% | -11.52% | -5.64% | 22.82% | 17.63% | 18.85% | 27.86% | 21.11% | 22.34% | 41.48% | 18.64% | 34.7% | 32.86% | 34.15% | 27.96% | 27.18% | 34.11% | 45.37% | 34.72% | 23.1% | 28.42% | 49.75% |
| Operating Income Growth % | - | -51.03% | 60.52% | -29.11% | 55.17% | - | -100% | 133.66% | 107.62% | 282.56% | -72.37% | -115.27% | 53.65% | 3.6% | -29.33% | 42.86% | 22.18% | -63.11% | 186.94% | -42.13% | 10.46% | 41.9% | 54.39% | 50.46% | -8.65% | -16.94% | 227.08% | 120.45% | -22.49% | -17.42% | 142.76% |
| EBITDA | 20.51B | 15.83B | 23.34B | 16.88B | 22.11B | 15.24B | 6B | 17.06B | 10.2B | 7.52B | 3.72B | 4.74B | 9.74B | 8.01B | 7.38B | 7.92B | 7.14B | 5.29B | 9.39B | 5.2B | 6.43B | 5.67B | 4.35B | 3.23B | 2.42B | 2.12B | 2.11B | 830.44M | 529.41M | 550.39M | 499.2M |
| EBITDA Margin % | 50.35% | 35.85% | 65.47% | 41.33% | 44.65% | 46.37% | 34.31% | 74.61% | 45.75% | 42.57% | 33.53% | 36.01% | 45.73% | 44.62% | 45.58% | 51.1% | 49.88% | 47.79% | 58.07% | 41.46% | 55.23% | 50.95% | 57.58% | 54.16% | 59.37% | 59.5% | 65.38% | 64.49% | 60.32% | 59.78% | 78.39% |
| EBITDA Growth % | 12.2% | -32.17% | 38.31% | -23.68% | 45.14% | 153.89% | -64.83% | 67.38% | 35.55% | 102.12% | -21.51% | -51.32% | 21.64% | 8.48% | -6.85% | 10.92% | 34.95% | -43.63% | 80.57% | -19.12% | 13.41% | 30.47% | 34.36% | 33.46% | 14.39% | 0.55% | 153.73% | 56.86% | -3.81% | 10.26% | 134.48% |
| D&A (Non-Cash Add-back) | 9.59B | 7.61B | 6.55B | 6.41B | 7.35B | 5.72B | 6.05B | 5.74B | 5.35B | 5.19B | 5B | 5.48B | 4.88B | 4.84B | 4.33B | 3.6B | 4.12B | 2.82B | 2.68B | 2.86B | 2.39B | 2.01B | 1.77B | 1.57B | 1.31B | 904.17M | 644.87M | 383.39M | 326.63M | 288.78M | 182.4M |
| EBIT | 13.4B | 14.28B | 9.72B | 10.86B | 14.37B | 10.65B | -45M | 5.54B | 4.32B | 3.6B | -639M | -293M | 5.5B | 3.32B | 2.98B | 4.3B | 3.32B | 2.38B | 7.4B | 2.41B | 3.73B | 3.73B | 2.58B | 2.72B | 1.78B | 1.82B | 1.97B | 632.23M | 320.43M | 413.15M | 317M |
| Net Interest Income | -894.82M | -834M | -592M | -636M | -549M | -711M | -756M | -836M | -739M | -631M | -383M | -322M | -323M | -279M | -364M | -373M | -448M | -410M | -128M | -276.09M | -139.79M | -148.85M | -189.58M | -157.16M | -158.95M | -138.49M | -161.97M | 0 | -75.85M | 0 | -26.7M |
| Interest Income | 0 | 205M | 81M | 55M | 121M | 32M | 72M | 76M | 59M | 97M | 48M | 52M | 0 | 0 | 1M | 14M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 894.82M | 1.04B | 673M | 691M | 670M | 743M | 828M | 912M | 798M | 728M | 431M | 374M | 323M | 279M | 366M | 391M | 449M | 410M | 128M | 276.09M | 139.79M | 148.85M | 189.58M | 157.16M | 158.95M | 138.49M | 161.97M | 0 | 75.85M | 0 | 26.7M |
| Other Income/Expense | 956.57M | 5.01B | -8.74B | -299M | -1.06B | 399M | -873M | -5.45B | -1.33B | 538M | 216M | 75M | 303M | -127M | -444M | -410M | -163M | -500M | 562.17M | 359.52M | -385.6M | -1.77B | -417.57M | 270.51M | -124.33M | -130.53M | -166.47M | -94.04M | -77.4M | -45.75M | -130.8M |
| Pretax Income | 11.88B | 13.24B | 8.06B | 10.16B | 13.7B | 9.91B | -873M | 5.88B | 3.52B | 2.87B | -1.06B | -667M | 5.16B | 3.04B | 2.61B | 3.91B | 2.86B | 1.98B | 7.27B | 2.7B | 3.65B | 1.88B | 2.16B | 1.94B | 985.21M | 1.08B | 1.3B | 353.01M | 125.39M | 215.87M | 186M |
| Pretax Margin % | 29.16% | 29.98% | 22.6% | 24.89% | 27.67% | 30.17% | -4.99% | 25.69% | 15.81% | 16.26% | -9.58% | -5.07% | 24.24% | 16.92% | 16.11% | 25.21% | 19.98% | 17.83% | 44.95% | 21.5% | 31.39% | 16.92% | 28.62% | 32.48% | 24.13% | 30.44% | 40.2% | 27.42% | 14.29% | 23.45% | 29.21% |
| Income Tax | 2.16B | 2.42B | 1.95B | 1.93B | 2.77B | 2.25B | -438M | 460M | 931M | 476M | -859M | -30M | 1.23B | 766M | 717M | 1.27B | 1.19B | 395M | 2.29B | 76.47M | 873.72M | 638.45M | 590.35M | 431.53M | 409.19M | 359.76M | 511.4M | 153.36M | 66.56M | 104.36M | 91M |
| Effective Tax Rate % | 18.23% | 18.28% | 24.23% | 19.01% | 20.19% | 22.67% | 50.17% | 7.83% | 26.43% | 16.57% | 80.81% | 4.5% | 23.9% | 25.23% | 27.48% | 32.4% | 41.52% | 20% | 31.44% | 2.84% | 23.91% | 33.91% | 27.33% | 22.24% | 41.53% | 33.19% | 39.47% | 43.44% | 53.09% | 48.34% | 48.92% |
| Net Income | 9.71B | 10.82B | 6.11B | 8.23B | 10.94B | 7.66B | -435M | 5.42B | 2.59B | 2.4B | -204M | -637M | 3.93B | 2.27B | 1.89B | 2.64B | 1.67B | 1.58B | 4.99B | 2.61B | 2.52B | 1.05B | 1.41B | 1.4B | 538.24M | 655.84M | 772.35M | 199.65M | 58.82M | 111.51M | 95M |
| Net Margin % | 23.84% | 24.5% | 17.12% | 20.16% | 22.08% | 23.33% | -2.49% | 23.68% | 11.63% | 13.57% | -1.84% | -4.84% | 18.45% | 12.65% | 11.68% | 17.04% | 11.68% | 14.26% | 30.82% | 20.79% | 21.68% | 9.43% | 18.62% | 23.49% | 13.18% | 18.42% | 23.96% | 15.51% | 6.7% | 12.11% | 14.92% |
| Net Income Growth % | 28.2% | 77.2% | -25.84% | -24.72% | 42.71% | 1861.84% | -108.03% | 109.03% | 8.09% | 1275% | 67.97% | -116.21% | 73.08% | 19.98% | -28.41% | 57.98% | 5.89% | -68.3% | 91.14% | 3.31% | 140.4% | -25.26% | 0.16% | 160.63% | -17.93% | -15.08% | 286.84% | 239.41% | -47.25% | 17.38% | 124.06% |
| Net Income (Continuing) | 9.71B | 10.82B | 6.11B | 8.23B | 10.94B | 7.66B | -435M | 5.42B | 2.59B | 2.4B | -204M | -637M | 3.93B | 2.27B | 1.89B | 2.64B | 1.67B | 1.58B | 4.99B | 2.61B | 2.52B | 1.05B | 1.41B | 1.4B | 538.24M | 655.84M | 772.35M | 199.65M | 58.82M | 111.51M | 95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 4.63 | 5.16 | 2.85 | 3.74 | 4.82 | 3.24 | -0.18 | 2.27 | 1.06 | 1.02 | -0.10 | -0.29 | 1.80 | 1.04 | 0.86 | 1.21 | 0.78 | 0.73 | 2.31 | 1.21 | 1.18 | 0.49 | 0.66 | 0.44 | 0.15 | 0.18 | 0.21 | 0.06 | 0.02 | 0.04 | 0.04 |
| EPS Growth % | 29.97% | 81.05% | -23.8% | -22.41% | 48.77% | 1900% | -107.93% | 114.15% | 3.92% | 1173.68% | 67.24% | -116.11% | 73.08% | 20.93% | -28.93% | 55.13% | 6.85% | -68.4% | 90.91% | 2.54% | 140.82% | -25.76% | 50% | 193.33% | -16.67% | -14.29% | 250% | 233.33% | -50% | 0% | 80% |
| EPS (Basic) | - | 5.17 | 2.87 | 3.74 | 4.82 | 3.24 | -0.18 | 2.27 | 1.06 | 1.02 | -0.10 | -0.29 | 1.80 | 1.04 | 0.86 | 1.21 | 0.78 | 0.73 | 2.31 | 1.21 | 1.18 | 0.49 | 0.66 | 0.32 | 0.15 | 0.18 | 0.21 | 0.06 | 0.02 | 0.04 | 0.04 |
| Diluted Shares Outstanding | 2.1B | 2.1B | 2.14B | 2.2B | 2.27B | 2.36B | 2.36B | 2.38B | 2.44B | 2.37B | 2.2B | 2.19B | 2.19B | 2.18B | 2.19B | 2.19B | 2.18B | 2.17B | 2.16B | 2.16B | 2.15B | 2.14B | 2.15B | 3.22B | 3.82B | 3.92B | 3.67B | 3.33B | 3.19B | 3.16B | 2.67B |
| Basic Shares Outstanding | 2.08B | 2.09B | 2.14B | 2.18B | 2.27B | 2.36B | 2.35B | 2.38B | 2.44B | 2.36B | 2.15B | 2.19B | 2.19B | 2.18B | 2.19B | 2.19B | 2.18B | 2.17B | 2.16B | 2.16B | 2.15B | 2.14B | 2.15B | 3.22B | 3.82B | 3.92B | 3.67B | 3.33B | 3.19B | 3.16B | 2.67B |
| Dividend Payout Ratio | - | 44.98% | 72.54% | 47.26% | 45.04% | 22.39% | - | 32.18% | 60.29% | 52.23% | - | - | 24.31% | 23.04% | 23.47% | 14.3% | 18.05% | 14.24% | 4.17% | 6.83% | 6.06% | 11.52% | 7.19% | 5.51% | 11.11% | 7.04% | 0.58% | - | - | - | - |
Commodity price and differential volatility
As reported in recent financial statements, CNQ's revenue trajectory remains highly sensitive to commodity price cycles, evidenced by a 14.7% year-over-year decline in 2026Q1 revenue to $10.8B, following a period of significant top-line variance that reflects the inherent cyclicality of the energy exploration and production sector.
The revenue profile appears heavily influenced by the interplay between production volumes and realized pricing, particularly the WCS-WTI differential. Investors should monitor whether recent pipeline capacity expansions provide the expected structural support to realized prices, as current top-line performance suggests a lack of consistent organic growth momentum.
According to the provided income statement data, CNQ's gross margins have fluctuated significantly, ranging from a low of 20.0% in 2025Q4 to a peak of 48.4% in 2025Q3, highlighting the impact of energy input costs and regional price differentials on the company's core operational profitability.
The wide variance in gross margins suggests that the company's cost structure is highly susceptible to fluctuations in natural gas prices, which are critical for thermal extraction processes. The discrepancy between operating and net margins warrants further investigation, as non-operating items appear to frequently distort the bottom-line profitability profile.
Based on reported figures, CNQ's net income exhibits extreme volatility, such as the 49.5% net margin observed in 2025Q4 compared to 6.3% in 2025Q3, which indicates that headline earnings are frequently influenced by non-operating adjustments rather than purely operational performance metrics or sustainable core business activities.
The erratic nature of net income suggests that investors should focus on operating cash flow rather than reported EPS to gauge true performance. The presence of significant non-operating items implies that the company's bottom line may not accurately reflect the underlying health of its oil sands and conventional production assets.
As indicated by the quarterly income statements, SG&A expenses have shown notable inconsistency, spiking to $800.1M in 2026Q1 from a low of $80.0M in 2024Q3, which suggests that management's expense discipline may be subject to periodic, large-scale adjustments that complicate the assessment of long-term operational efficiency.
The significant fluctuations in SG&A expenses may reflect irregular corporate activities or accounting adjustments rather than a change in core operational overhead. Analysts should investigate the drivers behind these periodic spikes to determine if they represent recurring costs or one-time charges that mask the company's true cost-control capabilities.
Quick answers to the most common questions about buying CNQ stock.
For fiscal year 2025, Canadian Natural Resources Limited (CNQ) reported total revenue of $44.17B. This represents a 6835.8% increase compared to $636.8M in 1996.
Canadian Natural Resources Limited (CNQ) is profitable, generating $10.82B in net income for the fiscal year ending 2025 with a net profit margin of 24.5%.
Canadian Natural Resources Limited (CNQ) reported an operating income of $8.23B, resulting in an operating profit margin of 18.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Canadian Natural Resources Limited (CNQ) generated $9.40B in gross profit for the year, representing a gross profit margin of 21.3%. This demonstrates the company's core pricing power and production efficiency.